1/ A perfect market timer who bought the market at its lowest PE in 1920 (4.8x) and sold at peak PE (44.2x) in 1999 would've realized a 14.5% 79-year CAGR. From this 14.5%... - 2.8%/year was attributable to multiple expansion - 11.7%/year was attributable to biz performance

$JMT.LS $DNP.WA LFL sales growth bounced back for Jeronimo Martins, still being negative though. Let’s see if Dino can also reverse the trend in Q3 and widen the gap with food inflation. That'd be a bullish sign. Earnings out next week!

In Q4 2023 $HIMS revenue grew with 65% after which the growth rate slowed down to 46% in Q1 '24. Well it's really reaccelerating now with 52% in Q2 to 77% in Q3 to ~90% in Q4.. (!) Insane quarter. Long $HIMS

$DNP.WA Dino's up after a strong Q3 report! Key reasons: 1. EBITDA margin is improving, with no more mention of margin pressures (unlike H1 report). 2. LFL sales are rising. 3. More store openings planned for 2025 than 2024. Here's my deep dive on Dino: mindfulcompounding.substack.com/p/a-deep-dive-…

Dino Polska $DNP, une société 🇵🇱 éligible au PEA 🛒 📊>20% CAGR du nombre de magasins sur 15 ans 💰Marge nette ~6% 💵 >20% de rentabilité du capital 👨Dirigé par le fondateur (51%) Thanks a lot Luuk for your work 🙏🏼 cleanyourfinance.com/p/61-dino-pols…

Gotta love it: Rochon’s adding big to $KNSL in Q3 and still expanding $MEDP & $ODFL – interesting picks. Rob Vinall has $CACC too; worth a closer look? I wrote a blog on Rochon's annual letters. Here’s the link if you're interested in his timeless lessons: mindfulcompounding.substack.com/p/what-i-learn…

Powerful words from The Intelligent Investor

Investors can win by not losing big! Big losses compound investors’ irrational behaviour. You & I are no different. We need a framework to deal with such scenarios while managing portfolios. Minimising 'big' losses is more important than maximising gains. Huge drawdowns are

Thank you all so much for big 1000! I hope to continue providing value for you through my (hopefully high-quality) long-form blogs on great investors, deep dives and other investing-related topics (let me know if you have some suggestions). I appreciate you all, thanks again.

Added 42 new stock pitches to the website, including (pt 1): David Diranko (Monday Delight)- $BQM.SI, $BOL.AX, $INH.DE, $KSB.DE, $DGL.AX Ole - $NIL-B.ST Quest for Yield - $ZBH Pharmdca - $DAWN Colin King - $CAN.L (acquisition) Luuk - $NEDAP.AS

Just ran this. Wow. The Mag 7 were ~60% of the S&P 500’s 29% return over the past 3 years, despite losing 40% in 2022. They were ~15.6% of sales growth and an INCREDIBLE ~106% of net income growth. Yes, the 493 in the S&P ex the Mag 7 experienced an outright decline in earnings.

Warren Buffett: "The idea of spending loads of time trying to guess how many iPhones or whatever it may be are going to be sold in a given three-month period — to me, it totally misses the point." "Nobody buys a farm based on whether they think it's going to rain next year."

Some of my thoughts on Nedap's FY2024 numbers from yesterday: substack.com/@mindfulcompou… $NEDAP.AS $NEDAP

Thoma Bravo is bullish on 🇪🇺 European software companies: - Software spending will grow at ~11% CAGR - They are 25% cheaper vs US comps - There are 13,000+ software cos with over $10M in annual revenue, generally profitable Very bullish for $TOI.V cc $CSU.TO

Safety data posted by Waymo this week is great news, showing an ~80% drop in accidents compared to human drivers. Cars driven by humans kill 40,000 Americans a year. If Waymos drove us all, there would be 32,000 fewer deaths each year. It is good to see trials beginning in NYC

"Bill Ruane consistently said that you will make more money from your six best ideas in life than from everything else you do. You really need to know what your six best ideas are. It’s okay to not be excited about everything. It’s okay to not find a great idea for a year or two.