The Dutch Investors

TerraVest Industries Deep Dive with Michael GielkensIs TerraVest Industries still an attractive investment after its remarkable run, or have investors already missed the opportunity?In this episode, we're joined once again by Michael Gielkens, partner and co-owner of Tresor Capital, for an in-depth discussion about Canadian serial acquirer TerraVest Industries (TVK.TO).We explore how the business has evolved over the past decade, its acquisition strategy, capital allocation, management, governance concerns, and valuation. We also discuss what makes TerraVest different from other serial acquirers, how to assess its future reinvestment opportunities, and whether its best years might still lie ahead.Along the way, Michael shares his approach to analyzing serial acquirers, and we briefly discuss his upcoming book, Sidecar Investing.Follow Michael Gielkens:X (Twitter): https://x.com/MichaelGielkensLinkedIn: https://www.linkedin.com/in/michaelgielkens/Tresor Capital: https://tresorcapital.nl/Ask us a questionBest Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

The internet feels invisible, but it depends on real cables, data centers, and networks. In this episode, we speak with Andrew Blum, author of Tubes: A Journey to the Center of the Internet, about how the internet actually works. From undersea cables and internet exchanges to Amsterdam’s role as a global hub.We also explore how Google and Meta are changing internet infrastructure, why AI is driving demand for data centers, and what this means for power, competition, and the future of the digital economy.Big thanks to Andrew for taking the time to join us. You can find his links below:His websiteGet the book! A Journey to the Center of the InternetAndrew's LinkedInAsk us a questionBest Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

AI Victims or AI Winners?Software stocks keep falling while revenue still grows. So is AI destroying these businesses, or making them stronger? In this episode, we look at three very different companies: Klaviyo, HubSpot, and Adyen. Which ones are actually exposed to AI, which ones could benefit from it, and where the market may be overreacting.The core question is simple but important: if AI makes software easier to build, use, and replace, what happens to pricing power, retention, and valuation? We break down how each business makes money, why their pricing models matter, and why a falling share price does not automatically mean a better investment. Along the way, we explore whether AI could improve marketing workflows, reduce CRM seat counts, reshape payments, or shift more value away from software companies and toward their customers.Ask us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat.We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charlie Munger’s circle of competence to real-world investing decisions, exploring why honest uncertainty can be a better edge than false confidence.You’ll learn:Why ASML’s complexity can be a barrier to competitionHow to think about the circle of competenceWhy the “too hard pile” can still contain promising investmentsWhat a deep dive into LAM Research revealed about semiconductors, etching, deposition, and cleaningHow to focus on the one or two facts that matter mostThis episode is a reminder that understanding every detail is often impossible, and usually unnecessary. What matters is assessing whether a business has a durable edge, whether customers can realistically switch, and whether that advantage could last.If you invest in semiconductors, AI infrastructure, or businesses that feel too complex to analyze, this episode offers a framework for thinking through the challenge.Ask us a questionBest Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

Why choose Grab when another ride-hailing app offers a cheaper fare?From a rainy evening in Vietnam to the economics behind your next ride, we explore Grab’s business model, network effects, and competition in Southeast Asia and what they mean for investors in Grab stock (NASDAQ: GRAB).A story about reliability, customer loyalty, and the questions worth asking before buying the shares.Interested in Grab Holdings? See our Grab deep dive.Main takeaway? A service can be valuable to customers without being an attractive investment. You need to understand what it costs to deliver that value and how much the business retains.Ask us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

Dino Polska (WSE: DNP) keeps opening supermarkets across Poland, but profit growth has slowed, and its shares have come under pressure. Has the investment thesis changed? Or has the market become too pessimistic?In this episode we revisit our original Dino Polska deep dive and compare our expectations with what happened. We cover the retailer’s business model, competition with Biedronka and Lidl, pressure on margins, and its approach to reinvesting for growth. We also revisit the valuation.Ask us a questionBest Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

 In this deep dive, we break down the global payments industry from the ground up, moving past the surface-level metrics to examine the hidden framework that powers every digital and physical transaction. We explore why payments are a battleground of intense competition, structural moats, and evolving technology, helping investors separate true compounding businesses from value traps.Chapter 1: The Four Party Model Chapter 2: Point of Sale Chapter 3: Digital Wallets Chapter 4: Payment Service Providers Chapter 5: Issuing and Acquiring Banks Chapter 6: Card Networks Chapter 7: Crypto and Stable Coins Chapter 8: Where the Growth Actually Is Chapter 9: Five CompaniesAsk us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

In this episode we'll get answers to some in-depth questions on Fairfax, often named the 'Canadian Berkshire Hathaway' due to its similar business model.Asheef Lalani, also known as BrownMarubozu, is a real Fairfax expert. He's been following the company closely for over six years and has been in close contact with some people working at the company. He'll help us uncover what makes Fairfax so special and why this might be an interesting investment.Asheef is a true Fairfax expert, and we highly recommend following him if you're interested in Fairfax. You can do so on X (Twitter) or on Substack.You can find the full in-depth dive analysis on Fairfax on our TDI-terminal or on Substack.Ask us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

What is the actual job of a CEO, and why do most leaders fail at the one thing that truly drives shareholder returns? In this episode, we break down the mechanics of capital allocation, look at the playbook used by history's greatest outsider CEOs, and examine why conventional business metrics often lead investors astray.Credits to William Thorndike and his excellent book: The Outsiders - Eight Unconventional CEOs and Their Radically Rational Blueprint for Success.Ask us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research. 

What do long-term public equity investing and a decades-long marriage actually have in common? More than you might think.In this special episode of The Dutch Investors, Siem te Hennepe reflects on tying the knot with his wife, Ariane, after ten years together. To mark the occasion, co-founders Bouke, Luuk, and Mathjis handed over a unique wedding gift: ten fundamental rules bridging the worlds of market discipline and lifelong partnership.Enjoy.Ask us a questionSupport the showResearch better with the TDI TerminalFundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community. ➡️ Explore the TDI Terminal.com ________________________________________________________You can also find us on:X/Twitter - Substack  ________________________________________________________ Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.