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Vault Minerals already runs several gold mines and may soon combine with Regis Resources, a move that could turn it into one of the bigger names on the Australian market. The catch is that the story now hinges on smooth merger execution and proving today’s strong cash generation can hold up when costs, mine performance, and gold prices change.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 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

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