Intangibles
Tagged analyses
RLA genuine brand earning real returns, but priced as if discounting two more cycles of perfection.
Avoid · 2026-05-04
TTWOGreat franchises, terrible compounder economics — wait for GTA VI to clarify the math.
Too Hard · 2026-05-04
ECLEcolab is a wide-moat compounder, but the price already pays for the data-center boom.
Hold · 2026-05-04
ZTSZoetis is a wide-moat animal-health compounder priced at a 61% discount to base IV.
Buy · 2026-05-05
WYNNTrophy casino assets concentrated in Macau, levered, priced above base-case IV.
Hold · 2026-05-05
KEYSExcellent test-and-measurement franchise priced for a future it cannot guarantee.
Hold · 2026-05-04
KVUEIconic consumer-health brands, but a pending Kimberly-Clark merger has eaten the upside.
Hold · 2026-05-05
CTVADecent ag-input duopoly, balance sheet net cash, but priced at 4x intrinsic value.
Avoid · 2026-05-03
EFXOligopoly bureau with a workhorse in Workforce Solutions, but priced for sunshine.
Hold · 2026-05-04
KKRAlt-AM compounder with sticky locked-up capital, trading at a one-third discount to base IV.
Buy · 2026-05-04
WMNorth America's irreplaceable landfill toll bridge, currently priced for the bridge plus a tip.
Hold · 2026-05-05
TECHQuality life-sciences toolmaker, but the price already discounts a perfect decade.
Avoid · 2026-05-04
LVSTwo-asset casino oligopolist priced at twice intrinsic value; pass.
Avoid · 2026-05-04
AIGAIG is a turnaround P&C insurer; pay book value, not a premium.
Hold · 2026-05-03
AAPLWorld-class business at a fair price; wait for $260 or less.
Hold · 2026-05-03
FDSFactSet is a sticky financial-data toll booth selling near tangible book of its earnings power.
Buy · 2026-05-04
ALLEWonderful door-hardware franchise, but the price already pays for the next decade.
Hold · 2026-05-03
GEA great franchise at a price that demands near-perfection.
Avoid · 2026-05-03
MRSHWorld's largest insurance broker, asset-light annuity, trading at 43 cents on the dollar.
Buy · 2026-05-04
LULUA 42% ROIC athletic brand on sale at 11x earnings.
Buy · 2026-05-04
EAOwn a sports-licensing toll booth at a fair price, not a bargain.
Hold · 2026-05-04
AMGNAmgen looks cheap on owner earnings, but Horizon-debt and patent cliffs cap conviction.
Hold · 2026-05-03
GSGoldman is a great franchise in a structurally unpredictable business.
Too Hard · 2026-05-03
TDGA toll-booth aerospace monopoly run with private-equity discipline and dangerous leverage.
Hold · 2026-05-04
VRTXGreat franchise, fragile pipeline, hopeless price — pass.
Too Hard · 2026-05-05
MMMA wounded compounder priced for stagnation, with optionality if litigation tails settle.
Buy · 2026-05-04
ABBVA good drug company at a price that demands a miracle.
Avoid · 2026-05-03
WRBDisciplined specialty P&C underwriter trading near intrinsic value, not below it.
Hold · 2026-05-05
INTUA toll booth on US small-business and tax filing, on sale.
Buy · 2026-05-04
MSCIMSCI is a tollbooth on global equity flows; pay $590, wait.
Hold · 2026-05-04
DISIconic IP, two great businesses, one bleeding pivot — too hard at $103.
Too Hard · 2026-05-03
MSIWonderful public-safety franchise priced like a SaaS darling — wait for a better entry.
Hold · 2026-05-04
CHDA great compounder, but priced like one — wait for $90 or below.
Hold · 2026-05-03