Global Community

Red 5’s story hinges on a simple bet: if gold prices climb and the Sugar Zone project adds new output, the company’s cash generation could rise sharply. The catch is that the upside depends on hitting production targets and keeping costs under control as it scales.Read more

For years, Triodos Bank has been judged less like a bank and more like a market structure problem. Investors have been fixated on limited tradability, the depository receipt structure, and the credibility damage left by the suspension of trading in earlier years.Read more

AECOM's Q3 tells a story of two businesses at once: a headline quarter hit by a $337 million project charge, and an underlying infrastructure business that is still winning work at a record pace. The distinction is important.Read more

(This article first appeared on my substack account on 9 August 2026: Wesfarmers: From Farmers' Co-op to Retail Empire ) Bunnings and Kmart have become Australian institutions: stable, solid and dominant retail businesses within their respective sectors. As such, their parent company, Wesfarmers, is the subject of today’s deep dive.Read more

The market is not debating whether Meta still has a strong business. It clearly does.Read more

A Novo Nordisk é uma máquina de qualidade excecional (ROA de 23%, quase sem goodwill, 11% de crescimento composto durante uma década) a atravessar uma compressão de preços nos EUA que o mercado está a tratar como permanente — paga hoje 11x lucros, contra mais de 40x em 2021. tenho a ideia de que o número de doentes tratados no Ocidente multiplica por cinco ou seis até 2033, à medida que a Europa, o Canadá e a Austrália criam regimes de comparticipação — Portugal, com 2 milhões de adultos obesos e o decreto do Infarmed em preparação, é um exemplo entre muitos.Read more

The market is underestimating the value of the workflow layer in enterprise AI. AI models are becoming increasingly commoditized.Read more

Discovery Silver shifts from a pure silver “story” into a real gold producer after buying Newmont’s Porcupine Operations, giving it cash coming in today and a huge silver project for later. The upside hinges on whether the team can lift output and control spending in Canada while still moving the Mexico project forward without stretching the balance sheet.Read more

Salazar Resources has a built-in advantage most tiny miners don’t: a larger partner pays to build its main mine, while Salazar keeps a slice of the upside. If the mine starts on time and Ecuador stays supportive, the share could re-rate sharply—but delays, politics, and future share issuance could still hit returns.Read more