About this blog: I have been investing for 25 years, professionally and personally. I look for stocks that have a high probability of compounding at 15% for at least 5 years with limited downside. I write these stocks up on my blog. You can find more about me, my philosophy, my mental models, and my portfolio structure on my site.
This email is a summary of my activity this month.
A slow couple of months because I took time out with the kids. Some things are important. Back at the desk now, recharged.
Trades
Bought a tracker in Hikari Tsushin.
Added fairly significantly to Howard Hughes Holdings.
Articles I wrote
Microsoft results. Storming 4q26, and very promising for the future.
Millrose results. Still picking up (quite a lot of) pennies in front of a possible steamroller.
Cheniere results. Excellent execution evident.
A note on the extraordinary ambition of the combined vision at Tesla/SpaceX.
Helios Fairfax results. BVPS +12% y/y and strategic progress evident.
Brookfield results. Acceleration starting?
What I found interesting this month
UncoverAlpha on token optimisation and hyperscalers, and why most of the economy won’t run on the best model.
Kairos Research on Aimia.
Philip Reschke on how to construct a portfolio to live off and how to benchmark it.
Two interesting X posts on how Microsoft might accelerate and how compute is becoming an investable asset class for institutional capital - is this how hyperscalers go back to being more capital-light?
SemiAnalysis on just how good OpenAI’s Jalapeno chip is, and just how bad Gemini has become. Makes me wonder (again) what sustainable advantages there are in AI, if any.
Thanks for reading - and please get in touch if you have questions.
Pete
Thanks for the mention, Pete. I am glad you liked the two pieces although it's different from your own approach. Looking forward to engaging more in the future.
Hikari Tsushin is really intriguing. How’d you find it and where does the conviction come from? Japanese office services company since 1988 is a really cool find!