And, yet again, another Software take 👀
How Intelligence (AI) Deflation is Impacting Software & Where the Constellation Software $CSU family Stands. $TOI $LMN
expansestocks.substack.com/p/software-d...
$ASML Q1'26
"Our pricing model is not based on the squeeze that our customers find themselves in. Not the way we do business. The way we do business is we look at the value we provide, generation on generation, tool on tool, & we take our fair share" -CFO
expansestocks.substack.com/p/asml-q1-2026
And, yet again, another Software take 👀
How Intelligence (AI) Deflation is Impacting Software & Where the Constellation Software $CSU family Stands. $TOI $LMN
expansestocks.substack.com/p/software-d...
Going into end of Q1 2026 with a new piece. Free to read.
New Hidden Gems Series: Six Edition is now out.
A Primer on #Terravest $TVK : The Anatomy of a Roll-Up Masterpiece
expansestocks.substack.com/p/hidden-gem...
Now publishing my #Topicus $TOI earnings digest.
#LumineGroup $LMN will come next.
expansestocks.substack.com/p/topicus-q4...
Lumine Group $LMN earnings digest is now ready.
Find it in the usual place.
Now publishing my #Topicus $TOI earnings digest.
#LumineGroup $LMN will come next.
expansestocks.substack.com/p/topicus-q4...
Yet another software take 👀
Does SaaS die in the age of AI?
And where does #ConstellationSoftware $CSU fit in all this?
Full article below
expansestocks.substack.com/p/software-d...
A bit late to the party, but here is my Constellation Software $CSU Q4 2025 earnings digest:
The PEMS strategy and the gravity of scale.
expansestocks.substack.com/p/constellat...
Yet another software take 👀
Does SaaS die in the age of AI?
And where does #ConstellationSoftware $CSU fit in all this?
Full article below
expansestocks.substack.com/p/software-d...
Moaty software businesses are rare, especially in this SaaS-mageddon.
Here’s one: VMS DNA + hardware + IP lock-in. A full AI driven design platform selling into arguably the best industry ever: semiconductors.
My deep dive on #Cadence #CDNS is ready.
expansestocks.substack.com/p/deep-dive-...
#Intuitive #ISRG Q4 2025 earnings digest with CC notes is out.
The engine still hums, the road feels bumpy going into 2026.
Full article in bio or link below!
expansestocks.substack.com/p/intuitive-...
My top picks for 2026 are out.
This might be one of the most interesting years to "pick them out". Having a clear thesis and conviction really matters.
#MercadoLibre
#Amazon
#ConstellationSoftware CSU (and spin-offs)
Open to read. Full article below.
expansestocks.substack.com/p/top-picks-...
As we close out 2025, I find myself reflecting not just on this year’s returns, but on something more fundamental: what kind of investor I want to be.
My 2025 Annual Letter is now live for my readers. Wishing you all a Merry Christmas & a Happy New Year🎄✨
expansestocks.substack.com/p/annual-let...
My top picks for 2026 are out.
This might be one of the most interesting years to "pick them out". Having a clear thesis and conviction really matters.
#MercadoLibre
#Amazon
#ConstellationSoftware CSU (and spin-offs)
Open to read. Full article below.
expansestocks.substack.com/p/top-picks-...
As we close out 2025, I find myself reflecting not just on this year’s returns, but on something more fundamental: what kind of investor I want to be.
My 2025 Annual Letter is now live for my readers. Wishing you all a Merry Christmas & a Happy New Year🎄✨
expansestocks.substack.com/p/annual-let...
Finally, Part II of the #MercadoLibre #MELI Deep Dive Brief series is out!
Don’t miss it, I think it might be worth your time.
I cover: its fully integrated business model, competitive moats that protect it, growth drivers ahead, along with a DCF model.
expansestocks.substack.com/p/deep-dive-...
The origin story of #MercadoLibre #MELI is out! At Expanse Stocks (and it's free to read).
expansestocks.substack.com/p/deep-dive-...
#MercadoLibre → Pressing the “Meli” Advantage
Q3 2025 earnings digest with CC notes is out!
expansestocks.substack.com/p/mercado-li...
The Rareness of Moaty Industrials. New piece is out this morning along with a selection of 6 gems.
expansestocks.substack.com/p/the-rarene...
#Intuitive #ISRG
Headline numbers looked great, but the real story is the da Vinci V system proving it’s not only an incremental upgrade but the catalyst for the next growth phase.
Earnings breakdown and call notes are ready at Expanse Stocks
expansestocks.substack.com/p/intuitive-...
The new piece on Intuitive (ISRG) is out.
The Surgical Robot that Became a Monopoly.
expansestocks.substack.com/p/deep-dive-...
Tough weeks with volatility hitting my top holdings. Running a concentrated portfolio means learning to stomach swings. I’ve realized once a position creeps above 15%, conviction starts slipping into self-doubt.
I made some changes. Details inside.
expansestocks.substack.com/p/portfolio
A more fundamental approach: ROIC & Reinvestment Rate-Driven DCF.
Practical guide + example with #ConstellationSoftware.
Includes downloadable models for #CSU and its spin-offs ( #Topicus and #LumineGroup).
🔗 Link in thread or profile.
The new piece on Intuitive (ISRG) is out.
The Surgical Robot that Became a Monopoly.
expansestocks.substack.com/p/deep-dive-...
A more fundamental approach: ROIC & Reinvestment Rate-Driven DCF.
Practical guide + example with #ConstellationSoftware.
Includes downloadable models for #CSU and its spin-offs ( #Topicus and #LumineGroup).
🔗 Link in thread or profile.
Deep Dive Brief: How to Build a DCF for Serial Acquirers Like #ConstellationSoftware - Part #3
It includes models for both #CSU and spin-offs #Topicus and #Lumine
🔗 Full article in the thread below.
expansestocks.substack.com/p/deep-dive-...
Deep Dive Brief: How to Build a DCF for Serial Acquirers Like #ConstellationSoftware - Part #3
It includes models for both #CSU and spin-offs #Topicus and #Lumine
🔗 Full article in the thread below.
expansestocks.substack.com/p/deep-dive-...
Tough weeks with volatility hitting my top holdings. Running a concentrated portfolio means learning to stomach swings. I’ve realized once a position creeps above 15%, conviction starts slipping into self-doubt.
I made some changes. Details inside.
expansestocks.substack.com/p/portfolio
One of the most frequent questions investors ask themselves these days revolves around AI and its impact on established business models. Every industry seems to be in the crosshairs, and investors are asking: who are the winners, who are the value traps?
expansestocks.substack.com/p/deep-dive-...