The 25–Year Journey to The Circle

Malcolm is a geologist turned institutional analyst who has spent twenty–five years navigating the resource markets from every angle. He runs his own money and no one else’s. His way of thinking wasn’t learned in a classroom; it was paid for with the kind of tuition the market charges to teach its most expensive lessons.

The First Lesson

Technical Insight – The Ultimate Edge

The journey began in the oil patch at the turn of the millennium. In an industry paper, a small company called First Calgary Petroleum reported a gas find in Algeria. The stock was at $1.35; Malcolm asked a senior geologist down the hall about it and got little more than a shoulder shrug.

The stock later ran to over $20.

The Second Lesson

Owning the Outcome

Around the same time, the tech bubble burst, and an advisor lost half of Malcolm's capital. It wasn’t about the money; it was the realisation that a “professional” couldn’t protect it. The wake-up call was clear: if you want it done right, you have to do it yourself. He learned that true accountability only comes when you own every outcome, win or lose.

That accountability drove him to learn.

From the Field to the Fund

That drive led him from Calgary's oil patch to a boutique sell-side shop in Toronto in 2006. He spent his days meeting management teams, building financial models, and pitching ideas to the country’s sharpest fund managers. A hedge fund brought his expertise in-house, expanding his scope from energy to the entire resource sector. In 2012, Malcolm went independent.

The Circle

Today, that hunt for value continues. The landscape has shifted from rock formations to market data, but the discipline is the same: combing for overlooked companies before the crowd takes notice. The Circle is the culmination of that twenty–five–year journey.