$KLA-Tencor(KLAC)$ is one of the highest quality companies in the S&P 500 $S&P 500(.SPX)$ . But is it now too expensive? Many investors pay attention to the wrong variables. Here’s a list of what doesn’t matter, what matters somewhat, and what actually drives returns: Doesn’t really matter: •Market cap •Country company is listed •Share price •Dividend yield Matters somewhat: •Sector •FCF yield •Revenue growth •Insider ownership / owner operator Matters the most: •Return on capital •Margin expansion •Pricing power •Reinvestment runway What would you add? 😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance. 🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learni

🏰 Monopolies $Taiwan Semiconductor Manufacturing(TSM)$ - advance semi fab $ASML Holding NV(ASML)$ – EUV lithography $VeriSign(VRSN)$ - domain name registry $Fair Isaac(FICO)$ – credit scores $Intuit(INTU)$ – tax preparation software $Thermo Fisher Scientific(TMO)$ – ultra-high-end mass spec $Illumina(ILMN)$ – high-throughput DNA sequencing $CoStar(CSGP)$ – U.S. commercial real estate data $Sherwin-Williams(SHW)$

Weekly Macro Themes Report (preview) - Global Equities, Software stocks, Bitcoin, US Dollar Here's the topics & takeaways from the latest Weekly Macro Themes report: 1. GSV vs ULG: relative value favors Global, Small, Value vs US, Large, Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress). 2. Global ex-US Equities: the global vs US rotation trade has stalled, but remain constructive on global vs US given extremes in relative value, improved earnings, anticipated USD weakness, and technicals. 3. Software: remain bullish on software stocks given bullish technicals and major reset in valuations. 4. Bitcoin: remain bullish given seasonal tailwinds, bullish technicals, supportive leading indicators, and all set against the

There are levels to quality investing. Level 1: Profitability - e.g. $Coca-Cola(KO)$ Level 2: Strong band - e.g. Hermes Level 3: Mission-critical product + high switching costs - e.g. $Microsoft(MSFT)$ Level 4: High returns on capital - e.g. $Fair Isaac(FICO)$ $Costco(COST)$ Level 5: Strong pricing power - e.g. $Apple(AAPL)$ Level 6: High barriers to entry - e.g. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ Level 7: Network effects - e.g. $Visa(V)$

An important screen for finding quality companies lies at the intersection of (I) high global demand for a product, and (II) only a small number of providers serving the market. The semiconductor equipment companies are a great example. There’s huge global demand for compute, which requires semis, which requires the equipment that manufactures them. That’s why I’m long $KLA-Tencor(KLAC)$ $Lam Research(LRCX)$ $NVIDIA(NVDA)$ There’s also huge demand for payments, and $Visa(V)$ and $MasterCard(MA)$ are two of the most important providers of payment services. When high demand and a small

The Q2 ‘26 earnings season continues, with portfolio companies $KLA-Tencor(KLAC)$ and $MasterCard(MA)$ announcing results over the last couple of days. Massive acceleration is appearing: • FICO: 16% ➡️ 39% Rev Growth • Comfort Systems: 121% EPS growth Here's a full breakdown of the results so far for the Long Equity portfolio. Which one of these is a "must-own" asset for the rest of 2026? $NVIDIA(NVDA)$ $Visa(V)$ $MasterCard(MA)$ $Fair Isaac(FICO)$ $Cadence Design(CDNS)$ PS: Having a barrier to entry

LONG EQUITY - APRIL UPDATE A strong start to 2026 with double-digit returns, driven by high-quality compounders and semiconductor exposure. Solid cash returns and robust free cash flow growth continue to underpin portfolio performance and reinforce a disciplined long-equity strategy. Performance YTD: +10.6% Top performers: $Comfort Systems USA(FIX)$ & $Lam Research(LRCX)$ Top detractors: $Fair Isaac(FICO)$ Cash ROC =39% FCF CAGR = 26% 😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance. 🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold!

The Q2 ‘26 earnings scoreboard is looking incredibly green. Massive acceleration appearing in the latest results: • FICO: 16% ➡️ 39% Rev Growth • Cadence: 6% ➡️ 19% Rev Growth • Comfort Systems: 129% EPS growth Here's a full breakdown of the heavy hitters in the Long Equity portfolio. Which one of these is a "must-own" for the rest of 2026?👇 $NVIDIA(NVDA)$ $Fortinet(FTNT)$ $MasterCard(MA)$ $KLA-Tencor(KLAC)$ $Fair Isaac(FICO)$ $Visa(V)$ $Cadence Design(CDNS)$ $C

$Constellation Software, Inc.(CNSWF)$ There are two fundamental questions when valuing a company (IMO). 1. What do I think the company’s future growth looks like? 2. What does the market think its future growth looks like? If you think the market is being overly pessimistic, then the company is in undervalued. How do you approach valuation? I've been working on my dashboard, capturing what I see as the 6 most important numbers for determining business quality. What would you add?

Here's a list of US equities sorted by how frequently they have outperformed the S&P 500 $S&P 500(.SPX)$ year-on-year. Amphenol, Arista Networks, Broadcom and Comfort Systems are all in the lead. Which on the list do you own? $Amphenol(APH)$ $Arista Networks(ANET)$ $Broadcom(AVGO)$ $Comfort Systems USA(FIX)$ $KKR & Co LP(KKR)$ $Monolithic Power(MPWR)$ $Arthur J. Gallagher(AJG)$ $Dover(DOV)$

$Lam Research(LRCX)$ is one of the key equipment providers enabling the production of advanced semiconductors used in AI, data centers, and high-performance computing. With strong leadership in etch and deposition tools, a rapidly growing services business, and deep relationships with major chipmakers such as $Taiwan Semiconductor Manufacturing(TSM)$ , the company sits at the center of the semiconductor manufacturing ecosystem. As chip architectures shift toward more complex 3D structures and AI demand accelerates global semiconductor investment, Lam Research is strategically positioned to capture a significant share of the next semiconductor capital expenditure cycle. 1. Business Lam Research sells wafer