To The Moon

$Badger Meter(BMI)$ is a company that I've been aware of for a while, but prior to writing this report, it was also a business that I knew very little about. I first became aware of BMI as part of my linearity analysis of the S&P 600, which is the US small cap index. Since their IPO in 1985, their share price has grown more than 25,000%, often with low volatility.Presented here is a breakdown of how I would analyse a company for the first time. Let's assume that we've never heard of this company, which for many, may have been the case. Here's a step-by-step process we could take in understanding the business further. The steps are categorised in to determining whether a company has predictable growth, pricing power and capital efficiency. At th

Are quality growth companies over-valued?I maintain a watchlist of 45 quality growth companies. Currently, the average FCF yield is 3.2%. $Pro Medicus, Ltd.(PMDIY)$ has the lowest yield at 0.5%, and $Qualcomm(QCOM)$ has the highest yield at 6.6%. $Comfort Systems USA(FIX)$ is definitely up there, also $Fortinet(FTNT)$ and $KLA-Tencor(KLAC)$ . I also re-entered ATOSS Software.I also factor in growth.Qualcomm is the cheapest: 25% growth * 6.6% yield = 113Pro Medicus is the most expensive: 29% growth * 0.5% yield = 19I also look at it from the other angle, and estimate what the mar

What's the highest quality non-US company? Here's potentially some of them. $Technology One, Ltd.(THNOF)$ $ASML Holding NV(ASML)$ $SECTRA AKTIEBOLAG(SCTAY)$ $Computacenter Plc(CUUCF)$ $Constellation Software, Inc.(CNSWY)$ $Novo-Nordisk A/S(NVO)$ $GAMMA COMMUNICATIONS PLC(GAMCF)$ $Pro Medicus, Ltd.(PMDIY)$ $Addtech AB(ADDTF)$ $Infosys(INFY)$

Here's why FCF yield alone doesn't tell you the value of a company.First example: The "expensive" company (2% yield) has a faster growth rate and consequently a higher forward yield than the "cheap" company (10% yield).Second example: Two companies have the same FCF yield. Which is cheaper? The one with the highest growth rate.PS: I forecast the future FCF yield and compare that to the current share price. That way I factor in both growth and the current share price. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility NowFin

Looking for monopolies with wide barriers to entry, network effects and attractive valuations? Then you might like the “Global Compounders Database” and its latest features. $Constellation Software, Inc.(CNSWY)$ $Novo-Nordisk A/S(NVO)$ $Hermes International SA(HESAF)$ $LVMH-Moet Hennessy Louis Vuitton(LVMHF)$ $ASML Holding NV(ASML)$ $Advanced Micro Devices(AMD)$ $Cboe Volatility Index(VIX)$ $Comfort Systems USA(FIX)$

Here’s a list of high quality financial market infrastructure companies. What would you add?— $MasterCard(MA)$ $Visa(V)$ $American Express(AXP)$ $Adyen N.V.(ADYEY)$ $Block, Inc.(XYZ)$ $Global Payments(GPN)$ $FISERV INC(FISV)$ $PayPal(PYPL)$ $Fair Isaac(FICO)$ $EXPERIAN PLC(EXPN.UK)$ $TransUnion(TRU)$

Here are three ETFs I would appreciate seeing in the market:1. An expensive company ETF - there are already "value" ETFs that hold companies with low multiples. But a low multiple is often because the market is pricing in less growth. A high multiple ETF should therefore hold companies that the market is pricing in strong growth.2. A business non-discretionary ETF - there are already consumer discretionary funds, but you're far more likely to find higher quality recurring revenue in companies selling essential products and services to other companies.3. A semiconductor equipment ETF - this would invest in companies like AMAT, ASML, Cadence, KLA, Lam, Synopsys and Tokyo Electron. Exposure to the infrastructure as a whole, rather than any one end-market, should hedge a lot of risk.What do yo

Here's a list of US companies that have maintained their return on capital above 10% for the last 10 years, and have also compounded their invested capital.I have 4 of them： $MasterCard(MA)$ $Fortinet(FTNT)$ $KLA-Tencor(KLAC)$ $NVIDIA(NVDA)$ Others includings $National Beverage(FIZZ)$ $Artisan Partners Asset Management(APAM)$ $Accenture PLC(ACN)$ $IDEXX Laboratories(IDXX)$ $Rollins(ROL)$

Here are four companies that are becoming increasingly capital efficient - take a look at their cash return on capital. Which do you own? $Lam Research(LRCX)$ $MSCI Inc(MSCI)$ $Fair Isaac(FICO)$ $Visa(V)$ PS： I don't personally believe we can look at FCF yield in isolation. If a company has a 4% yield, but a 1% growth rate, then I would find that very expensive. If a company has a 2% yield, but a very predictable 25% growth rate, then I would find that very cheap.For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as

NOVEMBER 2025 FactsheetOUT: $Arista Networks(ANET)$ and $Constellation Software, Inc.(CNSWY)$ IN: $Lam Research(LRCX)$ The portfolio is optimised for return on capital, growth rate and pricing power. Cash Return on Capital = 40% 5yr FCF/share CAGR = 27%Only 3 of the 13 positions have been held for <12 months.We exited our positions in Arista Networks and Constellation Software, and began a new position in Lam Research, The top contributors to performancewere $Fair Isaac(FICO)$ and $Applied Materials(AMAT)$ . The top detractors from performancewere