Global Community

Triodos Bank still carries the scars of its past trading freeze and a hard-to-trade share structure, but the business may be healthier than the market assumes. If recent losses prove more one-off than permanent and its cost-cutting plan works, the shares could recover even without the market fully “forgiving” the past.Read more

The market is underappreciating how scarce true 24/7 carbon-free baseload has become just as AI data centers and electrification drive the sharpest sustained rise in U.S. power demand in decades. Most investors still treat CEG as a “utility with nuclear exposure.” It is better understood as the owner of the largest, highest-quality fleet of scarce, dispatchable zero-carbon generation that hyperscalers cannot easily replicate or replace.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

My investment thesis on IBM is based on its transition from a traditional technology company into a hybrid cloud, enterprise AI and cybersecurity platform. I see IBM’s strength not in competing directly for the most advanced AI model, but in helping large organisations integrate AI securely into complex existing systems.Read more

Adyen demonstrates strong economic moat quality through minimal customer churn and wallet share expansion driving approximately 80% of quarterly growth, though this relies heavily on existing accounts while 2026 acquisition investments in the US, Japan, India, and Brazil lay the groundwork for future revenue. The company trades at an unprecedented valuation low of 18x 2026 EPS and 15x 2027 EPS with ~20% expected earnings growth, yielding a PEG ratio of 1.0x.Read more

Meta’s ad machine still looks strong, but heavy spending on AI and data centers is squeezing the cash the business actually throws off. The key question is whether that spending soon turns into better ads and new products—or stays a long, costly bet that keeps returns to shareholders under pressure.Read more

A historic gold mine in British Columbia is back in action, and the company behind it has already started selling gold while trying to scale up fast. The big question is whether it can turn a huge pile of early-stage gold estimates into steady, profitable production without the usual proof work miners rely on.Read more

Novo Nordisk atravessa pressão de preços nos EUA, mas a aposta é que o número de doentes tratados no Ocidente ainda está no início e pode crescer muito à medida que mais países começam a comparticipar estes medicamentos. O grande ponto a seguir é se a empresa consegue lançar a próxima geração de tratamentos a tempo e manter o ganho por doente quando as patentes do produto atual expirarem.Read more

The market still largely prices Vistra as a volatile merchant generator with a mixed fossil and nuclear fleet. What is underappreciated is how effectively the company has converted its scale and geographic reach into long-duration contracted nuclear cash flows while retaining the flexible gas capacity needed to serve the fastest-growing large loads in ERCOT and PJM.Read more