It’s time to update our watchlist.
The Buy-Hold-Sell List helps you track Our Investable Universe and find great businesses at attractive prices.
Let’s take a look at some amazing investment opportunities.
From tech to rocks
Chris Hohn is one of the best investors in the world.
His hedge fund, TCI made almost $20 billion (!) last year.
He only invests in businesses that control essential pieces of the economy (tollroad companies).
You can learn everything about him here.
TCI just updated its holdings for the second quarter.
Sir Chris Hohn made a big move:
TCI fully exited its position in Microsoft
It built large positions in Martin Marietta ($MLM) and Vulcan Materials ($VMC).
At the end of 2025, Microsoft was the third largest holding of TCI.
If you’ve never heard of Martin Marietta and Vulcan Materials, I wouldn't be surprised.
They are the two largest produces of aggregates (things like gravel, crushed stone, and sand) in the U.S.
Why is one of the world’s top investors dumping one of the biggest tech companies in the world to buy rocks and gravel?
It’s actually very simple: the moat.
Hohn said that he thinks AI could disrupt Office and Azure faster than the market thinks.
AI will have a very hard time disrupting a gravel pit.
The more boring the better?
Have you ever read One Up On Wall Street?
Peter Lynch told us exactly why gravel pits have a strong moat:
Rocks, sand, and gravel are cheap commodities on their own.
They can sell for just a few dollars per ton.
The real moat for an aggregates business is its location.
These companies are essentially local tollbooths. And that’s a business model Chris Hohn loves.
Here’s one more example of how boring businesses can deliver exciting returns.
Can you guess which stock delivered the highest return between 1925 and 2023?
If you guessed Martin Marietta or Vulcan Materials, I’m sorry to say you’re wrong.
It was Altria, the company behind Marlboro cigarettes, with a return of more than 16% per year.
If you bought Altria 98 years ago, $1 would have turned into $2.7 million. It’s time in the market that matters. Not timing the market.
And number 2? Just after Altria?
It’s Vulcan.
If you bought Vulcan Materials 98 years ago, $1 would have turned into almost $400,000.
Compounding is the most powerful force in the world. But it takes time to work.
That means the businesses you invest in need to survive and grow for decades.
For Quality investors like us, the moat is extremely important.
Update Buy-Hold-Sell List: July 2026
Our Buy-Hold-Sell List is packed with durable, high-quality businesses.
While Mr. Market is distracted by AI and momentum stocks, some of these businesses are trading at very attractive prices.
Let’s review the list and see what opportunities Mr. Market is offering us today.
Worst performers
Here are the 10 worst performers on our watchlist so far this year:
Best performers
The 10 best performers look as follows:
Changes to the Buy-Hold-Sell list
This week, we made some changes to our Buy-Hold-Sell List.
We moved 3 companies from HOLD to BUY:
Alphabet ($GOOGL): Google's parent company focused on internet search, AI, and digital advertising
Hermès ($RMS): French luxury goods manufacturer
Teqnion ($TEQ): Swedish industrial conglomerate
2 companies went from BUY to HOLD due to increasing competition:
Dino Polska ($DNP): Polish grocery retail chain
Novo Nordisk ($NVO): Pharmaceutical company focused on insulin and GLP-1 drugs
1 company moved from HOLD to SELL due to valuation concerns:
Williams-Sonoma ($WSM): Home furnishings and kitchenwares retailer
Currently there are 55 stocks on ‘Buy’.
You can download the entire Buy-Hold-Sell List here: