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Ferrari: High-Speed Compounder
August 31, 2025 | Enzo Ferrari insisted his company would “always deliver one car fewer than the market demands.” That single sentence explains almost everything about a business that sells barely 14,000 automobiles a year, yet enjoys gross margins north of 50%, trades for a price-to-earnings ratio that would make most software founders blush, and has turned every dollar invested at its 2015 IPO into nearly ten today.
Crocs: Fashion Icon or Value Trap?
August 24, 2025 | Today’s company? Let’s just say its designs are far more polarizing. I’m talking about Crocs. But hear me out. If you liked Lululemon’s margin profile and returns on capital, then let me tell you, Crocs is right there.
Lululemon: Still the King of Athleisure?
August 17, 2025 | Despite its incredible fundamentals, Lulu’s stock is depressed, trading down sharply from a valuation of 65x earnings just 18 months ago(!) Consider us intrigued.
