value and opportunity

AI Entrepreneur Matt Schumer on how AI changed the way he works as a Software developer (TwiX Article)

Some deep thoughts on how AI could change the job markets using examples from history

A great comment on Volkswagen’s recent “Cash flow surprise”

The Brooklyn Investor is back with a sanity check (Market PEs, AI, Berkshire)

A great article on a version of the “PE Secondary Shenanigan” at Ares

French Wine and Spirits exports have been suffering in 2025 and hit a 25 year low

So far, Radiology has proven to be more or less immune against disruption from AI

Ben Thompson (Stratecherry) on Microsoft and Software in general vs AI

Larry Swedroe explains nicely why IRRs for PE funds can be so misleading

Some thoughts on AI, Software and the impact on Rightmove

Contrary Research’s annual Tech report is worth reading

2025 letter from LMN Capital (in German. Biontech,Intred, Femsa)

Very deep thoughts on the AI risks of a data driven company like RELX from the Fiercely Independent Investor Substack

A nice write-up on the history of cross border payments and the business model of Wise

Szew’s Substack with an interesting write-up on Wehosters Ionos & GoDaddy

Once insider buys are published, there is little Alpha left according to this study

The Slow Compounding Substack with a very interesting comparison between B&M retail and Dino Polska

Interesting long read on the history of Waste Management, the US company.

Annual letters:

• MSA Capital
• Rubicon Stock Picker
• Greenlight (David Einhorn)

Whatever you wanted to know about the “State of the art” of batteries is in the 2025 report from the Volta Foundation
Google DeepMind has released Project Genie 3, an AI tool that makes it easy to create playable 3D worlds by simple prompts. Video Game stocks took a direct hit.

Interesting Post from Verdad on Japanese Banking stocks. In addition, they released a white paper on how to invest into Biotech companies

A very concrete example how an AI Tool (NotebookLM) can replace a lawyer in Venture Capital

Great first part of a write-up on Kinsale, the US Specialty Insurer from the Slow Compounding Substack

Very nice write-up on FW Thorpe, a UK based family owned company from Emil

Alcohol consumption is declining in China, too.

Flyover stocks with a nice post about the continued success of Fastenal

Swen Lorenz (undervalued shares) shares some interesting insights on what’s hot in Financial newsletters and what is not

Good “essay style” Video/Podcast from Dwarkesh on how easily current LLMs could repeat “Knowledge Workers” 

European Private Equity guru Ludovic Phallipou with a great deep dive paper on how shaky the underlying data is for PE returns

Very interesting deep dive into the reasons why large screen LCD TVs and monitors have become so cheap

Larry Swedroe’s 10 lessons from 2025 have some very deep insights (as almost everything he writes)

Interesting take on Venezuela from author Roger Lowenstein who did spend significant time in the country many years ago as a Journalist

Saudi Arabia is opening up its stock market for everyone

Klement on Investing with the interesting “Small Cap Fourth Quarter effect”

The Blackstone Christmas Video is actually quite funny

The French Focus Investing Substack on why the Universal Registration Document is a treasure trove for French companies

Paul Kedrowsky argues that current LLMs are close to a dead end in further development

The productivity gains of AI in coding might be lower as many think

Interesting FT Article on “Accounting Shenanigans” at WH Smith

Morningstar with a nice analysis of what drives and helps long term growth for companies

Some interesting “non intuitive” stock market lessons from TIKR

Highly recommended: Prof. Damodaran on Market Cap thresholds over time , Nvidia and how to calculate implied growth rates

Another Flavour & Fragrances “Banger analysis” from Sector Stories, this time IFF 

French Focused Investing substack on Dividend Aristokrats in France

How (and when) to derisk portfolios before retirement

Great deep dive into the company Duolingo from Quartr

Interestingly, Dwarkesh will prioritize writing essays over doing podcasts

52 Interesting and entertaining things Tom Whitwell learned in 2025

Bill Gates has some Book recommendations

Some very interesting thoughts around Micheal Burry’s decision to close his fund

Dwarkesh with another “AI Banger”: Ilya Sutskever talks about LLMs

Ben Evans has published his new “AI eats the world” slide deck

Real Madrid is considering the sale of a minority stake to an investor

Retired retail investors tend to trade more and perform worse
A very nice write-up on Asseco Poland from The Outsiders’ corner Substack