value and opportunity

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. 

Upslope Capital’s 6M letter including their Magnum Ice Cream pitch

Dynasty Trust’s quarterly letter with a positive view on Travel stocks and a deep dive into EVT Ltd from Australia

A very good Substack article on the different ways Private Equity Managers fund their own commitments

Great article from Larry Swedroe on the 7 sins of Active Stock investing

Finally, the first Nuclear Fusion company is going public (backed among others by Jeff Bezos). Of course via SPAC.

US households are at an historic record exposure to the stock market

A new study says that the momentum factor is strongest at the last 6 trading days of a month

Is the AI Boom just a giant Real Estate Bubble ? 

Wintergems with another “Danger Zone” portfolio check. 

25 Short summaries of UK stock pitches

The Bear Cave Substack with a Short report on Private Equity Asset Manager StepStone Group 

The Take-over wave of UK companies is expected to continue for some time

The Valuelytica Substack reviews its collection of Quant Investment strategies 

An interesting Deep Dive into the rise of Costco’s Kirkland brand

Whenever Ben Evans drops a new slide deck, you should read it (AI, AI & AI)

Andrew Brown (Dynastie Capital) on Virtu Financial

The always excellent Sector Stories Substack with a deep dive into Sika

A superb summary of Elon Musk’s cult capitalism

10 Year anniversary letter of Value Shop Bireme 

A nice and simple portfolio construction approach from European Hidden Gem Stocks Substack

Unfortunately, tech writer and blogger Om Malik passed away far too young

Ben Evans argues that OpenAI/ChatGPT has not developed a great business model (yet)

A good rule of thumb to avoid AI slob: “Old” blogs/substacks usually don’t use AI to write, new blogs most likely do

Some interesting stats on the K-shaped economy in the US

Interesting research note from Panmure on a potential “AI Downside” scenario

A good reminder from Flyover stocks, that “stock duration” is an important aspect that one should understand

Interesting deep dive into Tomra by Quartr

Geothermal start-up Fermo managed to achieve a 10 bn valuation at IPO but has almost no revenues per S-1

The Sector Stories Substack with the final post on Flavors & Fragrances including a lot of useful KPIs. 

According to this report from the recent Beijing Auto Show, the rest of the Carmaking World should be really worried

A nice post on why aiming lower in your portfolio CAGR might be a good thing to do.

Novo Nordisk’s new GLP-1 pill is doing exceptionally well

A great deep dive into how Oil refineries actually work

Interesting post from Wolfgang Klement on the Alpha of “unpredictable” stocks

The Heavy Moat Substack thinks that Nintendo is now interesting

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 ?

Great interview with Dan Rasmussen from Verdad Capital 

A few very good lessons from Todd Wenning on starting an Asset Management firm

A good rule of thumb on when to invest into interesting Spin-off stocks

Interesting analysis what is going on in “Private Credit” from Edelweiss Capital

Everything from the Sector Stories Substack is worth reading. The Q4 Global Spirits overview is no exception to this.

Great deep dive from Prof. Damodaran why everyone needs to find his own long term  investment philosophy

Check out “DeathbyClawd”, a funny online tool that will check any company on its ability to survive the “SaaSpocalypse”