Equity Analyst researching high-quality companies at Best Anchor Stocks and Invirtiendo en Calidad. Spanish account: @InvEnCalidad
Madrid, Spain
Joined November 2020
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In-depth reports I have published on S*stack so far...
- Deere $DE (free)
- FRP Holdings $FRPH
- Five Below $FIVE
- Diageo $DEO
- Hermès $HESAY
- Atlas Copco $ATCO.B
- Stevanato $STVN (free)
- Keysight $KEYS
- Zoetis $ZTS
- Judges Scientific $JDG.L
- Medpace $MEDP
- Trupanion $TRUP
- AAON $AAON
- BBB Foods $TBBB
- Eurofins $ERF
- Sabre $SABR
- Rosebank Industries $ROSE
- Undisclosed position
- Wide variety of in-depth industry reports
Currently looking into several other opportunities that might see the light soon.
The library will keep getting longer!
Subscribe: bestanchorstocks.com
Leandro retweeted
Just published edition #8 of On The Radar
I share three interesting businesses:
1. An IoT platform trading at 10x EBIT
2. A roll-up with a proven track record
3. A picks and shovels play in the radiopharma industry
Find it in the usual place (also available in PDF)
Enjoy!
If we understand Search as "Blue Links" then it's pretty obvious that "Search" is facing headwinds.
A lot of B2C companies ($ROL, $BKNG) are signalling lower ROAS from Blue Links (lower leads at equivalent spend) and have began adapting to LLM driven search
Now, if we understand "Search" as Blue Links + AI Overviews + Gemini Ads then the future of "Search" is much more nuanced.
Search is indeed one of the greatest business models ever and has not had to adapt like it needs to today in a long time, but it doesn't sound like a 0 with all the tools $GOOG has at its disposal
TBD
The most puzzling thing about this is that $RMD stock is up for the year and not that far off ATHs than you’d expect 🤷♂️
An experimental weight-loss drug slashed breathing interruptions during sleep so dramatically that one in four non-diabetic patients saw their sleep apnea completely disappear.
Retatrutide, an investigational GLP-1 by Eli Lilly, improved more than 50% of obstructive sleep apnea symptoms in 68% of participants over 80 weeks, according to a new study published in the New England Journal of Medicine.
Researchers say the results could reduce reliance on CPAP machines, which remain the frontline treatment for the condition that affects over 50 million Americans — 80% of whom are undiagnosed.
Full story here foxnews.com/health/weight-lo…
From GCAM's recent letter (David Poppe):
"At the end of the quarter, we had 23 stocks in the portfolio. Of those, two had outperformed the market YTD: Arista Networks $ANET and Taiwan Semiconductor $TSM. The other 21 not only each returned less than the 13% generated by the index, but on a cumulative basis were slightly negative.
This is either nuts or marks a new era in which investors accurately perceive that all global corporate earnings growth is going to accrue to a small handful of companies at the forefront of AI and the data center buildout."
Looked a bit into $MBGL these past couple of days. Stock seems pretty cheap for the growth and I started looking at it for (1) the spinoff dynamics and (2) its resemblance with $AIF.TO and $CCC
I have two main concerns...
1) The data doesn't seem THAT unique and proprietary
2) They've created a conflict of interest by becoming a marketplace that's opening the door for competitors
Any thoughts?
"The primary challenge continues to be pressure on residential customer acquisition. We now have a clearer understanding of what is driving this pressure and are working with urgency to address it.
The pattern has become clear. AI and LLM-driven search are meaningfully changing the way customers discover service providers. Ultimately, LLMs are recommending a wider range of pest control providers." (Q3 2026 Call)
Most important thing here imho is to understand how much more expensive will it be to have the same digital lead flow in an AI-driven world. If it's significantly more expensive then the model of the previous years "breaks"
Watching this closely.
$ROL
Copart $CPRT new CEO pay package looks on the surface like textbook alignment, but there are some caveats.
The structure is basically...
- Jay Adair takes a $1 salary, no bonus and no new equity for 10 years.
- He gets instead one 20M-share option in four tranches, with strikes at $26.27, $35.03, $43.78 and $52.54. The option has a 5-year cliff, a clawback if he leaves early, and his gains are locked up until year 10.
So basically...
- Stock flat → he earns $0.
- Stock 2x → he earns ~$263M.
My "concern" is the timing of the option issue, which evidently impacts the existing holders more than it does the recent holders.
Jay Adair came back as CEO on July 31, with the stock near multi-year lows around $28, down from ~$52 in mid-2025. The strikes are anchored to the depressed price in which he (opportunistically?) became CEO.
This ultimately means that...
- Tranche 1 pays on any rebound, so many shareholders might still be underwater while he makes millions (this has no simple solution as setting the bar at ATH would also not be fair)
- The “ambitious” top strike of $52.54 is roughly where the stock already traded in 2025...
- “Doubling the stock” mostly means getting back to where it was without any new value creation
- Over 10 years, a 2x is roughly ~7% a year
Now, a founder-family CEO taking $1 and betting everything on the stock is rare and definitely better than nothing, but the design matters too and reality is more nuanced than it appears.
As designed, Jay Adair could earn hundreds of millions simply by returning Copart to where it was before he came back.
Still subject to shareholder approval!
To those claiming that what has happened to the stock in the past in not Jay Adair's fault and therefore that info shouldn't be taken into account...
I somewhat agree yes, I wrote it down in the post as well. Also worth considering he was in the board all throughout and therefore not entirely isolated from the business
All that said, this comp ultimately means that if the stock compounds at a 7% clip for a decade, he gets around $250 million. That's around $25 million per year and now it's up for anyone to judge whether that's reasonable or not for a 7% CAGR
Don't know what hurts more when owning a cyclical biz...
1. Seeing the stock continue to drop while fundamentals continue to do poorly
2. Seeing the stock start to peak while fundamentals continue to do great
😅
