Raccoon Capital Notebook

Raccoon Capital Notebook

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My sixth year of learning as an investor - 2025

Here are my notes in the form of a guide, containing my thoughts, readings, learnings, postmortem, reflections that I conducted in 2025.
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Ma 6ème année d'apprentissage en tant qu'investisseur - 2025
Voici mes notes sous forme de guide, contenant mes pensées, lectures, apprentissages, postmortem, réflexions que j'ai menées en 2025.
 • Max Francoeur
The Special Situation Edge: The Art of Asymmetric Information
In special situation investing (like merger arbitrage), winning isn’t about analyzing past numbers. It is about mastering real-time information.
 • Max Francoeur
Becker Milk Company - microcap, profitable and asset sales (liquidation) at 0.70x P/TBV
The end of an incredible story about a former convenience store giant in Ontario. This last run could give a +15% IRR, all backed by 26% cash and…
 • Max Francoeur
Inter-Rock Minerals - Develops, markets, and distributes premium dairy feed supplements across the U.S.
A micro-cap in a niche sector (dairy feed supplements) at less than 7x EV/NOPAT with a growth of more than 15% over the last 4 years.
 • Max Francoeur
The Rapid Rise and Fall of Adeptus Health: A Working Capital Cautionary Tale
A story that highlights the importance of working capital. What are the reasons why companies need to track working capital and how can a bad business…
 • Max Francoeur
US Tariffs: Initial Impacts and Corporate Adaptation Strategies
Analyzing early 2025 US tariff impacts: How companies adapt via inventory surges, supply chain shifts, & cost strategies, facing potential economic…
 • Max Francoeur
Update on some special situation
I am always looking for “special situation” opportunities with a high IRR (25-50%). In a market (USA & Canada) that I find risky, I find it even more…
 • Max Francoeur
Raccoon Capital Notebook
Raccoon Capital Notebook
I share financial (micro-cap) analysis and thoughts on important topics. I am a Value, Special Situation & Opportunistic investor. From 🇨🇦
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