Posts
New academic study on long term investing
I am going to cut and paste the abstract summary below and then turn it into English: Abstract: I study outcomes for a variety of "do-nothing" portfolios constructed from constituents of the S&P 500 index, from 1971 to 2025. These portfolios maintain their positions even for those stocks that exit …
Citi, Goldman and Wells Fargo Results by the Numbers
Citigroup, Goldman Sachs, and Wells Fargo all reported second-quarter earnings above expectations, but the results came from different parts of their businesses. * **Citigroup:** EPS was $3.15 versus $2.74 expected. Revenue rose 14% to $24.8 billion, while net income increased 45% to $5.8 billion. Banking revenue climbed 34%, investment banking …
My Thesis on Sezzle
Hi I believe the market has not understood $SEZL. There are 5 reasons I do not agree with the consensus. **Reason #1: Actual Quality of Earnings is an issue!** Total Revenue was $135.5m. Consumer-paid fees were 45% of revenue: consumer fees inside transaction income ($38.1m, 28.1%) + late payment fees …
Plus500 (PLUS.L): $779m of net cash and 50% ROE, but EBITDA margin has fallen from 62% to 40.5% as the business diversifies
*Researched and valued as of 13 July 2026. If you're reading this a few days later, treat the price/multiples below as a snapshot from that date, not today's numbers.* Plus500 is a CFD and options broker that's spent the last few years building a second business alongside its core OTC …
Pernod Ricard
​ Pernod Ricard looks like a classic quality company temporarily out of favor. The company owns some of the most valuable spirits brands in the world, including Jameson, Absolut, Chivas Regal, Martell, Malibu, and Beefeater. These brands have been built over decades and give Pernod significant pricing power. Consumers may …
Howdens Joinery (LSE: HWND) - Best In Class Building Materials Company, Running Out of Runway
Does anyone here own Howdens Joinery (LSE HWDN)? It posts gross margins 20+% higher than it's UK peers, and has a counter-intuitive model (sells directly to builders, not consumers). There's a moat (Helmer's counterpositoning) and local scale economies, although three year ROIIC is 1%. It does have a \~18+% ROIC …
WeTouch Enters Global Supply Chain of One of Japan’s Top Three Office Equipment Manufacturers - WETH
I realize I'm likely again only talking to myself, but here goes anyway. [https://www.globenewswire.com/news-release/2026/07/14/3326979/0/en/WeTouch-Enters-Global-Supply-Chain-of-One-of-Japan-s-Top-Three-Office-Equipment-Manufacturers.html](https://www.globenewswire.com/news-release/2026/07/14/3326979/0/en/WeTouch-Enters-Global-Supply-Chain-of-One-of-Japan-s-Top-Three-Office-Equipment-Manufacturers.html) This is good news, $10 Million ADDITIONAL sales revenue with approximately 30% annual growth rate. From a Google search: "Canon, Ricoh, and Konica Minolta are widely recognized as Japan's "Big Three" dominant office equipment and multifunction …
Game of Thrones in AGI Infrastructure: The Monopoly Fracture and the Great Capital Rotation
Subtitle: How Physical Scaling Limits Encountered Material Physics, and How the Open Modular Alliance Restructured the SCM Landscape # Executive Summary The absolute monopoly of general-purpose merchant silicon is facing a structural fracture. Driven not by macro-demand contraction, but by the unyielding laws of material physics and advanced packaging yield …
Mr President, we have the second SaaSpocalypse.
Don't look at IBM stock.
Growth isn’t always good. Let me explain why in 20 minutes.
A lot of people seem pretty confused about ROIC and growth. Since this is a slightly more technical topic and involves concepts such as ROIIC, WACC and the reinvestment rate, I thought it would be useful to bring these ideas down to earth. I don’t think the basic idea that …