Outstanding breakdown of the Novo situation! Your framing of 2026 as a "reset year" really resonates—its a reminder that even quality compounders go through digestion periods. The contrast between volume-driven vs. price-driven growth is particulary insightful, and I think this distinction will seperate patient investors from reactionary ones. Long-term thesis intact, short-term pain absorbable.
Can’t wait to read. One of my top three positions.
Outstanding breakdown of the Novo situation! Your framing of 2026 as a "reset year" really resonates—its a reminder that even quality compounders go through digestion periods. The contrast between volume-driven vs. price-driven growth is particulary insightful, and I think this distinction will seperate patient investors from reactionary ones. Long-term thesis intact, short-term pain absorbable.
Good one, to check in the worst case, if 3% earnings growth is assumed and not changed till
Terminal value - what is the PV?