The Compounding Tortoise

The Compounding Tortoise

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July 2025

Q2/1H 2025 - Ferrari - Full Analysis
Removing potential margin dilution risk from tariffs & maintaining conservative guidance
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1H 2025 - Hermès Int'l - Full Analysis
In-line sales growth, but cautious tone on margin expansion in 2025
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Today's Randomness & High-Quality Compounders
Resilience and continuous growth is underpriced, even more so today
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How Timing Uncertainty of Reinvestments Impacts Companies' Value Creation
Margin of safety: focus on truly high ROIIC and IRR companies that can keep reinvesting
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Q2 2025 - O'Reilly Auto - Full Analysis
Should we start to worry about declining returns on incremental market share gains?
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Q2 2025 - Otis Worldwide - Analysis
China New Equipment woes and US uncertainty slowly create buying opportunity
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Finding Excellent Capital Allocators
Building on McKinsey's findings and our previous blogs
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2
How Chris Hohn's Delivered an 18% CAGR Since 2003
Key lessons to be learned from this great investor
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11
Why Position Sizing is Underrated
Plus earnings reports from serial acquirers, growing profits when invested capital declines
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Q2 2025 - Lifco AB - Analysis
Investor expectations need a meaningful reset
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