Some links 25/2025
Sung Capital Substack on Karelia Tobacco from Greece
Govro with another “alcoholic deep dive”, this time Cuervo from Mexico
Bob’s Payment Substack on the Fiserv massacre
The Optima’s Substack thinks that Coffee prices could go much higher
Weight loss drug use in the US is up and obesity down significantly according to this study
Some thoughts from Dwarkesh on possible AI buildout trajectories
The BG2 Podcast with Sam Altman and Satya Nadella is definitely worth watching/listening to
value and opportunity 
Karelia looks interesting. The founders wife is getting quite old, so we can expect something happening soon.