Skip to Content

RESEARCH & INSIGHTS

MARKET COMMENTARY

PORTFOLIO

PEOPLE

FUND LETTER

Contact Us

RESEARCH & INSIGHTS

MARKET COMMENTARY

PORTFOLIO

PEOPLE

FUND LETTER

Contact Us

1st Half 2025 Fund Letter

Jun 15, 2025

RESEARCH & INSIGHTS

Featured

May 23, 2025

Streammax (SZ002970) V. Samsara (IOT) - A study

May 23, 2025

Streamax Technology Co., Ltd. is a Chinese company that specializes in intelligent mobile video surveillance and fleet management solutions. Founded in 2002 and headquartered in Shenzhen, Streamax provides hardware and software systems that enable real-time monitoring, data collection, and analytics for commercial vehicles.

In this article we are comparing Streamax with Samsara, a US comparable with highly similar business lines. We believe Streamax will benefit from the same trend in the growing adoption of telematics at a more reasonable valuation.

May 23, 2025

May 18, 2025

Ruifeng Lubricants - Following Buffett’s Work

May 18, 2025

Warren Buffett acquired Lubrizol in 2011, citing its favorable competitive dynamics, pricing power, and growth in emerging markets. We found a similar company in China, that is coming up to challenge the blockade in lubricants additives by the big four. The company matches our investment criteria and we believe this company could deliver long term capital return.

May 18, 2025

May 6, 2025

Flutter Entertainment (FLUT) - Harvesting Mode

May 6, 2025

Flutter Entertainment plc (NYSE: FLUT) is the world’s leading online sports betting and iGaming operator, headquartered in Dublin, Ireland. The company boasts a diverse portfolio of globally recognized brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Betfair, and Tombola, serving over 13.9 million average monthly players worldwide in 2024 .

In this research we explore the addictive nature of online sports betting and how Flutter is positioned to be the biggest benefactor.

May 6, 2025

Apr 6, 2025

Willis Lease Finance Corporation (WLFC) - Flying High

Apr 6, 2025

Willis Lease Finance Corporation is a aircraft engine lessor that provides full life cycle service including leasing, consulting, maintenance, end of life recycling, for its customers. It’s a family run business that is very niche and lacks analyst coverage, but we believe its a great business model generating above average returns at historical low valuations. It would be a great name to be in within the aircraft space.

Apr 6, 2025

Mar 29, 2025

Apollo Global Management - The Next Berkshire

Mar 29, 2025

We explore why Apollo is a structurally advantaged alternative asset manager positioned to benefit one of the greatest shift in asset management history.

Mar 29, 2025

Mar 12, 2025

Crocs (CROX) - Value Buy

Mar 12, 2025

Crocs is a well known brand with recognizable product trading below fair valuation. We believe its a value buy.

Mar 12, 2025

Mar 11, 2025

Celsius Energy - Fallen Angel

Mar 11, 2025

Celsius is an energy drink championing sugar-free, fat burning features that rose to its prominence during Covid, currently commanding 12% market share in energy drink category.

In this research note we explored why Celsius does not meet our investment criteria and why we chose not to invest in it even after the stock was down 80% from the peak. This is another lesson on product moat, especially in the consumer retail space where trends come and goes.

Mar 11, 2025

MARKET COMMENTARY

Featured

May 7, 2025

Thoughts after Berkshire Meeting

May 7, 2025

Warren Buffett is the legend and role model for all of us. He embodies the American Dream and what America stands for; optimism, integrity, persistence and hard work. He showed us that we can make a living not by insider trading and all the negative things people associate with the financial markets, but by actually creating value. And the challenges I saw to Berkshire’s business models.

May 7, 2025

Mar 23, 2025

Uber - Story Change

Mar 23, 2025

We discussed how Uber story has changed from duopoly ride hailing platform to a business harvesting cashflows before end of life disruption by Autonomous driving.

Mar 23, 2025