@www.incrementalreturns.co
Another concentrated high-quality investment portfolio.
https://incrementalreturns.co
https://incrementalreturns.co
Reposted
A 60-year old man in Germany became the seventh person with HIV to be announced free of the virus after receiving a stem-cell transplant
go.nature.com/48C68Ib
go.nature.com/48C68Ib
Seventh patient ‘cured’ of HIV: why scientists are excited
A man in Germany is HIV-free after receiving stem cells that are not resistant to the virus.
go.nature.com
November 26, 2025 at 5:30 PM
A 60-year old man in Germany became the seventh person with HIV to be announced free of the virus after receiving a stem-cell transplant
go.nature.com/48C68Ib
go.nature.com/48C68Ib
Richard Bernstein on The Most Extreme Speculation in 40 Years
But like in any market, he still sees opportunities like U.S. dividend stocks and Non-U.S. Quality.
But like in any market, he still sees opportunities like U.S. dividend stocks and Non-U.S. Quality.
The Most Extreme Speculation in 40 Years | Richard Bernstein on What It Means for Markets
Podcast Episode · Excess Returns · 11/05/2025 · 59m
podcasts.apple.com
November 26, 2025 at 4:03 PM
Richard Bernstein on The Most Extreme Speculation in 40 Years
But like in any market, he still sees opportunities like U.S. dividend stocks and Non-U.S. Quality.
But like in any market, he still sees opportunities like U.S. dividend stocks and Non-U.S. Quality.
Why Terry Smith bought Manhattan Associates $MANH
1. High ROCE with capital efficiency (209% ROIIC)
2. Intangible moat through mission-critical software
3. Extremely high switching costs = pricing power
1. High ROCE with capital efficiency (209% ROIIC)
2. Intangible moat through mission-critical software
3. Extremely high switching costs = pricing power
November 25, 2025 at 7:16 PM
Why Terry Smith bought Manhattan Associates $MANH
1. High ROCE with capital efficiency (209% ROIIC)
2. Intangible moat through mission-critical software
3. Extremely high switching costs = pricing power
1. High ROCE with capital efficiency (209% ROIIC)
2. Intangible moat through mission-critical software
3. Extremely high switching costs = pricing power
Why AI concerns are overblown and leadership transition won't derail Constellation.
Human relationships and industry expertise remain the moat.
Human relationships and industry expertise remain the moat.
Constellation Software: A People Business
One of my largest personal holdings is Constellation Software. The company is a serial acquirer of software businesses, which in turn serve an enormous range of highly unique industries, and in turn over 125,000 customers. The share price of Constellation has declined roughly 30% from all-time highs this past May for two reasons. One is due to the uncertainty of the impact of artificial intelligence (“AI”) tools on Constellation’s businesses. The other reason is Constellation’s founder and CEO, Mark Leonard, stepping down as CEO for health reasons. I’ll address both of these concerns and why I think they are not as bad as they seem for Constellation.
andvari.substack.com
November 25, 2025 at 4:04 PM
Why AI concerns are overblown and leadership transition won't derail Constellation.
Human relationships and industry expertise remain the moat.
Human relationships and industry expertise remain the moat.
Did Warren Buffett, Todd, or Ted buy Alphabet at Berkshire Hathaway?
Alphabet Has Entered The Chat
And other thoughts on Berkshire Hathaway's Q3 2025 investment activity...
www.kingswell.io
November 24, 2025 at 9:02 PM
Did Warren Buffett, Todd, or Ted buy Alphabet at Berkshire Hathaway?
What appears as a bullish stake may be fully hedged, part of a merger arbitrage strategy, or a volatility trade.
13F filings show ownership but rarely reveals intent or broader strategy.
13F filings show ownership but rarely reveals intent or broader strategy.
The ABCs of 12D Chess For 13Fs
“13Fs are like bikinis.
mojo3324106.substack.com
November 24, 2025 at 6:51 PM
What appears as a bullish stake may be fully hedged, part of a merger arbitrage strategy, or a volatility trade.
13F filings show ownership but rarely reveals intent or broader strategy.
13F filings show ownership but rarely reveals intent or broader strategy.
Why Nobody Fires Broadridge $BR
Broadridge handles 80%+ of Wall Street's shareholder comms.
Why they're unfireable: decades of flawless execution, any error = regulatory action, switching risk >> savings.
A hidden monopoly built on large switching costs.
Broadridge handles 80%+ of Wall Street's shareholder comms.
Why they're unfireable: decades of flawless execution, any error = regulatory action, switching risk >> savings.
A hidden monopoly built on large switching costs.
November 24, 2025 at 6:01 PM
Why Nobody Fires Broadridge $BR
Broadridge handles 80%+ of Wall Street's shareholder comms.
Why they're unfireable: decades of flawless execution, any error = regulatory action, switching risk >> savings.
A hidden monopoly built on large switching costs.
Broadridge handles 80%+ of Wall Street's shareholder comms.
Why they're unfireable: decades of flawless execution, any error = regulatory action, switching risk >> savings.
A hidden monopoly built on large switching costs.
Incremental Insights #73
✅ Who bought $GOOGL at Berkshire?
✅ 13Fs reveal a position not the strategy
✅ A deep fried conspiracy?
$GOOGL $HON $SYY
✅ Who bought $GOOGL at Berkshire?
✅ 13Fs reveal a position not the strategy
✅ A deep fried conspiracy?
$GOOGL $HON $SYY
Incremental Insights #73
The best of what I read, listened to, and watched during the week
open.substack.com
November 23, 2025 at 6:02 PM
Incremental Insights #73
✅ Who bought $GOOGL at Berkshire?
✅ 13Fs reveal a position not the strategy
✅ A deep fried conspiracy?
$GOOGL $HON $SYY
✅ Who bought $GOOGL at Berkshire?
✅ 13Fs reveal a position not the strategy
✅ A deep fried conspiracy?
$GOOGL $HON $SYY
Volatility clusters
November 23, 2025 at 3:29 PM
Volatility clusters
Why the Empire State building makes so much money
Why This Building Makes So Much Money
🔥 Play War Thunder for FREE and get a massive bonus pack! PC, PlayStation, and Xbox — https://wtplay.link/primalspace 💥 WT Mobile — https://wtm.game/primal...
youtu.be
November 21, 2025 at 4:03 PM
Why the Empire State building makes so much money
Colin King on NCR Atleos, Aumovio, and Solstice
The opportunities in three recent spin-offs.
The opportunities in three recent spin-offs.
13. Colin King on NCR Atleos, Aumovio, and Solstice
Podcast Episode · Stock Spin-off Investing Podcast · 23/10/2025 · 45m
podcasts.apple.com
November 20, 2025 at 6:03 PM
Colin King on NCR Atleos, Aumovio, and Solstice
The opportunities in three recent spin-offs.
The opportunities in three recent spin-offs.
When retail investors outperform the market, it's often a warning sign.
Dumb money triumphant | Acadian Asset Management
Discusses how the recent success of retail investors, often termed “dumb money,” can signal unusual market conditions and potential froth in the equity market.
www.acadian-asset.com
November 20, 2025 at 4:04 PM
When retail investors outperform the market, it's often a warning sign.
We don’t need to maximize every minute of everyday.
Some times we need putzing around time to help us think.
For investors, the constant need to feel active can be very detrimental to your returns.
Some times we need putzing around time to help us think.
For investors, the constant need to feel active can be very detrimental to your returns.
Your Time Isn't Worth Shit
In recent years, my personal investing has brought me in contact with a number of tech managers, especially in the venture space.
harveysawikin.substack.com
November 19, 2025 at 9:03 PM
We don’t need to maximize every minute of everyday.
Some times we need putzing around time to help us think.
For investors, the constant need to feel active can be very detrimental to your returns.
Some times we need putzing around time to help us think.
For investors, the constant need to feel active can be very detrimental to your returns.
Coatue’s take on the AI bubble and current valuations from their Oct public market update
Public Markets Update 10-2025.pdf
drive.google.com
November 19, 2025 at 6:43 PM
Coatue’s take on the AI bubble and current valuations from their Oct public market update
Tomorrow: Why did Terry Smith buy Manhattan Associates?
Using Fundsmith’s investing checklist for quality companies
- high ROCE
- intangible assets
- strong cash conversion
I’ll see if $MANH passed every test.
Subscribe to get the full analysis 👇
www.incrementalreturns.co
Using Fundsmith’s investing checklist for quality companies
- high ROCE
- intangible assets
- strong cash conversion
I’ll see if $MANH passed every test.
Subscribe to get the full analysis 👇
www.incrementalreturns.co
November 19, 2025 at 6:02 PM
Tomorrow: Why did Terry Smith buy Manhattan Associates?
Using Fundsmith’s investing checklist for quality companies
- high ROCE
- intangible assets
- strong cash conversion
I’ll see if $MANH passed every test.
Subscribe to get the full analysis 👇
www.incrementalreturns.co
Using Fundsmith’s investing checklist for quality companies
- high ROCE
- intangible assets
- strong cash conversion
I’ll see if $MANH passed every test.
Subscribe to get the full analysis 👇
www.incrementalreturns.co
Direct indexing is exploding.
Projected to hit $1T by 2030.
More individual shareholders = more proxy votes = more revenue for Broadridge $BR
Projected to hit $1T by 2030.
More individual shareholders = more proxy votes = more revenue for Broadridge $BR
November 18, 2025 at 6:02 PM
Direct indexing is exploding.
Projected to hit $1T by 2030.
More individual shareholders = more proxy votes = more revenue for Broadridge $BR
Projected to hit $1T by 2030.
More individual shareholders = more proxy votes = more revenue for Broadridge $BR
Incremental Insights #72
✅ Warren Buffett's last letter... kind of
✅ The rise of dumb money
✅ How the Empire State Building makes so much money
✅ Warren Buffett's last letter... kind of
✅ The rise of dumb money
✅ How the Empire State Building makes so much money
Incremental Insights #72
The best of what I read, listened to, and watched during the week
open.substack.com
November 16, 2025 at 6:02 PM
Incremental Insights #72
✅ Warren Buffett's last letter... kind of
✅ The rise of dumb money
✅ How the Empire State Building makes so much money
✅ Warren Buffett's last letter... kind of
✅ The rise of dumb money
✅ How the Empire State Building makes so much money
Chris Hohn & TCI significantly increasing their stake in Visa
November 14, 2025 at 7:40 PM
Chris Hohn & TCI significantly increasing their stake in Visa
Reposted
i’d be more comfortable with the olivia nuzzi coverage if every story was headlined something like “seduced by a guy who eats roadkill: the story of an extremely stupid lady”
November 14, 2025 at 7:02 PM
i’d be more comfortable with the olivia nuzzi coverage if every story was headlined something like “seduced by a guy who eats roadkill: the story of an extremely stupid lady”
How Las Vegas Sphere Became a $2.3B Failure
How Las Vegas Sphere Became a $2.3B Failure
How Las Vegas Sphere Became a $2.3B FailureSuscribe!
youtu.be
November 14, 2025 at 4:02 PM
How Las Vegas Sphere Became a $2.3B Failure
ROIC is the engine behind every compounding machine.
The Truth About ROIC and Quality Investing
The hidden engine behind every great compounder...
jimmysjournal.substack.com
November 13, 2025 at 4:53 PM
ROIC is the engine behind every compounding machine.
Reposted
I guess Musk made a call after ISS recommended voting against his new pay package.
Dartmouth's Paul Argenti on scrutiny of proxy firms: I fear the real interest here is political
Paul Argenti, Dartmouth Tuck School of Business professor, joins 'Squawk Box' to discuss news of FTC investigating whether proxy firms ISS and Glass Lewis violated antitrust laws in how they influence shareholder votes, the scrutiny over proxy advisory firms, and more.
www.cnbc.com
November 13, 2025 at 4:35 PM
I guess Musk made a call after ISS recommended voting against his new pay package.
A look into one man’s career path in the hedge fund industry.
Climbing the Hedge Fund Ladder: From Analyst to Hedge Fund Founder
Podcast Episode · Other People's Money with Max Wiethe · 27/08/2025 · 1h 32m
podcasts.apple.com
November 13, 2025 at 4:03 PM
A look into one man’s career path in the hedge fund industry.