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@chartdata There will be criticism, as there always has been, just as Scripture tells us. Just watch the comments. 2 Timothy 3:12 — "Indeed, all who desire to live a godly life in Christ Jesus will be persecuted." May we respond with grace, humility, & love. Pray for peace in the world.

Justin Bieber performs "EVERYTHING HALLELUJAH" during the FIFA World Cup Halftime show.

Now that France and England lost their chance to win the World Cup, they're playing for the Golden Boot instead?! LOL

@WillBiddy_ Staying patient, going for lower hanging fruits.

$ISRG has a market cap of $126B at $360/share. Net cash position of $8B= Enterprise Value of $118B Over the past 4 quarters the company did $2B in FCF after stripping out SBC. That brings us to an EV/FCF-SBC of 59x (1.7% FCF Yield post-dilution). To determine if the company is cheap you have to question how fast they can grow FCF/share moving forward. 15% Annualized = Underperform 20% Annualized = Slightly Outperform 25% Annualized = Outperform 30%+ Annualized = Crush the market I believe the company can quite easily grow FCF/share at a 20% clip or greater over the coming 5+ years. However, when I compare it to other opportunities in the market I am willing to wait for it to fall to $350 or lower. I will buy a starter position if we see $350 or lower this month to dip my toes in and pray that it falls lower to continue building out a decent position, but I will not chase! Are you looking to add here or staying patient?

Petsumerism! Ozempic is coming for pets! "61% of cats and 59% of dogs evaluated by U.S. veterinary professionals in 2022 were classified as overweight or obese" American cats & dogs are more obese than Americans!

@OlivierBib Matcha flavour is so popular these days!

Same ice cream, different flavors 🍦 Topicus and Lumine use the same CSU playbook—but with different growth profiles, acquisition strategies and valuations. $CSU.TO $TOI.V $LMN.V Full article on my substack: open.substack.com/pub/theslowwav…

@PronkDaniel @v_paschalidis The challenge with buying growth is that the hurdle keeps rising as they get bigger, though there is nothing wrong with this strategy. The law of large numbers creates a much stronger gravitational pull than it does for low- or no-growth businesses.

@v_paschalidis @zeroxpectation Correct, but if they're buying higher-growth companies, then organic growth should be higher after the business is acquired. (Acquired companies turn into organic growth post-acquisition)

Has $VIT-B.ST's subscription organic growth deceleration bottomed? $CSU's has remained fairly steady. I sense VIT's finance, property & healthcare ERPs hav more competitors vs CSU's VMS. Investors still demand higher organic growth in VIT? They definitely dont expect that for CSU

Carmakers want consumers buying new cars, while insurers want vehicles to be more repairable. Could insurers tilt the balance in their favor? Maybe. But, I doubt rising total-loss rates are headed to an inflection pt. Insurers still have healthier margins than carmakers! $CPRT

@dcurras1 The healthcare sector is incredibly difficult to navigate with all the ongoing regulatory pressure. My hit rate there has been quite subpar, even when I thought I was buying with a decent margin of safety. Any idea who the best investors are in this sector?

$ISRG Adding this point on ACA to the risks / bear case section of my Q2 earnings digest relased this morning. Investing in healthcare is hard. Probably the sector that has frustrated me the most since I started investing/trading 9 years ago. x.com/Borlaug_/statu…

A crazy swing on long-term eps growth expectations by Wall Street analysts! That really shows how unreliable the estimates are. And, a 3-5 year period is considered long term?! Lol.

$ISRG -13% (down 41% from peak, +11% past 5Y) rising competition crashing valuation premium still pricey P/E 44X FY26, 38x FY27 majority of consensus yet to lower margins ISRG could continue to trade at a premium, but at what premium if differentiation justifies pricing power?

@CJ0pp3l Momentum traders are coming after $CSU again around this time. LOL

Q2 results on Aug 12 $CSU.TO

The cost of a token is collapsing, yet people will be paying more for subscriptions. Why? Token addiction, & it's structural not psychological. Are we matching toward a utility-like AI world with a usage cap? How far are we? Super frontier capability likely remains a luxury good?

@TidefallCapital The x axis is hidden in the brackets. LOL

@zeroxpectation i need that x axis

SaaS has been declared dead many times since 1999, yet it grew from $0 to $400b+. Open source, no-code, Web3, & now AI agents were supposed to kill it. What’s really changing is pricing: from seats to outcomes. SaaS isn’t dying, it’s expanding into a much larger market.

Value investors watch growth investors party hard from the sidelines. They dont rush in. They wait until the party gets wild, everyone gets drunk, & the crowd leaves. Then they show up w/ recycling bins, collecting the discarded bottles, cans, & valuable leftovers others ignored.

@Antoniokvan Now, let's get off the screen. LOL

@zeroxpectation Boring = good

Momentum investing can be a dopamine trap. Frequent wins tempt us to overtrade, chase performance & ignore risk. Value investing, or even indexing feels boring, but that discipline can lead to better long-term risk-adjusted returns. The most exciting stocks aren't always the best

@JimChuong The cruel reality is that true inflation is never fully captured by headline inflation once shrinkflation and skimpflation are considered. Indexing may help preserve true purchasing power, but creating real wealth likely requires owning exceptional businesses. Hard, but possible.

Your pay will never beat inflation. My investments will always beat inflation. Employees work for a salary and salary is taxed at source. I don’t work at all, and gains are taxed in the distant future and at my discretion. Employees will never be able to catch up to investors. Ever.

@misunderprice Most people want to win fast. Winning slowly feels like losing. But investing is really a boring endurance sport. That's why the best investors usually don't have much to say, or anything exciting to sell you. By the time something is exciting, it's often already priced in.

@zeroxpectation Agreed — momentum rewards confidence, not analysis. When a projected TAM of $30T justifies a ~90x EV/revenue multiple, the discipline of asking 'what does the business actually earn?' feels boring until it doesn't. We think that moment is closer than the headlines suggest.

Software makes up 6 of the top 10 PE's longest held winners held for over 10 years. Visma's 2026 IPO has been delayed to possibly 2027 due to software sell-offs. It's expected to be valued €19-26n & list on LSE. Unlike $CSU's VMS focus, Visma focuses on HR & accounting ERPs.