LVMH & the Curious Case of Veblen Goods
Discover how LVMH leverages the Veblen effect to defy traditional economics. Learn why higher prices increase demand for luxury goods and what makes LVMH a compelling long-term investment opportunity.
Update from the PM – December 2025
Volatility returned in Nov: Bitcoin -20%, S&P 500 -5%, Tech down while Healthcare & Energy surged. Amid the noise, Alphabet soared +14% on Gemini 3’s AI breakthrough. Bubble fears? We break them down.
Update from the PM – November 2025
Earnings season is here: Meta & Blackstone show strong fundamentals, yet stocks dip on short-term narratives. Do short-term moves matter when long-term AI-driven growth is clear?
Update from the PM – October 2025
Global equity markets are more complex than ever—traditional metrics like P/E ratios can mislead in a world of rapid change. First-principles thinking is key to spotting real opportunities.
Uncrowded Advantage: Investing Where Others Cannot
As markets grow noisier and data becomes universal, genuine edges are harder to find. Lachie Mackay shares how the smartest investors gain the uncrowded advantage — by thinking longer term than everyone else.
Update from the PM – September 2025
As AI makes novel discoveries, facts become outdated much faster. As investors, we will need to adapt even faster to uncover the many mispricings (i.e. opportunities) that will result from this new reality.
How Cloud and AI Fuel the Next Wave of Hyperscale Growth
For over a decade, hyperscalers like Amazon, Microsoft, and Google have reshaped business. Despite doubts about slowing growth, first-principles analysis reveals the opposite: we’re just at the start. With cloud migration, AI adoption, and unmatched economies of scale, the hyperscalers’ golden age has only begun.
Update from the PM – August 2025
Despite the unbelievable rate of technological advancement, we continue to believe that investment analysis anchored in first principles – the importance of durable competitive advantages, understanding flywheels, and maintaining price/value discipline.
How Floor & Decor Outperforms Home Depot & Lowe’s in the $40B Flooring Industry
Despite housing market challenges, Floor & Decor’s flywheel business model, pricing power, and store expansion strategy make it a standout investment. Learn why it’s set to dominate the hard surface flooring industry.
Update from the PMs – July 2025
As Montaka marks its 10-year anniversary, we reflect on the enduring value of flywheel businesses—those that share economics with customers to drive compounding growth.