Max Ha

Slowly compounding to financial independence 🐌 Interested in high quality business models & moats. Focus on systemic mispricings such as spin-offs.

[Max Ha @HrtmnMax]

Portfolio H2/25. +1%YTD, +12%LTM
$KD $HAYPP.ST $META $EVO.ST $GOOG $AMZN $PLX.PA $BUR.L $IDT $TFF.PA $FERG
Sold: $HRI $MRO.L

[Max Ha @HrtmnMax]

For sake of transparency my Q1/25 portfolio performance.
$KD $META $GOOG $AMZN $HAYPP $PLX.PA $BUR $TFF.PA $EVO.ST $IDT $MRO.L $FERG $HRI

[Max Ha @HrtmnMax]

@DeepSailCapital @blondesnmoney What's your thesis for the cost side of incumbents?

[Max Ha @HrtmnMax]

@Clyde_stocks Did he?

[Max Ha @HrtmnMax]

@GuiveAssadi Economies of scale

[Max Ha @HrtmnMax]

@FRValue They also didnt develop their own search engine.

[Max Ha @HrtmnMax]

@Speedwell_LLC Loyalty. Customers receive flowers and a sympathy card from Chewy after informing them of a pet's passing, usually when canceling an Autoship order or requesting a refund for unopened food/medication.
Chewy issues a refund and tells the owner to donate it to a local shelter.

[Max Ha @HrtmnMax]

@Nathans_news @SashInvesting Regulatory concerns coupled with messy financials due to interest income / exposure see Edenred as comparable.

[MicroCapClub @MicroCapClub]

This is one of the most educational interviews you can listen to. A CEO that created a 1000 bagger return being interviewed by the investor that made the most from it.

https://t.co/FPtRasSgub

[Max Ha @HrtmnMax]

@TacticzH 'I have zero original ideas and source all my pitches from Q-Fintwit.' 🔥

Kidding. Seems mostly like a collection of high quality, scalable business models. We have the market cap agnostic approach in common.
Risky exposure to AI and esp. China that is a bit out there.

[Max Ha @HrtmnMax]

@ReturnsJourney Accelleron Industries (Switzerland). Ex $ABB spin-off. Industrial company: Large scale turbochargers for ships and back-up energy e.g. data centers. 50% of revenue from EM. 18% profit margin. 70% cash conversion.

[Max Ha @HrtmnMax]

@KairosPraxis Sir, are you familiar with the concept of limit orders?

[Max Ha @HrtmnMax]

@leevalueroach More like selling to the first guy that comes along after the war ended and offer 1.5x purchase price because it looks expensive next the bombed out houses on the street

[Max Ha @HrtmnMax]

$NEO.TO $700M small-cap with secular tailwind and free capacity coming online.

[Neo Materials @neo_materials]

$TSX:NEO reports strong Q2 2025 results:

✅ $19M Adjusted EBITDA, up 41.6% YoY
✅ European facility featured at G7
✅ New $50M contract with EV supplier
✅ Grand opening in Sept 2025
✅ Heavy rare earth pilot line underway

Read more: https://t.co/JCB1MpLfIO

[Max Ha @HrtmnMax]

@MicroCapClub @OtterMarket Hard earned return. He got alot of hate for it.

[Max Ha @HrtmnMax]

@RihardJarc Old-economy enterprises are going to be super wary of data privacy. I cant see GOOG, META or xAI be popular options. My gueas whoever is partnering with MSFT will win in enterprises that are already on the MSFT stack.

[Max Ha @HrtmnMax]

@TomSmith839 Hate to see it

[Max Ha @HrtmnMax]

@ecommerceshares @StanphylCap Target prices are just a 12 month guess. Not necessarily fundamental. While I think that's a cop out and self-reinforcing, it is important to understand that it is not the result of pure valuation. So if earning break thesis that could warrant a significant change.

[Max Ha @HrtmnMax]

@Restructuring__ Weddings are a modern status symbol. Great if have the confidence to keep it small and low cost. And important test if you share the same expectations as your spouse or can compromise.

[Max Ha @HrtmnMax]

Sold $FERG for $NEO.TO. Bit more commodity business than I like but very interesting supply / demand situation play on Ex-China neodymium magnet

[Max Ha @HrtmnMax]

Portfolio H2/25. +1%YTD, +12%LTM
$KD $HAYPP.ST $META $EVO.ST $GOOG $AMZN $PLX.PA $BUR.L $IDT $TFF.PA $FERG
Sold: $HRI $MRO.L

[Max Ha @HrtmnMax]

For sake of transparency my Q1/25 portfolio performance.
$KD $META $GOOG $AMZN $HAYPP $PLX.PA $BUR $TFF.PA $EVO.ST $IDT $MRO.L $FERG $HRI

[Max Ha @HrtmnMax]

@MikeFritzell - Friendly middlemen
- Distributors
- Scale-benefit shared
- Toll roads
- Multi-sided Matching platforms
- Marketplaces without multi-tenanting
- Consumable model (Razor/Razor-blade)

[Max Ha @HrtmnMax]

@stonkmetal Question is also in their reasearch segment. Reports are being commoditized unless they have relevant proprietary data.