The Danger ZoneCoupang – CPNG
Pitch Summary: Coupang is trading at a high EV/EBIT of 48, but the company is expected to see margin expansion in the coming years. Operating income improved by 50% in the last quarter, and analysts expect a 90% improvement. Using a conservative estimate of 50% improvement, the PEG ratio is below 1, indicating undervaluation. The […]
The Danger ZoneSpotify – SPOT
Pitch Summary: Spotify is trading at a high EV/EBIT of 56, which is concerning given its growth metrics. Premium subscribers are growing at 11% and related revenue at 13%, but the recent stock run-up was driven by margin expansion, which has stabilized. With a PEG ratio of 3.75, the stock is overvalued, prompting a reduction […]
The Danger ZoneAmazon – AMZN
Pitch Summary: Amazon was partially sold due to its EV/EBIT of 35 and a PEG ratio higher than 2, indicating it was in the danger zone. The decision was driven by the need to reduce exposure to a large position at a high valuation. The stock’s growth was expected to be around 15%, but the […]
The Danger ZoneIntuitive Surgical – ISRG
Pitch Summary: Intuitive Surgical was sold as it was trading at a high EV/EBIT of 80, indicating it was in the danger zone. Despite being up 9% this year, it underperformed the market and the investor’s average performance. The decision to sell was influenced by the opportunity to reallocate capital to better opportunities, despite the […]
The Danger ZoneTrade Desk – TTD
Pitch Summary: Trade Desk was sold due to its extremely high EV/EBIT valuation of 200, which was unsustainable. The stock had become a 10-bagger since its purchase at a PE of 40 in 2018. However, the valuation premium reversed sharply as Amazon Prime consolidated the streaming ads marketplace, impacting Trade Desk’s growth. The divergence between […]
2025 Portfolio reviewUber Technologies, Inc. – UBER
Pitch Summary: Uber experienced a year of ups and downs in 2025, with regulatory challenges impacting its expansion efforts. Despite a failed acquisition in Taiwan, Uber’s strategic partnerships with Waymo and GM’s Cruise highlight its focus on autonomous vehicle technology. The company’s efforts to improve driver compensation and its investments in R&D support its long-term […]
2025 Portfolio reviewVisa Inc. – V
Pitch Summary: Visa faced a challenging year in 2025, with ongoing antitrust litigation and significant litigation expenses impacting its financial performance. The launch of the A2A card in the UK and acquisitions like Featurespace highlight Visa’s efforts to innovate and remain competitive. However, the company’s capital allocation strategy, focused on buybacks and infrastructure spending, raises […]
2025 Portfolio reviewMicrosoft Corporation – MSFT
Pitch Summary: Microsoft faced challenges in 2025, with declining Xbox console sales and user dissatisfaction over Windows 10 support ending. However, the company’s focus on software, evidenced by its dominance in the PlayStation store, remains strong. The FTC investigation into Teams bundling and the EU’s unbundling requirement present regulatory challenges. Despite these issues, Microsoft’s moat […]
2025 Portfolio reviewDuolingo, Inc. – DUOL
Pitch Summary: Duolingo’s negative sentiment presents a potential opportunity for 2026, driven by its shift to an AI-first approach and public backlash over contractor reliance. Despite this, Duolingo has made strategic moves, such as acquiring NextBeat for its team to develop Duolingo Music and launching new features like Chess and PVP. The integration of Duolingo […]
2025 Portfolio reviewASML Holding N.V. – ASML
Pitch Summary: ASML has maintained its competitive edge despite a drop in sales to China, which now accounts for 20% of its sales. The company has successfully shipped its advanced NXE:5200 High-NA machines to major clients like Samsung, TSMC, and Intel, with Intel demonstrating the machines’ high quality by processing 30,000 wafers in a single […]
10 Years of Modern Value Investing – Performance Review and Portfolio UpdateOscar Health – OSCR
Pitch Summary: Oscar Health is poised to disrupt the traditional health insurance industry by leveraging modern technology and infrastructure. As incumbents remain anchored to outdated systems, Oscar Health’s innovative approach positions it to capture market share and drive growth. The company’s focus on user-friendly digital platforms and data-driven insights enhances its competitive edge in the […]
10 Years of Modern Value Investing – Performance Review and Portfolio UpdateNovo Nordisk – NVO
Pitch Summary: Novo Nordisk is well-positioned to capitalize on the oral GLP-1 supercycle, which is expected to significantly expand the market for diabetes and weight management treatments. As a leader in diabetes care, Novo Nordisk’s innovative product pipeline and strong market presence provide a competitive advantage in capturing the growing demand for oral formulations. The […]
10 Years of Modern Value Investing – Performance Review and Portfolio UpdateWeightWatchers – WW
Pitch Summary: WeightWatchers is positioned to benefit significantly from the emerging oral GLP-1 supercycle. The company’s focus on weight management aligns well with the expanding market for GLP-1 formulations, which are expected to dramatically increase the addressable market. With a substantial portfolio allocation, WeightWatchers is a high-conviction investment poised for growth as these new treatments […]
Recap 2025 – A year of selling, rather than buyingFrequentis AG – FQT.VI
Pitch Summary: Frequentis AG has shown significant growth, with its stock price rising from around EUR 27 to over EUR 100 within the year. The company has been successful in acquiring multiple big projects, which has finally been reflected in its stock performance in 2025. Despite previous periods of stagnation, the company’s strong operational performance […]
Panta RheiNone – COM.MI
Pitch Summary: COM.MI had been consolidating for about four years until spring 2025, during which management successfully integrated the WPG acquisition, improved margins, and paid down debt. The Q2 2025 results indicated a bottoming cycle in the agriculture and industrial markets, and the subsequent acquisition of Nabtesco further consolidated the industry. These strategic moves have […]
Panta RheiNone – ICCC
Pitch Summary: ICCC has decided to abandon its 25-year pursuit of FDA approval to refocus on its high-quality core business. This strategic refocus allows the company to allocate resources more efficiently and capitalize on existing strengths. By concentrating on its core operations, ICCC can improve profitability and reduce regulatory risks associated with FDA processes. BSD […]
Panta RheiNone – EVC
Pitch Summary: EVC’s AdTech segment has been accelerating for five consecutive quarters, achieving 104% revenue growth last quarter and now accounts for 63% of total revenue. This growth trajectory highlights the segment’s potential as a key driver of the company’s future performance. The split into Media and AdTech has allowed for focused growth strategies and […]
Panta RheiNone – ALCO
Pitch Summary: ALCO is shifting its strategy from citrus farming to rezoning and selling its land, unlocking value that was previously trapped on the balance sheet. The management team has a strong track record of returning sale proceeds to shareholders, which enhances the investment’s attractiveness. This strategic shift is expected to improve the company’s financial […]
Panta RheiNone – LDB.MI
Pitch Summary: LDB.MI has exited its risky France business to concentrate on the underpenetrated HVAC market. The company is employing a strategy of acquiring stable local businesses from retiring owners at attractive prices, which de-risks the investment and improves potential upside. This strategic pivot is expected to enhance the company’s market position and financial performance. […]
Micron – AI Is Rewriting the Memory PlaybookMicron Technology, Inc. – MU
Pitch Summary: Micron Technology is positioned as a structural winner in the memory industry due to its leadership in high-bandwidth memory (HBM) and DRAM, which are critical for AI infrastructure. The company benefits from a structural shift in memory demand driven by AI workloads, which require higher memory intensity and performance. Micron’s execution advantage over […]
