Company Overview - Civeo Corporation (CVEO) operates lodges and provides catering services for workers in remote areas, primarily in Australian coal mines and Canadian oil sands [1] Investment Perspective - The company is viewed as a fundamental investment opportunity where market valuation is misaligned with underlying economics [1] - The focus is on cash flow durability, balance sheet strength, and practical risks associated with capital structures [1] - The investment strategy targets cyclical industries, energy, industrials, and under-followed mid-cap companies, where market expectations often diverge from reality [1] Market Sentiment - The analysis emphasizes finding asymmetric setups, where companies have already faced market punishment while their fundamentals are stabilizing or improving [1] - A modest change in market expectations can lead to significant stock price movements, indicating potential investment opportunities [1]