Research & Analysis

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

An In-Depth Analysis of Tesla's Current Position and Future Prospects

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.