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Why Your Operating Model Will Cost You 20% in the Exit
Buyers price integration risk before diligence even starts. Undocumented decisions become a discount at the term sheet. Here's the fix.
Jul 23
•
Ruben van Putten
1
SoFi: The Records Keep Coming, the Price Keeps Falling
SoFi just posted record revenue, its tenth straight profitable quarter, and a 47% lower stock. The market is pricing a blowup the filings do not show.
Jun 24
•
Ruben van Putten
1
Hims & Hers: Punished for Going Legit
Hims & Hers killed its highest-margin product to go legit, and the stock halved. The same management guides a 25%-plus snapback. Great business…
Jun 12
•
Ruben van Putten
1
1
Rocket Lab: Great Business, Dangerous Price
Two-thirds of Rocket Lab's revenue isn't launch. The stock is 95x sales, pre-profit, days before the SpaceX IPO. Great business, dangerous price.
Jun 9
•
Ruben van Putten
1
1
Micron Technology: The Memory Company That Isn't One Anymore
Micron crossed $1T on 81% gross margin guidance. The bear case: memory is cyclical. One of them is applying the wrong model to the wrong product. We…
May 28
•
Ruben van Putten
1
AppLovin: The Platform in the Wrong Costume
AppLovin sold its gaming business in 2024. It now runs at 85% margins, growing 59%, generating $1.29B FCF per quarter. The market hasn't updated the…
May 21
•
Ruben van Putten
1
1
Anduril Is Real. The Price Isn't.
Anduril is real: $2.2B revenue, DoD contracts, a platform no prime has matched. Secondary markets say it's worth $89B.
May 13
•
Ruben van Putten
1
1
Palantir: The best quarter that nobody believed
Palantir's best quarter ever. 85% revenue growth. 53% GAAP margins. The stock fell anyway. Here's what the market is pricing in and why it's probably…
May 7
•
Ruben van Putten
1
1
Constellation Software: Diminishing returns at scale
700 acquisitions. $1.7B cash flow. 46% below its all-time high. The founder has left. Here is what the compounder is actually worth now.
Apr 24
•
Ruben van Putten
18
Kinsale Capital Group - Insuring what others won’t
How a Richmond insurer built a technology moat inside one of the least glamorous corners of American finance, and what the growth slowdown actually…
Apr 14
•
Ruben van Putten
1
Games Workshop: The most profitable hobby in the world
191% ROCE. Zero debt. £617m revenue. And an Amazon Prime series with Henry Cavill in development. Here is the full Games Workshop deep dive.
Apr 2
•
Ruben van Putten
1
Nu Holdings: The Purple Card and the $74 Billion Machine
131M customers. $2.87B net income. 19.9% efficiency ratio. And a US banking licence just approved. Here is the full NuBank deep dive.
Mar 26
•
Ruben van Putten
1
1
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