Back from my two-week winter break, I’ll start with a brief portfolio recap of last month. December was a much quieter month for me compared to previous ones, fitting with the holiday season. Portfolio activity was limited, with only a handful of buys and a lot more observation than execution. The only real macro event was the widely expected 25bp rate cut at the beginning of the month, followed by a slow but constructive Santa rally. Overall, December was about positioning and re-evaluating conviction, not trading.

Testament to that is the fact that my first trade was only executed on December 10th, when I opened a position in Sea around $125. I won’t go into too much detail here, as I’ve covered the company extensively over the past months. In short, Sea offers one of the cleanest growth setups in global e-commerce right now. The company benefits from rising income levels and improving infrastructure across Southeast Asia — a far more favorable backdrop than mature markets like South Korea. Revenue growth is projected north of 20–30% annually through 2027, cash flow is expanding at a similar pace, the balance sheet holds nearly $8B in cash with no debt, and the stock was down close to 40% from its YTD highs. At a ~5% FCF yield, it’s not dirt cheap, but more than fair given the growth. I’m very comfortable with Sea here, alongside MercadoLibre as my emerging markets exposure.

The next addition was Microsoft. I bought 10 shares at $475, making it a relatively small position below 3% of my portfolio. Microsoft is not a screaming buy, but it’s the kind of company I’d happily hold for a decade without even looking at the stock price. You could call it a typical “Buffett buy”: a wonderful company at a fair price. The forward P/E sits around 30, dropping into the mid-20s on FY27 estimates. Free cash flow is temporarily distorted by heavy and necessary AI CapEx, but the underlying business remains close to perfect: deeply entrenched ecosystems, massive switching costs, recurring revenue streams, and Azure as the rapidly growing #2 player in the cloud market. Still, while Microsoft is an incredible business, it isn’t my favorite Mag7 right now. That crown still belongs to Meta, and second place, in my view, goes to the stock I bought a week later.

That stock was Nvidia, which I added around $170. Nvidia puts me in a dilemma. Long term, I do see risks: extreme customer concentration, hyperscalers with the resources to build their own chips, and early cracks showing as companies like Meta explore alternatives. But in the short to medium term, the setup was simply too compelling to ignore. The stock was down 15–20% from ATHs, AI demand fears were eased after Micron’s blowout earnings, and on FY27 earnings Nvidia trades at a P/E of roughly 25. I’m highly confident Nvidia will rebound from these levels and make new highs in the coming months, even if I’m less convinced about its dominance five to ten years out.

On the same day, I also bought Uber. Similar story: not a forever-hold in my view given advances in autonomy (Waymo in particular), but at ~20% below ATHs and trading at a P/E of ~10, the risk/reward looked asymmetric. Cooler inflation, a stabilizing macro backdrop, and renewed confidence in the broader market created a favorable short-term setup. Adding to that, recent readings from the Atlanta Fed’s GDPNow model pointed to surprisingly strong U.S. growth momentum into Q4, which supports a more constructive outlook beyond just the AI narrative. I can easily see 30–50% upside from these levels, even if Uber isn’t a core long-term conviction.

December was also strong relative to my benchmark. The MSCI World was essentially flat for the month, while my portfolio gained around 5.6%. I started this portfolio in July 2025, and performance has been broadly in line with the MSCI World so far. For 2026, however, my goal is clear: visible outperformance through deliberate stock picking, generally focusing on quality-growth compounders. Alongside my core holdings (e.g. Meta, Visa, S&P Global), I’ll mix in selective high-risk, high-reward satellite positions where I see significant upside potential over the next few years (e.g. Zeta, Duolingo, Shift4).

Return since inception: +13%

$SE (+2,24 %)
$MSFT (+1,38 %)
$NVDA (+4,29 %)
$UBER (-0,08 %)
$META (+2,51 %)
$CSU (-3,62 %)
$SPGI (-1,07 %)
$ZETA (+2,19 %)
$NVO (+6,61 %)
$NOVO B (+6,67 %)
$V (-0,08 %)
$MELI (+0,95 %)
$INPST (+0,73 %)
$EFX (-1,64 %)
$TEAM (+0 %)
$DLO
$CRM (+1,83 %)
$FLTR (+4,95 %)
$FOUR (-0,04 %)
$NFLX (-0,39 %)
$DUOL

Probably even too many

This week felt like a portfolio spring cleaning (in October) with part discipline, part opportunity, and maybe a touch of restlessness. Five trades in total, all within days of each other. I usually prefer slower, more deliberate moves, but some action was necessary. Let me run you through why:

The first trade was one I discussed in a post a few days back: rotating Gambling.com into Evolution AB. The decision came down to quality over theory, and the loss came down to my ego not being able to accept that I had a flawed thesis. Gambling.com looked great on paper but was fragile in practice: no moat, heavy dependence on SEO, and questionable defensibility. Evolution, on the other hand, is a powerhouse. It owns roughly three-quarters of the live casino market, earns free cash flow margins north of 50%, and runs one of the most technically complex infrastructures in the industry. Same sector, same trend, but one is an obscure bet, while the other is a toll booth. It was time to stop gambling and start owning the house’s supplier. Though I should add that Evolution’s stock tanked just a day after I opened my position, due to less-than-pretty earnings. But I don’t see much more downside from here with the moat and valuation, plus I am in it for the long game.

Second was Novo Nordisk. The timing was perfect for a long-term investor, as the board-resigning chaos briefly rattled the market. I doubled down during the noise. When a company sits at the epicenter of one of the largest secular trends in healthcare, short-term governance issues don’t matter much. For Novo, so many negative factors boiled together over the last few months, and I am loading up as long as the weakness in the stock price persists. Obesity and diabetes treatments are reshaping medicine, and Novo is leading that charge in a duopoly with Eli Lilly (also in my portfolio). The step-down headlines were just a distraction in a story that’s still writing itself. One of my highest-conviction comeback bets.

Next, I added InPost, the Polish locker network that’s quietly conquering major parts of Europe. The setup feels rare: founder-led, capital-light, and misunderstood. At barely over a 14× forward P/E, it’s priced like a slow-growth utility, not a network-effect logistics play expanding across multiple countries. The Allegro dispute scared investors, but the math doesn’t justify the discount. This is exactly the kind of calculated risk that balances my otherwise very U.S.-heavy portfolio. It’s refreshing to find a great growth opportunity in Europe, rather than one more left-behind carmaker.

After that came a structural adjustment — selling MSCI. I still like the business, but it’s almost redundant next to S&P Global, which already makes up my largest holding. Both share similar moats, models, and margins, and owning both represents more correlation than diversification. Between the two, S&P offers greater breadth and slightly better pricing power. So I let MSCI go, not because it failed, but because I want focus.

Lastly, I trimmed Dynatrace. A small, clean sale with about a 5% return. It’s a great company, but considering the stretched valuation, I think better opportunities exist within the same sector. I’d rather recycle the capital into cheaper, equally capable players like Salesforce or Atlassian. Sometimes great companies don’t make great investments, and I fear that we could see a sideways run for the observability player.

Looking back, it was an unusually active week. But every trade had a clear logic: higher quality, less overlap, better risk/reward. If anything, it’s a reminder that good portfolio management isn’t about doing nothing — it’s about acting with purpose when the puzzle pieces start to shift. And this week, they did.

$EVO (+4,62 %)
$NOVO B (+6,67 %)
$NVO (+6,61 %)
$MSCI (-1,21 %)
$DT (+2,73 %)
$GAMB (-0,64 %)
$INPST (+0,73 %)
$SPGI (-1,07 %)

When simplicity builds a moat

There are companies that talk about innovation, and then there are companies that don’t need to, because their product is perfectly simple. What matters to those companies is scale. InPost is one of those names. If you don’t live in Poland, France, Italy, Spain, Portugal, the UK, or the Benelux nations, then you might not have heard about it, but let me assure you — InPost is the quiet leader in the background, building on an e-commerce boom. Founded in Poland by Rafał Brzoska, it turned something seemingly boring, parcel lockers, into one of Europe’s most efficient logistics networks. It’s the kind of business that feels obvious in hindsight, which is usually a good sign.

The model is ridiculously simple: merchants deliver to InPost’s automated lockers instead of people’s doors. Customers pick up whenever they want. No missed deliveries, no waiting around, no stressed couriers running up stairs. What looks like a convenience feature is actually a structural revolution. Every parcel that skips a doorstep saves time, fuel, and money. Scale it across millions of packages, and you’re suddenly printing efficiency. The key ingredient to InPost’s success is scale and network, and those two are stellar.

InPost now runs over 40,000 lockers and 80,000+ out-of-home delivery points across Europe. That’s not just mind-blowing numbers — that’s a moat built from habit and infrastructure. The more lockers there are, the more merchants want to use the network. The more merchants use it, the more consumers adapt to it. It’s a beautiful positive feedback loop that competitors can’t easily replicate. Even Amazon struggles to replicate the same density outside its own ecosystem. And there’s not much point for competitors to try entering the space since InPost dominates most cities already, and it’s a win-win for merchants, consumers, and, obviously, InPost.

Financially, it’s growing almost exponentially. Revenue has compounded above 30% annually since 2020, while net income has expanded nearly 20% a year. Despite that, the stock trades at roughly a 14× forward P/E ratio, which is a multiple you’d expect from a stagnating utility, not a pan-European growth story. It’s founder-led, profitable, and still in expansion mode. Those three don’t often come together.

So why is it cheap? Two things: first, the legal dispute over its UK acquisition of Yodel, which courts have now largely cleared; and second, its strained relationship with Allegro, Poland’s e-commerce giant and InPost’s biggest customer. Allegro is building its own delivery network, spooking investors with the supposedly diminishing moat. But here’s the thing: less than 5% of InPost’s total parcel volume comes from Allegro-only users. Even if that entire slice vanished, the top-line hit would barely reach 10%, easily offset by growth in the UK, France, and Spain. The market’s fear feels exaggerated.

I like this one a lot. It’s founder-run, asset-light, network-driven, and culturally sticky. It’s not flashy, but it’s quietly reshaping how Europe thinks about delivery. In a world full of AI narratives and overhyped data-center multiples, this feels refreshingly tangible and a rare sight with a more than reasonable valuation combined with explosive growth, something even rarer outside the U.S. I believe InPost is the definition of a hidden gem with great fundamentals and solid prospects.

$INPST (+0,73 %)

Today i open a position in $INPST (+0,73 %) I feel the stockprices went down too much yesterday after a relatively good earnings report. For me a good spot to step in!

Anyone has any idea why stock price plummeted after a good earnings report? Seems like a solid company with a lot of growth potential?

$INPST (+0,73 %)