Deep Dive: HEICO (HEI / HEI.A)
HEICO is a serial acquirer of nice aerospace and electronic components businesses run by exceptional owner/operators.
Deep Dive: EPAM Systems (EPAM)
EPAM is a leading IT Services player with a differentiated approach to training, hiring, and promotion.
Update: Judges Scientific
H1 2025 Results
Deep Dive: Globant (GLOB)
Globant is a nearshore player with a unique studio model. Globant's quality of earnings keeps me on the sidelines.
Primer: Some Additional Thoughts on IT Services
IT Services companies, particularly those specializing in digital transformation and those without BPO or managed services operations, are poised to benefit from the cyclical recovery and secular tailwinds from AI
Update: Judges Scientific
H1 2025 Trading Update
Deep Dive: Croda (CRDA / CRDA.L): Part 2
Croda's Life Sciences business is a picks and shovels way to benefit from multi-decade growth runway of biologic drugs
Deep Dive: Croda (CRDA / CRDA.L): Part 1
Croda is an interesting business to understand because their business model helps explain some of the long-term disruptions happening in the beauty industry.
Primer: The Beauty Flywheel is Broken
The traditional "big beauty" model is facing several structural headwinds and while I expect big beauty brands like L'Oréal and Estée Lauder to amply navigate these headwinds, their best days are behind them.
Primer: The Luxury Flywheel: Part 3
An overview of China's rise, the GFC, China's dominance and the Chinese corruption crackdown.
Update: HEICO (HEI / HEI.A)
Q2 F2025 results
Update: Diploma (DPLM)
H1 2025 results.