value and opportunity

A really good summary from John Huber on the current state of the AI Data Centre build out

Goldman Sachs is significantly restricting access to AI tools for its employees. Also Apple is limiting token usage for most employees.

Recommended: Dave Waters takes a look at the Belgian Expert Market (Note to myself: Check with my All Belgium Shares Series)

Prof. Damodaran with a follow up on his Anthropic valuation and some must read stuff on cost of capital

The Slow Compounding substack with a decent write-up on Nordic Serial acquirer Berner

Paraguay’s leading online bank seems to have gone under over the weekend

Moringstar with an interesting analysis on what happened to Nr.1 market cap stocks in the US over the last 100 years

VC Legend (and future fiction author) Brad Feld on the 6 bn Binance Crypto hack (Spoiler: He thinks that Crypto is fuxxed)

Some deep thoughts on how AI will influence and change White Collar work

Prof. Damodaran with an attempt to value Anthropic (at a CoC of 9,73%)

Some deep thoughts from Ben Thompson on the future of the internet

Fundamental Value with a look at US “Mega Compounder” TransDigm

The big Music Labels (including Universal Music) are Toast according to this post from “the Honest Broker

Reimar Scholz, a very successful Munich based investor shares his mistakes and what he learned from them: Part 1 & Part 2

Morningstar with a list of potentially undervalued luxury stocks

Very interesting deep dive from Edelweiss Capital into the Question how AI Agents will influence OTAs (Booking etc.)

Abbott Laboratories is planning a major spin-off in 2027

Thoughtful Q3 letter from Greenkeepers Asset Management

Govro from Wintergems with an update on Champagne and other alcoholic spirit companies

Tomas Puyo with a fantastic deep dive on what’s wrong with French education

Jeremy from French Hidden Champions with a short “manifest to invest into French stocks”

Chinese researchers conclude that Ai cannot pick (Chinese) stocks successfully

The Slow Compounding Substack on Swedish Serial Acquirer Momentum Group

KNA Capital thinks that Howden’s has a great opportunity in the US (Via Flyover stocks)

Quick pitches for three cheap French Technology stocks

Another set of short musings from Graoully

A nice interview with Jensen’s Group CEO and Chairman

The Blackwood Research Substack has a great series of unusual stocks

Great deep dive into Software Serial Acquirer Vitec from the Slow Compounding Substack

A nice collection of 26 different UK stock ideas from the “British Alpha” Substack

A great story on the history of the Bloomberg Terminal

Latticework with a quite contrarian pitch on Nike

The Value don’t lie Substack with a good summary of what to look for (and avoid) when investing into turn-arounds

Already a few weeks ago, the Hidden Value Research Substack had a decent write-up on CTS Eventim

A very reflected travel report from a Japanese Investor visiting the US & Canada

Graoullie (or his Antagonist) on the history of Dior and the LVMH holding structure

Andrew Brown with an update on Exor Spa

Some good thoughts about the impact of Meta’s Muse on “Inertia loser” stocks

Corteva is spinning of its Seeds business soon. Good write-up from “Value don’t lie”.

Howard Marks on US interest rates, deficits and the Dollar

A decent deep dive into Rightmove from UK Dividend Stocks

The Hermit substack on struggling Swedish Serial Acquirer Green Landscaping

The Slow Compounding substack is “teeing up” a series on 12 less obvious, overlooked serial acquirers

The Quality Stocks Substack with a “Software is not dead” pitch

Warren Buffett now also stepped down as Chairman of Berkshire Hathaway after six decades

For the fans of “special effects accounting”: Prof Meintner on some creative IFRS accounting at Orange 

The AI hype of the Weekend is a new type of model called “Jev”. It’s not as smart as an LLM, but much cheaper, faster and doesn’t hallucinate (Youtube)

Canada has hosted an interesting “invest in Canada” summit last week. Maybe time to look deeper into the Canadian stock market in more depth.

The Bear Cave Substack points out potential problems at Jackson Financial, this time in the form of some Reinsurance Alchemy 

Dario Amodei’s Essay on “pacing AI development” is worth reading

Also the independent review of the Hugging Face “Swarm attack” is a good but scary read. 

Emerging Value with an overview of interesting Argentinian stocks

Some very interesting insights from Prof Damodaran on Interest rates and stock prices

Andrew Brown (Dynasty) with an update on Belgium Holdco D’ieteren and Belron

Quality Stocks on Uber’s Delivery Hero acquisition (which could in itself be an interesting special sit)

Charlie Huggins with a decent “bucket list” of topics when assessing company culture

Some deep thoughts on writing with AI from VC legend Brad Feld

Some thoughts on how mRNA technology could move beyond vaccines

Nice 6M letter from Intrinsic Funds with deep dives into Mercado Libre & Nubank

A new Mauboussin paper on the wisdom and non-wisdom of crowds

A great presentation on UK Trusts at a discount via Swen Lorenz 

An epic and well written introduction and deep dive into the (US) Power Market

Even in “everything goes” Texas, AI data centers face more scrutiny on power and resources consumption  

Interesting profile on Bill Ackman from Fortune Magazine

Recommended: Sector Stories Substack with yet another well research post, this time on the luxury industry

Interesting deep dive into OpenAIs Business model from a Private Equity perspective

At least in the US, there is a growing bull market for “non-digital” media

Some good news for the environment: Removing “forever chemicals” from soil can be done relatively easily and cheap

A good reminder how far Elon’s companies are still away from any reasonable valuation levels even after the recent drop in share price

Google has released an very interesting study how AI is actually used. In a nutshell, it’s still early days.