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💻 Calculating Cadence Design System's return on capital
Cadence Design Systems (Ticker: CDNS) produces electronic design automation (EDA) software that is used to design semiconductors. This is what one of their products, Allegro, looks like: Cadence is a great example for discussing the optimal method for calculating the "cash return on capital". The equation I use
📅 13Fs and 10Ks
Over the last week or so there have been some notable publications of 10Ks (annual reports) by public companies and filings of 13Fs (portfolio disclosures) by investment managers. 10Ks We've recently seen annual reports from Fortinet, Cadence Design System and Comfort Systems USA - and they did not
🔬 New stock screen functionality
⚡️ Finding AI resilient barriers to entry
In recent weeks, a number of software companies have seen their share prices drop significantly in response to fears that their products may be rendered redundant by AI. This is in response to the fear that low-cost (and sometimes even free) large language models (LLMs) having the potential to replace
❄️ Long Equity February Update
Hope your month is going well so far. It's just a quick update this week, but there will be plenty of exciting new content in the coming weeks to look forward to. The Global Compounders Database was recently updated: you can find the link to the both screener
📅 Earnings season, low volatility outperformers and the semiconductor supply chain
We've officially entered the first earnings season of 2026. Last week saw a number of quality growth companies report their earnings (including Visa and Mastercard), and this coming week will see many more (including Fortinet). Here's a breakdown of the earnings results for the companies in
💵 Two under-the-radar cash compounders
Welcome to this week's update. I hope you've been enjoying the stock screen tool I launched last week. In my view, the ideal company to invest in is one that sits at the intersection of high growth and predictable growth (see below). So with that in
🔬 LAUNCHED: New Long Equity Stock Screener
🇨🇦📱An under-the-radar Canadian compounder
☃️ January update - stock screen link
☃️ January update (updated link)
☃️ January update
❄️ Global Compounders Database: December Update
Hello. Here's the December update of the Global Compounders Database. You can find the download link on the Exclusive Content tab. Let's take a look at three observations covering what's new and what stands out. 1. Waste Connections is one of the most linear
🦡 ⏲ New research report: Badger Meter - understanding a compounding machine
🎄The Long Equity Annual Letter
🇫🇮🇸🇪 High-Quality Software Companies in the Nordics
I recently ran a screen across publicly listed software companies in the Nordics to identify businesses with durable economics and attractive long-term growth characteristics. From the initial universe, a subset of companies passed a first-stage filter focused on are they in the Nordics and are they selling software. I then