In this episode, I sit down with Andrew Brown to unpack the real mechanics of investing – from the ideas that shape conviction to the mistakes that refine it.

We start with reflections on 2025 and the lessons that most influenced Andrew’s thinking as an investor. From there, we dive deep into Constellation Software and the broader software selloff: why CSU stood out, how AI disruption changes the thesis, and what could ultimately prove the investment wrong.

We also explore the psychology of near-misses through the lens of Wise.

Beyond public markets, Andrew shares candid insights from his experience as a business operator – what surprised him, what proved harder than expected, and how running a company reshaped his approach to investing.

We close with a passion pick from his portfolio and a discussion on what makes a business intellectually compelling, misunderstood, and fragile at the same time.

A conversation about conviction, humility, and the messy reality behind great investment decisions.

In this episode, my guest Jakub (@jakubhajost on X) and I unpack InPost – one of Europe’s most fascinating business-infrastructure stories that sits at the intersection of logistics, technology, and e-commerce enablement.

We go beyond the obvious “locker company” label and explore the deeper mental model: Is InPost a logistics operator, a tech platform, or the rails of European e-commerce? We break down why millions of consumers choose out-of-home delivery over the doorstep, what the actual user experience looks like, and how layers like app-based label-less tracking, loyalty, payments, AI-driven operations, returns, C2C, and cross-border capabilities strengthen the flywheel.

We also examine the win-win-win-win proposition – how InPost creates value not only for shoppers, but for merchants, landlords, and society.

We zoom out to Europe: when InPost stopped being a Poland-only champion and became a continental scale story, how consumer habits and cultural differences impact locker adoption, and which markets could matter most next – organically or via M&A.

Then we pressure-test the idea:

* What’s the strongest bear case, and why have competitors like Amazon, DHL, Allegro, and shared-locker networks not matched InPost’s ecosystem control or cost curve?

* How real is the empire-building risk around international expansion and acquisitions like Mondial Relay?

* What do institutional investors still misunderstand about the business?

Finally, we look to the future – cross-border deliveries, valuation frameworks, potential international parcel economics, and the long-term destination analysis: If InPost executes perfectly, what does success look like by 2030–2035, and ultimately 2030 or 2035? Could this become “the European Amazon in the making”?

If you want to understand one of Europe’s most asymmetric, misunderstood, and potentially moat-rich infrastructure plays – this one is for you.

My deep dive:

Disclaimer: Both Jakub and I own shares in InPost. The analysis presented in this blog may be flawed and/or critical information may have been overlooked. The content provided should be considered an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The stocks, funds, and assets discussed are examples only and may not be appropriate for your individual circumstances. It is the responsibility of the reader to do their own due diligence before investing in any index fund, ETF, asset, or stock mentioned or before making any sell decisions. Also double-check if the comments made are accurate. You should always consult with a financial advisor before purchasing a specific stock and making decisions regarding your portfolio.

In the last episode of the year, my guest Heavy Moat Investments and I unpack a mix of ideas that shaped our thinking between 2025 and 2026. We kick off with the most interesting things we’ve been reading, watching, and listening to lately – the signals that made us pause, rethink, or double-click on a business or a stock market trend.

Then we reflect on 2025 itself: the biggest lessons learned, the moments that felt like personal breakthroughs, and why Liberation Day became a mental bookmark for a year of shedding old assumptions.

A major part of the conversation revolves around AI and software moats & economics. We explore businesses with vertical, ecosystem-style moats like VMS providers, which are often deeply entrenched in their customers’ workflow. How strong are competitive barriers here? And is the market rightfully punishing “anything software?”

We also touch on portfolio construction and the constant reshuffling that may come with being a learning machine. Finally, we step into 2026 with bold predictions that might look obvious in hindsight but feel uncomfortable today. Not because we think we can forecast the future perfectly, but because it’s simply a fun exercise.

If you enjoy investing through the lens of business quality, evolving moats, and better decision-making, this episode may be for you.

In this episode, I sit down with Mike Kytka from MoneyFlow Research (@moneyflowinvest), one of the most thoughtful independent investors covering cross-border payments, fintech infrastructure, and the rapidly evolving stablecoin landscape. Using Wise as our focal point, we explore where the company truly stands today: its moat, its regulatory advantage, its recent financial performance, and whether the market is misunderstanding the long-term potential and economics of building a global payments network.

We also unpack the big question looming over Wise: How disruptive will stablecoins actually be? From the “full stablecoin sandwich” to regulatory frameworks like the GENIUS Act and MiCA, Mike walks through what really matters – the on- and off-ramps, the compliance stack, and why the hardest part of moving money isn’t the blockchain, but everything around it.

We close with a look toward 2026: a potential U.S. uplisting, AI, valuation debates, and what a bull case for Wise could look like in a world where stablecoins go mainstream. Links to Mike’s two Wise write-ups:

Initial write-up by Mike:

2024 Update:

In this episode, Ruki and Andrew join the show. We cover a wide range of themes shaping tech and markets in 2025. We dig into how AI might disrupt established players like Salesforce, PayPal, and Adobe, and whether large language models are really a dead end on the path to AGI. We also debate the fintech battleground with Wise vs. Stripe, discuss our takeaways from Meta Connect 2025, share a snap judgment on Adyen’s stock, and step back to look at the broader forces driving markets this year.

It’s a mix of deeper dives and quick takes – perfect for anyone interested in the intersection of technology, investing, and the future of business.

In this episode, we dive into the big questions shaping today’s market – from Nvidia climbing to 8% of the S&P 500 to whether buying at all-time highs is smart or reckless. We break down the timeless debate on market timing, unpack why free cash flow plus growth is such a powerful formula, and take a closer look at stocks like Crocs, Lululemon, Adobe, Novo Nordisk, and many more.

In this episode, we are joined by Niklas – better known as Heavy Moat Investments – a 26-year-old former software developer from Germany who’s carved out a niche in deep, thoughtful equity research. With over 22k followers on X and 9k on Substack, he’s quickly become a go-to voice for long-term investors who care about moats, valuation frameworks, and owning quality.

We cover:– How Niklas got into investing and how his thinking evolved– His valuation approach: intrinsic value vs multiples, TSR thinking, and adjusting to business life stages– Portfolio concentration and how he contrasts with investors like Andrew who take 40% positions– Risk appetite in younger generations: why are so many drawn to options, leverage, and momentum?– Unique asset classes (yes, even Bitcoin and CS skins)– Whether it’s possible to inspire others about investing – and why so many just don’t care– What he’s been reading and watching lately

Tune in for a wide-ranging and honest conversation with someone who’s combining deep research with a growing audience – and doing it his own way.

In this episode, we cover several major developments in tech and investing. We start by asking: Has Google already lost the AI race? Then we look at Meta’s aggressive AI strategy — including high-profile acquisition attempts and the hiring of former OpenAI executives — and whether it’s time to consider selling the stock. We also revisit The Boston Beer Company and its valuation, wondering if it’s as cheap as it looks. Finally, we reflect on the real challenge of not just finding but holding onto 100-baggers in a volatile market.

Reflecting on Returns, Cash Drag & Wise’s Voting Control

Time to Buy Lululemon AGAIN?