The Compounding Tortoise

The Compounding Tortoise

Home
Deep Dives
Our Portfolio
Coffee Can
Key Concepts
Webinars
Weekly Digest
Earnings Recaps
Letters to Our Partners
Archive
About

September 2025

Quick Word on Mark Leonard's Resignation
Why it's not thesis-changing
 • 
The Compounding Tortoise
12
Q4 2025 - AutoZone - Analysis
Driving more market share gains by taking a more prudent stance on pricing?
 • 
The Compounding Tortoise
Constellation Software's AI Conference Call
An uncommon dose of humility and skepticism on what's going on right now
 • 
The Compounding Tortoise
1
+13.8% YoY Growth in NOPAT/Share
On top of 1H 2024's +14.5%, backed by high returns on incremental invested capital
 • 
The Compounding Tortoise
7
Some Rare Insider Buying at Two of Our Companies
Puuilo and Harvia
 • 
The Compounding Tortoise
Long Live Relative Underperformance
Taking advantage of dead-money periods
 • 
The Compounding Tortoise
3
Q2/1H 2025 - Puuilo Oyj - Full Analysis
Updated growth strategy aimed at continuing sustainable and profitable growth
 • 
The Compounding Tortoise
The Relationship Between Growth, Buybacks/Dividends, and Valuation
Understanding the framework of rinse-and-repeat value creation
 • 
The Compounding Tortoise
2
Where to Begin as a New Subscriber This Month? (September 2025)
Starting a portfolio from scratch
 • 
The Compounding Tortoise
6
Everything You Need to Know About Incentives
A great blog, co-authored with The Intellectual Edge
 • 
The Compounding Tortoise
 and 
The Intellectual Edge
11
© 2025 The Compounding Tortoise
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture