Chris Hohn is one of the best investors of the 21st century

He's earned ~18% a year for 2 decades by owning the world's most durable businesses.

Here are the 3 qualities he looks for in a company: Competition Risk /1

Competition kills profits.

"The one important thing that I've learned in my time in investing is that investors underestimate the forces of competition and disruption."

Here are 6 suppliers quietly powering the AI infrastructure boom:

1. Amphenol $APH 2. Arista Networks $ANET

Arista provides high-speed ethernet switches & routers that run their own operating system.

With data centers needing to handle immense traffic without congestion, Arista's high-density, low-latency switches are a must have.

Bill Ackman just wrote a letter to shareholders explaining why he owns each of his portfolio companies.

Here's his updated thesis for his top 10 positions:
1. Uber $UBER

Here are the latest Super Investor buys and sells:

1. Bill Ackman - Pershing Square Capital Management

Bought:
- Amazon $AMZN
- Alphabet $GOOGL
- Hilton Worldwide $HLT
- Hertz $HTZ
- Brookfield Corporatio $BN

Sold:
- Canadian Pacific $CP
2. Li Lu - Himalaya Capital

Bought:
- PDD Holdings $PDD

Sold:
- Bank of America $BAC

6 stocks that had major insider buys this month:

1. Shift4Payments $FOUR

CEO Jared Isaacman purchased $16.3M worth of shares in the open market last week. 2. Sonos $SONO

The CEO, CFO, and multiple Directors have all bought shares in the open market within the last 7 days.

10 companies with major pricing power:

1. American Express $AXP 2. Fair Isaac Corporation $FICO

After renegotiating their license agreement with the major credit bureaus in 2018, FICO has rapidly raised the cost to pull its credit scores on consumers.

Total Scores Revenue has tripled since 2018.

9 great stocks that no one talks about:

{Thread} 1.) Lithia Motors $LAD

Lithia is a serial acquirer of auto dealerships.

They typically have limited competition for acquisitions as franchisees require OEM approval to sell their locations and OEMs prefer established operators.

30yr Return: +3,507%
EV/EBIT: 13x

Here are 8 US companies with significant exposure to the China:

1.) Nike $NKE 2.) Apple $APPL

Not only does Apple derive 16% of their revenue directly from China, but analysts estimate that 90% the iPhones are assembled there as well.

In fact, the city of Zhengzhou is home to ~300k employees and has been dubbed "iPhone City".

Every Magnificent 7 stock is now in a 20% drawdown or worse.

Here's the latest valuation for each company: 1.) Apple $AAPL

EV/FCF: 28.3x
EV/EBIT: 23.9x
Forward EV/EBIT: 22.7x

Here are 8 of the best "hidden subsidiaries" in public markets today.

{Thread} 1.) YouTube $GOOGL

Google acquired YouTube in 2006 for $1.65 billion.

Today the platform is home to 2.7 billion MAUs.

Over the last 12 months, the user-generated video service reported $36 billion in advertising revenue alone.

"Over the long term, it's hard for a stock to earn a much better return than the business which underlies it." - Charlie Munger

Here are 10 great examples:

1) Apple $AAPL

FCF/Share CAGR: 25.4%
Stock Price CAGR: 25.8% 2) Visa $V

FCF/Share CAGR: 19.5%
Stock Price CAGR: 20.6%

Q4 Earnings season is officially coming to a close.

Here are the 10 most insane charts from 2024: 1.) Costco $COST - EV/Warehouse

Costco's valuation has expanded rapidly in recent years.

So much so that the company's current Enterprise Value per Warehouse stands at $507 million.

Meaning a single Costco location would be a small-cap public company on its own.

FinChat just launched Custom Metrics 📊

Here are 10 insane charts you can now build with it:

1. Alphabet - Google Cloud Operating Margin

$GOOGL 2.) ASML - Average Price per EUV System

ASML's lithography systems are notorious expensive. In fact, in 2023, the average EUV system cost just under $200 million.

$ASML

More than 3,000 companies reported earnings this week.

Here are the 10 most impressive charts we found: 1.) Spotify - Free Cash Flow Margins $SPOT

Spotify's operating leverage came quickly. FCF Margins have improved from 0% to 15% in 2 years.

Performance since earnings: +16%

5 companies that have doubled their gross margins over the last 20 years:

1,) Nvidia $NVDA

Gross Margin:

2004: 32%
2024: 76% 2.) Broadcom $AVGO

Gross Margin:

2005: 34%
2024: 75%

Very few companies have grown revenue by 20% for the last 20 years.

Here are 12 of them:

12.) Monster $MNST

20-yr Revenue CAGR: 20.7% 11.) Monolithic Power Systems $MPWR

20-yr Revenue CAGR: 20.9%

The 7 Fastest Growing Consumer FinTech Apps:

7.) Cash App $SQ

The all-in-one personal finance app best known for its peer-to-peer money transfer business.

5-yr Customer CAGR: 26% 6.) DAVE $DAVE

Dave is a mobile app that offers easy cash advances to customers needing to bridge the gap before their next paycheck.

3-yr Customer CAGR: 27%

Here are 6 growing companies with massive buyback programs:

{Thread} 1. MGM Resorts $MGM

Buyback Yield: 16.7%
Market Cap: $11.2 billion
5yr Revenue CAGR: +7%
3yr Shares Outstanding Change: -37%

This is Bill Ackman.

He's outperformed the market by more than 1,400% over the last 20 years.

He called the GFC and the COVID crisis.

Here are 5 of his best investments ever: 1.) MBIA $MBI

In 2003, before starting Pershing Square, Ackman grew skeptical of the mortgage-backed securities market.

So he bought credit default swaps & shorted the stock of one of the largest municipal bond insurers in the country as they were a counterparty to it.

In 2009, after the GFC caused MBIA's debt ratings to plunge, Ackman exited his short for $1.4B.

The world's best investors updated their holdings last week.

Here are 6 of the most interesting buys:

1.) Stan Druckenmiller - Natera $NTRA

Druckenmiller increased his position in DNA-testing company Natera by 80%. This is now his largest position by far. 2.) Chuck Akre - AirBnB $ABNB

Akre reduced the size of most of positions during the quarter but nearly tripled their stake in AirBnB.

7 European compounders that aren't talked about enough:

{Thread} 1.) Mycronic AB $MYCR

Swedish conglomerate that sells production equipment for electronics industries. Operates through 4 segments: Pattern Generators, High Flex, High Volume, & Global Tech.

10-yr Return: 2,911%
Revenue CAGR: 16.8%
Market Cap: $3.6 billion