LOGO Quicktakes

Costco's management built a genuine obsession with the member, a willingness to sacrifice margins to deliver value & loyalty, and a long-term orientation that makes quarterly guidance feel like noise. The balance sheet is pristine. Returns on invested capital are consistently above 20 percent. The store base is young in international markets. The membership fee increase cycle has just been ini...

Blackstone stock has been a massive outperformer since the March 2009 bottom, after a difficult IPO in late 2008 just before the financial crisis. The price of admission when investing in this group is occasional cyclical downswings and some big drawdowns even when the actual businesses aren't nearly as cyclical as the 1980s LBO era. Those have all been wonderful buying opportunities and we think...

AppLovin's financial profile is one of the most compelling in technology: gross margins above 80 percent, operating margins expanding through 70 percent and we think they are sustainable and can expand even further. It gets better, free cash flow conversion is incredibly high, revenue per employee is over $4 million per person (almost unheard of), and we expect revenue to keep growing above 30 per...

Our work indicates, TSMC, at current valuations is one of the highest-quality businesses in the world still trading at a discount to its intrinsic value, primarily because investors demand a geopolitical discount for Taiwan risk. Meanwhile, looking backward, TSM stock has annualized at 31% for the last 5 years so the stock hasn't cared about the geopolitical risk other than in short periods of hei...

Every single day, four billion people type a question into Google expecting an answer. That behavior — the reflexive turn to Google when you do not know something — is one of the most deeply ingrained habits in human history, built over twenty-five years of consistent, reliable answers. The narrative that AI will destroy Google's search business misunderstands why people use Google in the first pl...

Spotify has evolved from a music streaming platform into one of the world’s most powerful global audio ecosystems, sitting at the intersection of music, podcasts, audiobooks, advertising, and AI-driven content discovery. With hundreds of millions of users worldwide and deep engagement across daily listening habits, Spotify increasingly resembles a recurring-consumption platform with significant pr...

CME Group and Cboe Global Markets represent the financial market equivalent of toll roads, collecting fees every time investors, institutions, hedge funds, or corporations trade, hedge, or speculate across global markets. These businesses sit at the center of rising volatility, growing derivatives usage, and the increasing complexity of global finance, benefiting whether markets rise, fall, or sim...

GE Aerospace, HEICO, and TransDigm Group represent one of the most powerful long-term aerospace duopolies and aftermarket ecosystems in the global economy. Together, they sit at the center of a multi-decade commercial aviation cycle driven by rising global travel demand, constrained aircraft production, and aging fleets requiring constant maintenance and replacement parts. GE Aerospace owns one of...

Alibaba & Tencent: The Next Decade is Asias. These Ai Leaders are Just gearing up. The AI Race Has Two Sides. America did not win the AI race. The race is still being run. China's AI development has accelerated dramatically and the evidence showed up in both companies' results today, May 13th 2026. Alibaba's Cloud Intelligence Group posted 38 percent revenue growth, with AI-related products no...

Profitability That Sets These mega brands Apart. This is where Visa and Mastercard move from great businesses to genuinely rare ones. Visa generated $21.6 billion in free cash flow in 2025. Mastercard generated $16.4 billion, up 21 percent year over year. Visa converts roughly 55 cents of every dollar of revenue directly into free cash flow — an operating margin of 61.8 percent. Mastercard runs at...

Apple's Quiet Revolution: Why The Next Five Years Could Redefine The World's Most Valuable Company For the better part of three years, Apple has been the most dismissed name in mega-cap tech. The narrative was easy. Apple "missed AI." Apple "fell behind." Apple "doesn't innovate" while Microsoft, Google, and Nvidia ran the table. The stock spent two years trading sideways while the rest of the Mag...

Quick take on Nvidia and why we continue to like the story and leadership position while also admitting there will be wicked corrections in the whole group along the way. In 2023, the world generated a few trillion tokens. In 2024, hundreds of trillions. In 2025, quadrillions. The hyperscalers reported token throughput growing at 5x, 10x, even 20x year over year — and they're still capacity-constr...

Whats the story with MELI + MercadoLibre's Q1 2026 financial results , highlighting a period of exceptional top-line expansion contrasted by significant margin pressure. While the company achieved a massive revenue beat of $8.8 billion , net income fell to $417 million as management prioritized aggressive investments in logistics infrastructure, free shipping subsidies, and credit expansion . Expe...

QXO, Inc. represents the latest venture from Brad Jacobs , a renowned entrepreneur with a history of building multi-billion-dollar companies through aggressive consolidation. The company aims to dominate the fragmented building products distribution industry by acquiring smaller regional players and scaling to a $50 billion revenue goal . Central to this strategy is a sophisticated AI-first techno...

This is not financial advice. This is for educational and informational purposes only. Please do your own research. These are opinions only and may or may not be achieved over time. The opinions here are subject too change at any time and without warning as new data emerges. Important Information Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses bef...

This is not financial advice. This is for educational and informational purposes only. Please do your own research. These are opinions only and may or may not be achieved over time. The opinions here are subject too change at any time and without warning as new data emerges. Important Information Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses bef...

This is not financial advice. This is for educational and informational purposes only. Please do your own research. These are opinions only and may or may not be achieved over time. The opinions here are subject too change at any time and without warning as new data emerges. Important Information Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses bef...

Welcome to the first episode of our new podcast called LOGO Quick Takes. In this episode I discuss why we created LOGO for investors and why it's important to consider having some dedication to the $60+ trillion annual theme of global household spending and business innovation spending through the leading brands dominating these spending industries. I talk about our investment process for LOGO, ho...