In September 2019, I invested in GameStop. The stock went down 60% in 2020, and I bought more shares. In January 2021, I sold with an average profits of 3,300%. GameStop is the investment of a lifetime. There won't be anything like it again. The reason why it worked was because of the massive risk-reward asymmetry. The company was trading below its net cash value, it had repurchased 35% of shares outstanding in a single quarter with nearly 100% of shares short, and a new cons

An article from The Bureau of Investigative Journalism reveals that Wise has been under investigation by prosecutors in Belgium for non-compliance of half a billion euros of suspicious transactions. This is a definitely a big headline, which caused the stock price to drop over 15% today, the worst day for the stock since the IPO in 2021. Wise has already responded. There are things we need to look at as owners of Wise: The investigation itself The likely outcomes This is spec

Yesterday, I merged my Substack newsletter into this community. One of the main reasons I did that was to lower friction. Friction is the enemy of great business. I alway look to invest in businesses with low friction. And to paraphrase Warren Buffett, "I am a better investor because I am a businessman and a better businessman because I am an investor.” Therefore, for my own business to work, it had to be low friction. One of the places where I lowered friction was in payment

Yesterday, the stock price of Booking Holdings crashed by 10%. Why? Here are some of the reasons I heard in the news: 1. The CEO of Kayak is retiring after 22 years and becoming executive chair This makes no sense for the stock price to crash by that much, given that Kayak is a small subsidiary. 2. Price downgrade by UBS from $6800 to $6600. It still feel excessive and I don't really care about analyst ratings. Also the stock price of Expedia crashed 15% and Airbnb 7%. 3. App