value and opportunity

Even “OG” AI Guru Andrej Karpathy sees a sea change in programming over the last 2 months (TwiX link)

The monthly recap of the “Mr. Market miscalculates” Substack is a great format

The Dutch Investor Substack with a write-up on 3I/Action from August 2025

Stripe’s 2025 Annual letter is a very good read for anyone interested in payments and the economy overall

Pershing Square annual letter 2025

Not surprisingly, Psychopaths dominate political discussions on Social Media

Searching4value with an interesting write-up on Pandora jewellery

Clarke Quare Capital with a great “Special Situation Digest”

A very structured X article on Vertical Software Moats and which might survive AI/LLM. And another interesting “SaaSocalypse” take from the Quality Stocks Substack

Larry Swedroe on the proliferation of the “Small Cap Stock Social Media Pump & Dump”

An epic update on Bombardier from the Wintergems Substack. Also his post on the Japanese Videogame industry is a great read.

Two interesting book reviews of Korean Investment books form Douglas Kim: Absolute Principles of Stock Investments and A Country without Shareholder Rights

A list of the biggest “Hedge Fund Hotels” from the FT Alphaville Substack
Mavix with a great write-up on the Italian Port Software specialist Circle SpA

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”