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DoorDash: Can It Keep Delivering Returns?
December 7, 2025 | We don’t typically even bother looking at companies with 100x P/E ratios, especially when said business has double-digit stock-based comp as a percentage of revenues, but wow, DoorDash is growing fast, dramatically improving its business quality and, well, who would want to bet against society becoming lazier and more reliant on delivery?
S&P Global: The Company behind the Stock Market
November 30, 2025 | Every investor eventually faces a simple question: Do I accept market-like returns, or do I take on the risk of underperforming in pursuit of outperforming? If you’re reading this newsletter, chances are you’ve chosen the latter — at least to some degree. And when we talk about “the market,” the reference point is almost always the S&P 500, the index built on the largest and most successful companies in the United States.
Booking Holdings: The Traveling Compounder
November 23, 2025 | In the last year of doing this newsletter, Daniel and I have developed a fondness for owning the “best of the best.” Today’s pick, Booking Holdings, is another such quality compounder that, unsurprisingly, doesn’t necessarily trade at a bargain price tag. Yet, is it still attractive enough to earn a spot in our Intrinsic Value Portfolio of stocks?
