Start Here
This is your guide to get familiar with what I do and where to find it.
My name is Kyler Johnson.
I specialize in turnaround investing.
I focus on quality businesses that the market has written off because of temporary issues. In those situations, prices often reflect fear rather than fundamentals.
That disconnect is where I look for opportunity.
I avoid what’s popular, what has already rerated, and situations that fall outside my circle of understanding or have a history of destroying capital.
I invest my own capital alongside this research, typically concentrating in 12 or fewer positions and holding for one to four years as the underlying issues resolve. This is not a short-term trading approach.
Position sizing and overall concentration vary over time, but the portfolio is intentionally focused.
My long-term portfolio goal is to average roughly 30% annual returns over time.
While I track many ideas, only a few become actual portfolio positions each year.
Inactivity is normal. Patience is part of the edge.
The approach is designed to be risk first and not move in lock step with the market.
Downside risk and conviction carry the most weight in decision-making. Balance sheet strength, durability of the business, management quality, and industry structure are central to the analysis.
This work is not designed for day traders, swing traders, or anyone looking for quick wins.
Everything here is written clearly and backed by data, with explanations where industry language would otherwise get in the way.
Here’s how I deliver that research:
Free Readers
New Ideas: Interesting ideas I’m tracking with research on, why I like them, risks, and valuation.
Interesting High Level Themes: Research on high level themes or areas of interest I am looking into.
Paid Subscribers
Portfolio Updates (Monthly): Full portfolio performance, position sizes, buys and sells, and an updated thesis for every holding. I share the entire portfolio, including mistakes, drawdowns, cost basis, and what I would do if I were starting from cash today.
Premium New Ideas: Full breakdowns of new portfolio holdings with the kind of detail you’d need if you were putting real money to work.
Live Trade Alerts: Posted in subscriber chat when I make moves.
Position Update (Quarterly): After earnings or when they are at attractive levels every thesis is updated with new data over the last few months with updated thinking about risks, valuation, and their future.
Ask Me Anything Access
My posts vary in length but 30 minutes a week to read my individual company analysis is more than enough.
Additional Resources
Want my process?
Read my Updated Step-by-Step Guide to Outperformance. It’s the full system I use to find, filter, and size positions.
Want my story?
Read The Story Behind DeepValue Capital.
Want to see my current portfolio?
Read January 2026 Live Portfolio Update | +3.86% YTD and +320.98% Since 2024.
Want to check out other pieces of my work?
Click on my logo at the top of the page and then move to the “posts” drop down. There in order or newest to oldest you will find everything I have ever sent out.
Or go to my website here and navigate through different sections to find articles by type.
If you want to stop underperforming and start compounding real wealth, you’re in the right place.
Performance
From the start of 2024 to month end February 2026, my portfolio is up 332.35%.
I want to be clear, I don’t expect this level of returns to continue. My goal is to average 30% annually, which means lower and potentially even negative years ahead.
Time to look at software stocks - down 50-80%. The industry is obviously not going to die