February 22, 2026 | Constellation Software has been on my watchlist for years now. But I couldn’t motivate myself to look into it while it trades at 50x cash flows. For someone who hasn’t owned shares yet, it’s the perfect time to dive into Constellation. And if you already own shares and are uncertain about what to do, this might be even more important.
February 15, 2026 | Who says Netflix isn’t a big tech stock anymore? I don’t care if Netflix got swapped out of the market’s favorite shorthand, ditching Netflix and “FAANG” for the Mag7, because if you strip away the acronyms and just look at what the business is doing, it’s still compounding in a way that would make most companies blush, with operating profits growing 32% a year on average since 2018!
February 8, 2026 | Yes, Hermès trades at a premium. But historically, that premium hasn’t stopped shareholders from outperforming the market. Over the last decade, Hermès traded at an average P/E of roughly 48x and still delivered annualized returns north of 20%. The goal of today’s newsletter is to figure out whether the next decade can look anything like the last one.
February 1, 2026 | 80% of U.S. doctors are on one platform that doubles as a social network (like “LinkedIn for doctors”) and a suite of productivity tools, including a HIPAA-compliant AI assistant for taking down patient notes, drafting prior authorization documents, insurance appeals, and so on.
January 25, 2026 | Meta is certainly the most volatile of the Magnificent 7 stocks. A brutal 75% drop in 2022 was followed by an equally astonishing 750% rally. After that kind of rally, it seems implausible for a stock to still trade at attractive levels.
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