Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

Thematic (Sector/Industry)

<ul><li>In the words of the controversial financier, George Soros, “I haven’t given up the illusion that I have something important and original to say”.</li><li>On October 30th, 2025, I was perusing my Twitter feed— a once enjoyable experience that has sadly decayed over the last few years.</li><li>That is not the subject of today’s prose, however.</li></ul>

In the words of the controversial financier, George Soros, “I haven’t given up the illusion that I have something important and original to say”.On October 30th, 2025, I was perusing my Twitter feed— a once enjoyable experience that has sadly decayed over the last few years.That is not the subject of today’s prose, however.

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

<ul><li>Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:</li><li>Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !</li><li>The bear case sounds very smart very often, only problem is, it’s quite rarely right … !</li></ul>

Zooming out first for a big picture perspective - helpful away from the news &amp; chatter:Bears Make Headlines &amp; Lose Money, Bulls Make Money! As always … !The bear case sounds very smart very often, only problem is, it’s quite rarely right … !

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

Equity Bottom-Up

Chipotle Mexican Grill / Equity Bottom-Up

<ul><li>Chipotle has notoriously been somewhat of a perpetually <em>“expensive”</em> stock if you take an optical approach.</li><li>Today it trades at ~49x forward earnings; on par with the 10Y mean.</li><li>On a price-to-free cash flow basis, the 58x multiple is slightly below to 10Y mean of 62x, but still relatively expensive. </li></ul>

Chipotle has notoriously been somewhat of a perpetually “expensive” stock if you take an optical approach.Today it trades at ~49x forward earnings; on par with the 10Y mean.On a price-to-free cash flow basis, the 58x multiple is slightly below to 10Y mean of 62x, but still relatively expensive. 

Tortilla Mexican Grill PLC / Equity Bottom-Up

<ul><li>Tortilla Mexican Grill is a small cap (market cap ~£48M) listed on the UK AIM exchange and is somewhat illiquid.</li><li>The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.</li><li>As a recent IPO, and one that trades in a somewhat illiquid manner, I urge caution to those reading. These are merely my preliminary notes on the company.</li></ul>

Tortilla Mexican Grill is a small cap (market cap ~£48M) listed on the UK AIM exchange and is somewhat illiquid.The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.As a recent IPO, and one that trades in a somewhat illiquid manner, I urge caution to those reading. These are merely my preliminary notes on the company.

Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

Private Capital Markets

<p>Judging from the twitter DMs, several of my points from my previous post have gone over the head of some investors, particularly the one around Signature (white label delivery). Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10 chains represent 35% of ALL UK orders. Some of such chains include Nando’s, Wagamama, and McDonalds. The top 100 chains could easily be more than 50% of the UK business, if not much more. This is the case (if not moreso) for Uber Eats, and less the case for $TKWY.</p>

Judging from the twitter DMs, several of my points from my previous post have gone over the head of some investors, particularly the one around Signature (white label delivery). Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10 chains represent 35% of ALL UK orders. Some of such chains include Nando’s, Wagamama, and McDonalds. The top 100 chains could easily be more than 50% of the UK business, if not much more. This is the case (if not moreso) for Uber Eats, and less the case for $TKWY.

Deliveroo Part 6 - White Label Killed the Delivery Star

United States

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants. The Company manages restaurants throughout the United States.

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Chipotle Mexican Grill (CMG US)

Slop Too Shall Pass

In the words of the controversial financier, George Soros, “I haven’t given up the illusion that I have something important and original to say”.

Investment Talk

The S&P 500 Report: Performance, Profitability, Sentiment & More - #Ed 5

Zooming out first for a big picture perspective - helpful away from the news & chatter: Bears Make Headlines & Lose Money, Bulls Make Money! As...

Maverick Equity Research

Is Chipotle Squeezing too Hard?

Chipotle has notoriously been somewhat of a perpetually “expensive” stock if you take an optical approach. Today it trades at ~49x forward...

Investment Talk

MEX: Tortilla Mexican Grill

The chain boasts the largest portfolio of stores across the country in its subcategory, outranking its closest competitor by a factor of 5x.

Investment Talk

Deliveroo Part 6 - White Label Killed the Delivery Star

Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10...

Newmoon Capital

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