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.
Trades
Articles I wrote
Howard Hughes 2q26 results.
Howard Hughes valuation update.
Helios Fairfax management call notes.
IRSA 4q26 results.
I am starting a huge block of work on Brookfield. Much more to come but the first 3 pieces are:
BN investor day preview and how to think about valuation.
BN investor day postview - what they said, and how well they’ve done against past investor day forecasts. This is on track to be my most popular piece.
BN historic discount analysis - the discount to plan value has come down, but the underlying is cheaper.
Microsoft thesis update. My Microsoft review didn’t get much attention because it was long, but I think it is some of the best work I have done.
IRSA updated bull case. An astonishing 30% CAGR is possible for a decade if Milei wins again.
Howard Hughes strategy update as they go capital-light in real estate and accelerate growth in insurance. These guys are moving fast.
What I found interesting this month
Mallard Research on Motonic, a cheap Korean stock.
TripleS Special Situations on Dong-A Eltek, another cheap Korean.
Deep-Value Stocks on UK housebuilders. Whatever the opposite of home-country bias is, I have to overcome it with these stocks.
The Dutch Investors on Essilor Luxottica, a stock I’ve been interested in for a while, and Fairfax Financial, my biggest holding.
SDOS on Fairfax Financial. One of several good notes from this author; I recommend a follow.
Andrew Brown on Exor.
Thanks for reading - and please get in touch if you have questions.
Pete