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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.
Exor NV: Discounted Exposure to Ferrari?
January 4, 2026 | When Daniel and I first sat down to record an episode on Exor, we joked that it felt like cheating. Here was one of our favorite businesses in the world — Ferrari — trading on its own at a rich multiple, while this obscure Dutch-Italian holding company sat in the background as Ferrari’s largest shareholder, plus a bunch of other assets, at a price that implied a massive discount.
Chapters Group: Buying Constellation Software 20 Years Ago?
December 28, 2025 | Today, we’re doing something different. Instead of an American mega-cap, we’re looking at a German serial acquirer of software companies with a market value of roughly $1 billion. Despite its size, it shares a surprising number of traits with some of the greatest compounders in history — and it has one of the most impressive investor bases of any company we’ve covered so far.
Snapchat: Why Hasn’t It Become a Social Media Titan?
December 21, 2025 | If you’re under 35, chances are Snapchat played a starring role in at least one chapter of your life. So when I sat down to study Snap Inc. as a potential addition to The Intrinsic Value Portfolio, the story seemed straightforward: nearly a billion monthly active users, 75% penetration among 13–34 year olds in 25 different countries, and less than 2% share of the U.S. digital ad market. How, then, could this be a stock trading with a market cap sub $13b?
