The Compounding Tortoise

The Compounding Tortoise

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"Cash is King" and Durable Earnings Growth
Plus, executing our bi-weekly purchases
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The Compounding Tortoise
How Companies' Capital Allocation Priorities Have Evolved Over Time
Research from Michael Mauboussin, and reviewing the final Q3 reports
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The Compounding Tortoise
Q3 2025/9M 2025 - Constellation Software and Its Spin-Outs - Full Analysis
26% EBITA growth for CSI standalone - strong conversion of M&A pipeline
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The Compounding Tortoise
Three Names We'll Buy in November
Real returns on capital & healthy growth
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The Compounding Tortoise
Q3 2025 - Harvia - Full Analysis
Monster quarter with DD growth in all regions - very early innings for up-selling already visible
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The Compounding Tortoise
Q3 2025 - Topicus
As expected, top-line benefited from Cipal acquisition but far more pressure on EBITA
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The Compounding Tortoise
Q3 2025 - Ferrari
Solid growth for the toughest comparison quarter - full-year guidance to be exceeded once again
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The Compounding Tortoise
Thoughts on Longevity - Will Steady Still Win the Race?
The brutal sell-off in Fiserv
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The Compounding Tortoise

October 2025

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