No More Investing Secrets! (by René Sellmann)

Apologies for the poor audio quality on my end. I think I picked the wring input source (my speakers and not the Shure mic) – mea culpa!Thank you BE Invested Labs, Atilla Zambito, Paul k, and many others for tuning into my live video with Dave Ahern! Join me for my next live video in the app. Get full access to Compound with René at www.compoundwithrene.com/subscribe

Thank you for watching this replay of my live stream on the narrowness of the current market. If you missed it live, this is the full recording, and I hope it gives you something useful to think about or take into your own investing process.–––––If you like this kind of thinking, you’ll probably enjoy my newsletter (Compound with René) too. Get three free gifts when you subscribe:* Valuation spreadsheet* eBook: Investing Visualizations* eBook: 250 Thought-Provoking QuotesJoin 5,000+ subscribers here: https://www.compoundwithrene.com–––––Why my newsletter is different: There is too much investing content out there, and most of it is surface-level, driven by frequency, clicks or engagement hacks. I built my blog to be the opposite:* The highest-quality write-ups you will find on the market* Low noise, high signal* Deep thinking instead of dopamine-inducing content* In-depth write-ups on hidden but high-quality businesses from all across the globe* Timely updates on my portfolio decisions* Mental models and valuation templates to improve your process* Exclusive interviews* Macro commentary–––––Get in touch:* Newsletter: www.compoundwithrene.com* X (Twitter): https://twitter.com/renesellmann* Instagram: https://www.instagram.com/rene_sellmann–––––Disclaimer: The content provided is an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The stocks and funds discussed are examples only and may not be appropriate for your individual circumstances. Before making any financial or investment decisions, I recommend you consult a financial planner or advisor who can take into account your personal investment objectives, financial situation and individual needs. In no event shall René Sellmann be liable to any viewer for any damages of any kind arising out of the use of any content published on this channel, including, without limitation, investment losses, lost profits, lost opportunity, or special, incidental, indirect, consequential or punitive damages. Get full access to Compound with René at www.compoundwithrene.com/subscribe

When the model is free, what is still scarce? In this live conversation, I sit down with fellow Substack writer Compound With AI to talk about how AI is reshaping the investing process – from agentic workflows and Claude Code to the question of whether we have already built our last financial model.We start with Terence Tao’s idea that mathematics is moving from an era of proof scarcity to one of proof abundance, and ask whether investment research is next. From there we compare notes on how our workflows have changed over the past few months, what the latest models make possible, and where we let agents run unattended while still insisting on doing certain work ourselves.We also dig into Mostly Borrowed Ideas’ claim of having built a last financial model from scratch, and Thomas Peterffy’s counterpoint that AI is far better at assembling facts than at projecting the future. The conversation closes on what becomes scarce once research is abundant – judgment, capital allocation, and the trust between investors who know each other.If you want to go deeper, join our online community meetup on using AI in the investing process on October 3, 2026: [LINK]FIND US* Compound with René – compoundwithrene.com* Compound with AI on Substack – aiinvestinghq.com/Thank you Dave Ahern, David Smith, and many others for tuning into my live video with Compound With AI! Join me for my next live video in the app.DISCLAIMER: The content provided on this channel 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 and funds discussed on this channel are examples only and may not be appropriate for your individual circumstances. Before making any financial or investment decisions, I recommend you consult a financial planner or advisor to take into account your personal investment objectives, financial situation, and individual needs. In no event shall René Sellmann be liable to any viewer for any damages of any kind arising out of the use of any content published on this channel, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Get full access to Compound with René at www.compoundwithrene.com/subscribe

When is the right time to sell a stock? In this video, we break down a framework for deciding when to exit a position based on a company’s intrinsic value compounding rate. While low-growth companies often warrant a sell the moment they re-rate to fair value, high-growth compounders require a completely different mindset. We look at why confidence ranges for valuation are much tighter for slower growers, why high compounders command wider valuation bands, and why selling your best compounders too early can cap your long-term upside.We also examine how this plays out through the Total Return Formula – earnings growth, multiple changes, share buybacks, and dividends. You’ll see why low-growth stocks rely heavily on multiple expansion to generate outsized returns (making a re-rating to fair value the ideal signal to exit), whereas high-growth compounders derive most of their return from underlying earnings growth, making them far less dependent on multiple expansion to outperform over 5 to 10-year horizons.Thank you to everyone who tuned into my live video! Join me for my next live video in the app.Disclaimer: 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. I may own some of the securities discussed. 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. Get full access to Compound with René at www.compoundwithrene.com/subscribe

I couple of weeks ago, I sat down with The Dutch Investors for a wide-ranging conversation on my evolution as an investor, my research framework, how I leverage AI, and how I think about the future of tech.I’m resharing this episode to reach a broader audience, so feel free to pass it along to anyone who might find it valuable. Let me know your key takeaways in the comments!Here is what we covered in the episode:* My Backstory & Socials: What sparked ten years of continuous passion for investing, creating content, and leveraging productivity as a personal life hack.* Hard-Earned Lessons & Mistakes: Why I gravitated toward quality investing early on and the power of writing down a framework.* Research Process & Philosophy: Breaking down my complete process – from idea generation and business quality assessment to position sizing, valuation, and psychological discipline.* Latticework of Mental Models: How I use “thinking tools” like inversion, margin of safety, legacy vs. reinvestment moats, and localized network dynamics to make rational decisions.* Are We In an AI Bubble? My thoughts on the current environment.Hope you enjoy the discussion! Get full access to Compound with René at www.compoundwithrene.com/subscribe

Thank you The Private Ledger, Burn The Index, Sebastian celeiro, and many others for tuning into my live video with Learning.Investing.Thriving.! Join me for my next live video in the app. Get full access to Compound with René at www.compoundwithrene.com/subscribe

I recently hosted Pieter from Compounding Quality for an in-depth conversation covering his evolution as an investor, building a massive media presence, and managing a focused portfolio.Here is what we covered in the episode:* His Evolution: How Pieter transitioned from losing money as a teenage day trader to becoming a disciplined quality investor – including early mistakes with stocks like Ulta Beauty, OTC Markets, and Textainer, and his current goal of generating $1 in free cash flow per minute from his portfolio.* Building a 1M+ Audience: The story behind starting his social media presence in 2022, growing to nearly 1 million followers, and handling the responsibility that comes with a massive platform.* Mindset & Handling Criticism: How he processes online feedback and tough comments using a growth mindset.* Networking & Berkshire Hathaway: The power of networking at major industry events like Berkshire Hathaway meetings and how leveraging a strong network builds better investment insights.You can also find Pieter from Compounding Quality (Substack) on X (@QCompounding), LinkedIn (click here), and Instagram (@pieterslegersofficial). Get full access to Compound with René at www.compoundwithrene.com/subscribe

In this episode, we sit down with Jamie Halse, Founder and Portfolio Manager at Senjin Capital, to dissect one of the most compelling and misunderstood corners of global equities: Japanese small-caps.Following 13 years at Platinum Asset Management, Jamie launched Senjin Capital in 2024 with a clear mandate – buying quality, asset-rich Japanese small caps at 30 cents on the dollar and engaging constructively with management to unlock trapped balance sheet cash.We take a deep dive into the real drivers behind Japan’s market evolution, looking past high-level headlines to explore:* The $300M Sweet Spot: Why over 2,000 Japanese micro/small-cap companies lack meaningful analyst coverage, and how that structural neglect creates Senjin’s core edge.* Setting up a Fund: Jamie detailed the operational challenges of setting up an activist fund in Japan, the process of identifying and engaging with target companies, and the cultural and financial literacy aspects of working with Japanese management teams. * Governance Reform vs. Cosmetic Compliance: We discussed the progress of governance reforms in Japan, the differences between large and small caps, and the competitive landscape for activist investing. How to distinguish between genuine capital allocation shifts and superficial disclosures as the Tokyo Stock Exchange pushes for higher capital efficiency.* Tactical Activism: What constructive, active engagement actually looks like in practice. * Macro Dynamics & The Yen: Jamie’s take on central bank policy, unwinding cross-shareholdings, and why currency fluctuations play a distinct role depending on export versus domestic exposure. Jamie shared his views on the yen’s undervaluation, the impact of currency movements on different types of businesses, and briefly compared the situation in Japan to Korea. Whether you are an institutional allocation specialist or looking to understand why global investors are re-evaluating Japanese equities, this conversation offers a pragmatic, ground-level blueprint for value investing in Japan today. Get full access to Compound with René at www.compoundwithrene.com/subscribe

Today’s guest, Marc, runs the Learning Learning.Investing.Thriving. blog on Substack, and his path there was anything but linear. Having lived in the US, France, and Asia, he traded relative value at Morgan Stanley before walking away from finance to teach. In this conversation, we get into why he compares assets and industries rather than obsessing over absolute valuations, and what that lens tells him about today’s market.We spend real time on the AI and semiconductor boom. Is it 1999 again, or something different? Marc makes the case for European markets outperforming the US once more, and explains his growing interest in Japan and South America. We dig into total addressable market as a framing tool, the role of retail investors and leverage products in the volatility we keep seeing, and why so much of the market misreads risk right now.Then there’s the human thread. Marc tells the story of his former accounting professor who made a dry subject feel alive and, in doing so, redirected his entire career. It’s a reminder that the right teacher at the right moment can change everything.PS: Marc sent me an update this morning on his former teacher: “He’s still there. Since 1982!“If you think about markets in terms of edge, patience, and where the crowd is looking versus where it isn’t, this one is for you. Get full access to Compound with René at www.compoundwithrene.com/subscribe

In this episode, I sit down with the mind behind Compound With AI, the French investor who has built the most-followed account at the intersection of artificial intelligence and investing – now past 61,000 subscribers, ahead of even Aswath Damodaran, the “Dean of Valuation.” Wow! We trace his path from finance to becoming a go-to voice on putting AI to work in real investment research, and unpack how he carved out such a distinctive niche.A quick note before you dive in: we recorded this one over video, and at a few points (mainly towards the end) minor connection issues crept in, causing some short cutoffs in the audio. Apologies for the occasional rough patch – the conversation and ideas more than hold up, and I didn’t want a few dropped seconds to keep this one from reaching you.The heart of the conversation is practical. We walk through a typical research day and where AI actually fits, from idea generation to final conviction – which parts of the process he’s fully automated, which are AI-assisted, and which he deliberately keeps manual. He breaks down the tools he’s most proud of, automating corporate filings, and how genuinely accessible all of this has become for non-technical investors. We also get tactical on prompting: what separates a great investing prompt from a mediocre one, etc., etc.We close on the harder questions. Where does AI still fall short for serious investment work – hallucinations, bad sourcing, made-up numbers? Can these models do real second- and third-order thinking, or are they pattern-matching plausible reasoning? If you want to start using AI seriously in your own process, listening to this episode is a must, I believe. Get full access to Compound with René at www.compoundwithrene.com/subscribe