Quality Analysis

Micron Technology: The Memory Company That Isn't One Anymore

Micron crossed $1T on 81% gross margin guidance. The bear case: memory is cyclical. One of them is applying the wrong model to the wrong product. We…

May 28 • Ruben van Putten

AppLovin: The Platform in the Wrong Costume

AppLovin sold its gaming business in 2024. It now runs at 85% margins, growing 59%, generating $1.29B FCF per quarter. The market hasn't updated the…

May 21 • Ruben van Putten

Anduril Is Real. The Price Isn't.

Anduril is real: $2.2B revenue, DoD contracts, a platform no prime has matched. Secondary markets say it's worth $89B.

May 13 • Ruben van Putten

Palantir: The best quarter that nobody believed

Palantir's best quarter ever. 85% revenue growth. 53% GAAP margins. The stock fell anyway. Here's what the market is pricing in and why it's probably…

May 7 • Ruben van Putten

Constellation Software: Diminishing returns at scale

700 acquisitions. $1.7B cash flow. 46% below its all-time high. The founder has left. Here is what the compounder is actually worth now.

Apr 24 • Ruben van Putten

Kinsale Capital Group - Insuring what others won’t

How a Richmond insurer built a technology moat inside one of the least glamorous corners of American finance, and what the growth slowdown actually…

Apr 14 • Ruben van Putten

Games Workshop: The most profitable hobby in the world

191% ROCE. Zero debt. £617m revenue. And an Amazon Prime series with Henry Cavill in development. Here is the full Games Workshop deep dive.

Apr 2 • Ruben van Putten

Nu Holdings: The Purple Card and the $74 Billion Machine

131M customers. $2.87B net income. 19.9% efficiency ratio. And a US banking licence just approved. Here is the full NuBank deep dive.

Mar 26 • Ruben van Putten

Basic Fit: Europe’s largest gym sells intentions, not workouts

The low-cost fitness giant just turned the corner on free cash flow, acquired Europe’s largest franchise gym network, and is pivoting from aggressive…

Mar 19 • Ruben van Putten

GigaCloud Technology: The cheapest quality business you passed because of its passport

GigaCloud trades at 10x earnings with $417M cash and zero debt. Is the China-founder discount warranted or is this the most mispriced small-cap on the…

Mar 12 • Ruben van Putten

Kelly Partners Group: Good Business, Dangerous Narrative

Ticker: ASX: KPG Current Price: Around AUD $6.00 (as at March 2026) All-Time High: AUD $13.60 (February 2025) Analyst Consensus Target: AUD $4.70-4.90…

Mar 5 • Ruben van Putten

Klarna: The $14 Stock That Can’t Decide If It’s a Bank

Is Klarna a bank, a BNPL lender, or a payments network? The answer determines whether $14 is cheap or fair. We ran the numbers.

Feb 26 • Ruben van Putten

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