💎 Doubling Down on a Forever Compounder

🧠 Trimming a position to add to another

Hi Partner👋

A rare pullback in one of the market’s most consistent compounders is now offering investors a solid entry point.

After Q2 earnings triggered a sharp sell-off, the long-term story remains firmly intact — making this dip an opportunity rather than a warning sign.

The headline numbers spooked the market—EPS fell on the back of higher costs—but beneath the noise, the legendary CEO is executing his playbook with the same relentless discipline that has made it one of the world’s most durable compounders.

The business has compounded shareholder returns of 32.9% since its inception, and is a consistent compounder of free cash flow per share (21.2% CAGR since 2015):

let’s get into it 👇