Find Asymmetric Value Opportunities
Welcome to Edge, the publication I wish existed when I was starting my investing journey.
This isn’t a newsletter. It’s my personal research put in writing to refine my own investment thesis and thought process. By holding myself to this standard, the result is a high-conviction, institutional-grade analysis for readers and author alike.
What you can expect:
🔎Asymmetric opportunities with capped downside but multibagger upside
💡Deep dives into industry dynamics that actually move the needle
📈Objective evaluations of the core investment thesis and its biggest risks
My Philosophy
I only focus on industries and assets where I have exceptionally high conviction. Encountering these situations is rare. Finding those assets trading at a bargain price is even rarer. Because of this, I believe in betting big when these rare situations arise.
Concentrated value investing has historically performed exceptionally well. While this approach never guarantees success, you can be certain of one thing: this is exactly where my own money is.
Subscribe to Edge
About Me
Edge is run by Armin Hartl:
My background is in institutional finance. Before becoming an independent investor, I worked in Investment Banking (M&A), at a 1st-quartile European Private Equity fund, and at a Value Investing Hedge Fund.
During my time in the industry, I:
Advised on transactions exceeding EUR 1bn in enterprise value
Worked directly with a German Mittelstand portfolio company generating >2bn in revenue to drive its operational agenda
Led Due Diligence and sourcing efforts across the Green Technology, Industrial and Technology sectors
Going Independent
I began managing my own capital while working in private equity. Over time, I realized that my personal, concentrated value framework was outperforming the rigid mandates of even the high-performing fund I worked for. Eager to sharpen my public market skills, I moved to a value-focused hedge fund, only to find that my independent process was again more robust.
That realization led me to step away and become a fully independent investor.
The Track Record
Since the beginning of my investing journey, I have compounded my personal capital at an annualized rate of 35% (as of Mar-26) —roughly doubling the S&P 500’s return over the same period.
What makes this track record unique is that it was achieved with zero leverage and zero exposure to the high-flying tech and AI stocks driving the broader index’s performance. Instead, my returns come from placing large, high-conviction bets on unloved, mispriced assets that possess exceptional long-term demand dynamics, superior unit economics, and disciplined capital allocation frameworks.
Paid members get full access to all industry breakdowns, company analyses, and every portfolio decision I make.
More Information?
If this strikes you as a sensible approach, but you want to see exactly how it plays out in practice before subscribing, I invite you to read the guide below. It breaks down my core framework, my research process, and exactly what you can expect from me going forward.
Looking forward to connect!
Armin
