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November 2024

Sea Limited Q3'24 - Self-Sufficient with Reaccelerating Growth
SE shares up 150% since Forest Li's rallying letter in Q3'22. Q3'24, Shopee was firmly profitable, Garena returned to growth, SeaMoney and Advertising…
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Trung Nguyen @SWIs
Grab Q3'24: Super App Growing Sustainably
Grab reached 42M users, profitable for two consecutive quarters, $500M forward FCF makes this business 25x EV, reasonable for the 15%+ 10 yr CAGR.
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Trung Nguyen @SWIs
Mercado Libre (MELI) Q3'24 - Double Down on Fintech and Logistics
Great results: Investments in logistics and credit portfolio favoured over short-term profitability. Shares -16%, I added shares to my PA.
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Trung Nguyen @SWIs
Invest like Peter Lynch
Track record: 29% over 13 years, my favourite advice, think like an amateur, search for boring names that make people turn away in disgust.
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Trung Nguyen @SWIs
Thesis Tracking Q3'24 - MIPS, Kinsale, Wisetech, Fortinet + CrowdStrike
MIPS recovered, KNSL negligible impact from storms, CEO's shake up for WTC, and a marriage of leaders FTNT + CRWD
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Trung Nguyen @SWIs
Sleep Well Portfolio Oct 2024 Update
Bought an anti-fragile and a SuperApp monopoly, Sold the least loved business (WSC) to fund the additions.
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Trung Nguyen @SWIs

October 2024

Buying this Cash Rich and Generative Monopoly at 25x FCF
Beaten a global incumbent to become the leader in the region. Wide moats, weak competition and industry consolidation promise margin expansion…
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Trung Nguyen @SWIs
Grab - A Monopoly with Widening Moats and Clear Growth Runway
24x FCF, 15%+ next 5-10 year growth, expanding margins, net cash, owner-operator, mediocre competition.
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Trung Nguyen @SWIs
5 Lessons From Scott Fraser
Track record: 19% over 30 years. My favourite lesson - Avoid 'lazy working capital'
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Trung Nguyen @SWIs
3
Buying An Anti-fragile Business
High chance of tripling in size thanks to its enduring business model and anti-fragility against perennial market turbulence (overstated by the market).
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Trung Nguyen @SWIs
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