Jorgen - Top Corner Investing

Long-term investor. Looking for businesses I can own forever, knowing most don’t deserve that

[Jorgen - Top Corner Investing @TopCornerInvest]

Muse saved me a big headache by waiting in line and chatting with a Booking customer service agent today. Prompted it to not make any changes/cancelation + provide a summary, which it did well

Still learning how to best use Muse in my investment process, though

[Jorgen - Top Corner Investing @TopCornerInvest]

@FinanceJack44 Some of us are talking about it!

I think most people understand that long term it could be a new, very profitable business segment. But prediction is hard and there’s a lot of competition. Also the short-term sacrifice is zero/negative FCF which impacts sentiment

[Jorgen - Top Corner Investing @TopCornerInvest]

Zuck: “Muse is very compute-intensive to run, but we expect to improve its cost efficiency by more than 10x in the next year, which will enable it to be profitable once the revenue lines are at scale.“

$META

[Jorgen - Top Corner Investing @TopCornerInvest]

Added to $APH at $75 (only to see it 5% lower an hour later)

~7% of the portfolio

[Jorgen - Top Corner Investing @TopCornerInvest]

@CoalemusGuy Enig og er glad ledelsen var såpass ærlig på kvartalspresentasjonen også. Q4 er historisk over dobbelt så stort (EBIT i Q3 i fjor var 293 mill, Q4 var 648 mill), så håper en god julesesong gjør opp for det!

[Jorgen - Top Corner Investing @TopCornerInvest]

$EPR.OL Europris rapporterte Q3 forrige uke:
-0.1% sammenlignbar vekst i Norge
+0.5% EBIT

Første 9M av 2026 var bedre
+3.7% sammenlignbar vekst
+4.7% EBIT

Dårlig Q3 delvis pga timing, men også en kampanje som leverte under pari

Q4 er mye viktigere, håper de får ordna opp 🤷‍♂️

[Jorgen - Top Corner Investing @TopCornerInvest]

Litt flere detaljer her ⬇️

[Jorgen - Top Corner Investing @TopCornerInvest]

I Sverige var mye som forventet, mer eller mindre flat omsetning og et negativt driftsresultat

Espen Eldal beskrev det som en "miss", noe som er litt bekymringsverdig før julesesongen. Positivt at "non-food" salg er opp og at vareutvalget er oppgradert før jula

[Jorgen - Top Corner Investing @TopCornerInvest]

Stairway to Heaven

$V

[Jorgen - Top Corner Investing @TopCornerInvest]

@DividendDynasty Creds to you and @DRGinvests for buying when it was going through a period of heavy investments (if I remember right)!

[Jorgen - Top Corner Investing @TopCornerInvest]

@LeonineT4 I pretty much just drink black coffee. And I enjoy the opportunity to get free refills and a mug when sitting down at a Starbucks. Definitely agree that you can get better flavored coffee elsewhere, though

[Jorgen - Top Corner Investing @TopCornerInvest]

"Back to Starbucks" is starting to show up in the numbers

Full-year operating margin increased 2 percentage points to 11.9% and management is guiding for 13.5–14.0% in FY27

$SBUX

[Jorgen - Top Corner Investing @TopCornerInvest]

@gnufs I'm surprised Brian Niccol wasn't asked about that on the call. Hopefully by "growth plan" he does not mean growth by acquisitions 🤷‍♂️

[Jorgen - Top Corner Investing @TopCornerInvest]

Shared some more thoughts over on Subst*** for those interested

[Jorgen - Top Corner Investing @TopCornerInvest]

$MUSA CEO: "What our third quarter results tell us is that we took share on both a total gallon basis, but also a same-store basis as we were plus 6% versus OPIS [retail fuel market data]"

[Jorgen - Top Corner Investing @TopCornerInvest]

@Minnvestor Some more $APH

[Jorgen - Top Corner Investing @TopCornerInvest]

In hindsight, I feel like a genius for trimming 1/3 of my $GOOG shares at $401 in May

In hindsight, I feel like an idiot for keeping 2/3s of my $GOOG shares

[Jorgen - Top Corner Investing @TopCornerInvest]

"For the full year 2026, Amphenol expects sales to be in the range of $36.9 billion-$37.1 billion, representing an approximately 60% increase [YoY], while Adjusted Diluted EPS is expected to be in the range of $2.82-$2.84, representing an approximately 70% increase.."

$APH

[Jorgen - Top Corner Investing @TopCornerInvest]

Moody's anticipates >$1 trillion in hyperscaler capex in 2027:

"They [ratings analysts] expect that to grow to somewhere $1 trillion or more. What that tells you is we expect that there will be continued growth in the hyperscaler issuance and AI infrastructure build-out"

$MCO

[Jorgen - Top Corner Investing @TopCornerInvest]

New CEO started at the beginning of this quarter which will hopefully reduce some of the noise.

In hindsight I sized the position wrong (~9% of portfolio), but I feel pretty good about the stock here. Happy to listen to other perspectives

[Jorgen - Top Corner Investing @TopCornerInvest]

My $ABG.OL shares are ~flat since I first bought around 2 years ago, excluding a 7.5% dividend yield

The stock hasn't worked even though corporate financing + M&A ⬆️ since the '22-'24 downcycle

2-yr revenue growth +32.6%
2-yr EPS growth +37.7%

Stock trades at 9.7x trailing EPS