$$MELI (-3,16%) I have always searched in vain for a favorable entry point. With a forward P/E ratio of 40 the stock is far from cheap but with a sales growth 5 Y CAGR of 54% it is relatively "cheap"

$META (-1,2%) I don't think I need to say much. Forward P/E of 25 with the growth and the moat.

Today I have completely separated myself from my $AMZN (-0,15%) position today. The reasons for my decision:

○ Disappointing price performance YtD, especially in comparison with other Mag7 stocks

○ Nice price performance of approx. 40% since initial purchase in January 2024

○ No significant AI models and intentions recognizable. Could only become interesting for me again with the advent of humanoid robots

○ Reduction of duplication in the portfolio, as I am working with $MELI (-3,16%) & $9988 (+0,15%) in eCommerce and with $GOOGL (-0,51%) & $9988 (+0,15%) in the cloud sector to other stocks in the portfolio.

I will invest the freed-up capital in Hopfengold at the Oktoberfest in Munich at the weekend. The (hopefully) remaining amount will then flow into the $EQQQ. (-0,04%)

Hello Community,

Warren Buffett once said: "The key to investing is not assessing how much an industry will impact society or how much it will grow, but determining the competitive advantage of a particular company and, more importantly, the durability of that advantage."

It is precisely this competitive advantage that he called the "moat". In this article, we break down the most important concept for long-term stock market success in detail.

The 4 types of impregnable moats:

👑 1. intangible assets:

These are invisible but extremely powerful assets. They include brands that create an emotional bond and pricing power (as with $RACE (-0,4%) ), or patents that lock out competitors for years (as with $NOVO B (+0,9%) in the pharmaceutical sector). Companies with this moat can often charge higher prices and thus achieve higher margins.

🔒 2. high switching costs:

Perhaps the most underestimated moat. A company has this moat if the customer would have to put up with massive disadvantages to switch providers. My AI infrastructure cluster is full of them: $SNOW (-0,46%) , $CRWD (-0,45%) and $DDOG (+1,49%) integrate themselves so deeply into their customers' IT systems that switching would be tantamount to operational hara-kiri. Customers stay, even if prices rise. The "net retention rate" is the key figure here.

🌐 3. network effects:

The business model becomes exponentially stronger with each new user. My best example of this is $MELI (-3,16%) . Every new seller makes the platform more attractive for buyers, and every new buyer makes it more attractive for sellers. Mercado Pago, the payment system, amplifies this effect. This moat is extremely difficult to attack once a critical mass is reached.

📉 4. cost advantages:

The ability to consistently produce or deliver at a lower cost than the competition. This can be achieved through economies of scale or, as in the case of $1211 (-3,17%) through superior vertical integration. Because BYD manufactures its own batteries, the company can wage price wars that are ruinous for the competition.

Conclusion for your strategy:

Analyzing the moat should be the first step in any stock analysis. Before you look at quarterly figures or the P/E ratio, ask yourself the question:

"What's stopping a competitor from doing exactly the same thing tomorrow, only cheaper?"

If you can't find a good answer, the company probably doesn't have a moat.

#Burggraben
#Moat
#WarrenBuffett
#Investieren
#Aktienanalyse
#Qualitätsaktien
#Wettbewerbsvorteil
#DerSpekulant
#Ferrari
#Snowflake
#MercadoLibre

Hello Community,

August is over and it's time for the transparent monthly review. The portfolio has reached a new high of € 36,188. It was a month of contrasts, in which the strength of some satellites offset the weakness in the tech sector.

1. the performance: 🚀

Beating the market 📈

With a monthly performance of +0,94% I am very satisfied. As the chart shows, my portfolio clearly outperformed the broad market (FTSE All-World: -0.31%) and the major US indices (S&P 500: -1.11%, NASDAQ100: -2.23%). The result proves the strength of diversification: while my tech stocks corrected, other sectors carried the performance.

2. my buys & sells: 🛒

None ❌

In August, I deliberately kept my feet still and did not make any individual purchases or sales. My focus was on waiting for the important quarterly reports and preparing my tactical purchases for September.

3. my savings plans & purchases in September: Tactical allocation 💸

As you know, I take a flexible approach to my individual shares and adjust my purchases on a monthly basis. Only my ETF savings plans run consistently. My allocation for the start of September looks like this:

➡️ $ACWI
$WSML (+1,12%) (150 €): As always, the foundation is being consistently strengthened.

➡️ $MELI (-3,16%) (€150) & Datadog (€75): Here I continue to build on my core conviction positions.

➡️ $TEM (+3,61%) (125 €): This is my tactical pick for the month. I am opening a position in a highly potent and diversifying bet on the AI medical revolution.

➡️ $DDOG (+1,49%) (75 €): A core position in my cl infrastructure cluster. Digital transformation and the need for cloud monitoring and security are unwavering megatrends for me.

➡️ $NOVO B (+0,9%) (3 €): This is not an active allocation, but the automatic reinvestment of dividends received to maximize the compound interest effect for this quality position.

4. tops & flops: A reflection of the rotation 📉📈

Top mover: 🟢

The list was topped this month by the spectacular performance of $IREN (+9,35%) (+60.69%), which is benefiting from the continuing demand for energy for AI data centers. My speculative bet on American Lithium (+20.00%) also showed strength. The recovery in $BABA (+0,12%) (+10.21%) following good news on the cloud division and AI chip development.

Flop mover: 🔴

As expected, my tech stocks were hit here. $CRWD (-0,45%) (-11.16%) and $DDOG (+1,49%) (-5.45%) suffered and the weak market environment for growth stocks, although the quarterly figures were fundamentally good. Also $1211 (-3,17%) (-8.22%) also suffered after disappointing figures; the situation here remains tense.

Conclusion:

August was perfect proof of why broad diversification across different sectors and themes is so crucial. Weakness in one area (US tech) was more than compensated for by strength in others (energy, China recovery). My flexible approach to monthly purchases allows me to react specifically to such market phases.

How did your August❓ go?

Which shares did you buy tactically ❓

I look forward to the exchange in the comments!

Hello community,

I would like to present my revised portfolio strategy to you today and am looking forward to your opinions and constructive feedback. I am pursuing a core-satellite approach.

The core (approx. 40%):

My foundation for long-term and stable asset accumulation. Here I rely on the MSCI World and the Nasdaq 100 in order to participate in global economic growth in a broadly diversified manner. Simple, cost-effective and proven.

The satellites (approx. 60%):

Here I pursue clear, thesis-based investments in individual stocks. These can be divided into six thematic clusters:

1. the AI infrastructure (cloud, data & security):

My biggest bet. I believe that the real winners of the AI revolution are the companies that provide the foundation.

Positions:

Cloudflare, CrowdStrike, Snowflake, Datadog.

2. the fintech revolution in emerging markets:

The disruption of traditional banking in populous and digitally savvy regions.

Positions:

MercadoLibre, Nu Holdings.

3. global champions & turnarounds:

Here I bundle global market leaders that I consider undervalued or that are on the verge of a comeback.

Positions:

Alibaba, BYD. For me, these are not speculative gambles, but counter-cyclical bets on dominance in their respective markets.

4. industrial excellence & luxury brands:

A bet on undisputed market leaders in highly profitable niches with strong moats - from armor to high-tech automation to luxury sports cars and one of the best investors of all time.

Positions: Rheinmetall, Ferrari, Berkshire Hathaway, Keyence.

5. future technologies & energy:

The thesis here is clear: more AI and more data centers require massively more energy.

Positions:

The Uranium ETF, Iris Energy, American Lithium.

6. megatrends: health & sustainability:

Investments in global market leaders that benefit from two unstoppable social developments: demographic change and the need for a circular economy.

PositionsNovo Nordisk, Tomra Systems.

My question to the Getquin community:

What is your opinion on this strategy and allocation?

#DepotCheck #PortfolioReview #Feedback #CoreSatellite #Strategy

$NET (-3,08%)
$CRWD (-0,45%)
$NOVO B (+0,9%)
$1211 (-3,17%)
$BABA (+0,12%)
$IREN (+9,35%)
$NLR (+0,93%)
$ACWI
$WSML (+1,12%)
$RACE (-0,4%)
$BRK.B (+0,74%)
$RHM (-0,39%)
$6861 (+1,31%)
$DDOG (+1,49%)
$MELI (-3,16%)
$SNOW (-0,46%)
$NU (+0,12%)
$TOM (-2,3%)

Hello Community,

After this week's brand new quarterly figures, it's time for a detailed deep dive into one of my biggest conviction positions: MercadoLibre ($MELI (-3,16%) ). Many know the company as the "Amazon of Latin America", but this description falls far short.

The ecosystem: a twin-engine giant ⚙️

MercadoLibre is not a simple online store. It is a self-reinforcing ecosystem consisting of two main business areas:

➡️ E- Commerce 🛒: The dominant online marketplace in 18 countries with an unbeatable logistics infrastructure (Mercado Envios).

➡️ Fintech 💳: The true pearl and future profit driver. Mercado Pago is not just a payment service, but is becoming the region's leading financial super app. Millions of people without a traditional bank account use it for payments, loans (Mercado Credito), insurance and even investing.

The hard facts (Q2 2025): Endless growth 📊

Monday's figures were further proof of the strength of this model:

✅ Total payment volume (TPV): Exploded to USD 64.6 billion (+39% year-on-year). That's the money flowing through the fintech ecosystem.

✅ Total trading volume (GMV): Continues to grow strongly to USD 15.3 billion (+21% year-on-year).

✅ Loan portfolio: Grows exponentially to USD 9.3 billion (+91% year-on-year). This is where the big money is made.

✅ Profitability: Despite massive investments in growth, the company remains highly profitable with an operating margin of 12.2%.

$MELI (-3,16%) has managed to create an almost unassailable network effect. Every new user on the trading platform is a potential customer for the financial services - and vice versa. That is an extremely deep moat.

The opportunities 🚀📈

🟢 Dominance in a growth marketLatin America has a young, growing middle class with extremely low e-commerce & fintech penetration. The growth potential is huge.

🟢 Network effect: The interaction between retail and payment services creates an unstoppable network effect. Anyone who sells on MELI also uses Mercado Pago. Those who use Mercado Pago also buy on MELI.

🟢 Profitability leverageFintech business (especially loans) has significantly higher margins than pure trading and is becoming the biggest profit driver.

The risks ‼️

🔴 Macro risksPolitical instability and extreme inflation (especially in Argentina) remain the biggest risks and lead to currency fluctuations.

🔴 CompetitionGlobal players such as Amazon and Sea Ltd. are also trying to gain a foothold in Latin America.

🔴 RegulationStronger regulation of the financial sector could slow down the growth of the highly profitable credit sector.

The investment thesis: Why I am invested 💡

My bet on MercadoLibre is a bet on the macro development of an entire region. Latin America has a young, growing and increasingly digitized population of over 600 million people. The penetration of e-commerce and digital financial services is only just beginning.

My conclusion & my strategy 🧠

For me, MercadoLibre is one of the clearest "compounders" for the next decade. The company is perfectly positioned to benefit from Latin America's digital rise. The combination of a dominant e-commerce business and an explosively growing, highly profitable fintech division is unique in this form. Therefore, it is and remains one of my biggest "buy & hold" positions.

Question for you:

Do you see in $MELI (-3,16%) one of the strongest compounders for the next decade? 👇

📊 Q2 2025 financial results - MercadoLibre $MELI (-3,16%)

1. turnover & growth

• Net salesapprox. USD 6.8 billiongrowth of approx. 34 % compared to the previous yearand was above analysts' estimates (~ USD 6.6-6.7 billion)

2. operating result (EBIT)

• EBIT (Earnings Before Interest & Taxes): USD 825 millionslightly below expectations (~ USD 869 million)
• EBIT margin: 12,2 %, down on the previous year's figure of 14,3 %

3. net profit & earnings per share

• Net income: USD 523 million, decrease of approx. 1.5 % compared to the previous yearand significantly below analyst estimates (~ USD 596 million)
• Adjusted EPS: USD 10.31compared to expected approx. 11.93 USD - this corresponds to a decline of 1.6 % YoY

4. business development & volume-based key figures

• Gross merchandise volume (GMV): approx. USD 15.3 billion, growth of 21 % YoY
• Fintech payment volume (TPV - MercadoPago): approx. USD 64.6 billion, increase of 39 % YoY
• Loan portfolio: USD 9.3 billion, grows by 91 % YoYDefault rate in the 15-90 day window fell to 6,7 % (lowest value in seven years)

5. reasons for profit decline & margin pressure

• Promotions & extended free shipping program in Brazil led to increased sales, but also to falling margins
• Regional currency losses (in particular the Argentinian peso) and a higher higher tax burden further reduced the net result

6. market reaction & analyst sentiment

• Share price: Decline of approx. 4-5 % after trading immediately after publication of the figures
• Analysts (e.g. Santander) see the short-term disappointment, but do not expect a lasting underperformanceas the company tends to invest strategic investments for long-term growth

🧭 Conclusion

MercadoLibre $MELI (-3,16%) is once again recording strong growth - particularly in e-commerce (GMV) and Fintech segment (TPV, credit volume). Despite increases in turnover, the profit development has not kept pacemainly due to strategic investments such as free shipping in Brazil, higher advertising costs, currency effects and tax burdens.

Management emphasizes that these short-term margin losses are being consciously accepted in order to gain market share and promote long-term growth. A positive profit trend is expected to continue in 2025 and beyond.

-

$BNTX (+0,45%)
$KSPI (+0,74%)
$HIMS (-0,83%)
$MELI (-3,16%)
$PLTR (-4,32%)
$DRO (+10,69%)
$IFX (-0,66%)
$9434 (+1,95%)
$FR0010108928
$DHL (+0,28%)
$BOSS (+0,84%)
$CONTININS
$DOCN (-0,64%)
$LMND (+5,49%)
$BP. (+0,61%)
$FRA (+1,2%)
$PFIZER
$SNAP (+5,88%)
$AMD (-1,14%)
$SMCI (+0,28%)
$OPEN (+7,12%)
$CPNG (-0,49%)
$LCID (+0,9%)
$CBK (-0,5%)
$ZAL (-0,77%)
$NOVO B (+0,9%)
$VNA (+0,3%)
$BAYN (-0,88%)
$UBER (+0,71%)
$SHOP (+6,8%)
$MCD (-0,1%)
$DIS (+0,97%)
$ROK (+0,69%)
$ABNB (-0,8%)
$RUN (+0,26%)
$FTNT (+0,65%)
$O (+0,87%)
$DASH (+0,33%)
$DUOL
$S92 (+3,36%)
$DDOG (+1,49%)
$SEDG (-2,76%)
$QBTS (+13,12%)
$RHM (-0,39%)
$DTE (-0,31%)
$ALV (-0,25%)
$LLY (+1,89%)
$CYBR (-0,04%)
$PTON (+2,42%)
$DKNG (+1,17%)
$RL (+0,53%)
$PINS
$TTWO (+1,4%)
$TWLO (-3,31%)
$MNST (-0,25%)
$STNE (-1,42%)
$MUV2 (-0,34%)
$WEED (+1,9%)
$GOOS (+0,87%)
$PETR3T
$ANET (+1,35%)

Hello Community,

July is history and here is my usual transparent monthly review directly from the portfolio, which has now reached a value of €34,485. It was a month that perfectly demonstrated the importance of a clear strategy and a steady hand.

📈 1. the performance: solid in a turbulent environment

I am satisfied with a monthly performance of +1.54%. As the chart shows, I was able to outperform the DAX (+0.57%), but was slightly behind the S&P 500 (+2.20%) and the strong NASDAQ100 (+6,35%). The result reflects my portfolio: a high tech component, which benefited from the strength of the US indices, but also positions in Europe and China, which held back in some cases.

2. my purchases: anti-cyclical & quality focus

💸 I made three targeted purchases in July:

• Keyence (501 €) & Novo-Nordisk (526 €): Here I built up my positions in two absolute quality champions at the beginning/middle of the month.

• Ferrari (101 €): Following the exaggerated share price fall of over 11% after the quarterly figures, I took the opportunity to buy a small, disciplined tranche. For me as a long-term investor, such irrational market movements are clear buying opportunities in excellent companies.

3. my savings plans & dividends

🏦 The basis of my asset accumulation continued as usual:

• Alibaba (404 €): I continue to use the savings plan to consistently expand my anti-cyclical bet on the Chinese e-commerce giant.

• BYD (19 €): Here, the dividend received was reinvested directly back into new shares. This is how the compound interest effect works optimally.

4. tops & flops: a reflection of the market

🟢 Top movers:

The list was topped by my speculative stocks American Lithium (+25.00%) and Iris Energy (+12.32%) and the Uranium & Nuclear Technology ETF (+11,36%). This shows that risk appetite in niches is increasing again in an uncertain market environment. My tech stocks such as Cloudflare and Datadog also performed strongly.

🔴 Flop mover:

Here were the losers of the month Novo-Nordisk (-29.94%) and Ferrari (-6,56%). These defensive stocks underwent a strong correction in July, which I, as with Ferrari as shown in the case of Ferrari.

🧠 Conclusion:

July was a month of contrasts. While the overall market performed solidly, there were strong rotations beneath the surface. My strategy of focusing on a mix of a solid ETF core, quality stocks and targeted speculative bets proved successful.

How did your July go? Did you also use the correction in some stocks to buy more? I look forward to hearing from you!

$NOVO B (+0,9%)
$1211 (-3,17%)
$RACE (-0,4%)
$IREN (+9,35%)
$NET (-3,08%)
$BABA (+0,12%)
$DDOG (+1,49%)
$NUKL (+0,17%)
$TOM (-2,3%)
$NU (+0,12%)
$MELI (-3,16%)

📊 My June 2025 in the portfolio: winners, losers & additional purchases

⸻

✅ Top performers in June

- Iris Energy: +53 % $IREN (+9,35%)

- Cloudflare: +16,2 % $NET (-3,08%)

- Datadog: +10,7 % $DDOG (+1,49%)

- VanEck Uranium ETF: +9,8 % $NUKL (+0,17%)

- NuBank: +8,7 % $NU (+0,12%)

⸻

❌ Losers in June

- BYD: -12,1 % $1211 (-3,17%)

- Berkshire Hathaway: -6,8 % $BRK.B (+0,74%)

- Rheinmetall: -4,6 % $RHM (-0,39%)

- Alibaba: -3,9 % $BABA (+0,12%)

- MercadoLibre: -1,3 % $MELI (-3,16%)

⸻

🔁 My additional purchases in June

- MSCI ACWI - 170 € (Core)

- MSCI Small Cap - 15 € (Core)

- Iris Energy - 50 €

- Tomra Systems - 100 € (buy after crash)

- Alibaba (ADR) - 50 € (long-term position building)

- Datadog (A) - 50 € (long-term position building)

- Ultrashort Bonds (EUR) - 150 € (dry powder)

⸻

📎 I track my portfolio transparently on Getquin - link in bio

💬 What was your strongest or weakest stock in June?

#DepotUpdate #Month in review #Investing #BuyAndHold #StockMarket #ACWI #ETFStrategy #Uranium #Cloudflare #LongTermInvesting #TheSpeculator #Getquin #parqet