Dear Valued Investors,
Iโd like to invite you to a livestream this ๐๐๐๐๐๐ฟ๐ผ๐, ๐ ๐๐๐ 18๐๐, at 18:30 CET, where weโll discuss two of the most important themes currently shaping our portfolio positioning: developments in the energy market and the opportunities emerging across software.
๐๐๐๐ฃ: ๐๐๐๐๐๐ฟ๐ผ๐, JUNE 18TH**, at 18:30 CET
๐๐๐๐ง๐: www.youtube.com/live/WPHoxtp_jj0?si=K2nTGEflDAoLDGmT
๐๐๐๐ฉ ๐๐'๐ก๐ก ๐พ๐ค๐ซ๐๐ง:
๐๐๐ ๐๐๐๐๐ก๐ ๐๐๐จ๐ฉ, ๐๐๐ก ๐๐๐ง๐ ๐๐ฉ๐จ, ๐๐ฃ๐ ๐๐ค๐ง๐ฉ๐๐ค๐ก๐๐ค ๐๐ค๐จ๐๐ฉ๐๐ค๐ฃ๐๐ฃ๐
Over the past several weeks, I have reduced the portfolioโs energy exposure from approximately 45% to around 17.5%. During the session, Iโll walk through the reasoning behind those decisions and how Iโm currently thinking about the evolving oil market backdrop.
Weโll discuss developments in the Middle East, the potential implications of ongoing negotiations involving Iran, the role of strategic petroleum reserve policy, and how these factors may influence energy prices and market expectations over the coming months.
Rather than focusing on headlines, weโll examine the underlying incentives, potential scenarios, and the factors that could shape supply, sentiment, and positioning going forward.
๐๐ค๐๐ฉ๐ฌ๐๐ง๐: ๐๐ค๐ค๐ ๐๐ฃ๐ ๐ฝ๐๐ฎ๐ค๐ฃ๐ ๐ฉ๐๐ ๐ผ๐ ๐๐๐๐๐ก๐๐ฃ๐๐จ
Last month, we discussed the broader opportunity emerging within software. This month, I want to go a level deeper and focus on one of our positions, Adobe.
Weโll review how the company is actually performing operationally versus what appears to be reflected in the current valuation. More broadly, weโll discuss why some software businesses may be better positioned than the market currently assumes, particularly those that occupy critical workflow, data, and control-layer positions within the enterprise ecosystem.
The goal is to separate narrative from fundamentals and understand where potential disconnects between price and business performance may exist.
๐๐๐ซ๐๐๐๐ฉ๐๐ฃ๐ ๐๐ฃ ๐๐ฃ๐๐๐ง๐ฉ๐๐๐ฃ ๐๐ฃ๐ซ๐๐ง๐ค๐ฃ๐ข๐๐ฃ๐ฉ
Markets continue to be shaped by a combination of geopolitical developments, policy uncertainty, and rapidly evolving technology trends. Weโll discuss how these themes fit together, how they influence our positioning, and how we think about balancing opportunity with risk.
Thank you for your continued trust and engagement.
Warm regards,
Robert
... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
Thanks Rob for the heads up ๐
Look forward to it as always...
Meanwhile, just landed hot off the YouTube press, our CCOI main man Dave Schaeffer presenting at a recent conference. Super interesting. Enjoy...
I'm super duper Bullish indeed with this one long term.
m.youtube.com/watch?v=NlPo32qAio4&pp=ygUVY29nZW50IGNvbW11bmljYXRpb25z... Show More
Hi Rob,
as always I am looking forward to your update.
What are your plans with the Oscar position. You used to have a price target of around 40$ - what are your current views. Also what is your target range for Duolingo.
Would love your thoughts on Repsol, you mentioned maybe revisiting the position.
Do... Show More
Please retouch the thesis on Cogent. For me, it is full o risks.
Cogent is a slowly declining internet backbone business with a dangerous balance sheet (negative equity, debt 7x EBITDA), which happens to own valuable assets in the AI โโera โ data centers with power, fiber, IPv4 addresses โ that it... Show More
Hi Rob,
Thoughts on Wolters Kluwer ($WKL.AS), or at all about this sector (like , $TRI (Thomson Reuters Corporation), $WLY (John Wiley & Sons Inc) ...)?
Seems like a place, that you might be interested in with this new software focused direction. My main take is even with AI, these businesses should... Show More
It would be nice to get an update on micro vision.
And also get your views on Telus, to me this just seems like a play you would like. Coming off spending high amount of capex and share price depressed because of it. But management looking to get their debt back down... Show More
Interested to hear your thoughts on Rightmove please Rob. Thanks.... Show More
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Fri Aug 07 2026 04:07:50 GMT+0000 (Coordinated Universal Time)
