Burn The Index

The portfolio is up 20.8% YTD. I have added 5 names since inception earlier this year, and sold none because the investment thesis still has legs to run further. The nice part? They are all business built on strong fundamentals. Link to the article in the comment section.

There’s an argument to make for index funds. Businesses that don’t generate ample returns will slowly fume out and drop from the index, while growing businesses replace them. And you don’t have to do any work for it.

Ashtead Technology’s buyout offer is good news for our portfolio. But how far along are we in the M&A process? And is this actually a good deal for shareholders? Here’s what you need to know 👇

Novo’s Capital Markets Day may have left investors with more questions than answers. I put this article together to provide the necessary background, break down Novo’s strategy going forward, and explain what investors should take away from it.

Expectations for Novo’s Capital Markets Day tomorrow are high. Investors will be looking for clues around its oral GLP-1 market share development, clarity on the drug pipeline, as well as the overall strategic direction of the business. It’s the perfect opportunity for management to convey its message, and setting the foundation for a stock price turnaround.

Copart is going through an infliction point with many moving parts including a core business in a slight downturn, as well as an acquisition which should expand the value chain coverage. Here are my thoughts on the business and how to look at the ACV Auctions deal.

There are still great European companies out there, no doubt. Here’s one coming with all the right characteristics flying under the radar! Link in the comments 👇

LeMaitre Vascular leans on product niches, pricing power, direct customer relationships and M&A to fuel growth. It’s one of the oddest business model setups I’ve seen, yet is working like a charm: double digit top- and bottom-line growth, net cash position, and expanding margins. Full write-up is available 👇

The portfolio is up 17% YTD. I walk you through the latest transactions, the performance and company updates. See comments for access.

Apple’s products are so entrenched with consumers that there is no way their business model will be shaken up. A foldable iPhone adds a niche category that addresses another set of users. They too become gated in Apple’s ecosystem. Job well done I’d say.