SATL
Satellogic
Portfolio weight
Not currently held
This position has been exited. The analysis below is kept as a record of the reasoning at the time and is not maintained as current research. See the Decision Log for the full decision history.
Original thesis
SATL was held as small-cap satellite and imagery exposure, providing access to the emerging commercial Earth observation market through a Latin American operator with a large satellite constellation.
What changed
The position appreciated from entry. Evaluated against the broader portfolio and available opportunities, the risk/reward setup at elevated prices no longer competed favorably with higher-conviction alternatives.
Why the position was exited
Exited SATL fully on April 30 after the position had run up. The exit was a capital-allocation upgrade, reallocating away from a less attractive risk/reward setup toward better opportunities.
What it taught
Small-cap speculative positions require ongoing re-underwriting as the price moves. When a position runs and the margin of safety compresses, the bar for continued ownership rises. If a better use of that capital exists, reallocation is the disciplined move.