Guru Gems

Studying the world's best investors → Building 2 portfolios based on their wisdom → Sharing everything I learn | Weekly newsletter:

[Guru Gems @guru_gems]

New Guru Gems edition

🕴️ The Guru: Marc Werres & The Hinde Way

🏛 The Playbook: The 5 Pillars of a great business

🎬 The Playbook in action: A Netflix $NFLX case study

💎 The Gem: $IBKR

👇
https://t.co/9mLQ8mKZHe

@marcjwerres @HindeGroup

[Guru Gems @guru_gems]

Giverny Capital Asset Management (David Poppe) Q2 top 10 positions

$GOOGL $ANET $SCHW $TSMC $KNSL $MEDP $META $PGR $HEI $WSO

You can find his full Q2 letter in my latest post 👇

https://t.co/ljBck5ExxS

[Guru Gems @guru_gems]

Sunday Guru Gems day!

Short summer edition today

🎉 Celebrating 500 subscribers
📚 Summer reading
📬 Giverny’s Q2 Letter

$GOOGL $CSU $ANET

👉 https://t.co/ljBck5ExxS

[Guru Gems @guru_gems]

$FICO spent $2.3 billion on share repurchases in fiscal Q3, reducing the total share count by ~7%

Good time to buy?

Read more on $FICO in my Kantesaria deep-dive: https://t.co/G2vO060NMA

[Guru Gems @guru_gems]

Baxter $BAX Q2 2026: scoring the three things I said I'd watch

In my recent Pzena / Baxter post, I highlighted three things I'd watch at Q2:

1/ Margin progress toward the 13–14% guide 🟠

Adjusted operating margin 14.2%. But $75M of it was a one-off tariff refund. Stripping that out would bring it back below the guide.

2/ A timeline on the Novum pump hold 🟠

"We have identified corrections to address the field actions and are in the early stages of verification testing."

Still no specific timeline but more details than before. Guidance continues to assume the hold lasts all year, so any lift remains pure upside.

3/ Progress toward 3.0x leverage 🟢

Free cash flow of $181M in Q2 and $257M in H1, against negative $144M in H1 2025. Management now has "increased confidence" in ~3.0x by year-end. They even start talking about M&A and buybacks as “Anticipated actions once targeted leverage ratio has been achieved”.

So while Q2 had an earnings beat and a raised outlook, with two amber and one green, the turnaround is clearly still in an early stage.

I’m currently up 30% on my BAX position and will continue to hold

👉 https://t.co/I2VLEwD7Pf

[Guru Gems @guru_gems]

Cognizant $CTSH is up 35% over the last month

It was one of the 3 stocks I added to the Magic Formula portfolio in my most recent round.

It is also a top 5 position for Pzena Investment Management.

A few takeaways from today’s Q2 earnings:

- Adjusted operating margin 16%, a 40 basis point expansion year-over-year

- Trailing 12-month bookings increased 5%, with seven large deals signed, each exceeding $100 million in TCV

- The company deployed $1.1 billion on share repurchases during the quarter

- Cognizant is actively moving from a traditional systems integrator to an "AI builder", launching a dedicated AI market unit and establishing the Cognizant AI Delivery Operating System to capture a projected $5 trillion-$6 trillion enterprise operations market

Read more 👇

https://t.co/dZm2gpuUWO

https://t.co/I2VLEwDFEN

[Fiscal.ai @fiscal_ai]

S&P Global Q2 Revenue by Segment

Ratings +17%
Market Intelligence +6%
Energy +2%
Indices +20%

$SPGI: -5.1%

[Guru Gems @guru_gems]

One year ago I profiled Bryan Lawrence of Oakcliff Capital.

This week: what's changed, his AI research agents, and why he's been aggressively buying $GWRE during the AI-panic selloff.

https://t.co/GkG4tORqKr

$IBKR $GIL $GOOG $TDG

[William Green @WilliamGreen72]

"Strive to be disciplined, rules-based & algorithmic in your investing in order to keep your behavioral foibles at bay. Know thine enemy—it is primarily yourself, but don't forget that many others will be trying to get a slice of your financial pie too."—Victor Haghani @ElmWealth

[Investment Wisdom @InvestingCanons]

Warren Buffett this morning:

“If you have a wonderful business,
you are going to be subject to attack. So it’s not a question of whether it was wonderful yesterday. The question is, how long is it going to be wonderful?”

[Guru Gems @guru_gems]

The most-shared Guru Gems post is 9 months old and keeps getting new likes.

Norbert Lou runs Punch Card Capital: rarely 5+ positions, no interviews, seeded by Joel Greenblatt himself.

The Gem in that issue was $PYPL, which has now received a takeover offer.

https://t.co/tV4GTpKKTB

[Yellowbrick Investing @joinyellowbrick]

Added 73 new stock write-ups to the site (pt 5):
@Quality_stocksA (updates) - $CUV.AX, $DXRX.L, $MELI, $BONEX.ST, $UBER, $INPST.AS, $PYPL, $ADBE, $FOUR, $DSY.PA, $NVO, $DLO
@oguzerkan - $MSFT, $META
@CWB_Research - $NOW
@BrettKessler__ - $UBER
@guru_gems - $GWRE

[Guru Gems @guru_gems]

@WilliamGreen72 Would love for you to do an episode of RWH with Josh Tarasoff!

[Guru Gems @guru_gems]

$ADBE is still very much in ‘Magic Formula’ territory

-> ‘Good’: ROCE 3Yr Avg 43%
-> ‘Cheap’: EV/EBIT 8.5x

It hasn’t exactly been the best performer in the Magic Formula portfolio however: it is down 20% since I added it in March 2026.

Every position is kept for exactly one year, so Adobe has about 9 months left.

Let’s see if the recent acquisition, new partnerships and product launches will be able to drive some positive momentum.

Check out the full portfolio 👇🏻

https://t.co/bqwshD0sp0

[Fiscal.ai @fiscal_ai]

Wise now has nearly $30 billion in customer balances on its platform.

That's up ~6x over the last 5 years.

$WSE

[Guru Gems @guru_gems]

🚨 New Guru Gems post!

On Warnings Signs, Downside Protection, and a Salvage Yard

$CPRT $GOOG $AMZN $CSU $SPGI

Happy reading!

https://t.co/yK6L4Pi9Cs

[Guru Gems @guru_gems]

$NFLX down 42% from its 52wk-high

The stock is back to its lowest point during Q1 when quite a few Gurus have been buying

- Josh Tarasoff initiated a new position - nearly 8% of his portfolio

- Thomas Russo increased his position - now more than 6% of his portfolio

- Oakmark significantly increased their position

The best signal may come from Marc Werres at Hinde Group, who made 4x his money with Netflix between 2022-2025.

Bought when the business was great but the market was terrified. Held while the thesis was proven out. And trimmed when the prospective return no longer cleared the hurdle.

After significantly reducing his position in 2025, Werres has now started buying Netflix again.

I’m moving Netflix high up on my watchlist 👀

Read more on Hinde Group in my recent deep-dive

👉 https://t.co/vYeJEhvXeY

[Guru Gems @guru_gems]

$FISV CEO Mike Lyons resigned after just 13 months.

The stock is now down 70% (!) over the past year and down to its lowest level since 2016.

Quite a few big investors hold the stock. Buying opportunity?

[William Green @WilliamGreen72]

“You will not find a moment in the history of the United States cap-weighted stock market where valuations have been higher than today.”—@ChrisBloomstran

[Yellowbrick Investing @joinyellowbrick]

Added 62 new stock write-ups to the site (pt final):
@OGCapital25 - $PENG
@guru_gems - $BKNG
@javiermtzmorodo - $ZETA
@EarningsB4Hugs - $WISE.L (overview)
@elpistollero_ - $MRLN (overview)
@CoffeeStocksGuy - $VELO (overview)
@bmb21 - $MGM (update)
fund letters
and more...