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MercadoLibre and the Spreadsheet Trick That Decides Everything
Quick question before we begin. I'm going to give you one number — MercadoLibre's free cash flow last quarter — and I want you to guess what the stock is worth.Read more
Perfect Hardware, Dated Software: Why I See Apple at $100 in 3 Years
Apple is a fantastic company for having perfected the design and hardware of our various tools—computers, smartphones—all with software designed in the 2000s to maximize their capabilities. What does the future hold for this company?Read more
A value stock that's undervalued.
Accenture gets hit as companies worry that new AI tools will shrink big consulting projects, even though the business still runs on long, sticky relationships with major clients. The key question is whether Accenture can turn that AI fear into new work by helping companies plug modern tools into old systems without breaking anything.Read more
A Cash-Generating Oil Producer the Market Has Turned Against
Karoon Energy throws off a lot of cash from its offshore oil fields, but investors have soured after equipment problems and worries about rising spending. If taking direct control of its key production vessel really improves reliability and costs, the market’s gloomy view could prove too harsh.Read more
Developer to Producer: Debt-Free Path, A$965M Post-Tax NPV, and Massive Gold Leverage
Rox Resources Limited ASX: RXL Introduction Rox Resources Limited is a Western Australian gold development company focused on bringing the high-grade Youanmi Gold Project into production. The company’s flagship asset is the 100 percent owned Youanmi Gold Project, located near Mt Magnet in the Murchison region of Western Australia, around 480 kilometres northeast of Perth.Read more
Aurinia Pharmaceuticals: Focused Execution in a Narrow but Durable Niche
Aurinia bets on one drug for lupus kidney disease, and that narrow focus is starting to look more like discipline than a weakness as doctors use it more and insurance coverage settles. The big question is whether new regions can add growth before competition, pricing pressure, or its thin pipeline catches up.Read more
The Hidden Southeast Asian Compounder: How an Overlooked Storage and Leasing Company Quietly Created Wealth for a Decade
A little-known Philippine company makes money by renting out warehouses, storage spaces, and other properties—and it has quietly built a track record of steady growth and strong cash generation. The big question is whether its cash-rich, debt-free setup and reliable dividends can keep paying off as cities get denser and demand for space keeps rising.Read more
MSCI 04-2026
MSCI is a Wide Moat compounding machine whose index benchmarks serve as the institutional standard for $16.5 trillion in global AUM, generating 75%+ recurring revenue at 93-95% retention rates and approximately 50% FCF margins. The investment thesis rests on three durable pillars: (1) permanent switching costs in the Index segment, where fund mandate rewrites, LP notifications, and derivative contract renegotiations make benchmark migration prohibitively costly for all but the most determined sponsors; (2) secular tailwinds from the continued growth of passive investing and the institutionalization of private markets, which expand MSCI's AUM-linked revenue with zero incremental cost; and (3) an emerging private assets franchise replicating the Index playbook in a $10 trillion+ private equity and credit market that currently lacks institutional-grade benchmarks.Read more
