Investing

Constellation Software (CSU.TO) Q1 2026 Results: The Market Feared AI; Constellation Deployed $1.6 Billion

Why record capital deployment, an unchanged bonus plan, and broad insider buying are the disciplined-acquirer playbook running exactly as designed

15 hrs ago • Bernardo

Alphabet Inc. (Google) Takes Both Sides Of Its Balance Sheet To Market

Self-fund, borrow, or dilute. Alphabet just walked through all three to fund upwards of $190 billion AI build-out

Jun 17 • Bernardo

MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 3: Where I Land

Bear and bull side-by-side, the three signposts that will resolve the debate, and my contrarian read on the dislocation. The final part of the series

Jun 10

MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 2: The Bull Case

Five reasons the same data tells the opposite story: the Amazon playbook in real time, a structural fintech arbitrage, and a moat the market is…

Jun 3

MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 1: The Bear Case

Five reasons the LatAm compounder may be in structural trouble: competition, credit, macro, regulation, valuation. The opening installment of a…

May 27 • Bernardo

MercadoLibre (MELI) Q1 2026 Results: The Right Response Is Not to Harvest, It Is to Invest

Brazil items doubled in nine months, unit shipping costs accelerated lower, and the cross-sell flywheel widened from 26% to 36% of merchants. Margin…

May 19 • Bernardo

Alphabet Inc. (Google) Q1 2026 Results: Cloud Breaks Escape Velocity, Multiple Catches Up

Cloud at +63%, Search at +19%, OCF/share compounding 32% YoY, and the P/OCF multiple has run from ~20x to 28x

May 9 • Bernardo

2025 in Review: From Transformation to Sedimentation

How I kept concentrating into higher-quality compounders while using volatility to upgrade the portfolio

Mar 15 • Bernardo

MercadoLibre (MELI) Q4 2025 Results: Paying for Growth on Purpose

44.6% growth, 5-6 points of margin traded for scale, speed, and fintech penetration

Mar 4 • Bernardo

Evolution AB's Q4 2025 Results: Flat Live Revenue, Contracting Leverage, and Why I Exited

Europe's channelization is slipping, Asia cybercrime issue has no timeline, and growth is shifting to lower-leverage regions

Feb 25 • Bernardo

Amazon's Q4 2025 Earnings and 2026 Outlook: Strong Results and a $200B CapEx Plan

Solid fundamentals, an outsized CapEx guide, and the signposts that will define 2026

Feb 18 • Bernardo

Invert the Market's AI CapEx Panic

Why "supply constrained" is the tell and what would prove returns on incremental AI capacity

Feb 13 • Bernardo

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