Archive - The Value Thesis

Zero Returns in Six Years

From $520 to $160: What’s Really Going On Inside Lululemon

Nov 12 •

From Growth to Value Play in Fintech

The company has transitioned from rapid expansion to reliable profitability and cash generation.

Nov 11 •

If Kaspi Existed in the West, It Would Be Half the Internet

A dominant platform with real profits, deep network effects

Nov 8 •

HubSpot: Great Product, Premium Valuation

Great company, smart management, assumptions on growth, margins, and AI

Nov 6 •

UnitedHealth’s Pause: From Growth to Repair Mode

Earnings fall, valuations reset, but the long-term engine of compounding remains intact.

Nov 4 •

Alibaba Has Doubled — Why I’m Cautious

The stock is up more than 100% since I covered it

Nov 2 •

What I Own (and Why)

Portfolio Update

Nov 1 •

Molina Healthcare: Short-Term Pain

When short-term pressure hides long-term strength.

Nov 1 •

This is The Value Thesis.

Nov 1 •

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