Celebrating 1000 Subscribers: The Best of Crack The Market

My 10 most read articles to build long term wealth

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The response to my research has been phenomenal. Our community now encompasses hundreds of individual investors as well as professionals from some of the world's leading financial institutions, including major investment banks, asset managers, technology companies, global hedge funds, family offices, and consulting firms.

A compilation of the community’s 10 favorite stocks

As we've grown, it's become clear that Crack The Market is filling a real gap in the market. The response to our AI data center value chain and ingredient deep-dives, our early calls on deglobalization winners (resilience, reshoring and China beneficiaries), and our analysis of very high quality and differentiated businesses not seen anywhere else online shows that there is a real appetite for this level of research.

With nearly 40 articles and deep dives published in less than 4 months, I thought it would be worth highlighting some of the companies that most resonated with you and resurface some of the gems that likely a majority of you have not seen! No matter if you are a free or paying subscriber, this compilation is a great starting point into the world of Crack The Market! These posts dive into some of the highest quality businesses in the market and my thinking around the megatrends shaping our world and which will deliver long term wealth creation.

This selection of the community’s 10 favorite investment ideas brings together the most insightful, actionable, and thought-provoking pieces I’ve published so far. And each and every one of these research pieces is likely the most comprehensive analysis of these companies. My aim: to offer both long-time readers and newcomers a bold starting point for navigating markets, uncovering emerging megatrends, and broadening perspectives.

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You will fully benefit from my research and be able to read the full deep dives + listen to the podcast episodes for each article.

1️⃣ Nvidia: The backbone of the AI world is unstoppable

Since my article, Nvidia has gone up 20%. Nvidia has the best technology for the most important technology trend in history. Being at the center of the AI revolution will continue to drive growth and astronomical profitability for years to come. Understand why it will continue to be so dominant in a hyper competitive space and why it is unlikely to be dethroned anytime soon, how to read the company’s growth, value creation and potential, how Jensen Huang is maintaining the company on a war footing with an incredible innovation pace and what are the main debates, catalysts and risks around the company in the next few quarters and years.

• What is Nvidia and how do they dominate the AI ecosystem.

• How the company remains at the leading edge in such a hyper competitive and fast moving space.

• What are the key debates, catalysts and risks that investors are focusing on from the investment cycle, the size of the market, to the competitive environment, the rise of inference and many other themes.

• How instrumental the management team has been to the company’s continued success.

• How its historical growth and profitability has brought incredible value creation to its shareholders and why this AI infrastructure story is set to continue.

2️⃣ Iberdrola: Best integrated utility in the world with a stellar track record and solid growth driven by networks and renewables

YTD, Iberdrola is up 15%. Iberdrola is one of the largest and the best run utility companies in the world, benefiting from the historical growth in power demand throughout the world thanks to its growing power grid and generation portfolio. Its unique strategic vision and execution has been delivering best in class value creation for its shareholders for many years, it is extremely defensive thanks to its balanced geographical and activity mix and, most exciting of all, it is seeing faster growth (which could still accelerate). It remains one of the best businesses to own for the next decade, with incredible visibility into the investment supercycle in grids (of which it is one of the biggest beneficiaries).

• Iberdrola’s business and how it is central to the production and distribution of electricity, a very resilient business.

• How the company has transformed into an international powerhouse and one of the largest and most balanced integrated utilities in the world.

• How the inflection of power demand in the West brought on by electrification, digitalization and reshoring is driving a mega investment cycle in power grids and strong growth and value creation for Iberdrola.

• How the company has become the gold standard for utilities thanks to its very strong track record on strategic vision and value creation.

3️⃣ Bentley Systems: The software compounder bringing infrastructure into the AI age

YTD, Bentley Systems is up 24%. One of my favorite very high quality compounder operating in the infrastructure software niche, providing strong growth with a very long runway, high recurring revenue base, exposure to counter-cyclical end-markets and improving margins, best of all the nascent digital twin trend could transform its business and expand its TAM. This is a very expensive business but also a unique asset at a time when we are seeing an infrastructure boom and digitalization/AI accelerating the business and creating new use cases.

• Bentley’s business and how it dominates the infrastructure software niche.

• How the company helps shape the world around us and build and maintain the infrastructure that underpins our lives and economies.

• How the company aims to consistently compound its FCF at a mid teens rate, effectively doubling every 5 years.

• How the deployment of digital twins and asset monitoring capabilities is about to transform the infrastructure space and dramatically expand the company’s TAM.

4️⃣ TJX: The retail giant that keeps winning

Since my article, TJX is flat. TJX is arguably one of the best run retailers in the world and an off-price champion that keeps on compounding no matter the economic and retail environment it is in. The company’s scale and flexibility sets it apart in a world of giants and it is set to benefit from the tariff chaos. Could its multiple continue to expand?

• Why the off price model is so flexible and why it might be the best retail business model out there.

• Why TJX is so dominant in this off price segment.

• How TJX has outperformed the retail sector in the last few years and why it should continue to do so going forward thanks to a massive TAM opportunity.

• How TJX is taking advantage of the tariff chaos to further strengthen its position and accelerate market share gains and therefore revenue growth.

• Why its strong management team with decades of experience and execution makes it one of the very best run retailers in the world.

5️⃣ RELX: The company to own forever – one of the very best businesses on Earth

YTD, RELX has gone up 17%. RELX is the definition of the business that lets you sleep well at night. It is an extremely defensive and predictable business and it is difficult to be competed against, providing very high quality earnings. I see this company benefiting from the growing complexification of the world and continue to play a critical role in enabling the proliferation of knowledge, law and management of risk worldwide. The company is expensive so monitor for any volatility or multiple de rating.

• RELX’s business and its three core divisions providing tools for productivity and workflow for professionals.

• Why RELX provides such high quality earnings, backed by resilient growth, making it the perfect business to own to sleep well at night.

• Why the company is seeing and will continue to see higher growth than historically and why GenAI is actually a positive for the business.

• Why this company is becoming ever more important in a more complex world (more laws, rules, words in the tax code, and constant change).

• Why RELX is arguably one of the highest quality businesses in the world.

6️⃣ CPKC: The rail connecting Canada/US/Mexico and benefiting from reshoring

Since my article, CPKC is up 4%. A secret defensive champion and reshoring winner. It is the best and only transcontinental railroad in North America, making it a key beneficiary of the nearshoring and reshoring, its business is incredibly defensive, it is riding a strong self-help/synergy driven earnings growth plan is seriously underestimated by the market. The company is now trading at a compelling valuation, with the lowest PE multiple post merger despite strong fundamentals and valuation. It remains one of the best businesses to own for the next decade after an uncharacteristic period of underperformance for the rail sector.

• CPKC’s business and how it sits on a powerful, diversified and durable earnings growth engine.

• Why the rail sector has suffered an uncharacteristic period of underperformance and why 2025 might just be the year of inflection.

• How CP’s acquisition of Kansas City Southern in 2023 made it the only transcontinental (Canada/US/Mexico) railway and provides scope for higher growth thanks to revenue synergies + exposure to reshoring by US companies.

• How the company aims to deliver HSD revenue and DD EPS growth going forward, the highest in the sector, underpinned by volumes, synergies and pricing.

• How this defensive cash machine is starting to return meaningful cashflow to shareholders. The company is executing on its plan in an excellent way, which investors are not acknowledging.

7️⃣ Givaudan: The highest quality and most resilient ingredient compounder has a compelling valuation

Since my article, Givaudan is flat. Givaudan is a very high quality compounder and low risk way to play the attractive niche that is ingredient companies. The number 2 ingredient company globally, Givaudan is the king of fine fragrances (a very lucrative business) and has a secret advantage to continue to dominate the perfumery space for a long time. The company has a clear catalyst with the upcoming update of its long term guidance.

• Givaudan’s history and how it became the 2nd biggest ingredient company.

• How the company is a a ​​defensive, low-beta and higher quality business, which is much less subject to tariffs impacts and geopolitical conflicts.

• How the company aims to ride the powerful megatrends of the ingredient sector whilst keeping its best in class margins and FCF generation, underpinned by its powerful innovation engine.

• How its long term objectives, which the company has handily beat, should be updated by the company next month.

8️⃣ Atlas Copco: The best industrials business in the world is on sale, extremely resilient and will benefit from US reshoring

Since my article, Atlas Copco is up 9%. Atlas Copco is going through an uncharacteristic volatile time with lower order intake of compressors explained by the historically uncertain environment for businesses.

What do you do when one of the very best industrial businesses on Earth is being sold off? And when it is trading at levels not seen in years? You have a second look at the investment case. Especially when its unique culture has been driving excellence for 20+ years and it will be a big beneficiary of reshoring and investments into US manufacturing long term.

Atlas Copco as one of the highest quality industrial businesses in the world with solid HSD growth underpinned by its service activity, high and stable margins, a play on thematic growth, with an amazing capital allocation, new platforms that will deliver growth medium term and all of this driven by a unique decentralized culture and very strong execution including on M&A.

The company is currently trading at levels not seen in years with a very attractive valuation of mid teens EV/EBIT, far from the >20x (and even >30x) that it has traded at in recent years.

• Atlas Copco’s business and how its position as a leader in industrial niches makes it indispensable to all companies worldwide.

• How this industrial juggernaut is perfectly positioned to benefit from numerous megatrends: industrial automation, productivity, energy energy efficiency, digitalization/semi proliferation, reshoring. And how it is already investing in the future with 3 new technological platforms that will deliver future growth.

• Why the business model is so defensive, especially in this new era of tariffs and deglobalisation thanks to the servicing of its products, and how the company maintains such a consistent margin across the group.

• Why the company‘s strong cash generation and great balance sheet could point to accelerated return to shareholders.

• Its unique governance and decentralized management culture, how it has delivered 20+ years of excellence and continues to be the real differentiator for Atlas Copco.

9️⃣ Novo Nordisk: The most exciting pharma company in the world is misunderstood and its growth engine is ready to roar back to life

YTD, Novo Nordisk is down 35%. Once the biggest company in Europe, Novo Nordisk has been on a downspiral since mid 2024 with the competition from Eli Lilly, compounders and the departure of its CEO. I believe that this is a huge opportunity. At the end of the day, everything has a price and the stock is now extremely cheap and still presents one of the strongest revenue growth in pharma and a world beating R&D pipeline.

• Novo Nordisk’s business and how it dominates the fast growing diabetes and obesity care market.

• How the company has transformed into one of the best known, fastest growing and most attractive pharmaceutical companies in the last few years.

• How the company’s R&D pipeline remains world leading and provides a decade+ of revenue and earnings growth with potential new markets that could expand its TAM.

• How its focused capacity expansion, world class R&D productivity and deep network of partnerships positions Novo for long term growth and significant capital return to shareholders.

• Why its valuation discounts a worst case scenario.

1️⃣0️⃣ Prysmian: Global cable leader entering a golden age

Since my article, Prysmian is up 8%. The world leader in cable manufacturing is ideally positioned to benefit from the structurally growing demand for energy cables to support increasing electrification of usages and penetration of renewable energies, it is seeing historical momentum and visibility into its business amidst what is a golden age for its sector. Prysmian’s high US exposure (50% of EBITDA) is an added advantage. Prysmian is trading at a discount post sell-off that followed the launch of DeepSeek and, later, the US tariff threats, despite having little direct exposure, thus creating attractive entry point in my opinion into what I believe to be a multi year growth story on the back of the electrification and data center megatrend.

• Prysmian’s business and how it dominates most of the verticals of the cable market, especially the critical HV cables.

• How the company has significantly improved its strategic positioning thanks to transformational M&A deals.

• How its market is entering a golden age of growth driven by historical investments in electrical infrastructure.

• How its impressive earnings momentum and visible growth drives FCF generation and significant potential capital return to shareholders.

Disclaimer: The information provided on this Substack is for general informational and educational purposes only, and should not be construed as investment advice. Nothing produced here should be considered a recommendation to buy or sell any particular security.