Finding stocks that return everything to shareholders.

I think that some of the biggest multibaggers, companies that go 50x, 100x, sometimes even 1,000x, can look very different on the surface. But there are also simple frameworks that help spot them early.

Cannibals.

These are companies that aggressively buy back their own shares. Typically, they pay no dividends. Instead, they plow back close to 100% of their cash flow, and sometimes even more than 100%, into buybacks.

And something very unusual, almost magical, and genuinely nonlinear happens when you keep doing buybacks at that pace over a few decades. Cannibal Stocks exists to find these companies before the market figures them out.

What you get

Deep dives on high‑conviction ideas. Long‑form investment theses on share cannibals, undervalued compounders, and dislocations in hated industries.

Early access. Paid subscribers get new research before it’s public, often days before. Free subscribers get the summary.

Direct chat access. A private chat where I respond to questions, share quick updates between posts, and where you can talk to other serious investors reading the same names.

Educational content. Frameworks, mental models, and breakdowns of how I think about position sizing, downside, and when to swing hard.

Why this publication is different

I cover what almost no one wants to read about — coal, drilling rigs, capital‑intensive cyclicals, obscure compounders in places like Kazakhstan — because that is precisely where the pricing inefficiency lives.

I also publish less. I would rather write one piece you remember in five years than fifty pieces you scroll past.

Outside of this publication, I have 1,500+ followers on X and 1,500+ subscribers here on Substack — read by professional investors, hedge fund analysts, and value‑investing veterans across the US, UK, and Europe.

About the author

I’m Sandro Marinkovic. I was born in Bosnia and Herzegovina and moved to Germany in 2013.

I got obsessed with studying Buffett and Munger and learning how the best investors actually think. My academic background is in security studies, which shaped how I approach risk: build positions with the downside first, swing hard only when the odds are skewed.

I currently work inside the coal industry, which lets me see things in the sector that are not always visible from the outside — supply dynamics, cost curves, operational realities. That edge is one of the reasons I cover met coal so heavily.

I’m also the author of How to Invest in Stocks, a book translated into six languages.

Important note

This is not financial advice. I share my personal research and opinions. Do your own work before making any investment decisions.

I will never discuss companies I’m involved with professionally.

Cheers, Sandro