Portfolio update and 3 companies I'm currently watching
Hey everyone,
There’s a version of investing that looks productive: checking prices daily, reacting to earnings drops, rotating into whatever narrative is working this week.
And then there’s the version that actually builds wealth, which mostly looks like doing nothing while trusting that the businesses you own are quietly compounding on your behalf.
The recent SaaS selloff and AI panic have created exactly the kind of environment where these two versions diverge. When macro narratives shift, the market sells first and asks questions later. Great businesses get priced as if their terminal value has evaporated overnight. For a patient investor, that indiscriminate selling is an opportunity.
This month I’m running five positions and watching three more closely.
A statutory monopoly embedded in European labour law, sitting 50% below its peak while the market sleeps on a regulatory catalyst I expect to matter a great deal by 2028.
A serial acquirer of software micro-monopolies, near multi-year lows, compounding through a process that cannot be replicated by capital alone.
A professional information giant the AI narrative has cut in half — where I believe the market is confusing adjacent to AI with threatened by AI.
The clearest real-world example I have found of the framework Nick Sleep used to identify Amazon and Costco before they became obvious.
And a niche UK software company where the management compensation structure, when I share it, tends to genuinely surprise people.
On the watchlist: three businesses I want to own but won’t buy at current prices. One at €35. One at $130, with $6.5 billion in net cash and a 50% drawdown from the all-time high. And one I considered over a position I did buy this month. the business quality is arguably higher, but at today’s price I’d be paying nearly three times as much per dollar of earnings.
The names and full reasoning are below:
