Nikotes

Deep Dive Brief: Mercado Libre Part I How Survival Built Latin America’s Most Formidable Digital Ecosystem

The origin story of #MercadoLibre #MELI is out! At Expanse Stocks (and it's free to read).

expansestocks.substack.com/p/deep-dive-...

Mercado Libre Q3 2025 Pressing the "Meli" Advantage

#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: A Selection of 6 Gems Moats harder to build but harder to erode.

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 Surgical: Q3 2025 The V-Launch Supercharges an Already Dominant Machine

#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-...

Deep Dive Brief: Intuitive Surgical The Surgical Robot That Became a Monopoly

The new piece on Intuitive (ISRG) is out.
The Surgical Robot that Became a Monopoly.

expansestocks.substack.com/p/deep-dive-...

Portfolio Here’s what you’ll find next as a Paid Subscriber — For just $0.39/day ($12/month) or $0.27/day ($100/year) with the annual plan!

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.

Deep Dive Brief: Intuitive Surgical The Surgical Robot That Became a Monopoly

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 Constellation Software - Part #3 A More Fundamental Approach: The ROIC and Reinvestment Rate-Driven DCF

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 Constellation Software - Part #3 A More Fundamental Approach: The ROIC and Reinvestment Rate-Driven DCF

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-...

Portfolio Here’s what you’ll find next as a Paid Subscriber — For just $0.39/day ($12/month) or $0.27/day ($100/year) with the annual plan!

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

Deep Dive Brief: Constellation Software and AI - Part #2 Deconstructing the AI Threat and Opportunity for Constellation Software

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-...

Updated the Portfolio Corner with new Cash-on-Cash Returns models, ready to download.

It now covers 22 names, including:
$CSU ecosystem
Big Tech $GOOG $AMZN
Healthcare & Semis
Small-mid caps on the watchlist

Find them in the Valuation Tools:
expansestocks.substack.com/p/portfolio

Heico Q3 2025 The Flight Support Engine Keeps Compounding

#Heico (HEI) Q3 2025 earnings digest is out.

The star of the show remains the FSG, which posted its twentieth consecutive quarter of sequential sales growth.
expansestocks.substack.com/p/heico-q3-2...

Unlocking Japan - Part #1 The Overlooked SaaS Goldmine

New article is out:
Unlocking Japan - Part #1: The Overlooked SaaS Goldmine

Hard to pull the trigger given the cultural bridge but worth a closer look.

expansestocks.substack.com/p/unlocking-...

Copart Q4 2025 When The Moat Trumps Volume Weakness

#Copart #CPRT Q4’25 earnings digest is out.

Headline: Profitability Shines, Volume Softness.

My takeaway: mgmt doubled down on what makes Copart unbeatable -> superior auction liquidity.

🔗 Full article below:
expansestocks.substack.com/p/copart-q4-...

Copart Q4 2025 When The Moat Trumps Volume Weakness

#Copart #CPRT Q4’25 earnings digest is out.

Headline: Profitability Shines, Volume Softness.

My takeaway: mgmt doubled down on what makes Copart unbeatable -> superior auction liquidity.

🔗 Full article below:
expansestocks.substack.com/p/copart-q4-...

Unlocking Japan - Part #1 The Overlooked SaaS Goldmine

New article is out:
Unlocking Japan - Part #1: The Overlooked SaaS Goldmine

Hard to pull the trigger given the cultural bridge but worth a closer look.

expansestocks.substack.com/p/unlocking-...

Heico Q3 2025 The Flight Support Engine Keeps Compounding

#Heico (HEI) Q3 2025 earnings digest is out.

The star of the show remains the FSG, which posted its twentieth consecutive quarter of sequential sales growth.
expansestocks.substack.com/p/heico-q3-2...

Deep Dive Brief: Constellation Software Capital Allocation Outlook - Part #1 Can CSU sustain its legendary returns into the next decade?

First installment of a #ConstellationSoftware (CSU) trilogy is live.

In this opening piece, I dive into CSU’s capital allocation outlook and explore whether Mark Leonard (CEO and Founder) and team can sustain their high returns into the 5-10 years.

expansestocks.substack.com/p/deep-dive-...

Deep Dive Brief: Constellation Software Capital Allocation Outlook - Part #1 Can CSU sustain its legendary returns into the next decade?

First installment of a #ConstellationSoftware (CSU) trilogy is live.

In this opening piece, I dive into CSU’s capital allocation outlook and explore whether Mark Leonard (CEO and Founder) and team can sustain their high returns into the 5-10 years.

expansestocks.substack.com/p/deep-dive-...

Updated the Portfolio Corner with new Cash-on-Cash Returns models, ready to download.

It now covers 22 names, including:
$CSU ecosystem
Big Tech $GOOG $AMZN
Healthcare & Semis
Small-mid caps on the watchlist

Find them in the Valuation Tools:
expansestocks.substack.com/p/portfolio

A guide to measure Cash-on-Cash returns.

The piece is out with downloadable models & a practical example #Google #GOOG

Link's in profile and below.

Constellation Software Q2 2025 A Perfect Example of Why GAAP Earnings Don't Tell the Whole Story and Why the Scale Question Remains

#CSU Constellation Software Q2 2025 earnings digest.

A perfect example of why GAAP Earnings don't tell the whole story and Why the scale question remains.
expansestocks.substack.com/p/constellat...

Constellation Software Q2 2025 A Perfect Example of Why GAAP Earnings Don't Tell the Whole Story and Why the Scale Question Remains

#CSU Constellation Software Q2 2025 earnings digest.

A perfect example of why GAAP Earnings don't tell the whole story and Why the scale question remains.
expansestocks.substack.com/p/constellat...

Cash on Cash Returns A Simple Framework for Evaluating Capital Allocation

In a previous piece on Intrinsic Value Growth, I mentioned that I'l dive deeper into #Cash-on-Cash returns, a metric that cuts through accounting noise to show actual cash productivity.

Personally, I use it to double-check my valuation assumptions:
expansestocks.substack.com/p/cash-on-ca...

Mercado Libre Q2 2025 Is this bottom-line miss really something long-term investors should worry about?

#MercadoLibre #MELI Q2 2025 earnings brief:

expansestocks.substack.com/p/mercado-li...

Ranking the Most Promising Sectors The Next Decade of Long-term Growth

New post out: Ranking the Most Promising Sectors
Where would you invest for the next 5–10 years?

I shared my current sector view at Expanse Stocks.
Check it out.

expansestocks.substack.com/p/ranking-th...

Hidden Gems: Fifth Edition The Scalable Aussie Vertical SaaS

Hidden Gem Fifth Edition is Out! A primer on a spectacular, high-growth, founder-led SaaS story.

Compounding like no other (60% CAGR over the last decade) yet still under-owned, under-followed, and underappreciated in global equity circles.

expansestocks.substack.com/p/hidden-gem...