About PiggyBack


“To use something that someone else has made or done in order to get an advantage.”  —  Cambridge Dictionary

PiggyBack is an investment publication that studies the capital allocation of proven and promising value investors. We do so to learn, and to find attractive value investing ideas in the global public stock markets.

The inaugural issue of the free PiggyBack Letter (PBL) introduces our "piggyback investing” concept further.

PiggyBack Letter (PBL)

Throughout the year, PBL offers free, weekly value investing insight. We analyze proven and promising investors’ capital allocation – in past, present, and potential future investing. Our focus is global public stock markets.

PBL targets long-term, fundamental stock investors, experienced and new.

Why subscribe to PBL?

  • Gain insights into your investment process. PiggyBack highlight the successes, mistakes, and strategies of selected active investors worth studying.

  • Get developing value investing themes for your portfolio.

  • 100% independent research. To best serve subscribers PiggyBack will avoid service offerings or sponsorships in conflict with research independence.

  • Free – no payment registration is required.

For timely PBL newsletter updates and full access to this website and the Substack app:

Join us for free!

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Available for iOS and Android

TBA: PiggyBack Premium Research

PiggyBack will introduce a future paid premium research subscription. This upgrade will provide actionable value-investing stock ideas to PBL subscribers who run active portfolios. Likely subscribers are do-it-yourself investors, professionals in money management, and discretionary portfolio clients.

Early free PBL subscribers will receive heads-up on the launch, with introductory offers.


Your Analyst sincerely hopes all readers enjoy and get inspiration and value investing ideas from PiggyBack. If so, consider sharing PiggyBack with friends and colleagues:

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Only with the help of early readers will this publication reach a sustainable scale for free, independent insights. Many thanks to all PiggyBackers!

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Who brings you PiggyBack?

Johan Eklund, CFA

Johan has started PiggyBack as a solo research publication venture for Intrinsic Value AB. He is a CFA Charterholder and holds MSc Finance and BSc Economics degrees. Since the run-up to the Global Financial Crisis, Johan has alternated between Financial Media and Equity Research.

Johan Eklund, CFA, founding analyst/author of PiggyBack. Photo as of May 2022

Johan is a native of Sweden’s West Coast, an industrious and beautiful coastal region. From there he enjoys having a geographical underdog perspective on the investment world. Add an inquisitive mind and value-investing bias and find a contrarian by heart.


PiggyBack is a Swedish publication registered under Sweden’s Fundamental Law on Freedom of Expression. Johan Eklund is the Responsible Editor. (See Disclaimer)

For feedback on content, just e-mail or reach out on social media.

Intrinsic Value AB

Is the publisher and copyright holder of PiggyBack. Johan Eklund is the owner and operator of this Swedish company.


Is the company that provides the technology for smooth delivery of this and other interesting niche publications. For questions about PiggyBack’s e-mail delivery, subscription payments, and other platform questions, please access customer support.

Find additional Substack publication suggestions on our Newsletter Recommendations page. Many are close complements in our investing segment. But we also highlight publications on more or less related aspects of the world that we find interesting.

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PiggyBack value investing strategies and value stocks. For long-term investors old and new.


Founding Analyst at PiggyBack (piggyback.one). Value investing nerd. Chartered Financial Analyst (CFA). MSc Finance, BSc Economics. Former equity research analyst and financial journalist. Swede