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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.
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?
1-Year Portfolio Review: The Intrinsic Value Portfolio
December 14, 2025 | At this point, we’ve analyzed about 50 companies this year. The good news is that, despite some early doubts when we started this project, the well of opportunities hasn’t run dry. But a review also means making tough decisions. So yes — one company is leaving the portfolio today as well.
DoorDash: Can It Keep Delivering Returns?
December 7, 2025 | We don’t typically even bother looking at companies with 100x P/E ratios, especially when said business has double-digit stock-based comp as a percentage of revenues, but wow, DoorDash is growing fast, dramatically improving its business quality and, well, who would want to bet against society becoming lazier and more reliant on delivery?
S&P Global: The Company behind the Stock Market
November 30, 2025 | Every investor eventually faces a simple question: Do I accept market-like returns, or do I take on the risk of underperforming in pursuit of outperforming? If you’re reading this newsletter, chances are you’ve chosen the latter — at least to some degree. And when we talk about “the market,” the reference point is almost always the S&P 500, the index built on the largest and most successful companies in the United States.
Booking Holdings: The Traveling Compounder
November 23, 2025 | In the last year of doing this newsletter, Daniel and I have developed a fondness for owning the “best of the best.” Today’s pick, Booking Holdings, is another such quality compounder that, unsurprisingly, doesn’t necessarily trade at a bargain price tag. Yet, is it still attractive enough to earn a spot in our Intrinsic Value Portfolio of stocks?
