Finding the boring companies that beat the S&P for decades. The ones nobody posts about.
Joined October 2012
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For the first time ever, Search is less than half of Google's $GOOGL revenue.
49.7% in Q3. It was 55.3% a year ago.
Cloud went from 14.8% to 24.1% in the same twelve months.
Meta Platforms $META is Free Cash Flow negative for the first time in more than ten years.
Interactive Brokers:
Founded 1978
Crossed 1 million accounts in 2020
5.58 million accounts today
1.4 million of those came in the last 12 months.
$IBKR
$MELI is trading at 1.84x forward sales.
Cheapest it has ever been on that measure.
Revenue is still growing close to 40%.
Warren Buffett has named very few outside investors he admires. Greg Alexander is one of them.
Alexander runs a $607M fund with six holdings.
As of September 25, one auto dealer is 64% of it.
He owns 13.75% of the entire company.
$GPI
Rollins has grown revenue for 25 years straight.
Through 2008. Through COVID. Through every rate cycle in between.
Bugs don't care about the economy. $ROL
Amazon has compounded operating cash flow at 19.5% a year since 2021. $66B to $161B.
The stock trades at 18.79x that cash flow, near the cheapest it's ever been.
A 19% grower at 19x cash flow. That's it.
$PEP is paying a 4.5% dividend yield, the highest in over 20 years.
That's more than most savings accounts, from a company that has raised its dividend every year for 5 decades.
The last time you could buy $MELI this cheap on gross profit, the stock was under $150.
6.2x EV/Gross Profit. Lowest in more than 10 years.
Wall Street on $CELH: 15% annual EPS growth for years.
The market on CELH: down 39% YTD.
$FICO is closing in on the worst drawdown in its history.
The last time it fell this hard, the global financial system was collapsing.
$FICO at ~13x forward EV/EBIT, cheapest vs the last decade. Business still growing.
The discount is the FHFA/VantageScore fight on mortgages, not a collapse in the rest of the scoring franchise.
$MA free cash flow per share:
2015: $3.45
2025: $18.94
That's 18.6% compounded, every year, for 10 years straight.
Most companies can't do that for three.
$AMZN has more debt than cash for only the third time in 20 years.
They're borrowing to build AI capacity.
$SPGI at ~21x forward earnings.
What you own at that price:
Roughly half the global credit ratings market. Almost every bond issued on earth is rated by them or Moody's.
The S&P 500 itself. Every fund tracking it pays a license fee.
Platts, which sets the benchmark most of the world's oil is priced against.
The data terminal a large share of Wall Street runs on.
Four businesses nobody can build a competitor to, at a multiple the market hands to average companies.
