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Today, we’re looking at a company that is polarizing the investing community: Chapters Group AG. Some call it the 'German Constellation Software.Chapters Group has long been a company I’d like to analyze. Not just because of the company itself, but also because of the market it’s operating in: the VMS market. While I own the serial acquirer Teqnion, it isn’t a VMS company. This officially is the...

Some companies always seem too expensive. The company we’ll discuss today, Lotus Bakeries, is one of them. Lotus Bakeries, from now on ‘Lotus’, is a Belgian family-owned snack company. Their most renowned product is the Lotus Biscoff cookie (they are delicious). Marketing is everything in the world of fast-moving consumer goods (FMCG) and Lotus has mastered the game with the strong brands they...

Our final deep dive of 2025. So we decided to make it a little more special with an extra hour-long deep dive with Niklas from Heavy Moat Investments.Most investors spend their time studying companies they see every day... apps on their phone, brands in the supermarket, platforms they use at work. But some of the world’s most important technology operates in the shadows. This company is helping...

Exor is an Italian holding company that is owned by Italy’s richest family: the Agnelli’s. The family, through Giovanni Agnelli, still has over 85% of the voting rights. Almost 40% of Exor’s gross asset value consists of its stake in Ferrari. Other investments that might be familiar to you are football club Juventus, car manufacturer Stellantis and luxury company Christian Loboutin. The...

While traveling to Japan, I used their services multiple times, and paid good money for them. So picture this: It’s September 2025, I’m in Japan, sitting in a Shinkansen — the Japanese bullet train — and this thing is flying through mountains at 300 km/h like it’s nothing. And I’m thinking:“How can a company that basically owns the most important transportation artery in Japan be trading at a P/E...

If you voted for Ferrari Group in the community and thought this analysis was going to be about red and fast sports cars, I might have to disappoint you. This analysis isn’t about the iconic luxury brand Ferrari. Apart from the name, which is just a coincidence, the companies don’t have a lot in common. Both companies have Italian roots and both are related to the luxury segment. While Ferrari...

Alphabet is one of those companies that’s so big, so omnipresent, most investors stop asking questions.But beneath the surface lies a fascinating contradiction: a company built on anti-advertising principles that became the world’s advertising empire; a cash-rich giant that still acts like a startup; an innovator constantly fighting its own bureaucracy.In an age where AI threatens to rewrite...

Diploma PLC is a fascinating serial acquirer from the U.K., focusing on three key markets; controls, seals and life sciences. The company has been a real compounder in recent years and grew revenues at a 15% CAGR for the past 15 years. Percentages many companies can only dream of. In this analysis, we will dive into their key markets and will focus on capital allocation especially. At the end,...

In this analysis, we’re going to talk about my largest position at the moment: Prosus. By investing in Prosus, you’re essentially buying Chinese tech giant Tencent at a discount, and (for now) you’re getting all the other parts of Prosus thrown in ‘for free’.Prosus is a Dutch investment company that focuses on internet businesses around the world, particularly in emerging markets. Think of it as...

You could argue about some industries or companies being boring or not. Most of the time, it’s a matter of personal preference. For this analysis, I have to make you feel relieved: a very boring company is ready to be analyzed.“Why should this be a relief to me?”, you may ask. Well, that’s because boring companies outperform the broader market most of the time. Very few investors talk about the...