Stance follows the sheet's own rating: the 44 Buy rows are Positive; the two downgrades (Chemed, Pool) and the four portfolio Holds (OTC Markets, Medpace, LVMH, Games Workshop) are Neutral. Each "What he said" cell carries that row's numbers from the sheet — forward PE, five-year average, expected return, and the reverse-DCF gap where it is informative. Names appearing only inside the three top-15 screens or the highest-return table (Paycom, Paylocity, LEM, DiaSorin, Progressive, Synektik, HCA, goeasy, YouGov, Nexstar, Equasens, SDI, InfraCom, Gildan, Arista, New Wave, IRADIMED, Cerillion, Dollarama…) are left to the talking points and the transcript. Research legend: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis; foreign rows point QT/SA at the US ADR/OTC symbol. Written post with no timestamps — the At link opens the article.
| Ticker | Name | Research | View | What he said | At |
|---|---|---|---|---|---|
| ADBE | Adobe Inc. | QT · SA · STK · FA | Positive | BUY — the month's standout, top of two of the three screens. 13.6x forward against a 30.9x five-year average (50.8% under) and the highest expected return in the Earnings Growth Model at 20.9% ($649.4 fair value against $296.12); the reverse DCF needs 3.2% growth against 12.5% expected. "The company is trading at its cheapest valuation level ever… Adobe has steadily grown its revenue at a 15% CAGR over the past decade… And now, management is also buying back shares." The caveat is stated: "This under the assumption you don't believe Artificial Intelligence will disrupt their business model." | read ↗ |
| ADYEN.AS | Adyen N.V. | QT · SA · STK | Positive | BUY. 36.2x forward against a 68.1x five-year average — 46.8% under, ninth on the forward-PE screen — on 15.0% EPS growth for an 11.9% expected return ($1,890.9 fair value against $1,369). The reverse DCF is almost exactly balanced (15.7% required against 15.0% expected), so the case rests entirely on the multiple halving. | read ↗ |
| ALRM | Alarm.com Holdings | QT · SA · STK · FA | Positive | BUY. 19.6x forward against a 33.3x average (41.1% under), an 11.5% expected return and a reverse DCF needing only 3.5% against 8.7% expected. A −12.1% five-year CAGR against a +12.3% ten-year — cheap on every method, but on a business whose recent record is poor. | read ↗ |
| AMP | Ameriprise Financial | QT · SA · STK · FA | Positive | BUY, and a portfolio holding. The unusual row: at 11.6x forward against an 11.7x five-year average it is barely cheap on the multiple (0.9% under), yet the reverse DCF asks only 2.4% growth against 10.0% expected — a 7.6pp margin. Expected return 11.4%, five-year CAGR 20.9%, ten-year 18.7%. | read ↗ |
| ADP | Automatic Data Processing | QT · SA · STK · FA | Positive | BUY. 23.4x forward against a 27.9x average (16.1% under), a 12.5% expected return from 9.2% growth plus a 2.6% yield, and a $339.3 fair value against $260.44. The payroll utility argued at length three days later in the software special. | read ↗ |
| BN | Brookfield Corporation | QT · SA · STK · FA | Positive | BUY, and 7th on the reverse-DCF screen. The sheet's clearest method disagreement: 37.3x forward against a 26.8x average makes it look 39.1% overvalued, while the reverse DCF asks just 4.4% growth against 15.0% expected — a 10.6pp margin. Slegers sides with the DCF and cites the source: "CEO Bruce Flatt is confident that the business can deliver an annual return of 15% in the long term. This means Brookfield's earnings would double every five years." Bought again on 22 February. | read ↗ |
| BRO | Brown & Brown | QT · SA · STK · FA | Positive | STRONG BUY in the portfolio — and the issue's worked example of value diverging from price. "Increase intrinsic value in 2025: +13.6%. Stock price in 2025: -21.9%. As a result, the stock became 35% (!) cheaper. This is great news for long-term quality investors like ourselves." 17.2x forward against a 24.7x average (30.4% under), a 12.6% expected return and a $103.4 fair value against $80.01. | read ↗ |
| COLM | Columbia Sportswear | QT · SA · STK · FA | Positive | BUY on the narrowest margin in the list. 19.3x forward against a 19.4x average — 1.7% under — with a $55.3 fair value against $53.93 (2.5%). The 10.3% expected return and the 6.3pp reverse-DCF margin are what carry it, against a −8.9% five-year CAGR. | read ↗ |
| CMG.TO | Computer Modelling Group | QT · SA · STK · FA | Positive | BUY, and top-six on the reverse-DCF screen. The largest undervaluation on the Earnings Growth Model of any Buy at 56.1% — a $11.4 fair value against $5.01 — with a 15.4% expected return and a reverse DCF needing 3.5% against 15.0% expected. Against that: a −4.7% ten-year CAGR, the worst on the Buy list. | read ↗ |
| CSU.TO | Constellation Software | QT · SA · STK · FA | Positive | STRONG BUY in the portfolio. 21.8x forward against a 31.5x average (30.8% under), a 14.4% expected return, and a fair value of CAD 5,334.5 against CAD 2,791 — 47.7% under on the Earnings Growth Model. The reverse DCF asks 7.0% against 15.0% expected. Bought on 1 February and again on 22 February; the year's worst performer in the list at −13.8% YTD. | read ↗ |
| CPRT | Copart, Inc. | QT · SA · STK · FA | Positive | BUY. 23.3x forward against a 30.7x average (24.1% under) but only 6.8% under on the Earnings Growth Model, and the reverse DCF dissents (11.5% required against 10.0% expected). The strongest ten-year CAGR on the Buy list at 25.8%. | read ↗ |
| DECK | Deckers Outdoor | QT · SA · STK · FA | Positive | BUY. 15.7x forward against a 21.3x average (26.3% under), a 10.6% expected return and a 2.8pp reverse-DCF margin. A 30.0% ten-year CAGR — the best on the list — against a −5.7% year. | read ↗ |
| DNP.WA | Dino Polska S.A. | SA · STK | Positive | BUY, a portfolio holding, and the Earnings Growth Model spotlight. "The Polish discount retailer is a strong compounder. They are expanding their store base and grow revenue year after year." 18.3x forward against a 24.9x average (26.5% under), a 15.9% expected return on 15.0% EPS growth, and a PLN 88.3 fair value against PLN 40.38 — 54.3% under, one of the two largest gaps in the Buy list. | read ↗ |
| DPZ | Domino's Pizza | QT · SA · STK · FA | Positive | BUY. 22.2x forward against a 27.5x average (19.3% under), an 11.2% expected return from 8.2% growth plus a 1.7% yield, and a $446.3 fair value against $400.28. | read ↗ |
| DFH | Dream Finders Homes | QT · SA · STK · FA | Positive | BUY — the cheapest headline multiple on the sheet and its loudest internal disagreement. 9.9x forward against a 10.3x five-year average, but that low multiple is the history: only 3.9% under on both the multiple and the Earnings Growth Model, and the reverse DCF dissents hardest of any Buy — 19.6% growth required against 10.0% expected, a −9.6pp gap. The only homebuilder in the list, and the only Buy carrying a negative ten-year CAGR (−0.7%) with the best YTD (+14.2%). | read ↗ |
| ESQ | Esquire Financial Holdings | QT · SA · STK · FA | Positive | UPGRADED Hold → Buy — "a specialty bank focused on the legal industry." Trades 34.5% above its own five-year multiple (16.0x against 11.9x), so the case is entirely growth and DCF: 13.5% EPS growth, a 13.6% expected return, a $172.6 fair value against $106.79 (38.1% under), and a +8.2pp reverse-DCF margin. Third-best five-year CAGR in the whole watchlist at 41.9%. | read ↗ |
| EVO.ST | Evolution AB | QT · SA · STK | Positive | BUY, a portfolio holding, and the only name in the top fifteen of every screen it qualifies for. The lowest forward PE of any Buy at 10.3x against a 15.0x average (31.3% under), a 15.3% expected return built mostly from a 5.0% dividend yield on just 5.7% EPS growth, and a reverse DCF implying negative 2.8% growth against 5.7% expected. A SEK 921.7 fair value against SEK 588.6. | read ↗ |
| FTNT | Fortinet, Inc. | QT · SA · STK · FA | Positive | BUY. 30.6x forward against a 42.7x average (28.3% under), 13.9% EPS growth for a 12.1% expected return, and a $101 fair value against $75.38. Strong compounding history — 20.5% five-year and 30.7% ten-year CAGR. Argued in full three days later in the software special. | read ↗ |
| IT | Gartner, Inc. | QT · SA · STK · FA | Positive | BUY, and eighth on the forward-PE screen. 17.5x forward against a 33.4x five-year average — 47.6% under, one of the widest multiple gaps in the watchlist — for a 12.3% expected return and a $274.6 fair value against $230.67. Four months later it is the worst performer in the investable universe (−27.8% in June). | read ↗ |
| HLNE | Hamilton Lane | QT · SA · STK · FA | Positive | UPGRADED Hold → Buy — "private markets investment firm." 22.4x forward against a 25.5x average (12.2% under), a 13.3% expected return and a $215.9 fair value against $152.79 (29.2% under). The reverse DCF dissents slightly (11.5% required against 10.6% expected). A 23.8% ten-year CAGR. | read ↗ |
| ICE | Intercontinental Exchange | QT · SA · STK · FA | Positive | UPGRADED Hold → Buy — "global exchange and market data operator," the same transaction-toll family as Moody's and S&P Global. 21.7x forward against a 21.9x average (0.9% under — the multiple is not the argument), but a 12.3% expected return and a $225.1 fair value against $173.98 (22.7% under), with a +1.8pp reverse-DCF margin. | read ↗ |
| IPAR | Inter Parfums, Inc. | QT · SA · STK · FA | Positive | BUY, and a portfolio holding. 17.5x forward against a 26.3x average (33.5% under), a 15.0% expected return from 10.0% growth plus a 3.6% yield, a $160.6 fair value against $89.93 (44.0% under), and a +7.3pp reverse-DCF margin — the only Buy in the top fifteen of both the Earnings Growth Model and the portfolio sheet. Spotlighted ten days later on 15 February. | read ↗ |
| JDG.L | Judges Scientific plc | STK | Positive | BUY, and a portfolio holding. 19.9x forward against a 26.8x average (25.7% under), an 11.9% expected return, a £70.8 fair value against £57.8, and a +4.6pp reverse-DCF margin. A flat five-year CAGR (−0.7%) against a 14.9% ten-year — the name flagged as the portfolio's one sell candidate on 28 April. | read ↗ |
| KNOS.L | Kainos Group plc | STK | Positive | BUY. 24.8x forward against a 28.7x average (13.6% under), a 14.1% expected return from 11.2% growth plus a 2.8% yield, and a £16.1 fair value against £9.57 — 40.5% under on the Earnings Growth Model, with a +3.9pp reverse-DCF margin. | read ↗ |
| KPG.AX | Kelly Partners Group Holdings | STK | Positive | STRONG BUY in the portfolio, despite trading 4.4% above its own five-year multiple (30.6x against 29.3x). The case is growth: 15.0% EPS growth, a 13.2% expected return, and an AUD 11.7 fair value against AUD 7.13 — 38.8% under. Worst YTD performer in the list at −15.1% against a 32.2% five-year CAGR; argued in full a week later as the #2 buy in the portfolio. | read ↗ |
| KNSL | Kinsale Capital Group | QT · SA · STK · FA | Positive | STRONG BUY in the portfolio. 17.7x forward against a 28.6x average (38.1% under), a 14.6% expected return, a $672.6 fair value against $398.84 (40.7% under) and a +6.0pp reverse-DCF margin — cheap on all three methods at once. A 36.1% ten-year CAGR, the highest on the Buy list; argued in full a week later as the #3 buy in the portfolio. | read ↗ |
| KKR | KKR & Co. Inc. | QT · SA · STK · FA | Positive | BUY. Trades 15.1% above its own five-year multiple (20.6x against 17.9x) yet is 49.4% under on the Earnings Growth Model — a $259.5 fair value against $131.42 — for a 14.3% expected return, with a +6.7pp reverse-DCF margin. A 27.4% five-year and 25.4% ten-year CAGR. It becomes Best Buy #2 in March. | read ↗ |
| LULU | lululemon athletica | QT · SA · STK · FA | Positive | BUY, and fifth on the forward-PE screen. 15.8x forward against a 33.1x five-year average — 52.3% under — for a 13.2% expected return and a $253.5 fair value against $201.87. The unreconciled fact, as in August: a −10.0% five-year CAGR against a +13.7% ten-year. Cheap numbers on a broken trend. | read ↗ |
| MKL | Markel Group Inc. | QT · SA · STK · FA | Positive | BUY on the thinnest margin on the sheet. A $2,062.2 fair value against a $2,059.51 price — 0.1% under — and trading 7.4% above its own five-year multiple (18.9x against 17.6x). Only a 10.0% expected return and a +4.5pp reverse-DCF margin keep it on the list. The "mini-Berkshire" of the coffee-can list, here priced at fair value. | read ↗ |
| MA | Mastercard Incorporated | QT · SA · STK · FA | Positive | UPGRADED Hold → Buy — "duopoly in digital payments together with Visa." 29.7x forward against a 32.6x average (only 8.9% under), but 40.6% under on the Earnings Growth Model — a $908.2 fair value against $539.49 — on 14.4% EPS growth for a 13.4% expected return. Sold off four days earlier on the same Trump credit-card rate-cap proposal that hit Visa. | read ↗ |
| MELI | MercadoLibre, Inc. | QT · SA · STK · FA | Positive | BUY. 40.4x forward — the second-highest multiple on the Buy list — against a 48.4x average (16.5% under), an 11.2% expected return on 15.0% growth, and a $2,568.1 fair value against $2,075.01. The reverse DCF is exactly balanced (15.2% required against 15.0% expected). A 35.9% ten-year CAGR; it becomes Best Buy #1 in April. | read ↗ |
| MSCI | MSCI Inc. | QT · SA · STK · FA | Positive | BUY. 28.7x forward against a 39.6x average (27.5% under), a 12.8% expected return and an $889.7 fair value against $602.58 (32.3% under); the reverse DCF is marginally against (14.4% required vs 12.9% expected). A 24.9% ten-year CAGR. It becomes Best Buy #1 in March. | read ↗ |
| NVO | Novo Nordisk A/S | QT · SA · STK · FA | Positive | BUY, a portfolio holding, and third on the forward-PE screen. 12.5x forward against a 27.8x five-year average — a 55.0% gap, the widest multiple discount in the watchlist — for the highest expected return of any portfolio name at 17.6%, and a DKK 729.1 fair value against DKK 382.8. Also the best YTD performer among the portfolio holdings at +15.9%. | read ↗ |
| QLYS | Qualys, Inc. | QT · SA · STK · FA | Positive | BUY. 20.1x forward against a 30.1x average (33.2% under), a 12.1% expected return and a $162.5 fair value against $134.57. The reverse DCF is essentially neutral (9.8% required against 9.7% expected). | read ↗ |
| RH | RH (Restoration Hardware) | QT · SA · STK · FA | Positive | UPGRADED Hold → Buy — "luxury furniture brand." 15.4x forward against a 25.8x average (40.3% under), a 13.0% expected return, a $302.5 fair value against $232.9, and a +3.7pp reverse-DCF margin. The best year-to-date performer on the Buy list at +20.4%, against a −16.6% five-year CAGR. | read ↗ |
| SL.MI | Sanlorenzo S.p.A. | STK | Positive | BUY, and ninth on the reverse-DCF screen. 10.2x forward — the second-lowest on the Buy list — against a 14.2x average (28.2% under), a 13.2% expected return built on a 3.3% dividend yield, and a reverse DCF implying negative 3.5% growth against 6.0% expected (a +9.5pp margin). A €40.4 fair value against €31.05. | read ↗ |
| SOON.SW | Sonova Holding AG | QT · SA · STK | Positive | BUY, and the weakest case on the list. 19.6x forward against a 25.6x average (23.4% under) but only 1.2% under on the Earnings Growth Model (CHF 218.1 against CHF 215.4), the lowest expected return of any Buy at 10.2%, and a dissenting reverse DCF (8.2% required against 5.4% expected). | read ↗ |
| SSNC | SS&C Technologies Holdings | QT · SA · STK · FA | Positive | BUY. Trades 3.8% above its own five-year multiple (13.5x against 13.0x — this business has always been cheap), so the case is the DCF: 2.9% growth required against 10.8% expected, a +7.9pp margin, with an 11.7% expected return and a $104.6 fair value against $85.78. | read ↗ |
| TAM.L | Tatton Asset Management plc | STK | Positive | BUY, and eighth on the Earnings Growth Model screen. A 15.9% expected return from 11.4% growth plus a 3.7% dividend yield, a £14.4 fair value against £6.51 — 54.7% under, the largest gap on the whole Buy list — and a +4.3pp reverse-DCF margin, at 20.8x forward against a 22.5x average. A 20.4% five-year CAGR. | read ↗ |
| TOI.V | Topicus.com Inc. | QT · SA · STK | Positive | STRONG BUY in the portfolio. The widest multiple gap of any portfolio holding after Novo: 30.2x forward against a 49.2x five-year average (38.6% under), a 13.3% expected return, a CAD 187.1 fair value against CAD 113.02, and a +5.9pp reverse-DCF margin. Bought four days earlier on 1 February. | read ↗ |
| V | Visa Inc. | QT · SA · STK · FA | Positive | BUY, and a portfolio holding. 25.9x forward against a 28.3x average (only 8.5% under), a 12.7% expected return from 12.2% growth plus a 0.8% yield, and a $452.7 fair value against $328.3 (27.5% under). Bought four days earlier on 1 February at a $325 limit — the sheet's price of $328.30 shows how close the fill was. | read ↗ |
| WSO | Watsco, Inc. | QT · SA · STK · FA | Positive | BUY despite failing two of the three methods. 30.5x forward against a 27.1x average — 12.5% over — only 7.3% under on the Earnings Growth Model, and the reverse DCF dissents (11.3% required against 9.2% expected). The 3.2% dividend yield, the highest of any Buy, is doing the work in the 10.6% expected return. | read ↗ |
| ZTS | Zoetis Inc. | QT · SA · STK · FA | Positive | BUY, and fourteenth on the forward-PE screen. 18.0x forward against a 31.7x five-year average (43.2% under) for a 12.7% expected return and a $154.6 fair value against $124.65, with a +0.8pp reverse-DCF margin. Bought a week earlier on 29 January with the OTC Markets proceeds; a Strong Buy by 15 February. | read ↗ |
| XPEL | XPEL, Inc. | QT · SA · STK · FA | Positive | BUY. 22.3x forward against a 32.6x average (31.6% under), 15.0% EPS growth for a 14.0% expected return, a $97.3 fair value against $54.25 (44.3% under) and a +5.0pp reverse-DCF margin — cheap on all three. A 25.9% ten-year CAGR against a −1.8% five-year. | read ↗ |
| CHE | Chemed Corporation | QT · SA · STK · FA | Neutral | DOWNGRADED Buy → Hold — "healthcare services company operating hospice care." One of only two ratings cuts in a month when 51 names hit all-time-wide undervaluation, and the only downgrade not later reversed in the archive. No supporting numbers are published; the sheet row is not reproduced in the post. | read ↗ |
| POOL | Pool Corporation | QT · SA · STK · FA | Neutral | DOWNGRADED Buy → Hold — "leading consolidator and distributor in the swimming pool supplies." The archive's clearest rating whipsaw: Best Buy #1 in January, cut to Hold here, and back as Best Buy #5 four weeks later in March on an unchanged installed-base argument. No numbers are given for the downgrade. | read ↗ |
| OTCM | OTC Markets Group | QT · SA · STK | Neutral | HOLD on the portfolio sheet — 17.9x forward against a 21.6x average, a 10.8% expected return, a $58.5 fair value against $53.8 (8.0% under), and the only portfolio row where the reverse DCF asks more than expected growth (7.0% against 6.0%). Worth noting the timing: the position was sold a week earlier on 29 January as "dead money," so the sheet is carrying a stale row. | read ↗ |
| MEDP | Medpace Holdings | QT · SA · STK · FA | Neutral | HOLD on the portfolio sheet — the one holding trading above its own history: 33.3x forward against a 29.4x five-year average (13.3% over), with an 11.6% expected return and a $777.3 fair value against $610.9. A 34.3% five-year and 36.2% ten-year CAGR; the position's success is why it is a Hold rather than a Buy. | read ↗ |
| LVMUY | LVMH Moët Hennessy Louis Vuitton | QT · SA | Neutral | HOLD on the portfolio sheet — 27.4x forward against a 24.9x average (10.0% over), only 8.7% under on the Earnings Growth Model (€623.3 against €569.3), a 10.8% expected return, and a reverse DCF asking 11.5% against 9.6% expected. The second-largest position in the book and rated on neither side. | read ↗ |
| GAW.L | Games Workshop Group PLC | QT · SA · STK | Neutral | HOLD, and the most expensive row on the whole sheet. 35.7x forward against a 23.0x five-year average — 55.2% over — a £112.1 fair value against a £181 price (61.4% overvalued), the lowest expected return anywhere in the issue at 6.0%, and a reverse DCF demanding 15.1% growth against 7.0% expected. Held anyway, on the pricing-power case made elsewhere in the archive. | read ↗ |
Stance = the sheet's own Buy/Hold rating in this issue, not a price target. HgCapital Trust is a Strong Buy in the portfolio but is valued on NAV per share rather than earnings, so its row carries no comparable multiple and is covered in the talking points. Every figure above is read from the published spreadsheet images, transcribed in transcript.txt.
A jargon-free summary of the thesis behind the names argued at length in this issue. (Renders on each name's consolidated page.)
Adobe is the month's standout on the numbers rather than on any new argument. It sits at the top of two of the three screens at once: it trades on 13.6 times next year's earnings against an average of 30.9 over the past five years, and the model that turns growth plus dividends into an annual return gives it 20.9% — the highest of any name on the list.
Slegers adds two supports and one caveat. The supports: revenue has compounded at 15% a year for a decade, so this is not a business in decline, and management is now buying back stock, which quietly raises every remaining holder's share of it. The caveat is stated rather than argued away — the whole case holds only "under the assumption you don't believe Artificial Intelligence will disrupt their business model."
Brown & Brown is the issue's demonstration of what a "cheap" stock actually is. Slegers' estimate of what the business is worth rose 13.6% during 2025. The share price fell 21.9% over the same year. Put the two together and you are paying about 35% less for each dollar of value than you were twelve months ago — without anything having gone wrong.
The business itself is an insurance broker: it arranges cover and takes a commission, but never carries the risk of a claim, so it needs very little capital and earns fee income that renews every year. On the sheet it trades at 17.2 times forward earnings against a 24.7 average, with a fair value of $103.4 against an $80 price. It is one of six Strong Buys in the portfolio.
Brookfield is the one name where the three methods flatly contradict each other, which makes it the most instructive row on the sheet. Compare its price to next year's reported earnings and it looks 39% too expensive. Work backwards from the price to ask what growth is being assumed, and the answer is 4.4% a year — against 15% that Slegers expects.
The reason both can be true is that Brookfield's accounting earnings understate the cash the business actually produces; the company reports "distributable earnings" instead, and management's own target is 15% annual growth in intrinsic value. Slegers sides with the cash measure and with the CEO's guidance: at 15% a year, "Brookfield's earnings would double every five years." Three weeks later he adds $25,000 to the position.
Dream Finders builds and sells houses in the southern US, and it is the odd name out on this list — the only homebuilder, and the only Buy whose low valuation is normal rather than unusual. It trades at 9.9 times forward earnings, but its own five-year average is 10.3 times, so it is barely cheaper than it has always been. Cyclical businesses trade on low multiples precisely because their earnings are unreliable.
The reverse DCF is the warning worth reading here: at today's price the market is already assuming 19.6% annual growth, against the 10% Slegers expects — a 9.6-point shortfall, the widest dissent on the whole Buy list. It carries the rating on the strength of the other two methods and the best year-to-date move in the group (+14.2%), against a ten-year record of essentially nothing (−0.7% a year).
Games Workshop makes Warhammer — the miniatures, paints and rulebooks — and sells them mostly through its own shops and website to a community that has been buying for decades. It has been one of the portfolio's best investments, and this sheet is the price of that success.
On every measure the issue uses, it is now expensive: 35.7 times forward earnings against a 23 times five-year average, a fair value of £112 against a £181 share price, the lowest expected return in the entire issue at 6.0%, and a price that requires 15.1% annual growth when 7.0% is expected. It is rated Hold and kept. That is worth noting for what it is — a case where the model says one thing and the position stays, on a business-quality judgement made elsewhere in the archive rather than in the spreadsheet.
Pool Corp is the largest wholesaler of swimming-pool supplies in the US, and the archive's clearest example of a rating that moves faster than the thesis. It was Best Buy #1 in January on the argument that pandemic-era pool building left behind an installed base needing chemicals and maintenance for decades. Here, three weeks later, it is cut from Buy to Hold with no figures given. Four weeks after that it is Best Buy #5 again, on exactly the same installed-base argument.
Nothing about the business changed across those eleven weeks. What moved was the price relative to the model's fair value — which is a fair reason for a mechanical rating to flip, and a reason to read the monthly rating as a valuation signal rather than as a verdict on the company.
Summary derived from the archived Compounding Quality post (text and transcribed spreadsheet images in transcript.txt) for personal study. Not investment advice. © Compounding Quality / Pieter Slegers for source material.