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Most of the portfolio performance in 2025 came from arbs and special situations.

In no particular order

PAMT Corp $PAMT tender
Keros Therapeutics $KROS tender
Tile Shop Holdings $TTSH split+cash out
Paul Mueller Company $MUEL tender
BCP Investment Corp $BCIC tender
various [Undisclosed]

Current portfolio by size (excluding various <1% positions) with the new cashtag support.

Karelia Tobacco Company #$KARE.AT
The Goodheart-Willcox Company $GWOX
Gravity $GRVY
Playway S.A. #$PLW.WA
Windrock Land Company $WRLC
OTC Markets Group $OTCM
Constellation Software #$CSU.TO

Current portfolio by size (excluding various <1% positions)

Keros Therapeutics #KROS
Karelia Tobacco Company #KARE.AT
Goodheart-Willcox #GWOX
Gravity #GRVY
Playway S.A. #PLW.WA
Windrock Land Company #WRLC
OTC Markets Group #OTCM
Constellation Software #CSU.TO
[Undisclosed] arb

Curiously, from the darkness Thermwood Corp #TOOD is about to pay a special dividend of 7.50 per share which appears to be ~30% yield on the recent price of the common stock.

No position.

Thanks Gary Gensler for the amended rule 15c2-11 (sarcasm)

Current portfolio by size (excluding various <1% positions)

Karelia Tobacco Company #KARE.AT
Gravity #GRVY
Playway S.A. #PLW.WA
Goodheart-Willcox #GWOX
Windrock Land Company #WRLC
OTC Markets Group #OTCM
Constellation Software #CSU.TO
[Undisclosed] arbitrage

Current portfolio by size (excluding various <1% positions)

PlayWay S.A. #PLW.WA (since 2022)
Karelia Tobacco Company #KARE.AT
Gravity #GRVY
Windrock Land Company #WRLC
Goodheart-Willcox #GWOX
Constellation Software #CSU.TO (2022)
OTC Markets Group #OTCM (2020/21)

The above positions represent ~40% of capital and I'm aiming to deploy much more capital depending on opportunities and prices.
The reason for the large proportion of cash is I have taken few swings besides arbitrage and some special situations since late 2022. I became too timid and complacent.

Current portfolio by size

PlayWay S.A. #PLW.WA (since 2022)
Karelia Tobacco Company #KARE.AT
[Undisclosed] U.S. company
[Undisclosed] U.S. company
Constellation Software #CSU.TO (2022)
OTC Markets Group #OTCM (2020/21)
[Undisclosed] Korean company

excluding an insignificant amount of <1% positions

Current portfolio by size

PlayWay S.A. #PLW.WA (since 2022)
Karelia Tobacco Company #KARE.AT
[Undisclosed]
Constellation Software #CSU.TO (2022)
OTC Markets Group #OTCM (2020/21)

less meaningful (<1%) positions
Sanko 6964.T
Charle 9885.T
Symbolic Logic #EVOL
Topicus #TOI.V
Lumine Group #LMN.V

The previously [Undisclosed] largest position was an arb of PAMT Corp's #PAMT self tender offer with surprisingly good results. My cost basis was around 13.80/share.
Unfortunately, I missed the tender deadline at one broker and sold shares amounting to nearly half of the position on the open market.

It appears that someone wanted out of Windrock Land Co #WRLC today.

Portfolio changes in 2024

Leatt Corp #LEAT (bought in 2023, sold at loss)
ECC Capital #ECRO (from 2023, sold for gain)
Allied Gaming & Entertainment #AGAE (2023, sold at loss)
Cyteir Therapeutics #CYT (2023, sold for gain)

arbs
Monster Beverage #MNST
Sila Realty Trust #SILA
various [Undisclosed]

Current portfolio by size

[Undisclosed]
PlayWay S.A. #PLW.WA (since 2022)
Constellation Software #CSU #CSU.TO (2022)
OTC Markets Group #OTCM (2020/21)

not meaningful (<1%) positions
Sanko 6964.T
Symbolic Logic #EVOL
Charle 9885.T
Topicus #TOI #TOI.V
Lumine Group #LMN #LMN.V
various [Undisclosed]

Hello, fellow investors. After leaving the other app months ago I have decided to try sharing some of my portfolio here over time in the interest of self improvement.

Note: I'm an amateur investor of the Graham, Dodd, and Fisher variety.