~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits “forever” is not a bad deal.
August 2, 2026
~15x FCF for a monopolistic market operator with infinite returns on capital that could probably grow mid-single digits “forever” is not a bad deal.
1.1x book and ~2x EV/EBIT for a locational monopoly in Singapore.
On a roll rolling up accounting firms while the share price has rolled off a cliff.
One of the most boring business models in Europe is one of the ones I love the most.
Recurring revenue collected years upfront, millions of users who have never heard of it, and a growth story few are underwriting.
Sorry, Einhorn.
A take-private fight with a 47% spread in play.
…probably very soon.
A scaled two-sided marketplace, a vulnerable board, and a fight that probably isn’t over.
Valuation, my two investment buckets, and position sizing.
Here are five questions I like to ask whenever a take-private offer shows up…
Removed the paywall on a liquidation play.
Not so sure.
How I dive deeper into a stock.
How I expand and filter my surface area.
Introduction to how I pick stocks.
Two reasons why this is interesting now.
The landscape is shrinking as another merger just hit the tapes.
A quick (premium) update.
What happens when a footnote goes parabolic. The market still hasn’t connected the dots.
…and another absurd opportunity.
Company is in runoff and is buying back every drop of share it can find.
The most successful executive capital allocators in history naturally get to a point in their careers when…
This stock got on my radar when massive trading volume showed accumulation.
28.3% deal spread and potential 95% IRR.
How to size up a net net.
Italian microcap niche logistics operator turned HVAC rollup.
Only in forgotten corners of the market do you find a 66-140% almost risk-free return in a month.
What was once above politics and institutions has become synonymous with self-dealing, led by the leader of the pack: Michael Saylor.
…with an almost 90% payback by year-end.
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