Should be a huge 2024... from HydraNo change in my view here. Tenaz remains one of the best risk-rewards that I’ve seen in recent memory. Currently trading at around 1.5x EV/CF, this $100 million market cap company has about half of its market cap in cash and is actively hunting for/negotiating on deals in the international energy arena, where management has a distinct competitive advantage. The only knocks I hear on TNZ are that the market cap is too small and the stock is too illiquid for most institutions. The management team is stacked. The board is stacked. The capital structure and balance sheet are pristine. Discipline and respect for shareholder value with respect to the M&A strategy are sacrosanct. The only requirement? Patience. TNZ has frustrated more than a few investors over the last two years as they wait for something meaty to chew on in the M&A department, and yet even its small bites made TNZ one of the best performing stocks on the entire TSX in 2023. Not bad for a minnow that is “too small”. I’m of the opinion that TNZ represents a type of arbitrage that I’m constantly looking for… the “embedded re-rate”. As it stands today TNZ is objectively too small for most institutions… their mandates dictate that no matter how much many money managers might like management and/or the story, they actually aren’t allowed to own it under the rules of their funds. This will be the case until it isn’t, and a M&A strategy virtually guarantees that TNZ will grow into a company that a much broader audience will be willing and able to invest in. No deal yet, but as I said… patience.