November 1, 2025
Hidden Investment Treasures: How to Find Great Stock Investments as the Investment World Goes Passive
Daniel Gladiš
In Hidden Investment Treasures, Daniel Gladiš presents a timely argument that the widespread shift toward passive strategies has inadvertently created a "golden age" for active investors by leaving specific opportunities largely unexamined. We loved the book’s detailed case studies—dedicating full chapters to companies like Asbury Automotive, Alimentation Couche-Tard, Markel Group, and NVR. While these companies are compelling due to their unique business models and corporate cultures, it is the fact that they are ignored by passive flows and hold negligible weight in major indices that allows them to trade at attractive valuations. The book's foreword eloquently captures the reality of this discipline, describing the process as "years of quiet growth, occasional setbacks and the profound reward of seeing one's foresight vindicated overtime." For institutional investors, this passionate defense of stock picking offers both a validation of the active approach and a practical framework for finding value where the crowd isn't looking.