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AAON has a strong position in liquid cooling for data centers, which is expected to see sustained demand as data center construction continues to grow, particularly with the rise of AI technologies.

Taiwan Semiconductor is a crucial supplier for leading technology companies, including Nvidia and Apple, and trades at a lower multiple than its customers. The geopolitical risks associated with the s

Constellation Software has demonstrated durability in its vertical market software assets, which are essential for clients like hospitals and municipal airports. The company’s strong culture and leade

Costco has maintained a unique business model with a commitment to a 14% gross margin, fostering exceptional customer loyalty and a strong culture. Despite the low margin, the company has achieved con

Vulcan Materials operates in a less glamorous sector of sand, gravel, and asphalt, but it demonstrates that competitive moats can exist in these types of businesses. The company's ability to generate

MercadoLibre is positioned to benefit from structural growth in Latin American e-commerce, which is currently at about 10% penetration compared to higher rates in developed markets. The company's exte

We recommend a long position in MercadoLibre with a 7–10 year horizon. Although the stock appears expensive on near-term multiples, our base-case DCF indicates significant upside and a strong IRR over

MercadoLibre is positioned to benefit from the growing e-commerce and fintech sectors in Latin America, leveraging its strong market presence and innovative solutions. The company has demonstrated rob

A. O. Smith Corp. benefits from vertical integration and strong wholesaler relationships, which provide durable cost advantages. The company has compounded net income at an 11% CAGR since 2013 while m

A. O. Smith Corporation is positioned to benefit from non-discretionary sales and regulatory tailwinds that will drive revenue growth beyond consensus expectations. With a significant portion of the r

A. O. Smith is a leading global manufacturer of water heaters and treatment products with a strong market position, particularly in North America where it holds a significant share. The company is exp

Supply chain restructuring is driving margin expansion through operational efficiency gains, enhanced availability and service, and a significant improvement in operating margin. The company's bonds t

We recommend buying 7.375% Senior Unsecured Notes due 2033, which currently trade at 100.008 and yield 7.37%. With $975 million outstanding and Ba3 / BB ratings, the notes offer attractive spread comp

The investor believes dLocal is well-positioned in the payments processing sector, particularly in emerging markets, which presents significant growth opportunities.

DLO is positioned to capitalize on the significant growth in digital payments in emerging markets, which are expected to see mid-teens growth through 2030. The company addresses the complexities of lo

We recommend a BUY for dLocal, a scaled emerging-markets payments infrastructure provider that is at an inflection point. TPV growth is re-accelerating, take-rate compression is stabilizing, and a new

Vodafone, an early investor in satellite technology, is expected to benefit from the launch of AST Mobile's satellite, positioning it well in a growing sector. This makes Vodafone an attractive invest

RocketLab was identified as a unique investment opportunity due to its launch capacity for satellites outside of SpaceX, and it was trading at $8 when it was largely overlooked by the market. The sate

Carvana was trading at about 53x EV/EBITDA, a significant premium to its peers, and there were undisclosed SEC investigations that the market was unaware of. This created an asymmetrical risk to the d

Gavin Baker pitched Carvana as a short due to its poor management track record, questionable accounting practices, and a flawed business model that was exacerbating losses. The company's high debt cos

NLB was initiated as a position during its IPO in November 2018 due to a compelling setup where the Slovenian government was under pressure to sell a stake in a cleaned-up bank. The bank's valuation a

TBC is trading at under 5x earnings in a strong market, particularly in Georgia, which has promising GDP growth. The bank is gaining deposit share in Uzbekistan, where financial penetration is low, pr

Watches of Switzerland is trading at a very low valuation despite its strong partnership with Rolex and a well-incentivized management team. The recent Swiss tariffs were incorporated into the valuati

The appointment of Luca de Meo as the first independent CEO marks a significant change for Kering, as it separates the roles of CEO and chair for the first time. This change is expected to enhance gov