Zack Fuss

Zack Fuss × Krishna Mohanraj

Exor trades at a 50–60% discount to NAV, roughly €100 a share versus €180, with 70% of gross assets in four listed names.Ferrari drove essentially all recent NAV/share growth, prompting a February sale of about $3bn for buybacks and additional investments.The thesis is NAV/share compounding, not discount narrowing, with ex-Ferrari turnarounds and Ferrari’s EV transition as risks.

Zack Fuss × Simeon McMillan

Nexstar reaches 68% of the US population through roughly 200 stations, 116 markets and LMAs around the FCC’s 39% cap.With $2B of 2024 adjusted EBITDA and 50-60% free-cash-flow conversion, reverse retransmission approaching 60% of distribution fees, cord cutting and weaker NFL leverage could make relaxed ownership limits a catalyst for another M&A cycle.

Zack Fuss × Stephanie Niven

UnitedHealth’s differentiated signal is a two-engine model: UnitedHealthcare’s coverage base and Optum’s care, data, analytics and pharmacy-benefit businesses reinforce one another.This integration has supported rapid revenue growth and repricing, while Medicare Advantage utilization, CMS risk-factor recalibration, political unpredictability and reputational pressure remain key variables.

Zack Fuss × Freddie Lait × Jacopo Di Nardo

IBKR’s differentiated signal is account growth: 3.5M accounts, rising toward 30–35%, could outweigh modestly declining trades, while management targets 10M, 20M and eventually 80M.Its Costco-like, no-PFOF model pairs best execution and roughly half-price margin rates with automation, 75% margins and $18B excess capital; monitor advertising-led acceleration, insider ownership limiting capital returns, and ForecastEx-related regulatory risk.

Zack Fuss × Chadd Garcia

Ecolab’s 2011 Nalco acquisition, costing 30% of its market value, pivoted the company toward water, which now touches 70% of sales, with data centers and fabs as tailwinds.Three-to-five-year contracts, installed hardware, and 90% recurring revenue support pricing and a 20% operating-margin target by 2027, but the 20% premium limits mom-and-pop adoption while 25–30x earnings and CEO transitions remain risks.

Zack Fuss × Adam Wyden × Chadd Garcia

APi Group is shifting from project-based construction to inspection-led life-safety services, with recurring revenue above 55% and $1 of inspections generating $2–$4 of high-margin repairs.Wyden cites about $800M of free cash flow on a roughly $10B market cap, while Chubb and under-2x leverage create M&A optionality; Garcia is relying on earnings growth, with the May analyst day as a catalyst.

Zack Fuss × Mikhail Lomtadze

Kaspi.kz reports over 14 million monthly active users in Kazakhstan, targets net income “in excess of $2 billion,” and guides marketplace revenue growth of 65%.NPS supports 6-7% grocery net-income margins within 12 months and BNPL risk costs under 2%; the 65% Hepsiburada deal could extend reach toward 100 million people while limited product familiarity may weigh on valuation.

Zack Fuss × Jay Goldberg

Arm's blueprint licensing model is expanding beyond mobile as seven hyperscalers design Arm-based data-center CPUs, while NVIDIA's Grace keeps Arm embedded in AI systems.Rene Haas's pricing reset lifted royalties from about 7 cents per chip in 2023 to 9 cents today, with roughly 12 cents possible in 3–4 years, but a 100:1 accelerator-to-CPU attach rate could shrink TAM and flatten growth.