The Compounding Tortoise

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Burberry Lifting Luxury Sector
Impressive rebound in sector's valuations on strong Americas and Chinese stimulus hopes
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The Compounding Tortoise
Opening a New Position in High-End Luxury
Partially locking in a >28% IRR on a core holding that's getting a little expensive
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The Compounding Tortoise
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High-End Luxury and VMS Serial Acquirers - Off To The Races
Let's talk about Topicus, Otis and Hermès
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The Compounding Tortoise
Letter to Our Partners - Q4 and FY 2024
Betting big on exceptionally resilient and steadily growing compounders
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The Compounding Tortoise
4
TSS (Topicus) Kicks 2025 Off With Major Acquisition
Reviewing this transaction, and our valuation model
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The Compounding Tortoise
Our Portfolio Heading into 2025
Part II "Strategy 2025" webinar - Why do we own what we own?
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The Compounding Tortoise
Our Top-5 Stocks For 2025 and Beyond
Growth at a reasonable price
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The Compounding Tortoise
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Strategy 2025 - Part I/II
How to make money when everyone's bullish
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The Compounding Tortoise
1

December 2024

Wrapping Up 2024 - Another Year of Robust Earnings Growth and Multiple Expansion
+12.5% FX-neutral growth in NOPAT/share over the first nine months of 2024
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The Compounding Tortoise
2
Q1 2025 - AutoZone - Analysis
Sequential improvement in SSS, continued merchandise margin expansion
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The Compounding Tortoise
Two Year-End Adjustments to the Portfolio
Improving our Portfolio's expected forward CAGR with two additional purchases
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The Compounding Tortoise
1
What Quality Investors Can Learn from Constellation Software's Track Record
Consistency, ROIIC, reinvestment rate, providing no guidance, and other factors
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The Compounding Tortoise
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