Some links 13/2026
Rob Vinall’s 2025 letter to investors is worth reading, as he also discusses why he sold some positions (Prosus, PDD, International Pet.)
A good reminder that Value Investing only works long term if it stops working short term
Despite the rhetoric, Stablecoins are rarely used for actual payments
An epic write-up on the “Seabed economics landscape”
Some interesting thoughts from Heavy Moat on Capital allocation and the virtue of dividends
Jamie Ward with a nice write-up on Chapters Group
Sixt competitor Avis experienced an epic short squeeze this week. How needs fundamentals these days anyway ?
value and opportunity 
Chapters writeup has no mention of valuation which at this point seems the very obvious reason not to buy it?
A comnpany such as Chapters at its current stage is not so easy to value. Either you like the business or you don’t like it but it is clearly not cheap by traditional metrics.
Avis-Budget ist also in der Kategorie der hoch manipulierbaren Meme- und Betrügeraktien angekommen. Ob das Unternehmen davon profitieren kann, indem es zu diesen völlig überteuerten Kursen mit einer KE die Schulden auf ein erträgliches Level reduziert und notwendige Investitionen angeht?
In diesem Fall könnten sie in der Branche vom Opfer wieder zum Mitbewerber werden.
Ich würde aber nicht darauf wetten…
Ja, das muss man beobachten. Ich glaube es auch nicht, aber gerade in den USA ist ja alles möglich.
Your recommendation to see the article of RV Capital is behind a password barrier.
Not able to read it
You just need to register. Doesn’t cost anything.