We also keep an eye on Australian equities investor Auscap Asset Management, whose missives are normally rich in ABS data and economics, reflecting author Tim Carleton’s approach. Melbourne-based L1 Capital’s quarterly is good for markets-based charts (the Freightos Baltic Index, for example, which has fallen off a cliff) and its focus on valuations in the US and Australia. While everyone reads the performance number, the letters are as much about the stock picks. And sometimes in small caps land, a manager can unearth an original idea – Sydney’s 1851 Capital, for example, likes the look of electrical goods distributor IPD…