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]

“Heico’s business model shares many similarities with Berkshire Hathaway’s. Both companies attract business owners who want to stay involved in their companies even after selling…80% of all Heico’s companies are standalone operations where owners have 10-30 years of experience”

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Morningstar on $TSCO:

"We view shares as undervalued... We like the firm's plans to shift product mix into these categories, though execution will take time; thus, we don't expect an immediate bounce. The bottom line: We plan to hold our $48 per share fair value estimate.."

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Morningstar on Amphenol $APH:

"We now expect nearly 50% sales growth in 2026, with 30% coming organically, and driven by the data center. Still, we like continued double-digit organic growth in industrial and defense sales that keep the business diversified."

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

This is probably because O’Reilly has a higher percentage of its sales mix from commercial customers, which tends to be more recurring

AutoZone also discussed this on today’s call, “It is why it is our #1 growth priority.”

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

O’Reilly tends to outperform AutoZone on domestic sales growth in more challenging environments (not entirely apples-to-apples because their calendars don’t line up)

$ORLY +8.1% (reported last month)
$AZO +4.1% (reported today)

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Recently sold $COST at $993 or ~52x earnings

Hard for me to underwrite decent returns over the next 5-7 years at that price 🤷‍♂️

Also hard not to love Costco the business

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

@olensrud Suveren oppdatering 🙏

[Yellowbrick Investing @joinyellowbrick]

Added 35 stock write-ups to the site (pt 3):
@jupiters_string - $WEN
@BlokeOak57182 - $PRTC
@umibozuresearch - $FJET (short)
@TopCornerInvest - $MUSA
@petition - $SNBR (update)
@stwboerse - $IAC (update)

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Murphy USA is expecting to open 50 new stores per year in the coming years, which should add ~$40 mill in EBITDA from each cohort as these stores mature

At $1 billion in EBITDA (2025), that should be a 3-4% CAGR tailwind to earnings from new stores alone

Link in bio!

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Latest write-up: Why I Own Murphy USA $MUSA

The long-term case is more than just higher fuel prices:
- accelerated store openings
- ~15% returns on new stores and higher margins from inside sales
- attractive capital allocation, retiring 6-7% of shares annually

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

The last time we saw real volatility in fuel prices, Murphy earned ~40 cents per gallon for a brief period

Typically, higher fuel prices = more traffic for Murphy because they tend to have the lowest prices

As fuel prices increase, consumers become more price conscious

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Brian Niccol: "This is the Starbucks our customers deserve and the Starbucks we believe will deliver long-term growth and value for our partners and shareholders."

Two consecutive qs of SSS growth - step in the right direction considering the prior eight were negative

$SBUX

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

@unciacapital @rsandler21969 Bummer. Really enjoyed his interview on the Value Investing with Legends podcast last year

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Morningstar on $SBUX:

"We continue to view CEO Brian Niccol’s Back to Starbucks plan as a prudent strategy that reinforces the firm’s premium position and supports its long-term competitive standing by placing a greater emphasis on the customer experience"

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

"In an evaluation document of the model, Muse Spark tops AI models from Anthropic, Google, OpenAI, and xAI in some categories, though it falls short in others."

🤷‍♂️ $META

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Eli Lilly: "Today, fewer than 1 in 10 people who could benefit from a GLP-1 are taking one, held back by access, stigma, perceived complexity or the belief that their condition isn't serious enough for treatment."

$LLY

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Moody's $MCO: "U.S. refinancing needs grew ~3% and remain weighted towards leveraged finance issuers... Refinancing needs up from ~$4.9T to ~$5.2T over the next four years."

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

$MUSA Murphy USA: “Volatility, we always say is our friend..We know that volatility can introduce itself into the market at any time, and we have a really strong and competitive business model to capitalize on it when it does.”

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

@MarkSauer18 Impressive, pretty much opposite for me. YTD low today

[Jorgen - Top Corner Investing⚽️ @TopCornerInvest]

Moody’s on margin expansion in the Ratings segment:

“We've also equipped our Ratings analysts with pockets of automation tools to be more efficient and spend more time on Ratings committee, spending time with issuers and less so on more administrative tasks”

$MCO