Jorgen - Top Corner Investing⚽️

Eli Lilly: "Today, fewer than 1 in 10 people who could benefit from a GLP-1 are taking one, held back by access, stigma, perceived complexity or the belief that their condition isn't serious enough for treatment." $LLY

Moody's $MCO: "U.S. refinancing needs grew ~3% and remain weighted towards leveraged finance issuers... Refinancing needs up from ~$4.9T to ~$5.2T over the next four years."

$MUSA Murphy USA: “Volatility, we always say is our friend..We know that volatility can introduce itself into the market at any time, and we have a really strong and competitive business model to capitalize on it when it does.”

@MarkSauer18 Impressive, pretty much opposite for me. YTD low today

Somehow I closed at a new ATH today. Diversifiers doing their job.

Moody’s on margin expansion in the Ratings segment: “We've also equipped our Ratings analysts with pockets of automation tools to be more efficient and spend more time on Ratings committee, spending time with issuers and less so on more administrative tasks” $MCO

@chettan_guevara Haha. Yes. Maybe just less gross profits tied to fuel? As a result, less cyclical, more durable. MUSA also called out increased competition in some states (e.g., Florida) CASY is not in, small-town Midwest might be more insulated from new entrants

What's so great about $CASY over $ATD and $MUSA? Pizza is that great?

O'Reilly's accounts payable to inventory is down from the 2022 peak, but still significantly up over the past decade Less cash tied up in working capital, more cash available to buy back stock $ORLY

@JakeMRuth @stock_unlock Great stuff

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@DurableCreators Distributors $FERG $WSO

Any ideas on businesses with physical infrastructure/assets that shouldn't really be impacted by AI (or even benefit)? Some thoughts: Landfills - $WM $WCN $RSG Rails - $UNP $CP $CNI Quarries - $MLM $VMC Pipelines - $EPD $ENB Thinking about a basket that balances out semis/AI.

Markel yesterday: "Within Markel Insurance, we took a series of decisive actions to simplify and refocus the business... The combined ratio improved by three points for the quarter to 93% and one point for the year to 95%" $MKL

Murphy $MUSA: "Given that retail margins remained flat in this environment is a strong indicator that we are seeing structural support for higher retail margins when normal levels of volatility are re-introduced" Volatility is normally margin accretive for the big chains

Despite price increases, Chipotle has reported negative AUV and same store sales growth in the last 3/4 quarters New 2026 guidance is for flat SSS growth and 1-2% price hikes $CMG

$NVO traded at 11x forward earnings last August, now trades at ~16x forward earnings So even though the stock is -3% since then, it is significantly more expensive Investing is not easy 🤷‍♂️

Part of what is difficult about owning pretty expensive names is that it's tough to add even after "big" drops For example, $MCO is still 24x forward EV/EBIT ~10% higher than it was at the bottom of the April '25 drawdown

@DividendDynasty Sorry man. Can happen to anyone

This is what the $PYPL guidance looks like. - CEO Gone - Growth Anaemic - Growth Plan Unknown Thesis? BROKEN. I always look to remain honest on here, Tough one to take, but I took a haircut of about -£3,000 on the PayPal position overall. Lessons learned, time to move on.

$NVO: “…when you have a very high market share, competition will take some of that share away, we need to focus on the market expansion and then again, realize that, okay, we will maybe have a difficult year but a bright future still” Closing out 2025 on Wednesday

🇩🇰 Demant - global hearing aid company, typically HSD growth (6-8% organic, 2% acquired), 12% FCF growth past 10yrs, acquires small/regional clinics Softer growth in recent years ("macro uncertainty"), trades at 13x FCF Demant Foundation owns ~60% of shares $DEMANT.CO

Easy to understand investors selling $SBUX on this outlook. At $92 tday, that's ~25x 2028 EPS However, seems like management is setting the bar low Niccol: "We're feeling really good about our ability to get back to those 17%, 18% margins as we get further into the turnaround"

$APH Amphenol: “What is in common across all these acquisitions is that they enhance our position across a broad array of end markets, while bringing outstanding and talented individuals into the Amphenol family”

@TheGarpInvestor Very fair. Still a lot to turn around. Operating margins were 7.9% in 2025 compared to around 15% in the decade before 2020

Nice to see revenue growth return to $SBUX, but margins took a serious dip this quarter. Still a good company, but happy I sold out in early 2025. Lot of change necessary to return $SBUX to greatness. Niccol might do it, but I'll stay watching from the sidelines.