Original review: Millrose
Tag for finding my other articles on this stock: MRP
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.
Key takeaways
Strong customer demand but still no answer to fundamental questions around business model and returns. Current discount to book value is 18% which feels about right to me.
Thesis and valuation update