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March 2026

The S&P 500 declined by -5.3% in March.

Investors are extremely fearful today according to the Fear & Greed Index:

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February 2026

The S&P 500 declined by -1.4% in February

Investors are Fearful today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

A company like KKR starts to become more and more interesting if you ask me.

Best performers

These stocks did well over the past month:

Spotlight: Fair Isaac Corporation ($FICO)

How does the company make money?

FICO licenses its proprietary scoring algorithm to major credit bureaus (Equifax, Experian, and TransUnion).

The company provides software to banks that helps them make and automate decisions.

Why does it deserve to be in the spotlight?

FICO is a data and analytics company.

They are a tollbridge on the American credit system.

If you’ve ever checked your credit score, you’ve interacted with FICO.

Fair Isaac licenses its proprietary FICO Score to lenders.

Every time someone applies for a mortgage, credit card, or auto loan… FICO is being paid a small fee.

Most of Fair Isaac’s revenue comes from its credit score business:

The other piece of FICO’s business is the decision management software it provides to banks.

This is deeply integrated and critical to their day to day operations.

It helps automate high-volume decisions, like fraud detection and account transitions, giving it very high switching costs.

Fear of AI Disruption

The stock has recently declined from its highs of over $2,200 to around $1,400.

Why?

Investors are panicking…

… They believe Generative AI is about to wipe out traditional credit scoring for good.

In the most pessimistic scenario of the market, lenders will grab AI tools and 'vibe-code' their own credit scores from scratch.

That’s a ridiculous thing if you think about it for a second.

FICO’s Moat

The fear for Artificial Intelligence is short-term noise if you ask me.

FICO’s moat isn’t just it’s credit score algorithm.

It’s the network effect and regulatory integration.

• 90% of top U.S. lenders use FICO.

• The system is hard-coded into the global financial infrastructure.

• ROIC remains exceptionally high (often above 50%).

The recent -30% drop in the share price does make it look interesting.

But it’s coming down from very expensive levels, trading at a P/E of >100x in 2024.

Based on the expected EPS of 2028, FICO now trades at a Forward PE of 21.6x.

This is still not very cheap.

Because of this, I think there are more attractively priced Quality businesses elsewhere.

Best Buys March 2026

Only the best of the best is good enough for us.

We focus on companies with:

• A wide moat

• High ROIC

• Consistent Free Cash Flow

Let’s dive into our five favorite buys for the month.

5. Pool Corporation ($POOL)

How does Pool Corporation make money?

Pool Corporation makes money by distributing swimming pool supplies, equipment, and outdoor living products. It is the largest wholesale distributor of pool-related products in the world.

Is it an interesting company?

Pool Corp enjoys a lot of Economies of Scale.

They serve 125,000 customers.

The larger they get, the cheaper they can buy and distribute their products.

AI isn’t the problem for Pool Corporation right now.

Making too much money during the COVID-19 pandemic is.

Stuck at home with government money in their bank accounts, people across the country made one decision: build a pool.

Demand surged and peaked in 2022. Since then, Pool Corporation struggled to keep growing.

The good news for Pool Corp?

All the new pools installed during the demand spike will need chemicals and maintenance products for the next few decades.

Pool Corporation benefits a lot from these recurring sales.

Short term investors are seeing the earnings decline as permanent.

That’s why Pool is trading at an attractive valuation today.

Buying a business with recurring sales and a strong moat like Pool during a cyclical bottom is often a great investment for a long-term investor.

4. Adyen ($ADYEN)

How does Adyen make money?

Adyen is a global payment technology platform that enables merchants to accept and process payments across channels and geographies through a single integrated system. The company makes money by charging transaction fees on processed payment volume.

Is it an interesting company?

Adyen is a single-platform global payments processor for clients like:

• Uber

• Netflix

• Starbucks

The company has a clear competitive advantage.

Most competitors use a patchwork of old systems.

Adyen built theirs from scratch.

This leads to Technical Excellence and higher authorization rates for merchants.

The image shows how much simpler Adyen is compared to traditional payments platforms:

Every single year, more and more payments go through Adyen:

Adyen is a true compounding machine.

They’re able to reinvest at attractive rates, maintain high margins, and generate a lot of cash.

• ROIC: 10.0%

• Net Margin: 44.7%

• FCF/Net Income: 173.7%

In the past, they’ve grown by over 30% per year:

But the stock fell nearly 40% at one point because H2 2025 volume growth was ‘only’ 12%.

Investors who were used to 30% growth panicked and sold.

But guess what? There’s a very good reason for the slowdown.

Adyen is choosing Quality over Volume.

They are walking away from low-margin transactions to focus on more profitable enterprise partnerships.

They are also expanding into Embedded Finance (issuing cards) which grew 8x last year.

This kind of long-term thinking and investment in the business shouldn’t be a surprise.

What makes it even better? Adyen is still run by it’s co-founder, Pieter Willem van der Does. He owns 3% of the company.

Now let’s dive into the top 3.

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January 2026

The S&P 500 was up 1.3% in January

Investors are ‘Neutral’ today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

Do you know what Constellation Software, Topicus.com, and Adobe are have in common?

They’re all software companies.

I think the market offers great opportunities in this segment today.

Best performers

These stocks did well over the past month:

Now let’s dive into a very interesting topic:

Should investors in software companies be worried about AI? Or is it a gift?

The impact of AI on software companies

"In the short run, the stock market is a voting machine, but in the long run, it is a weighing machine."
- Benjamin Graham

Right now, the market is terrified about Artificial Intelligence for software companies.

The narrative is simple:

“AI will replace traditional software. Why pay for a Salesforce or Adobe subscription when a lean AI agent can do it for free?”

This fear has caused the stock price of many software companies to drop.

The Nasdaq 100 is flirting with record highs…

… while software companies like ServiceNow, Adobe, and Constellation Software are trading at levels we haven’t seen in years.

Two Sides of Disruption

AI will certainly disrupt some software companies.

If a company’s only value is completing a basic task (like simple data entry or basic reporting), it might be in trouble.

But for most Quality Stocks, AI is not a threat, it’s a tool that can make them better.

Quality Always Wins

A Quality Company has a moat that AI cannot easily disrupt.

• Proprietary Data: AI is only as good as the data it trains on. Companies like ADP and Intuit have decades of specialized, private data that competitors don’t.

• High Switching Costs: Replacing a critical system is incredibly painful for large businesses. Most CFOs won’t risk their entire operation to save a few dollars.

• Operating Leverage: Quality companies are using AI in their own products, making their products better and cheaper.

Want proof that software can be very difficult to replace?

Software from 30 years ago is still being used in some places!

Below is an example of a tool from Constellation Software:

Opportunities in Software?

Charlie Munger used to tell us that the big money is in the waiting.

When a narrative like “AI will disrupt every software company” takes over, the market panics.

This creates an interesting opportunity to buy companies with high ROIC, strong free cash flow, and dominant market positions at a significant discount to their intrinsic value.

Always remember that stock prices eventually follow earnings.

We have been looking for high quality software businesses that are currently being punished by the market.

That’s why we focus solely on software companies in this Best Buys article.

Best Buys February 2026

Now, let’s dive into our five favorite stocks for February 2026.

5. Adobe ($ADBE)

How does Adobe make money?
Adobe makes money primarily through a cloud-based subscription model. It is the global leader in digital creative and document software, generating the vast majority of its revenue from recurring fees for products like Photoshop, Acrobat, and the Adobe Experience Cloud.

Two things keep declining with Adobe.

The first thing? The share price (a bad thing).

Second? The number of shares outstanding (a good thing).

This means Adobe is buying back its own shares at cheaper and cheaper valuation levels.

Something that hasn’t declined?

Adobe’s revenue and earnings.

This creates a very interesting set up.

The market thinks AI will replace Adobe’s software in the future.

I think that’s unlikely.

Here are a few reasons why:

• High Switching Costs: Professionals are trained on Adobe products in school, and companies have been using their products for years. Switching to a competitor would mean retraining entire teams and rebuilding workflows from scratch.

• The Industry Standard: Adobe created the PDF and the standard file formats for the creative world. To collaborate with anyone else in the industry, you have to use Adobe products.

• AI Integration: By embedding its Firefly AI directly into existing tools, Adobe ensures users don’t need to look elsewhere for new technology.

In December, Adobe said the number of AI credits used has grown by 3x from the quarter before.

The market thinks AI will disrupt Adobe’s business, but right now it looks like AI could be helping it.

Right now, Adobe is buying back almost 9% of its shares every single year.

It’s a very interesting Cannibal Stock.

4. Fortinet ($FTNT)

How does Fortinet make money?
Fortinet makes money by selling cybersecurity products and services that protect networks, users, and cloud environments from cyberattacks. Their customers range from small businesses to large enterprises and governments.

Fortinet is another company that’s seen a significant drawdown in its stock price recently.

The selling pressure is caused by the following:

• Fears of AI disruption in security software

• Reports that China has banned foreign security software from being used in certain sectors

But Fortinet is still an amazing company.

It was founded in 2000 by brothers Ken Xie (CEO) and Michael Xie (CTO).

Together, they still own 15% of the company.

Cybersecurity is very important for every business out there.

Which is why Fortinet just keeps growing its revenue and earnings.

With the continued decline in its share price, Fortinet is trading at attractive valuation levels:

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s get a little bit wiser today.

December 2025

The S&P 500 was flat in December.

Investors are neutral today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

A lower stock price is actually a good thing for Autozone.

Why? It’s a Cannibal Stock.

This way, the company can buy back shares at more attractive valuation levels:

Best performers

These stocks had a year-end rally:

Retailers like Ulta Beauty and RH had an excellent year-end.

Spotlight: 3i Group ($III)

How does 3i Group make money?
3i Group is a holding company. They are a UK-based investment company focused primarily on private equity and infrastructure. Unlike software companies that sell products, 3i makes money by investing its own balance sheet into high-quality businesses and growing their value over time.

3i Group is an interesting holding company with one crown jewel: Action.

Let’s start with some history first.

Brief introduction

3i was founded in 1945 as the Industrial and Commercial Finance Corporation.

Over time, 3i transitioned away from being a diversified private equity manager into a highly focused, conviction-driven investor.

Its strategy today is based on one simple rule: Let your winners run.

Action is a prime example of that.

On March 31st, 2025, Action formed 76% of the Private Equity portfolio.

This is by far the most important part of 3i Group’s whole Portfolio:

An investment in 3i Group is basically an investment in Action. So let’s dive into the retailer every European loves.

Action

Action is the engine behind 3i’s success.

The business operates a hard-discount model. They sell everyday non-food items at very low prices.

They have a cost advantage based on their size:

• Bigger size allows Action to buy products in bulk

• Bulk buying lowers product costs

• Lower costs mean lower prices for customers

• Lower prices attract more customers

• More customers lead to more growth, strengthening Action’s advantage

This creates a powerful cycle where everyone benefits.

It’s a competitive advantage in which customers win too. Just like Amazon and Costco.

Why is the stock cheap?

An amazing company, right?

Now, let’s take a look at the price chart. Since October 2025, the stock declined by almost 20%.

The reason?

Action’s like-for-like growth was ‘just’ 6.5%. Investors expected this number to be 6.8%.

Investors were totally upset by the 0.3% difference. I kid you not.

What is like-for-like growth?
Like-for-like growth measures how much sales or performance have changed for the same set of stores over time. It excludes the impact of new openings.

This is short-term noise if you ask me.

So let’s zoom out and focus on the intrinsic value growth of 3i Group.

As you can see, 3i Group’s NAV (intrinsic value) doubled (!) in the last three years:

3i Group delivered excellent returns for shareholders over the past years:

"This is the fifth consecutive year we have delivered a total return over 20%; over this same period, our average annual total return was 30%." - CEO Simon Borrows 

Zooming out even more, you’ll see the magic of compounding put to work:

Best Buys January 2026

Now, let’s dive into our five favorite stocks for January 2026.

We only talk about companies that aren’t in Our Portfolio today. Why? We love all companies we own.

Partners have 24/7 access to the Portfolio here.

The 5 examples we talk about in this article can be considered as serious candidates for the Portfolio.

5. Pool Corporation ($POOL)

How does Pool Corporation make money?
Pool Corporation makes money by distributing swimming pool supplies, equipment, and outdoor living products. It is the largest wholesale distributor of pool-related products in the world.

Someone who owns Pool Corporation? Berkshire Hathaway (Warren Buffett).

The reason?

Pool is the largest wholesale distributor of swimming pool supplies, equipment, parts, and related outdoor living products globally.

It serves roughly 125,000 wholesale customers across multiple continents.

Pool Corporation’s advantage comes down to one simple idea: economies of scale.

The larger your company, the easier and cheaper you can operate.

Pool Corp benefited from a jump in new pool construction demand during the COVID.

Since 2022, demand has dropped due to a weak macroeconomic environment.

As a result, revenue and earnings have declined:

And yet… We think Pool Corporation remains an amazing company.

4. Fortinet ($FTNT)

How does Fortinet make money?
Fortinet makes money by selling cybersecurity products and services that protect networks, users, and cloud environments from cyberattacks. Their customers range from small businesses to large enterprises and governments.

The name Fortinet comes from two words:

• Fortress

• Network

It reflects the company’s original mission: building a strong digital fortress around networks.

The company was founded in 2000 by brothers Ken Xie (CEO) and Michael Xie (CTO).

Together, they still own 15% of the company.

But despite being billionaires… They avoid publicity, flashy spending, and social media.

This is exactly what you want to see as an investor.

The stock is currently down 18.9% from its all-time high:

Investors were disappointed with the lowered guidance last summer.

It’s just short-term noise if you ask me.

As a result, the company is trading at attractive valuation levels:

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s get a little bit wiser today.

November 2025

The S&P 500 was flat in November.

Investors are Fearful today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

MercadoLibre is an interesting business. The CEO Marcos Galperin recently said the following on X (Twitter):

"MercadoLibre is the only public company in the world (out of +83.000 public companies) to grow more than 22 consecutive quarters in a row at a yearly rate greater than 30%. Currently we have done this for 27 consecutive quarters."

Best performers

Here are the best performers of November:

Games Workshop published great results. The stock trades at an all-time high now:

Spotlight: Paycom Software ($PAYC)

How does Paycom make money?
Paycom is a cloud-based payroll and human capital management (HCM) software provider. They sell their all-in-one software platform to businesses to manage the entire employee lifecycle, from talent acquisition and time tracking to payroll and benefits administration. Recurring revenue from subscriptions and services makes up over 90% of their sales.

Brief introduction

Paycom was one of the first companies to offer web-based HR and payroll tech.

The company was born in 1998.

It has been led by its founder, Chad Richison, since day one.

Paycom’s secret weapon is their focus on employee-driven payroll, primarily through a product called Beti.

This feature puts the responsibility on employees to check and approve their own payroll before it gets paid out.

It results in dramatically reduced administrative errors and manual data entry, which saves the client company time and money.

Another thing we love to see?

Insiders still own 11.6% of the company.
Founder and CEO Chad Richison is the largest shareholder with a stake of 10.7%.

Competitive advantage

Paycom’s key advantage is that all its software runs on one database.

This has lots of advantages when compared to competitor’s systems.

Competitors often piece together different HR modules:

• Remove the need for extra databases: It stops the mistakes that happen when you have to move data by hand between systems.

• Keeps one clear record for every employee: No confusion or mistakes that happen when different teams have slightly different info.

• Provides better data and reporting: Managers can make reports that pull info from everywhere at the same time and show it right away.

Paycom also enjoys high switching costs. Why? Changing payroll systems is expensive and difficult.

Their annual revenue retention rate is very high (90-91%).

Why is the stock cheap?

Seems like a wonderful company, right?

Now, let’s take a look at the price chart. Since 2021, the stock declined over 60%.

The reason?

Paycom was historically valued as a high-growth Software-as-a-Service (SaaS) company.

This resulted in a high valuation multiple. Investors expected very strong growth.

Revenue growth has slowed from 30% to 10% over the past few years.

Part of this decline is actually positive…

… Beti made payroll so efficient that it replaced some of Paycom’s own products.

This results in lower transaction-based revenue but more recurring revenue.

As a result, the P/E ratio for Paycom declined substantially.

I think the market might be overreacting here.

• In just 2 months, Paycom repurchased 3% of its outstanding shares (management thinks the stock is undervalued)

• Terry Smith (Fundsmith) heavily bought Paycom in the last quarter

Fundamentals

Here’s what the fundamentals look like:

• Debt/Equity: 0x (Debt/Equity < 1x? ✅)

• ROCE: 35.1% (ROCE > 15%? ✅)

• 5-Yr Revenue CAGR: 19.7% (5-Yr Revenue CAGR > 7%? ✅)

• FCF-Margin: 18.1% (FCF-Margin > 10%? ✅)

• P/FCF: 36.7x (P/FCF < 20x? ❌)

Paycom has been investing a lot in data centers to prepare for AI integration.

These investments have now been made.

If we remove the $100 million they spent on data centers from the 2024 CAPEX, Paycom is trading at a P/FCF of around 21x.

That looks much more reasonable if you ask me.

Best Buys December 2025

Now, let’s dive into our five favorite stocks for December 2025.

We only talk about companies that aren’t in Our Portfolio today. Why? We love all companies we own.

Partners have 24/7 access to the Portfolio here.

The 5 examples we talk about in this article can be considered as serious candidates for the Portfolio.

5. Adobe ($ADBE)

How does Adobe make money?
Adobe earns the vast majority of its revenue from subscriptions to its industry-standard creative, document, and experience software platforms. This high-quality recurring revenue model gives Adobe highly predictable cash flows and gross margins consistently above 85%.

Adobe’s revenue is primarily divided into three parts:

• Digital Media

• Digital Experience

• Publishing & Advertising

1. Digital Media (74.1% of Revenue)

This is Adobe’s flagship segment.

It is primarily made up of subscription revenue from 2 categories:

• Creative Cloud (CC):

  • Tools for creative professionals, like Photoshop, Illustrator, Premiere Pro, and InDesign, as well as new Generative AI features like Firefly.

• Document Cloud (DC):

  • Tools like Adobe Acrobat and Adobe Sign that enable the creation, editing, security, and digital signing of PDFs and other documents.

2. Digital Experience (24.8% of Revenue)

This fast-growing segment sells large businesses software for managing customer experiences, marketing, and online commerce.

3. Publishing & Advertising (1.1% of Revenue)

This segment is the smallest, containing legacy print, publishing, and some advertising tools.

Its impact on total revenue is negligible.

Management

Shantanu Narayen has been the CEO since 2007.

He has led Adobe’s successful transition from selling boxed software (licenses) to a recurring subscription model (SaaS) in the early 2010s.

Adobe is a great company with a great history. However…

… Its stock is down more than 35% over the past year.

Investors are scared of new AI competitors.

This fear may underestimate Adobe’s massive competitive strengths:

• Switching Costs: Designers and companies are locked in because their entire workflow is built around Adobe’s complex tools (Photoshop, Premiere)

• Industry Standard: Adobe created the PDF and the standard file formats for creative work which means that to collaborate, everyone needs to use Adobe products

• Adding AI: Adobe is adding its powerful AI, Firefly, right into its existing tools, meaning customers won’t need to switch programs, and Adobe can stay the main software for creative work

To conclude, Adobe is a highly profitable, high ROIC business, surrounded by a lot of fear.

This could be an interesting opportunity for investors who think the fear is overblown and that Adobe’s business foundations will remain strong and durable.

Management thinks the company is too cheap as they are heavily buying back shares.

4. Copart ($CPRT)

How does Copart make money?
Copart makes money by operating a massive global platform for online vehicle auctions, primarily for salvage and total-loss vehicles. It acts as an intermediary, connecting sellers (mainly insurance companies) with a global pool of buyers (dealers, dismantlers, rebuilders).

Copart makes money in two ways:

• Seller Fees: Charged to insurance companies for storing, marketing, and selling the salvaged vehicle

• Buyer Fees: Charged to the winning bidder for the transaction

The secret of their business model is simple: they provide the system that helps the insurance world handle damaged cars and other salvage.

Copart manages the entire value chain:

1. Towing and Storage: Retrieving the damaged vehicle and storing it in one of their 250 global junkyards.

2. Digital Listing: Creating a listing with photos and vehicle details on their proprietary online auction platform.

3. Auction and Sale: Facilitating the live, online auction process to sell the vehicle to the highest bidder globally.

This gives Copart a strong two-sided network effect.

Remember that network effects are one of the strongest moats a company can have.

1. As they have many yards and lots of insurance partners more buyers join the platform

2. More buyers attract more sellers

3. More sellers attract even more buyers

4. It becomes a loop that keeps growing

In addition to being a strong business, Copart has strong leadership.

The company was founded in 1982 by Willis Johnson, who was later joined by current CEO Jayson Adair.

When Johnson bought his first junkyard, he used all his savings and even lost his house, ending up living in a trailer between the wrecked cars.

Johnson and Adair are known as disciplined and obsessed operators.

Copart is a an amazing business, but it looked expensive for a long time.

It’s finally starting to come down to more reasonable valuation levels.

As a result, we get interested as long-term quality investors:

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

November 2025

The S&P 500 increased by +2.8% in October.

Investors are fearful today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

Dream Finders Homes is starting to look interesting for investors with a higher risk appetite.

The stock is currently trading around the same level as it was at the time of its IPO in 2021:

Best performers

Here are the best performers of October:

LVMH returns to growth after 4 quarters of decline.

The stock price jumped after they published great results:

Spotlight: Accenture plc ($ACN)

How does Accenture make money?
Accenture is a global professional services company. They help businesses with technology, consulting, and digital transformations. Their clients include big names like governments, tech companies, banks, and healthcare giants. They offer two main types of work: consulting projects, which are short-term, and managed services, which are long-term contracts.

Brief introduction

Accenture is a leader in its field.

But this year, the stock has fallen nearly 40%.

It’s facing challenges like canceled contracts, slower revenue growth, and uncertainty from AI.

But Accenture has a solid client base, strong financials, and key advantages that will likely help it bounce back.

The company has been around for decades, helping top companies implement technology and improve operations.

AI is creating uncertainty in consulting, but Accenture remains one of the most trusted names in the industry.

Competitive advantage

Accenture has a competitive advantage based on two pillars:

1. Switching costs

2. Intangible assets

Switching costs

The company is deeply embedded in the operations of its clients, helping with everything from strategy to big tech projects.

These long-term relationships make it tough for clients to switch. It would be very costly and disruptive.

The fact that 195 of their top 200 clients have stayed for over 10 years shows how strong these connections are.

Intangible assets

Accenture has a globally recognized brand and strong ties with C-suite executives at major enterprises.

It has a reputation for being a “safe choice”.

Think about the career and reputational risk that comes with choosing a lesser-known and cheaper alternative.

Imagine hiring the cheaper consulting company that crashed the website and deleted the data base.

Accenture’s trusted reputation gives it premium positioning, and preferential access to large projects.

Why is the stock cheap?

The company’s growth has slowed, and there are worries about how AI could impact its business.

They are investing heavily in AI, which has led to restructuring and job cuts. Despite these issues, I believe the market is overreacting for several reasons:

1. Accenture’s deep client relationships give it stability, especially in uncertain times

2. They are a leader in AI, which could be a major growth area in the coming years

3. Their balance sheet is strong, and their earnings (and dividend) have grown consistently for over a decade

At a Forward PE of 17.9x, the stock is trading near its lowest point since 2017.

It could present a good buying opportunity for long-term investors.

Fundamentals

Here’s what Accenture’s fundamentals look like:

• Debt/Equity: 0.3x (Debt/Equity < 1x? ✅)

• ROCE: 26.5% (ROCE > 15%? ✅)

• 5-Yr Revenue CAGR: 9.5% (5-Yr Revenue CAGR > 7%? ✅)

• FCF-Margin: 15.6% (FCF-Margin > 10%? ✅)

• P/FCF: 14.7x (P/FCF < 20x? ✅)

These fundamentals look very healthy.

Conclusion

Accenture is going through a rough patch, but the business remains strong.

The stock’s decline has created an opportunity to buy a high-quality company at a discount.

Accenture’s moat, dividend history, and future growth potential make it interesting for both dividend and quality investors.

Best Buys November 2025

Now, let’s dive into our five favorite stocks for November 2025.

This month, we’re featuring Dividend Growth Companies from Our Watchlist.

Why? Because Compounding Dividends 2.0 is launching this month!

5. Domino’s Pizza ($DPZ)

How does Domino’s make money?
Domino’s is the #1 pizza company in the world. It makes the majority of its money through its franchise model. Franchisees pay Domino’s a percentage of sales, which helps the company grow without taking on too much risk.

But what really makes Domino’s special is its focus on technology.

They’re a technology company that happens to sell pizza.

The company uses tech to make ordering and delivery faster. Their loyalty program drives repeat customers and more carryout orders.

One of the things that drove Domino’s strong growth recently was their “Best Deal Ever” promotion.

Something very interesting about this?

Management said they couldn’t have done it a few years ago.

The only reason it’s possible now is because of the technology Domino’s has invested in:

“Best Deal Ever also highlights the operational excellence our system has achieved. We wouldn’t have been able to execute this kind of a promotion just a few years ago. The myriad of ever-changing topping combinations customers are putting together requires best-in-class operations. That was unlocked by franchisees leveraging our training programs and Dom.OS systems”

What makes Domino’s a great compounder?

Since 2010, Domino’s has been a star performer.

The stock has compounded by more than 20% per year since 2010.

The company is a consistent dividend grower and has increased its dividend every year for over a decade.

One more reason to love Domino’s?

They have the right incentives in place:

• To own a Domino’s, you must have worked at a Domino’s

• If you own a Domino’s, you can’t own other businesses

• When the Franchisees succeed, Domino’s succeeds

• The company’s scale, brand, and focus on franchisee success give it a big advantage in a tough market.

4. Equasens ($EQS)

How does Equasens make money?
Equasens is a French company that specializes in  IT solutions for managing pharmacies, healthcare products, and services, focusing on improving patient care. 

Most of Equasens’ revenue comes from software licensing, maintenance, and service contracts.

These contracts often involve recurring fees, providing a stable revenue stream.

In addition, they sell software modules, hardware, and provide training and support to their clients.

Equasens can be considered a market leader in a niche.

They focus on providing end-to-end solutions for healthcare professionals, particularly in the French-speaking market.

It’s a segment larger, more generalized competitors may overlook.

This specialization allows them to build deeper relationships and tailor their offerings more effectively.

What makes Equasens a great compounder?

Equasens has grown its earnings and dividends consistently.

Thanks to its stable business model in the healthcare sector they can grow very reliably.

The company should continue to benefit from an aging population and the continued digitization of healthcare.

Now let’s dive into the top 3!

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

September 2025

The S&P 500 increased by 4.1% in September.

Investors are “Neutral” today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

Constellation Software is starting to look very interesting.

Best performers

Here are the best performers of September:

ASML did exceptionally well.

Investors had been waiting for this rebound for a while now:

Performance

Here’s what the performance of Our Portfolio looks like.

So far, Our Portfolio has achieved an average yearly return of 15.6%.

Our Portfolio would double every five years if it continues to perform this well.

I use Interactive Brokers to execute all my transactions. Discover more about Interactive Brokers here.

Spotlight: Watches of Switzerland Group ($WOSG)

How does WOSG make money?
Watches of Switzerland is a retailer of luxury jewelry with a presence in the UK and the US. Their +100-year relationship with Rolex makes it a quality business. Roughly 50% of their sales come from Rolex.

Brief introduction

A company I would love to own? Rolex. It’s the Ferrari of the watch industry. Rolex completely dominates its industry.

Despite the high price, customers are willing to wait over five years to get their watch.

Warren Buffett once even said:

“If Rolex ever goes public, please give them my number.”

Unfortunately, Rolex isn’t publicly traded. But that’s exactly why Watches of Switzerland is so interesting. You can think of them as a guardian of a Rolex.

Rolex doesn’t sell watches directly. Instead, they sell through authorized retailers. Ninety jewelry stores in the UK are licensed to sell Rolex, and 41 of them are owned by WOSG.

They are now investing heavily in the U.S. to create the same dominance there.

WOSG is the closest you can get to a “Rolex investment”.

Competitive advantage

There is a saying in the watch industry:

“It’s harder to get a license to sell Rolex than to get a license to print money”.

Entering this market is nearly impossible. It’s not only a strong moat, it’s also durable.

WOSG was Rolex’s first retailer partner. Their relationship goes back to 1919! This tells you something about the competitive advantage period (CAP).

Given the strength of the relationship and the mutual importance, the economics of WOSG look more like a Rolex subsidiary than a typical retail company.

Why is the stock cheap?

Seems like a wonderful company, right? Now, let’s take a look at the price chart. Since 2022, they have been down over 75%.

The reason? Rolex acquired Bucherer, another watch retailer. Because of this acquisition, investors worry that Rolex will cut supply to WOSG stores.

I don’t think this will happen for four reasons:

1. Bucherer is mainly active in Switzerland, so it doesn’t compete directly with WOSG. WOSG is active in the UK and the US.

2. Bucherer founder didn’t have a successor. As a result, you can see the acquisition as brand protection for the company.

3. WOSG just opened the biggest Rolex shop in the world on Bond Street, London. They wouldn’t invest this much if they didn’t believe in the continuity with Rolex.

4. Rolex is a non-profit charitable trust. It means that they can never distribute profits to shareholders. Most of their profits gets donated nowadays to projects in Geneva, Switzerland.

I think the market is overpanicking. As a result, WOSG now trades at less than 8x Free Cash Flow.

It looks cheap if you ask me. Management is also trying to take advantage of this and has recently authorized a plan to repurchase £25 million worth of shares (roughly 3% of the Market Cap).

Fundamentals

Here’s what the fundamentals look like:

• Debt/Equity: 1.2x (Debt/Equity < 1x? ❌)

• ROCE: 19.0% (ROCE > 15%? ✅)

• 5-Yr Revenue CAGR: 15.3% (5-Yr Revenue CAGR > 7%? ✅)

• FCF-Margin: 7.0% (FCF-Margin > 10%? ❌)

• P/FCF: 7.5x (P/FCF < 20x? ✅)

We would prefer to see lower debt levels, but given the long waiting lists for Rolex and the clear visibility of future income, we think WOSG can run at a slightly higher debt level.

A Not-So-Deep-Dive (NSDD) about WOSG has been written and will be published soon.

Best Buys October 2025

Now, let’s dive into our five favorite stocks for October 2025.

We only talk about companies that aren’t in Our Portfolio today. Why? We love all companies in Our Portfolio.

The 5 examples we talk about in this article can be considered as serious candidates for the Portfolio.

5. Fairfax Financial ($FFH)

How does Fairfax make money?
Fairfax is often called “The Berkshire Hathaway of Canada”. There are two similarities between Berkshire and Fairfax. First, insurance is the cornerstone of their financial empire. This insurance float is then used to invest wisely. Since 1985, Fairfax’s book value per share has compounded at a CAGR of 18.7%. And second, they are both run by an excellent capital allocator. 

Talking about excellent capital allocators…

… Fairfax was founded in 1985 in Toronto by an Indian immigrant, Prem Watsa.

Today, Watsa is still the CEO. His nickname? The Canadian Warren Buffett.

Something else I find extremely interesting? Fairfax donates 1%-3% of its pretax profit to charities that employees support. Since 1991, they have donated roughly $500 million.

This tells you something about the culture of this business. It’s also a smart way to create an emotional skin in the game.

Watsa’s philosophy:

When reading Prem Watsa’s shareholder letters, he always seems to come back to this one question: “How do I make sure that Fairfax still exists in 100 years?” We love this long-term focus. I assume his charitable approach helps in achieving this goal.

In recent years, Watsa has also been an aggressive buyer of his own shares. Since these repurchases, the share price has grown rapidly. It proves Watsa’s excellent capital allocation skills.

Interestingly, Fairfax has outperformed Berkshire since 1990 at a CAGR of 15.9% versus 13.3% for Berkshire:

4. Brookfield Corporation ($BN)

How does Brookfield Corporation make money?
Brookfield Corporation makes money by owning and managing real assets. Think about real estate, infrastructure, renewable energy, and private equity—while also earning fees from managing investments for clients.

Brookfield Corporation earns money in three ways:

1. Asset Management: Brookfield Asset Management (BAM) collects steady management and performance fees from pension funds, insurers, and sovereign wealth funds.

2. Insurance Solutions: through Brookfield Reinsurance, it locks in long-term capital (annuities and float) that can be reinvested at high returns.

3. Direct Investments: Brookfield owns controlling stakes in listed vehicles like Brookfield Infrastructure, Renewable Partners, and Business Partners, plus a global real estate portfolio. Together these generate about $5 billion in free cash flow every year

Bruce Flatt has been Brookfield’s CEO since 2002 and has an amazing track record in creating shareholder value.

Bruce Flatt is famous for his disciplined value approach:

1. Buy high-quality assets during crises

2. Improve them operationally

3. Recycle capital at the right time

And make no mistake… Brookfield has been a phenomenal compounder.

Since 2001, the stock compounded at 17.7% per year, massively outperforming the S&P 500.

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

August 2025

The S&P 500 increased by 1.9% in August.

Investors are “Neutral” today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Here are the worst performers of the past month:

Gartner ($IT) is trading at its lowest valuation in four years:

Best performers

Here are the best performers of August:

Arista Networks is back on the list. Since April, the stock has doubled.

Performance

Here’s what the performance of Our Portfolio looks like.

So far, Our Portfolio has achieved an average yearly return of 19.4%.

A phenomenal result. I don’t expect this trend to continue. A return of 12% per year, on average, would already be remarkable.

I use Interactive Brokers to execute all my transactions. Discover more about Interactive Brokers here.

Spotlight: Scottish Mortgage Investment Trust ($SMT.L)

How does the company make money?
Scottish Mortgage is an investment trust. It makes money for shareholders by investing in a concentrated portfolio of what its managers believe are the most exceptional public and private growth companies in the world. The goal is long-term capital growth.

For years, Scottish Mortgage has been a favorite among investors seeking to own the future (growth stocks).

Their approach? Simple. But powerful.

Find game-changing growth companies and hold them for years.

A quality investor sits tight and lets his investment compound over time.

That’s exactly what Scottish Mortgage Trust does.

Their portfolio gives you access to the world’s most disruptive companies. Even the ones that regular investors can’t buy.

If you invest in Scottish Mortgage Trust, you invest in companies like SpaceX from Elon Musk.

There are three main reasons why Scottish Mortgage Trust might be interesting:

• Private market access: You get a piece of fast-growing private companies before they go public

  • Examples: SpaceX and ByteDance

• High-conviction picks: Scottish Mortgage Trust invests in its best ideas only. No diversifying just to match a benchmark

• Long-term mindset: While others chase quarterly numbers, Scottish Mortgage thinks in decades

Here are their top 10 convictions:

Let’s look at the key numbers for Scottish Mortgage:

• Discount to NAV: -10.9% (a small premium)

• % invested in Private Equity: 26.3%

• 10-Year NAV CAGR: 15.2%

Scottish Mortgage Trust might be a buy-and-forget stock for long-term growth.

You can look at the company’s factsheet here.

Best Buys September 2025

Now, let’s dive into our five favorite stocks for September 2025.

This month’s focus? Wide-moat compounders.

Why? As Warren Buffett said:

5. Brookfield Corporation ($BN)

How does the company make money? 
Brookfield Corporation is a giant holding company. They manage over $1 trillion and own real-world assets like power plants, toll roads, and more. They earn fees and profits from this empire, then reinvest the cash to grow even bigger.

A lot of investors see Brookfield as a way to team up with one of the best capital allocators in the world: Bruce Flatt.

Bruce Flatt is called ‘Canada’s Warren Buffett’ for a reason.

His approach?

1. Buy essential assets when they’re out of favor

2. Fix them

3. Hold them for the long run

Brookfield has returned +18% per year (!) for two decades.

Bruce Flatt has indicated they want to double every 5 years.

This would be attractive for long-term investors like us.

4. Zoetis ($ZTS)

How does the company make money? 
Zoetis is the world’s #1 in animal health. It makes medicines, vaccines, and tests that keep animals strong. From cows, pigs, and chickens… to dogs, cats, and even horses.

Zoetis is one of the highest-quality businesses in our universe.

The company focuses on two powerful trends:

1. People are treating pets like family and spending more on their health

2. Rising demand for meat worldwide, which requires healthier livestock

Zoetis is the market leader. The company benefits from scale advantages in research, production, and distribution.

And let’s not forget about innovation.

The company has a history of blockbuster drugs, all backed by strong patents. That keeps competition at bay.

You can download a full investment case here (written by Luc Kroeze).

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

June 2025

The S&P 500 increased by +4.2% in June.

Investors are optimistic (“Greedy”) today according to the Fear & Greed Index:

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Lululemon Athletica seems to have a hard time currently.

The big question is whether Lululemon Athletica has a wide moat. Will people still be wearing yoga pants from the company in 10 years from now?

The company is now trading at its lowest valuation level of the past 10 years:

Best performers

It's great to see two companies from Our Portfolio on this list.

Performance

Here’s what the performance of Our Portfolio looks like.

It’s great to see that we are outperforming the S&P 500 without owning any Big Tech.

So far, Our Portfolio has achieved an average yearly return of 27.1%.

A phenomenal result. I definitely don’t expect this trend to continue. A return of 12% per year on average would already be amazing.

I use Interactive Brokers to execute all my transactions. Discover more about Interactive Brokers here.

Spotlight: The Vita Coco Company ($COCO)

How does the company make money?
Vita Coco makes money by selling coconut water and other coconut-based drinks to retailers, cafes, and online platforms. Most of their revenue comes from their flagship Vita Coco brand, which is popular for being a natural and healthy beverage.

The Vita Coco Company sells coconut water products. This means they are active in an attractively growing end market (living a healthier lifestyle).

$COCO offers the following products:

• Coconut oil

• Coconut milk

• Sparkling water

• Purified water

• A protein-infused fitness drink

• …

Michael Kirban and Ira Liran founded the company in 2004. They are both still active within $COCO.

Martin Roper is the CEO and has been working for the company since 2019. In total, insiders own 10.3% of the business.

The fundamentals of The Vita Coco Company look as follows:

• Debt/Equity: 0.0x

• Net Profit Margin: 11.3%

• ROIC: 50.8%

• Forward PE: 31.6x

• Expected Long-Term EPS Growth: 16.6%

• CAGR since IPO in 2021: 29.5%

Vita Coco is a potential candidate for Tiny Titans. Interested? You can put yourself on the exclusive behind-the-scenes newsletter here.

Best Buys July 2025

Now let’s dive into our favorite stocks for July 2025.

Please note that I only mention companies that can’t be found in the Portfolio today.

Why? Because I truly believe in every single stock in the Portfolio.

This month, I only want to talk about small-cap stocks.

Why? Warren Buffett said you should go where the competition is weak. The market is way less effective in the small-cap space.

Small caps tend to outperform over time:

Before diving into the list, I want to start with a ❗serious warning❗.

The liquidity of some of the stocks mentioned is VERY low.

Never put an order in the market for these companies without using a strict limit price. Otherwise, you might buy the company at a very unfavorable price.

Just look at what happened here:

Just imagine that you forget to use a limit price and bought this company for $31.66.

The stock went back to its normal price, declining over 50% in just a few minutes.

This is something you want to avoid.

❗I’ll repeat it because this is very important: Always use a strict limit price when buying small caps. If not, you risk paying way too much❗

Now you know this, let’s dive into the Top 5.

5. Chapters Group ($CHG)

How does the company make money?
Chapters Group is a German serial acquirer active in VMS Software (just like Constellation Software). The company is led by Owner-Operator Jan Mohr.

Next week, I’ll travel to Hamburg to personally meet Jan Mohr (CEO of Chapters Group).

Chapters Group is a serial acquirer that is following in the footsteps of Constellation Software:

✅ A mini Berkshire Hathaway with plenty of growth potential
✅ Specific focus on VMS Software (just like Constellation Software)
✅ Jan Mohr is an excellent Owner-Operator

Since 2015, the stock is up almost +3,000%:

You can read a Not So Deep about the company here.

4. Mainstreet Equity ($MEQ)

How does the company make money?
Mainstreet Equity buys, renovates, and rents out mid-market apartment buildings in Western Canada. It makes money through rental income and property value appreciation.

Mainstreet Equity is a Canadian company that buys older, smaller apartment buildings that are in bad shape.

They renovate the homes (adding better kitchens, cleaner spaces, and a nicer look) and then rent them out at a higher price.

The goal? To become Canada’s top provider of affordable, good-quality rental homes.

The company has a moat based on 5 pillars:

1. Acquire under-performing assets at attractive prices

2. Limited to no competition from REITs and Pension Funds in the mid-market sector

3. Internalized construction capabilities

4. Internalized operations platform/systems are scalable

5. Internalized marketing and effective branding

The company is an Owner-Operator company. Bob Dhillon is the Founder, President, and CEO. He founded the company in 1997. In total, insiders own 7.8% of the company.

Just look at how much value the business created over the past 24 years:

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

May 2025

In May, the S&P 500 increased by 5.6%.

The Fear & Greed Index went from ‘Extreme Fear’ last month to ‘Greed’ Mode today.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

It’s nice to see Copart and Fair Isaac are cooling down.

While I think they are still too expensive today, I would be interested in both companies at the right price.

Best performers

Performance

Here’s what the performance of Our Portfolio looks like.

It’s great to see that we are outperforming the S&P 500 without owning any Big Tech.

I use Interactive Brokers to execute all my transactions. Discover more about Interactive Brokers here.

Spotlight: Appfolio ($APPF)

How does the company make money?
AppFolio makes money by charging monthly subscription fees to property managers for using its software. It also earns revenue from extra services like payment processing, tenant screening, and maintenance coordination.

Mark Leonard once said the following: “There are two main companies Constellation Software could learn from: Appfolio and Veeva.”

AppFolio’s tools help manage rental homes, collect rent, screen tenants, and work with investors, all in one place.

They also offer additional services, including online payments and insurance. The company started in 2006 and is based in California.

Since its IPO in 2015, AppFolio has compounded at an average annual growth rate of 31.1%.

There is still plenty of room for growth. Analysts expect the company to grow its EPS by 18% in the long term.

The fundamentals of AppFolio look as follows:

• Debt/Equity: 0.1x

• Net Profit Margin: 23.9%

• ROIC: 13.1%

• Forward PE: 39.3x

• Expected Long-Term EPS Growth: 18.0%

• CAGR since 2015: 31.1%

Here’s a business timeline:

Best Buys June 2025

Now let’s dive into our favorite stocks for June 2025.

I only mention companies that can’t be found within the Portfolio today.

5. Pool Corporation ($POOL)

How does the company make money?
Pool Corporation makes money by selling pool supplies, equipment, and outdoor living products to contractors and retailers. Most of its revenue comes from maintenance and repair items, with additional income from new pool construction and renovation products.

Pool Corporation is one of those silent compounders that beat the market by a massive margin in the past:

The company is known for its healthy balance sheet, attractive profitability, and great capital allocation skills:

Pool Corporation has been on my radar for quite a while. Finally, the stock started to become a bit more attractive again.

Our Earnings Growth Model gives an expected return of 9.0%.

Here’s what the evolution of the Forward PE looks like:

Another interesting fact? Berkshire Hathaway bought almost 900,000 shares of Pool Corporation last quarter.

4. NVR ($NVR)

How does the company make money?
NVR makes money by building and selling homes under brands like Ryan Homes and NVHomes. They also make money by offering mortgage and settlement services to homebuyers.

I love cannibals.

At least when we’re talking about stocks.

Cannibal stocks ‘eat up themselves’ (they heavily repurchase their own shares). As a result, your stake in the company as a shareholder increases. You can find more information about the concept here.

Over the past 10 years, NVR bought back 24.3% of its outstanding shares.

This also means that your stake in the stock as an investor increased by almost 25%, and this while you didn’t need to do anything (just sit and wait).

Homebuilders are an interesting niche that I would love to be invested in one day. You can read our analysis about the market here.

NVR is down almost 30% from its peak. This might offer opportunities. The company currently trades at a Forward PE of 16.6x.

Now let’s dive into the top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

April 2025

In April, the S&P 500 decreased by 1.1%.

The Fear & Greed Index went from ‘Extreme Fear’ Mode to ‘Fear’ Mode.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

RH is on the Worst Performance List twice in a row. The stock has declined by over 50% since January.

Best performers

Spotlight: Diploma PLC ($LON:DPLM)

How does the company make money?
Diploma PLC makes money by selling essential, high-margin components for industries like aerospace, medical, and industrial machinery. They grow profits through organic sales and by acquiring small specialist businesses with recurring revenue.

Diploma is a Serial Acquirer you might have never heard of. Just like most successful serial acquirers, they use a decentralized structure.

The group structure looks as follows:

Here’s what their sectoral and geographical split looks like:

The British company has a market cap of £5.3 billion ($6.8 billion) and created a tremendous amount of shareholder value in the past.

Since 2001, an investment in Diploma PLC returned over 12,000% (CAGR: 22.8%).

Johnny Thomson has been the CEO since 2019. In six years, he spent over £1 billion on acquisitions.

The fundamentals of Diploma PLC look as follows:

• Debt/Equity: 0.6x

• Net Profit Margin: 13.1%

• ROIC: 11.4%

• Forward PE: 24.8x

• Expected Long-Term EPS Growth: 10%

• CAGR since 2001: 22.8%

Best Buys May 2025

Now let’s dive into our favorite stocks for May 2025.

I only mention companies that can’t be found within the Portfolio today.

Let’s mix things up a bit this month and look at five smaller companies.

I am thinking about launching an exclusive series about Tiny Titans.

Those are Micro Cap Quality Stocks with tremendous upside potential. 

It uses exactly the same philosophy as Compounding Quality, but focuses on very small companies. Think about trying to invest in Apple twenty years ago.

Please note that we'll never write about these companies via Compounding Quality (they are not in our current coverage) as we would influence the stock price too much with almost 500,000 readers.

Because these companies are so small, the series will be very exclusive. Maximum 200 people will be allowed and it will be quite expensive. 

If you are interested, you can put yourself on the waiting list here.

5. Dream Finders Home ($DFH)

How does the company make money?
Dream Finders Homes builds and sells residential homes in the U.S., including starter homes and family homes. They copied the very succesful business model of NVR.

Dream Finders Homes (DFH) is a fast-growing homebuilder that follows the same asset-light strategy as NVR, a legendary 1000-bagger.

DFH focuses on affordable, customizable homes for first-time buyers in high-growth U.S. markets. They use land options instead of buying land outright, which reduces risk and increases flexibility.

Patrick Zalupski is the Founder and CEO. Insiders own over 70% of the company.

Dream Finders Home is growing very aggressively, and the company is trading at very cheap valuation levels. DFH currently trades at a Forward PE of 7.8x.

The reason I haven’t bought yet? I have some concerns around customer complaints and the fact that the CEO sold shares while he said in his shareholders’ letters that he wouldn’t do so.

For investors with a higher risk appetite, Dream Finders Home could be interesting.

We already wrote a Full Investment Case about the company. You can find it here.

4. Deckers Outdoor ($DECK)

How does the company make money?
Deckers Outdoor makes money by designing and selling premium footwear—mainly through its UGG and HOKA brands — via both direct-to-consumer channels like its own websites and stores, and wholesale partners such as department stores and specialty retailers

A shoe company in our Top 5 this month? Yes.

There are two main reasons for this:

1. Deckers Outdoor is a phenomenal company

2. The company is down 40% (!) YTD

A phenomenal company

Deckers Outdoors sells products like slippers, sheepskin boots, running shoes, sports shoes, and much more.

Their products are sold through company-owned stores, online platforms, and various retail partners worldwide.

What’s impressive to see? Deckers Outdoor operates at a Net Profit Margin of 19.1% and ROIC of 51.7%. That’s phenomenal for a shoe company!

Over the past 10 years, they have grown their Revenue and EPS by 10.8% and 23.3% per year, respectively.

Another interesting fact? They bought HOKA in 2012 for $1.1 million. Last year, HOKA generated over $1.8 billion (!) in revenue.

Down 40% YTD

Deckers Outdoor is down 40% YTD.

There are 3 main reasons:

• Slower Growth: HOKA's sales growth slowed down to ‘only’ 24% in Q3 FY2025

• Inventory Issues: The company faced some inventory shortages, leading to expected sales declines next quarter ​

• Tariff Concerns: New U.S. tariffs on global imports, including footwear, have increased production costs for Deckers, which relies heavily on Asian manufacturing

When we look at the evolution of the valuation, it looks as follows:

The fact that the valuation declined is interesting for Deckers Outdoors, as they are frequently buying back shares.

Last year, Deckers Outdoor bought back shares for $414 million. When they would do the same at today’s stock price, this would imply a buyback yield of 2.5%.

Our Earnings Growth Model gives an expected return of 13.3%.

Now let’s dive into the Top 3.

Read more

What’s going on in the markets? And what are our favorite stocks?

Let’s become a little bit wiser today.

March 2025

In March, the S&P 500 decreased by 5.8%.

April didn’t start very well either (is this an understatement?).

The Fear & Greed Index indicates that we are currently in ‘Extreme Fear’ Mode.

The last two times the Fear and Greed Index was so low (extreme fear)?

• September 2008 (during the Financial Crisis)

• March 2020 (COVID-19 Pandemic)

Perfect. This is exactly what we want to see.

Market declines offer great opportunities to rational investors.

That’s exactly why we will add significantly to Our Portfolio next week (unless the market sharply recovers).

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Novo Nordisk might start to become interesting for investors with a higher risk appetite.

Best performers

It’s great seeing that one of Our Positions did very well in April:

Spotlight: Terravest ($TSE:TVK)

How does the company make money?
TerraVest makes money by building and selling equipment used to heat buildings, store gases, and transport fuels.

For example, they make propane tanks, gas trailers, and heating systems that are used in homes, farms, and industrial sites.

Terravest also grows by buying other companies to expand their products and boost sales.

TerraVest is a very steady, boring business. They benefit from very predictable cash flows.

The company grows its business by buying other small companies. Management of Terravest is known as a great capital allocator.

Most top managers have skin in the game.

This means:

• They earn more if the company does well

• They are motivated to help the company grow

In total, insiders own 21% of the business.

People who worked closely with the CEO Dustin Haw refer to him as a ‘star’.

The fundamentals of Terravest look like this:

• Debt/Equity: 0.7x

• Net Profit Margin: 8.2%

• ROIC: 11.6%

• Forward PE: 25.2x

• Expected Long-Term EPS Growth: > 15%

• CAGR since IPO in 2016: 42.8%

Since 2012, Terravest’s stock has returned 8,000% to shareholders:

Best Buys April 2025

Now let’s dive into our favorite stocks for April 2025.

I only mention companies that can’t be found within the Portfolio today.

I love the companies within our Portfolio, and I think most are still (significantly) undervalued.

As already mentioned, we will probably add to some positions next week.

5. KKR ($KKR)

How does the company make money?
KKR earns money by managing investments for clients and taking a share of the profits from private equity deals.

As we just bought another Private Equity company, I wouldn’t immediately add a second one to Our Portfolio.

However, the fact that KKR declined almost 50% (!) from its peak is interesting.

I recently read the book ‘What It Takes: Lessons in the Pursuit of Excellence’ from Stephen Schwarzman, the founder of Blackstone.

Private Equity is a very interesting niche, and when done well, returns can be very lucrative.

The goal of KKR? Create a mini Berkshire Hathaway. They want to invest in great businesses they can own forever.

4. Zoetis ($ZTS)

How does the company make money?
Zoetis sells medicines and vaccines for pets and farm animals to vets and animal owners.

Here’s a sad truth: we are spending more and more time alone.

In 2003, people spent 5 hours a day alone on average. And today? Around 7 hours.

In 2022, about 29% of homes in the U.S. had just one person living in them.

Back in 1960, it was only about 13%.

Loneliness is a serious threat to our society.

Here are a few root causes:

• People are living longer

• Many wait longer to get married

• More people want to be independent

One way to offset loneliness?

Own a pet.

Pets are treated as full family members nowadays.

A company that benefits from this is Zoetis. They sell medicines and vaccines for pets and farm animals to vets and animal owners.

Since the beginning of 2024, the stock declined by roughly 25%.

This is surprising because 2024 was a strong year. Free Cash Flow even increased by 41.8%!

Today, Zoetis trades at a Forward PE of 24.9x, one of the lowest PE valuations in the past 10 years.

Now let’s dive into the Top 3.

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Where are the markets today? And what are our favorite stocks?

Let’s explore everything today.

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February 2025

In January, the S&P 500 decreased by 0.7%.

The Fear & Greed Index indicates that we are currently in ‘Extreme Fear’ Mode.

We love an ‘Extreme Fear’ Mode as this allows us to buy great companies at cheaper prices.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Best performers

Spotlight: Medpace ($MEDP)

Medpace makes money by helping biotechnology companies test new products, ensuring they are safe and effective before they are sold.

For example, if a pharmaceutical company wants to test a new pill, Medpace runs clinical trials to confirm it's safe and works as expected.

Medpace has the expertise to do this faster, more accurately, and at a lower cost, saving companies both time and money.

I have Medpace in my Portfolio since 2023.

A great confirmation? Terry Smith (Fundsmith) bought Medpace last quarter too.

This is what Terry Smith wrote in his Letter to Shareholders:

The fundamentals of MEDP look like this:

• Debt/Equity: 0.2x

• Net Profit Margin: 19.2%

• ROIC: 21.7%

• Forward PE: 27.7x

• Expected Long-Term EPS Growth: 9.0%

• CAGR since IPO in 2016: 34.1%

You want to learn more about the company? Read this article.

Best Buys March 2025

Now let’s dive into our favorite stocks for March 2025.

I only mention companies that can’t be found within the Portfolio today.

I love the companies within our Portfolio and I think most are still (significantly) undervalued.

5. MSCI ($MSCI)

How does the company make money? 
MSCI provides financial data and creates indexes for international markets. The company sells data subscriptions to investment firms and earns money when ETF providers use its indexes.

MSCI had a great 2024.

Revenue grew almost 13% and Free Cash Flow increased by 12%, leading to an FCF-margin of over 50%.

As you can see, MSCI is extremely profitable.

The success of the company is further demonstrated by the growth of its AUM (Assets Under Management).

MSCI manages $16,5 trillion in assets.

They clearly benefit from the trend of passive investing.

Remember, every time you buy an ETF with MSCI in its name, like iShares Core MSCI World (IWDA), MSCI makes money.

There are more than 1.400 MSCI ETF’s.

As the leading provider of global indexes, big companies like Vanguard and Blackrock rely on MSCI.

Moreover, MSCI is trusted by these investment firms due to their reliable data and years of experience, which makes them a strong and important player in the financial world.

You can read our Not So Deep Dive about MSCI here.

4. Zoetis ($ZTS)

How does the company make money? 
Zoetis is the American world leader in animal health. They make money by selling medicines, vaccines and animal health services to veterinarians, farmers, and pet owners. 

More and more people are getting pets and treating them like family, which makes them spend more money on their pet's health.

Better healthcare helps pets live longer, which in turn constantly drives demand for medical care.

Zoetis, the leader in animal health, is ready to benefit from this trend.

YTD, the stock has barely moved, although 2024 was a good year. Free Cash Flow even increased by 41.8%!

Zoetis has a strong moat due to switching costs. Customers find it difficult to switch to other brands because of the reliability of Zoetis’ products and excellent customer service.

What’s more, many patents protect Zoetis from competitors.

In other words, the company is well-positioned to remain the dominant player in the animal health industry.

Trading at a Forward P/E of 27.1x, Zoetis has one of the lowest P/E valuations in the past 10 years.

My friend Luc Kroeze made an amazing Deep Dive on Zoetis:

Read the full investment case

Now let’s dive in the Top 3.

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Where are the markets today? And what are our favorite stocks?

Let’s explore everything today.

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January 2025

In January, the S&P 500 increased by 3.2%.

The Fear & Greed Index indicates that we are currently in ‘Neutral’ Mode.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the better.

Best Performers

Spotlight: Computer Modelling Group ($CMG)

Computer Modelling Group (CMG) is a Canadian software company that makes simulation tools for the oil and gas industry.

CMG makes oil drilling and gas extraction more efficient and more sustainable.

Their technology is primarily used for storing CO2 underground, so it is no longer released into the atmosphere.

CMG’s business model bridges the growing demand for energy with the need to address climate change.

Computer Modelling Group got on the radar of many quality investors due to the fact that Chris Mayer bought the company.

Here’s his reasoning (source: Quartr):

"One stock I bought recently is Computer Modelling Group, listed in Canada. There is a certain Constellation Software influence here. Mark Miller is chairman of the board. The largest shareholder is a Constellation board member. And the head of acquisitions is an ex-CSI guy. The CEO, Pramod Jain, gets it.

Early in 2024 they adopted CSI-style compensation, which rewards ROIC + growth and requires part of the bonus to purchase shares in the open market. I love all of this. And then you have a steady, high-return, cash-spinning, moaty software business at the core. They've got lots of room to deploy capital in a big market and grow.

One negative is the dividend. But I'd expect them to cut or do away with the dividend entirely at some point as they ramp up their M&A program. They've only done two so far. The stock sold off heavily after a soft quarter in November, which is a gift for the longer-term shareholders." - Chris Mayer

The fundamentals of CMG look like this:

• Debt/Equity: 0.5x

• Net Profit Margin: 16.4%

• ROIC: 19.3%

• Forward PE: 27.7x

• Expected Long-Term EPS Growth: 18%

• CAGR since IPO in 2018: 13.5%

Best Buys February 2025

Now let’s dive into our favorite stocks for February 2025.

I only mention companies that can’t be found within the Portfolio today.

I love the companies within our Portfolio and I think most are still (significantly) undervalued.

5. Kainos Group ($KNOS)

How does the company make money? 
Kainos is an Irish technology company that provides IT services for governments and businesses. The company specializes in cloud-based solutions and AI technologies. 

Artificial Intelligence is clearly a secular trend. Kainos is well-positioned to benefit from this.

After a challenging 2024, Brendan Mooney was recently reappointed as CEO. Mooney had originally led the company for 22 years (2001-2023). He holds an 8.5% equity stake in $KNOS.

In an interview with the BBC, Mooney spoke about his return: “My time away has given me a fresh perspective on Kainos. I see significant growth opportunities.”

With major clients in the public sector (such as the UK Government) and the private sector (including Netflix), Kainos can rely on stable revenues, even in economically volatile times.

Today, Kainos trades at a Forward PE of 20.8x. Compared to its historical average, this is relatively cheap.

4. Adobe ($ADBE)

How does the company make money?
Adobe is globally known for its Creative Cloud, including Photoshop, Illustrator, and PDF. Almost 95% of Adobe’s revenue comes from cloud-based subscriptions, with almost 35 million subscribers. 

Being the industry standard in design software, Adobe holds a very dominant position in the creative sector.

Despite strong financial performances in 2024, Adobe’s stock price experienced a 25% decline. Investors doubt Adobe can make money from AI tools such as Firefly.

In several interviews, Adobe CEO Shantanu Narayen addressed these concerns, consistently saying: “AI is an opportunity, not a threat.”

This confidence is also seen in Adobe’s financial strategy.

In March 2024 the company announced a $25 billion share buyback program through 2028, underscoring Adobe’s strong belief in its AI projects, and creating shareholder value.

When Adobe would execute on its buyback program, they would buy back 13% (!) of their outstanding shares.

Now let’s dive in the top 3.

Read more

Where are the markets today? And what are our favorite stocks?

Let’s explore everything today.

December 2024

In December, the S&P 500 decreased by 2.7%.

The Fear & Greed Index indicates that we are currently in ‘Fear’ Mode.

Read more

Since inception (October 2023), the Portfolio is up +44% versus +38% for the S&P500.

And this while we don’t own any Big Tech.

As it’s the 1st of December, I’ll update you about the markets.

You’ll also receive our 5 Favorite Buys of the Month.

November 2024

In November, the S&P 500 increased by +5.3%.

The Fear & Greed Index ind…

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Welcome to this week’s 🔒 paid edition 🔒 of Compounding Quality. Each week we talk about the financial markets and give an update on our Portfolio.

In case you missed it:

1. 18 Top Stocks to Buy Now

2. My Quality Investing Philosophy

3. Serial Acquirers

Subscribe to get access to these posts, and every post.

Subscribe now

Another month, another Best Buy list.

Every month I give an overview of the most interesting Quality Stocks.

Let’s dive into this update and talk about November’s best picks.

September 2024

In October the S&P 500 decreased by 1.8%

The Fear & Greed Index indicates that we are currently in ‘Neutral’ Mode.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the more we like it.

A lot of Partners have asked questions about ASML. Let’s write a Not So Deep Dive about them shortly.

Best Performers

It’s great to see that two companies in Our Portfolio are on the Best Performers List:

Company Spotlight: Axon

The Company Spotlight this month? Axon.

Axon makes tools to help the police and public safety workers.

They create devices like body cameras and tasers. These tools help keep people safe. Axon also makes software to store videos and data.

The police can use this software to review what happened. Axon’s tools help police get better info quickly to make correct decisions.

Four reasons why it’s an interesting company:

• Network effects: As more police use Axon’s software, it gets more valuable

• Patrick Smith is the Founder and CEO. He still owns 3.9% of the company

• Axon returned 32.9% (!) per year to shareholders since 2001

• Revenue growth is 18.4% per year for the past 20 years

We would love to buy Axon at the right price.

Unfortunately, the company is rather expensive right now:

• Forward PE: 82.0x (10-year average: 87.7x)

• Earnings Growth Model: expected yearly return of 10% per year

• Reverse DCF: Axon should grow its FCF by > 20% per year to return 10% per year to shareholders.

  • Expected long-term growth per year: 19.5%

Once the valuation normalizes, it’s definitely a company we’ll look into.

Best Buys October 2024

Let’s jump into our Best Buys for November 2024.

We won’t cover the companies in our Portfolio.

Why? Because we love them all! You can read the latest Portfolio Update here.

Now, here are our five best buys for the month.

5. Adobe

How does Adobe make money?

Adobe is a high-quality company with a simple mission: to create innovative products that transform the world.

The company makes money by selling software tools for creativity and productivity, like Photoshop and Acrobat, mostly through subscriptions.

94% (!) of Adobe’s revenues are generated via subscriptions.

Adobe is active in 3 segments:

• Creative Cloud (75.7% of sales): Creative Cloud offers over 20 apps for design, photography, …

• Document Cloud (23.7% of sales): Document Cloud provides tools to create and sign documents.

• Experience Cloud (0.6% of sales): Offering marketing and customer experience tools.

Why is Adobe a quality business?

• Adobe’s products are the industry standard

• The company should be able to benefit from AI in the years to come

• Long-term estimated EPS-Growth: 17.3%

Valuation

• Forward PE: 27.5x (5-year average: 31.8x)

• Earnings Growth Model: expected return of 13.9% per year

• Reverse DCF: Adobe needs to grow its FCF by 13.5% per year to return 10% per year to shareholders

Why is Adobe in our Top 5 right now?

Adobe dropped by another 4.6% in the past month. The company now trades 24.4% below its 52-week high.

4. Judges Scientific

How does Judges Scientific make money?

Judges Scientific is the second serial acquirer on our list.

JDG acquires companies that make special science equipment. These tools are used in labs for research and testing.

The beautiful thing about this? The market for scientific instruments is still very fragmented. This provides JDG with plenty of acquisition targets.

I had the privilege to meet David Circurel, the founder and CEO, on my way back from Omaha after the Berkshire AGM. We ended up chatting for two hours about Judges Scientific.

The key takeaway? He said JDG still has plenty of growth potential. According to him, the company could still 20x in the next 20 years.

Why is Judges Scientific a quality business?

• JDG is the Constellation Software for science equipment

• CEO David Cicurel owns 9.3% of the total shares outstanding

• CAGR since IPO in 2005: 27.5%

Valuation

• Forward PE: 25.7x (5-year average: 19.9x)

• Earnings Growth Model: expected return of 6.7% per year

• Reverse DCF: Judges Scientific needs to grow its FCF by 14.0% per year to return 10% per year to shareholders

Why is Judges Scientific in our Top 5 right now?

Judges Scientific is an amazing business. The stock is down 23.8% from its ATH and might offer opportunities.

Now let’s dive into the top 3.

Spoiler alert: our Next Buy is in here.

Read more

Welcome to this week’s 🔒 paid edition 🔒 of Compounding Quality. Each week we talk about the financial markets and give an update on our Portfolio.

In case you missed it:

1. Portfolio Update September 2024

2. Is Meta Platforms a Long-Term Buy?

3. Best Buys September 2024

Subscribe to get access to these posts, and every post.

Subscribe now

A new month, a new Best Buys List.

Each month, I’ll give an overview of my favorite stocks of the month.

Let’s dive into this update and talk about October’s favorite stocks.

September 2024

In September, the S&P 500 increased by 2.5%.

The Fear & Greed Index indicates that we are currently in ‘Greed’ Mode.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

Worst performers

The cheaper we can buy great companies, the more we like it.

The company that stands out to me? Adobe.

Best Performers

Company Spotlight: Lululemon Athletica

This month’s company in the spotlight? Lululemon Athletica.

Lululemon Athletica makes and sells athletic clothes, shoes, and accessories.

The American company offers pants, shorts, tops, and jackets for an active lifestyle. This includes yoga, running, training, and more.

We wrote a Not So Deep Dive on Lululemon in the past. You can read it here.

We highlight the company today because it’s valued very cheaply:

• Forward PE: Lululemon is 66.1%(!) undervalued Based compared to its historical average

• Earnings Growth Model: Expected yearly return of 10.4% per year

• Reverse DCF: Lululemon should grow its FCF by 8.3% per year to return 10% per year to shareholders.

These valuations are based on our Buy-Hold-Sell list. You can find the entire list here:

Buy-Hold-Sell List

Source: Finchat

Two extra positives for Lululemon Athletica?

• The company is buying back shares

• CEO Calvin McDonald increased his stake by 4.7% ($1.1 million)

But if Lululemon Athletica is so attractive… Why don’t you own the company?!

I’ve been breaking my head about Lululemon Athletica. I’ve concluded that I don’t know…

… I don’t know what the industry will look like 10 years from now.

As Warren Buffett said: “If you aren't thinking about owning a stock for 10 years, don't even think about owning it for 10 minutes.”

And that’s why I’m keeping my hands off the company.

For investors with a higher risk appetite, Lululemon might be an interesting idea.

Best Buys October 2024

Now let’s dive into our favorite stocks for October 2024.

We won’t talk about the companies in Our Portfolio.

Why? We love to own them all. You can find the latest Portfolio Update here.

Here are our 5 Best Buys of the month.

5. Qualys

How does Qualys make money?

Qualys provides security tools for businesses.

The company makes money by providing businesses with cloud-based software to monitor and secure their IT systems. They charge a subscription fee for this (recurring revenue).

It helps companies protect their data from hackers. Qualys scans networks to find weaknesses.

It can also check if systems are updated. Their tools help companies follow security rules.

Qualys operates in the cloud, so there is no need to install software.

Why is Qualys a quality business?

• Qualys enjoys a secular trend (cybersecurity)

• Net cash position: 10.8% of the Market Cap is pure cash

• They generate $0.43 (!) of Free Cash Flow for every $1 in revenue

Valuation

• Forward PE: 23.1x (5-year average: 34.7x)

• Earnings Growth Model: expected return of 12.0% per year

• Reverse DCF: Qualys needs to grow its FCF by 10.2% per year to return 10% per year to shareholders

Why is Qualys in our Top 5 right now?

The stock declined by 33% YTD and trades at one of its cheapest valuation levels ever.

4. Kainos Group

How does Kainos Group make money?

Kainos Group provides IT services to businesses.

The company makes money by helping businesses move to the cloud and build software. They charge a subscription fee for their services (recurring revenue).

Kainos helps companies improve their systems. It builds custom software and helps with cloud computing.

Kainos works with both small and large companies. Its services make it easier for businesses to use new technology.

Why is Kainos Group a quality business?

• Kainos is an Owner-Operator stock

• Excellent capital allocation skills (ROIC: 52.7%)

• CAGR since IPO in 2015: 21.2%

Valuation Kainos Group

• Forward PE: 18.7x (5-year average: 31.4x)

• Earnings Growth Model: expected return of 12.3% per year

• Reverse DCF: Kainos Group needs to grow its FCF by 3.8% per year to return 10% per year to shareholders

Why is Kainos Group in our Top 5 right now?

Kainos Group is an excellent business. The stock has dropped 58.3% since 2021 and trades at one of its cheapest valuation levels ever.

Now let’s dive into the top 3 (Our Next Buy is probably in here):

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A new month, a new Best Buys List.

Each month, I’ll give an overview of my favorite stocks of the month.

Let’s dive into this update and talk about September’s favorite stocks.

August 2024

In August, the S&P 500 increased by 2.3%.

The Fear & Greed Index indicates that we are currently in ‘Greed’ Mode.

Best & Worst Performers

This overview shows yo…

Read more

I’m Pieter and welcome to a 🔒 subscriber-only edition 🔒 of Compounding Quality.

In case you missed it:

1. 👑 The Secret Of The Rich

2. 👨This is who I am

3. 🔑 Buying This Insurance King

If you haven’t yet, subscribe to get access to these posts, and every post.

Subscribe now

A new month, a new Best Buys List.

Each month, I’ll give an overview of my favorite stocks of the month.

Let’s dive into this update and show you my favorite stocks.

July 2024

In July, the S&P 500 increased by 0.9%.

The Fear & Greed Index indicates that we are currently in ‘Neutral’ Mode.

Best & Worst Performers

This overview shows you the best and worst performers in our investable universe.

The cheaper we can buy great companies, the more we like it.

Worst performers

Best Performers

It’s great to see that Our Latest Buy is in the Best Performing List of the month:

Visa

A company that is becoming more and more interesting? Visa.

How does Visa make money?

Visa is a global payments technology company. They provide electronic payment solutions through a network of branded credit and debit cards.

Just like Mastercard, Visa’s core function is to operate a payment network connecting merchants, banks, and cardholders.

When you make a purchase using Visa, the merchant pays a fee to Visa for processing the transaction.

Last year, 276 billion (!) payments and cash transactions were made via Visa’s payment network. This means Visa executed 757 million transactions per day.

Source: Finchat (Stratosphere is the former name of Finchat)

Why might Visa be interesting?

Visa is an amazing business.

They have a healthy balance sheet, are very profitable (Net Income Margin: 54.7%), are great capital allocators (ROIC: 21.2%) and the company still has plenty of growth opportunities. The consensus states that they can grow their EPS by 13% per year in the medium term.

Today, Visa trades at a forward PE of 24.8x versus a 5-year historical average of 33.6x.

Our Earnings Growth Model gives an expected return of 14.2% which looks attractive.

The Reverse DCF states that Visa should grow its FCF by 11.8% per year to return 10% per year to shareholders. This sounds like a realistic target.

Both Our Earnings Growth Model and Reverse DCF are explained here.

Best Buys August 2024

Now let’s dive into our favorite stocks for August 2024.

Let’s do it a bit differently than we usually do.

The companies within our Portfolio are the companies we’re the most bullish on right now.

If you ask me, there are some attractive buying opportunities within these names.

Currently, there are 5 Strong Buys.

Let’s go over them.

Read more