Latest research · 17 Oct 202601
Market infrastructure · Clearing · Capital allocation
Independent investment research
See what the market
hasn’t priced in.
Clear, evidence-led analysis of exceptional businesses — built around quality, competitive advantage and the price you pay. Every thesis ends with a decision.
01 / RESEARCH
Latest investment theses
Business quality first.
Valuation always.
Read the analysis ↗
Latest research · 10 Oct 202602
Visual health · Myopia · Smart glasses
EssilorLuxottica
A lifetime holding — at what price?
Latest research · 3 Oct 202603
Luxury · Brand renewal · Capital allocation
LVMH
Can it renew desire and create value again?
Latest research · 26 Sep 202604
Enterprise software · AI · Cash generation
monday.com
Can AI growth become shareholder cash?
View all research 14 earlier reports
Latest research
Read the analysis ↗FICO
What is pricing power worth when customers have a choice?
Latest research
Read the analysis ↗GTT
Exceptional margins. A cyclical earnings stream.
Latest research
Read the analysis ↗TechnipFMC
The best subsea story is no longer cheap.
Latest research
Read the analysis ↗Intuit
The financial operating system AI cannot easily replace.
Latest research note
Read the analysis ↗Uber
The ecosystem is becoming the moat.
Premium research
Read the full report ↗Hesai
Giving physical AI its eyes.
Premium research
Read the full report ↗Schneider Electric
Everyone can see the future. Who will capture the value?
Premium research
Read the full report ↗Exosens
Exceptional technology. A price that demands patience.
Premium research
Read the full report ↗ASML
China built a machine. It has not yet built a competitor.
Premium research
Read the full report ↗Netflix
The winner of streaming faces a new kind of competitor.
Premium research
Read the full report ↗Eiffage
The debt is visible. The compounding engine is not.
Published report
Read the full report ↗GE Vernova
The backlog is real. The valuation is the risk.
Investment thesis
Read the thesis ↗Novo Nordisk
Is the market pricing a slowdown — or making a mistake?
Deep dive
Follow the research ↗Copart
A great business that stopped being untouchable
02 / DECISION FRAMEWORK
MITUXA
Signals.
What may be worth owning for 3–5 years — using the same transparent quality and valuation rules for every company. The classification reflects business quality and valuation, not short-term market timing.
Exceptional Companies Universe · Updated 17 October 2026LONG-TERM BUY9Fundamental · 3–5 years
WATCHLIST71Wait for price
HOLD0No positions yet
REVIEW15Screen exits
ACTIVE LONG-TERM BUY SIGNALS
Quality at the right price.
APPINTUNVOCPRTYOUALNYHUBSNBIXPINS
Explore all signals ↗03 / QUARTERLY PORTFOLIO
Experimental · Q4 2026
One Quarter.
Five stocks.
A $10,000 portfolio. Five equally weighted US-listed equities. One quarter to test a disciplined process combining quality, momentum, trend and risk.
The Q4 selection: five disclosed holdings, 20% each. Model entry basis: the regular-session opening price on 1 October 2026. Every result will be reported — positive or negative.
Starting capital$10,000
Positions5
Allocation$2,000 each
Period1 Oct — 31 Dec 2026
Stock 0120%
NVIDIA
NVDA
$2,000 starting allocationReported open: $229.98Price source ↗Stock 0220%
Eaton
ETN
$2,000 starting allocationReported open: $429.63Price source ↗Stock 0320%
Agilent Technologies
A
$2,000 starting allocationReported open: $172.00Price source ↗Stock 0420%
ExxonMobil
XOM
$2,000 starting allocationReported open: $161.50Price source ↗Stock 0520%
Nasdaq Inc.
NDAQ
$2,000 starting allocationReported open: $92.32Price source ↗Opening references above are from Stock Analysis (S&P Global Market Intelligence), checked on 2 October 2026. NVIDIA opening quotes differ between providers; official opening-auction validation remains pending. Q4 performance will be published once the entry references are finalised. This is a model portfolio, not a record of executed trades.
ONE QUARTER · Q4 2026
Quarter performance.
Quarter returnPending1 Oct — 31 Dec 2026
The Q4 return will be measured from the verified opening references on 1 October, including cash dividends and corporate-action adjustments. Entry validation is still pending.
EARLIER EXPERIMENT · 25 JUL — 25 OCT
Previously published scorecard.
Current value$10,381.56US market closed
Total return+3.82%Since 25 July · as of 16 October 2026
Quarter return · Q4-2.18%Since 30 September close
This snapshot belongs to the earlier undisclosed experiment. Its quarter return measures this earlier portfolio against its $10,612.52 value at the 30 September close. These figures are separate from the new Q4 selection above.