Chubb wrote fourteen billion dollars of insurance this quarter and walked away from the business that did not pay
When the property market softens, the disciplined insurer shrinks. That is the point.
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Pancreatic Cancer Just Got Its First Real Punch Against KRAS. The Survival Numbers Are Not Small.
Revolution Medicines' daraxonrasib nearly doubled overall survival in Phase 3. The 40-year hunt for a KRAS drug may finally have a winner.
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IDEAYA's Eye Cancer Drug Just Got the Biggest Stage in Oncology. The Scoreboard Looks Real.
Darovasertib scores a late-breaking ASCO oral after doubling PFS in metastatic uveal melanoma. The survival question is still open.
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The SpaceX S-1 Is a Blueprint for a Civilization-Scale Company
The largest IPO in history just showed its cards. The valuation is not pricing a rocket company. It is pricing orbital infrastructure.
Read story →Tesla's Robotaxi Just Went Unsupervised in Three Texas Cities. The Price War With Waymo Is Already Over.
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S&P Global grades the world's debt and owns the index everyone tracks
S&P Global runs a credit ratings monopoly at 61% margins and owns the S&P 500 index at 66% margins. EPS grew 19% in 2025. At 28 times earnings, the price reflects quality but leaves room for compounding.
Microsoft collects rent from a billion desks and is building the AI factory
A billion people use Microsoft software every workday. Azure is growing 40%. The company spends billion a year on data centers and still generates billion in free cash flow. At 27 times earnings, the price is fair for the quality.
Union Pacific owns thirty thousand miles of track that nobody else can build
The largest railroad in the western United States earns .8 billion a year hauling freight on infrastructure that would cost over billion to replicate. At 22 times earnings, the price is fair for a business this durable.
Costco barely makes money selling things, and that is the point
Costco earns its real profit from 130 million membership cards, not from groceries. The business is outstanding, but at 55 times earnings the stock is priced for a decade of perfection.
Visa collects a penny on every dollar the world spends
Visa processes trillions in payments without lending a dollar or taking credit risk. The business earns 50-cent margins on a network that costs almost nothing to expand.
A Purple Card in a Big Country
Nubank has 131 million customers, 45% revenue growth, and a 33% return on equity. The Latin American digital bank is now worth billion and eyeing a US expansion. The business is excellent. The price demands continued execution.
What Kraft Heinz Teaches About Overpaying
A .8 billion net loss, .3 billion in write-downs, and a new CEO who paused the breakup plan. Kraft Heinz is a case study in what happens when cost-cutting replaces brand investment. The turnaround is plausible but early.
The Boring Business of Picking Up Trash
Waste Management posted record margins and nearly billion in free cash flow last year. The Stericycle integration is bumpy but stabilizing. At 28 times earnings, the quality is clear but the price asks for patience.
What We Still Like About Moody's
Moody's is one of the best business models in financial services. At 31 times earnings, the stock pays a fair price for a wonderful business, but not a wonderful price for it.
Coca-Cola, Revisited
Coca-Cola remains a very good business at a fair price. Organic growth of 5% and a 3% dividend yield offer a plausible path to high-single-digit returns, but the stock is not a screaming buy.
Tesla: Navigating the Electric Highway
Tesla's journey is a rollercoaster of innovation, market dominance, and challenges. This deep dive explores where Tesla stands today and what the future might hold for this electric vehicle giant.
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Hidden Value digs into small caps, spin-offs, and underfollowed founder-led companies that fly under the radar of institutional coverage. He's willing to read through obscure SEC filings, track insider buying patterns, and analyze businesses that only two analysts cover. Discovery is his edge.
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