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SWI Manual 🌘
How our investment framework will help you 'sleep well'. Every step explained and linked to deeper thoughts.
 • Trung Nguyen @SWI
Best Buys and Research List (Dec 2025)
Opportunities to add / trim / research
 • Trung Nguyen @SWI
Sleep Well Portfolio (Nov 2025) - Underperforming S&P500 for the second month, 3 losers, but I expect a rebound.
Three losers out of 13 holdings; 30% underperformance vs. S&P500. Two BUYs, 21% annualised return per pick, 23/33 transactions were correct (70% success…
 • Trung Nguyen @SWI
✅ Buy Alert - 3rd Buy, 35% FCF margin <1% attrition business growing at 20%, 10yr low valuation
Positive management change and continued top customer additions give me confidence amid uncertainties. Business remains top class for a 50% discount…
 • Trung Nguyen @SWI
Wisetech's Unforced Errors, What Now?
One of the kind SaaS down 40% YTD. >1% attrition despite decade of price increases, but founder-exec chair's personal troubles pushes stock to oversold…
 • Trung Nguyen @SWI

Thesis Tracker

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Wisetech's Unforced Errors, What Now?
One of the kind SaaS down 40% YTD. >1% attrition despite decade of price increases, but founder-exec chair's personal troubles pushes stock to oversold…
 • Trung Nguyen @SWI
Sea Limited (SE) - Sum-of-parts Valuation, Simple to Complex.
Garena against gaming publishers and developers, Shopee vs 3P and 1P ecom, Monee vs old and new digital banks' loan portfolio and delinquency. Dis: 55…
 • Trung Nguyen @SWI
Sea Limited Q3'25: Accelerated Profitable Growth, More Investments in Key Moats.
Excellent business to add over time. Garena's bookings up 51%, Shopee's GMV up 28%, Monee's Loans up 70%. Group Adj.EBITDA up 68% to ~$900M, nearly $4B…
 • Trung Nguyen @SWI
Intellego Q3'25 - Huge Improvement in Reporting, Except One!
EKN is critical to Intellego, future guidance is a 10x in sales and profit! But the treatment of Moveomed's 22M euro deal is odd.
 • Trung Nguyen @SWI
SWI #18 - (Q3'25), Royalty Business Growing 29%YoY, 2 full year revenue visibility
9M'25 results were great, valuation rose to 23x EV/FCF, is now more expensive than when I first bought. But I regret not adding earlier. A candidate to…
 • Trung Nguyen @SWI
Grab Q3'25: Few Less Impressive Prints, Hold.
Stocks were red hot into earnings, I'll point straight to four areas that requires some attentions. The rest performed as expected.
 • Trung Nguyen @SWI
Mercado Libre (MELI) Q3'25 - Balanced Growth, Investments, Profitability
We update market share, core KPIs, valuation, and talked Argentina, OpenAI, TikTok, Advertising.
 • Trung Nguyen @SWI
Sleep Well Investments
Sleep Well Investments
Sleep Well Portfolio of anti-fragile and time-tested businesses
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