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Duolingo: Cheap Enough to Become a Multibagger?
March 8, 2026 | Two things upfront. People who tell you Duolingo will become a trillion-dollar company are delusional. Nothing else. But… I was surprised to see it at such reasonable valuations. Less than 20x free cash flow, with revenue growing by more than 30%, is rare. And you still have the founder onboard, which is something we love to see as well.
Lyft: The Key to Winning the AV Wars?
March 1, 2026 | Today, we’ll be reviewing a company where the investment thesis is closer to a special situation than a punch-card compounder, which is a change of pace for us. The pitch is for Lyft as an acquisition target, and that’s funny to say, because if you’ve followed along with Daniel and me, you already know how much we like Uber (Lyft’s biggest competitor).
Constellation Software: 100-Bagger at Historic Discount
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.
Netflix: Winner of the Streaming Wars
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!
Hermès: How much is the Best Brand in the World worth?
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.
Doximity: The LinkedIn For Doctors
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.
Meta: The $600 Billion Bet on AI!
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.
Churchill Downs: The Kentucky Derby is Publicly-Traded?
January 18, 2026 | We have reviewed a handful of companies with really cool trophy assets in this newsletter, but most of the time, the associated business is hardly profitable. Churchill Downs Inc., which owns the rights to and hosts the Kentucky Derby, is an exception.
Mercado Libre: More than the Amazon of LATAM?!
January 11, 2026 | Mercado Libre has an incredible track record. It is often compared to Amazon since, ultimately, it’s an e-commerce giant. So, technically, you get one of Nubank’s competitors plus an entire Amazon-like ecosystem. And you can buy all of this at the cheapest valuation Mercado Libre has ever traded at.
