๐ง๐ต๐ถ๐ ๐ถ๐ ๐ด๐ผ๐ถ๐ป๐ด ๐๐ผ ๐ฏ๐ฒ ๐ฎ ๐น๐ผ๐ป๐ด ๐๐ต๐ฟ๐ฒ๐ฎ๐ฑ, ๐๐ผ ๐ฏ๐๐ฐ๐ธ๐น๐ฒ ๐๐ผ๐๐ฟ ๐๐ฒ๐ฎ๐ ๐ฏ๐ฒ๐น๐๐.๐งต After reading, I encourage you to ask me questions.
If you prefer the PDF format: bit.ly/4hDoQSG
As the year draws to a close, I want to express my gratitude to the copiers and investors who have remained steadfast despite the mediocre portfolio performances. This year, simply investing in almost any American ETF or popular stock would have yielded better returns. While my decision to forgo investing in the "Magnificent Seven" had its consequences, my fundamental investment philosophy endures. I remain dedicated to acquiring high-cash-generating businesses that I fully comprehend, at what I consider attractive valuations, and then patiently allowing their stories to unfold. I firmly believe this long-term approach will ultimately lead to significant rewards. While the Magnificent Seven includes exceptional companies, I neither fully comprehend most of them nor do their valuations align with my "buy at a reasonable price" rule.
Given the likelihood of ending the year with a loss, I believe it's an opportune moment to review each of my holdings. My goal is to assess their medium to long-term prospects. This is not a scientific exercise and may involve over or underestimation, but it's a valuable practice to periodically undertake, primarily to challenge my conviction and consider selling. This process helps provide clarity amidst uncertainty.
__________
$WISE.L (Wise Ltd) (Wise)
๐-๐๐๐๐ซ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค: Wise will likely remain the most cost-effective option, attracting more clients and assets under custody, generating higher Free Cash Flow (FCF), and potentially expanding into banking services.
I admire Wise's business model for its scalability, efficiency, and disruptive potential within a vast and expanding market. Its target usersโwhite-collar immigrants and Small and Medium Businesses (SMBs)โvalue its services, including very fast cross-border money transfers, debit cards, and multi-currency digital wallets. I don't foresee a significant slowdown in customer growth or assets under custody anytime soon. Should Wise secure banking licenses in various jurisdictions, it could experience rapid expansion. However, I'm not entirely convinced this is the best strategic move, and it would require careful evaluation if pursued.
๐๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐๐ข๐ฌ๐ค๐ฌ: Rapid staff growth could impact profitability, declining interest rates, and the risk of bad loans if banking services are introduced.
Wise's costs are increasing rapidly, and over the past year, they've outpaced revenue growth in percentage terms. Much of this cost increase is attributed to hiring new staff, which is expected to enhance service quality, revenue, and long-term profitability. I am closely monitoring this trend. Lower interest rates could negatively affect profitability, as Wise generates substantial income from its clients' balances. Regarding banking, while not currently offered, it's a complicated sector. If Wise isn't prudent with credit and loans decisions, the repercussions could be severe.
__________
$WU (Western Union Company) (Western Union)
๐-๐๐๐๐ซ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค: WU will offer stablecoin treasury within its digital wallet app and expand its global network of agents.
At its current valuation, WU is a compelling investment. For $3 billion, you acquire a widely recognized and trusted brandโtrust is a critical asset in the money transfer industry. It's a highly profitable business with an attractive dividend yield and a growing fintech division. This fintech arm has the potential for double-digit growth once stablecoin solutions are integrated into its mobile app. Imagine a blue-collar immigrant in the USA sending stablecoins cheaply and instantly via the WU app to relatives in Mexico City. The recipient could then hold these coins in their WU wallet, generating revenue for WU through money market products, or cash out at any WU location, providing an additional revenue stream.
๐๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐๐ข๐ฌ๐ค๐ฌ: Competition from other fintech companies like Wise and Remitly could erode WU's client base and margins.
Digital-only fintech companies possess a clear technological advantage and are acquiring clients at a much faster rate. If this trend persists, WU's margins could shrink as it competes for these prospective clients. However, WU is investing heavily in its tech stack, narrowing the gap between them and its peers.
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๐๐ก๐ "๐๐ญ๐๐๐ฅ๐๐๐จ๐ข๐ง ๐๐ฅ๐๐ฉ๐ก๐๐ง๐ญ ๐ข๐ง ๐ญ๐ก๐ ๐๐จ๐จ๐ฆ"
The widespread obsession with stablecoins "destroying" the traditional cross-border sector seems rather amateurish. Wise and Western Union are entirely agnostic about stablecoins and will utilize them if they benefit... Show More
๐๐ซ๐จ๐๐ฌ
๐-๐๐๐๐ซ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค: Crocs will maintain its popularity, reduce its share count through buybacks, restore the Heydude brand to profitability, and grow revenues for the Crocs brand in both North America and globally.
Crocs has defied the "fad" label for over two decades.... Show More
Thank you for your insight, i like your approach on long therm and on business that you undestand well.Moreover you are very realistic. I really appreciate It๐... Show More
๐๐๐ฆ๐๐ฅ๐ข๐ง๐ .๐๐จ๐ฆ ($๐๐๐๐)
๐-๐๐๐๐ซ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค: GMAB will expand into more U.S. states, grow its SaaS business, and achieve growth both organically and through Mergers & Acquisitions (M&As).
To clarify GMAB's business model: it is not a casino. GMAB operates various websites that... Show More
Thank you for your information! I have continued to expand my copy. We all go through rough patches, but what matters is the long term . Here's to many more years together! ๐ช๐ฝ... Show More
Interesante comienzo, muy buena reflexiรณn sobre cรณmo mantenerse fiel a la estrategia incluso cuando el mercado va por otro lado. Se nota que hay una visiรณn de largo plazo detrรกs, con anรกlisis claro y sin dejarse llevar por modas.... Show More Translate
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Tue Dec 16 2025 05:45:40 GMT+0000 (Coordinated Universal Time)
