2024 Annual Letter

Spirax Group (SPX)

Games Workshop (GAW)

Bakkafrost (BAKKA)

Portfolio Update - Q3 2024

Ulta Beauty (ULTA): Opportunity or Value Trap?

New Investment Idea #2 (2024): Small-cap with little coverage that has comfortably and consistently beaten the S&P 500 over 5, 10, 15, and 20-year periods.

Portfolio Update - Q2 2024 + Important notice: Main portfolio changes + new strategy

Evolution AB (EVO) update + some thoughts on a serial acquirer: Some thoughts on Evolution AB (EVO) and a serial acquirer I'm buying shares of

New Investment Idea (2024): After my last long idea in January of this year (link), I am sharing a new one today. For obvious reasons, I will only post stock picks if I personally invest a decent chunk of my money in them. It will never be a goal of mine to look for quick ideas to share on the blog simply because they are what creates the most buzz. I think good ideas are rare and relatively infrequent, and only when I really think I am facing one of those situations do I sit down with my comput

Otis Worldwide (OTIS): Why Otis will likely outperform KONE and Schindler

Portfolio Update - Q1 2024: Main portfolio changes

LVMH (MC.PA): Bernard Arnault and democratization of luxury

Zoetis (ZTS): Similarities and differences between the animal and human health industry, generic competition and mid-long term outlook

Canadian Pacific Kansas City (CP) & Canadian National Railway (CNR): Canadian vs US rails, ESG tailwinds and autonomous truck fears

Some thoughts on the new addition to my portfolio (2024): I had been following this company closely for years and I have finally added it to my portfolio for the first time. It is already one of my top ten holdings.

2023 Annual Letter: 2023 recap and updated portfolio to face 2024

The Estée Lauder Companies (EL): The eternal rivalry with L'Oréal and the last great crisis of the Lauder family

Important Update: As of December 13, the annual subscription price will increase from $180 to $200. If you are thinking of becoming a paid subscriber you have until that date to do so for $180 a year, forever.

Perimeter Solutions (PRM): Digging into the management's compensation system and the emergence of a new competitor

Finding Moats International - Update: Dear subscriber, I am currently working on a post about Perimeter Solutions (PRM) - which will be up in two weeks - and Estée Lauder is also coming next month. That will be all for 2023. Here is the list of companies I have covered this year. I already have 6 new names in mind to write about in the first half of 2024, but I would love to hear your suggestions. Please, if you would like to know my thoughts on any company that that has not been covered yet, no

KONE (KNEBV): Unit economics of the elevator maintenance business, problems in China and main differences with Otis

Portfolio Update - Q3 2023 : Main portfolio changes

Some Resilient European Businesses I Like. Part 2: Chocoladefabriken Lindt & Sprüngli (LISN): Past, present and future of the chocolate industry

IDEXX Laboratories (IDXX): Some thougths about the pet industry and the competitive strengths of IDXX and Zoetis