Ricardo Pillai

The article summarizes a bullish thesis on JOYY Inc. from Triple S Special Situations Investing's Substack. It highlights JOYY's profitability, significant net cash position ($3.3 billion as of Q3 2025), and shareholder return programs. The author argues that the market undervalues JOYY due to concerns about China's regulatory environment, creating a disconnect between the company's strong fundamentals and its stock price. The thesis suggests a potential price target of $100 per share if the company were valued more typically.

The investment thesis for LandBridge (LB) is that its true value lies in its pore space ownership for water disposal, not the market's recent focus on a potential AI datacenter. The company generates the majority of its revenue from stable, long-lasting royalties from its sister company, WaterBridge, for produced water disposal. With rising water cuts in the Delaware Basin, LandBridge is well-positioned for growth. The author argues the stock is undervalued compared to peers, and the datacenter possibility offers additional upside with limited downside risk due to the core royalty business.

IDEXX Laboratories (IDXX) presents a strong investment case based on its dominant position in the veterinary diagnostics market. The company demonstrated robust financial performance in 2025, with significant revenue and earnings growth driven by its Companion Animal Group. Key growth drivers include a record number of premium instrument placements, expanding its recurring revenue base. The company's strong free cash flow generation and shareholder returns through buybacks further enhance its appeal. Future growth is expected from innovation in platforms like inVue Dx and CancerDx.

The article summarizes a bullish thesis on Domino's Pizza, highlighting its strong performance in a challenging market. Key strengths identified include a successful brand refresh, an effective promotional campaign ('Best Deal Ever'), a resilient asset-light franchise model, and a strong digital infrastructure. The company's ability to generate free cash flow, coupled with disciplined capital allocation through dividends and share buybacks, is also emphasized as a positive factor for long-term value creation.

Brookfield Asset Management (BAM) is an asset-light alternative asset manager with a long history as an owner-operator of tangible assets. The company's 2025–2030 strategy focuses on scaling existing verticals, expanding Credit via the full acquisition of Oaktree, and tapping new markets, including AI infrastructure, retail, and the 401(k) sector, aiming for $1.2 trillion in fee-bearing capital and $5.9 billion in DE by 2030. While Q3 2025 results show strong FRE growth, DE has been impacted by higher interest expenses and lower investment income, highlighting potential execution and interest rate risks. Valuation analysis suggests limited upside from the current stock price, though BAM remains well-positioned to capitalize on secular megatrends such as decarbonization, AI infrastructure, and deglobalization.

BlackRock's dominance in the asset management industry is highlighted by its record-high AUM of $13.5 trillion and a 25% year-over-year revenue increase. The company's diversified exposure across various asset classes, including cash management, fixed income, equities, and crypto, allows it to capitalize on broad market trends and maintain resilience. With strong institutional and retail inflows, strategic management, and a unique position in the financial ecosystem, BlackRock presents a compelling case for sustained growth and shareholder value. The company's operational strength and favorable market conditions make it a core holding for long-term investors.

Comcast is spinning off its cable networks into a new company called Versant Media Group. The author argues that historical spin-off behavior suggests Versant could experience 20-30% forced selling in the first few months of trading from index and dividend funds, creating a buying opportunity. The article details the reasons why spinoffs create structural advantages for value investors, including forced selling by institutions, lack of analyst coverage, and the potential for the parent company to hide a good business. The author believes that once the mechanical selling pressure subsides, the stock price will mean-revert toward its intrinsic value.

Arch Capital presents a compelling post-earnings buying opportunity. The company is recognized for its strong leadership and disciplined performance. Despite outperforming peers across key metrics (combined ratio, earnings growth, ROE), it trades at an attractive valuation of under 9x P/E, below the industry average of 13x. Its robust and diversified business mix (commercial insurance, reinsurance, and mortgage insurance) provides a resilient earnings base. The recent market reaction seems disproportionate, creating a favorable entry point for a long-term position at a significant discount to intrinsic value.