<![CDATA[Student of Value]]>https://www.studentofvalue.comhttps://substackcdn.com/image/fetch/$s_!ah5_!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7b9590f8-2c57-48ce-8e47-6a22b5bde22e_955x955.pngStudent of Valuehttps://www.studentofvalue.comSubstackTue, 09 Jun 2026 20:05:42 GMT<![CDATA[FactSet: From Quality-at-Any-Price to Moat-at-a-Reasonable-Price]]>https://www.studentofvalue.com/p/factset-from-quality-at-any-pricehttps://www.studentofvalue.com/p/factset-from-quality-at-any-priceSat, 31 Jan 2026 22:11:56 GMTOverview
FactSet Drawdown and Growth

FactSet (FDS) is a high‑quality, wide‑moat financial data and analytics platform that has just gone through a brutal re‑rating. From a peak near $500, the stock has fallen 50%, compressing its multiple from a quality-at-any-price premium into not quite a GARP play, because growth is lacking, but more like a MARP (moat-…

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]]><![CDATA[Annual Review 2025]]>https://www.studentofvalue.com/p/annual-review-2025https://www.studentofvalue.com/p/annual-review-2025Sun, 11 Jan 2026 20:30:09 GMT
I am happy to greet you all and pat myself on the back for making it through one more crazy year. I am grateful to all of you who stayed with or joined this publication despite its flaws. My highest hope is that I brought something of value to your attention in 2025. The posting frequency is embarrassing, even by the low bar I set at the beginning. Inst…

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]]><![CDATA[Planet Labs: Change of Narrative]]>https://www.studentofvalue.com/p/planet-labs-change-of-narrativehttps://www.studentofvalue.com/p/planet-labs-change-of-narrativeSat, 20 Dec 2025 20:42:18 GMTPlanet Labs, which featured in my June 2025 post Small Satellites Here, There, Everywhere, has undergone a dramatic transformation in the second part of the year — from a struggling satellite imagery provider into what investors now view as an AI infrastructure play. Following the company's FY26-Q3 (ended October 31) earnings announcement on December 10…

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]]><![CDATA[The State of AI]]>https://www.studentofvalue.com/p/the-state-of-aihttps://www.studentofvalue.com/p/the-state-of-aiSun, 28 Sep 2025 05:01:30 GMTI have spent the summer learning more about the new AI tools that became available this year and actually experimenting with them on various pet projects that have been lying around my desk for a while (ranging from Fitbit and Duolingo to real estate listings and EDGAR filings). The idea was to get a good feel for the limits of AI they stand today. I ta…

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]]><![CDATA[Small Satellites Here, There, Everywhere]]>https://www.studentofvalue.com/p/small-satellites-here-there-everywherehttps://www.studentofvalue.com/p/small-satellites-here-there-everywhereMon, 02 Jun 2025 20:03:57 GMTI have been acquainting myself with the topic of small satellites over the past week. AI assistants have really taken down the barriers to acquiring knowledge at depth and breadth previously unimaginable. Another remarkable achievement is that today you can launch a small satellite for something like $50k. While the topic is fascinating in itself, the i…

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]]><![CDATA[Zooming in on Micro-Cap Microbix]]>https://www.studentofvalue.com/p/zooming-in-on-micro-cap-microbixhttps://www.studentofvalue.com/p/zooming-in-on-micro-cap-microbixWed, 21 May 2025 18:47:33 GMTHello and welcome back, y’all!

It’s a pleasure having you onboard. Thank you for joining and for coming back!

It has been a while since our last encounter. I have spent some time re-evaluating my exposure to the back-to-its-wild-west-roots US of A, which just lost its last triple A. Crazy times!

AI’s rendition of young Trumputin facing off against the bul…

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]]><![CDATA[Huntington Ingalls The US Navy ]]>https://www.studentofvalue.com/p/huntington-ingalls-the-us-navyhttps://www.studentofvalue.com/p/huntington-ingalls-the-us-navyWed, 05 Mar 2025 17:29:37 GMTHuntington Ingalls Industries (HII), the largest military shipbuilder in the United States, occupies a critical role in national defense infrastructure. With exclusive contracts for nuclear-powered aircraft carriers and a dominant position in submarine production, HII’s investment thesis revolves around its structural advantages, growing demand for nava…

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]]><![CDATA[Release the Kraken!]]>https://www.studentofvalue.com/p/release-the-krakenhttps://www.studentofvalue.com/p/release-the-krakenSun, 16 Feb 2025 18:54:19 GMT

The most amazing thing about the deep sea is that we still know so little about it. We've only explored about 5% of Earth's oceans.

Today, a different kind of Kraken is emerging from the deep, not as a mythical monster, but as a revolutionary force in underwater technology. Kraken Robotics (TSXV: PNG) has grown from a small Canadian startup into a global…

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]]><![CDATA[17 Qs of Kaspi]]>https://www.studentofvalue.com/p/17-qs-of-kaspihttps://www.studentofvalue.com/p/17-qs-of-kaspiWed, 13 Nov 2024 21:01:45 GMTThis is a continuation of my last post about Kaspi.

It has been almost 2 months since Culper published a short report on Kaspi alleging the company of misleading investors about its business with Russian nationals. The report didn't claim that any illegal activity took place. It only pointed out that Kaspi opened accounts for Russians, allows Russians to…

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]]><![CDATA[Kaspi Update 2024: The Culper Short Report]]>https://www.studentofvalue.com/p/kaspi-update-2024-the-culper-shorthttps://www.studentofvalue.com/p/kaspi-update-2024-the-culper-shortThu, 19 Sep 2024 20:58:26 GMTToday Culper published a short report on Kaspi, alleging that the company has been misleading its shareholders by not disclosing its Russian connections.

Last May, I published 3 issues of the newsletter about Kazakstan in general, and Halyk and Kaspi specifically. So now, I am compelled to write down my thoughts on the topic, if not for any other reason…

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]]><![CDATA[John Wiley Update: The One that Got Away]]>https://www.studentofvalue.com/p/john-wiley-update-the-one-that-gothttps://www.studentofvalue.com/p/john-wiley-update-the-one-that-gotTue, 17 Sep 2024 20:19:43 GMTLast year around this time, I posted about John Wiley, the 205-year-old, family-controlled company whose core business is the publishing of academic journals. Following the "peer review rings" controversy and the accompanying class action lawsuit threat, the stock price had tanked to $30. Last September, I wrote:

To summarize, we have estimated that Wile…

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]]><![CDATA[Brake Bonanza: Decelerating into Prosperity]]>https://www.studentofvalue.com/p/brake-bonanza-decelerating-into-prosperityhttps://www.studentofvalue.com/p/brake-bonanza-decelerating-into-prosperitySun, 08 Sep 2024 20:24:29 GMTLast week, I shared with you how I fell victim to the European Vacation Mania. While it may seem like a terrible waste to some, visiting new places can have a profound impact on our creative thinking and problem-solving abilities. New environments expose us to sights, sounds, tastes, and experiences outside of our everyday life. This break from the usua…

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]]><![CDATA[Struck by the European Vacation Mania]]>https://www.studentofvalue.com/p/struck-by-the-european-vacation-maniahttps://www.studentofvalue.com/p/struck-by-the-european-vacation-maniaSun, 01 Sep 2024 18:51:26 GMT

"People seek retreats for themselves - in the country, by the sea, in the hills - and you yourself are particularly prone to this yearning. But all this is quite unphilosophic, when it is open to you, at any time you want, to retreat into yourself."

— Marcus Aurelius

Hey y'all!

Excited to be back in your inbox!

This post is my way of saying thank you to al…

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]]><![CDATA[Carlsberg: Probably not the Best Investment in the World]]>https://www.studentofvalue.com/p/carlsberg-probably-not-the-best-investmenthttps://www.studentofvalue.com/p/carlsberg-probably-not-the-best-investmentSat, 29 Jun 2024 08:16:51 GMTIn the heat of the Euro Cup 2024 and the hottest summer on record, let's take a look at one of the iconic beer companies in the region.

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Founded in 1847 by J. C. Jacobsen on a hilltop location with flowing water just outside Copenhagen, Carlsberg is a Danish giant with rich history and global presence. Despite a devastating fire in 1867, Jacobsen rebuilt …

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]]><![CDATA[It's Only a Point]]>https://www.studentofvalue.com/p/its-only-a-pointhttps://www.studentofvalue.com/p/its-only-a-pointSun, 23 Jun 2024 19:37:14 GMTI have spent the last couple of months going down the Generative AI rabbit hole. It is the shiny new toy that has captivated everyone’s imagination. Everybody is talking about it, and some are even using it productively. New models are being released at an increasing cadence. Just this week, Anthropic announced Claude 3.5 Sonnet, which is cheaper and mo…

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]]><![CDATA[Smart Organic: Uplisting and Capital Increase]]>https://www.studentofvalue.com/p/smart-organic-uplisting-and-capitalhttps://www.studentofvalue.com/p/smart-organic-uplisting-and-capitalWed, 29 May 2024 19:14:22 GMTI am back after spending the last 2 months going down the AI rabbit hole and also traveling a bit. I may have more to share about the topic in future posts.

Also, Disney parks are still amazing businesses, although the same cannot be said about the company as it stands now. How did Disney lose its way? Once it was one of the hold-forever Buffett favorite…

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]]><![CDATA[Smart and Organic but Not That Cheap Anymore ]]>https://www.studentofvalue.com/p/smart-and-organic-but-not-that-cheaphttps://www.studentofvalue.com/p/smart-and-organic-but-not-that-cheapSun, 11 Feb 2024 12:29:00 GMTDo you know which is one of the first organic food brands?

It is Lavazza, the Italian coffee company. Lavazza started producing organic coffee in 1978, long before organic food went mainstream. They launched the first certified organic coffee called "Qualità Oro" after seeing demand from environmentally conscious consumers who wanted pesticide-free coff…

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]]><![CDATA[The Big Pharma Edition]]>https://www.studentofvalue.com/p/the-big-pharma-editionhttps://www.studentofvalue.com/p/the-big-pharma-editionWed, 24 Jan 2024 20:29:08 GMTHello dear readers of my humble newsletter 🙌 and thank you for being here 🙏 If you like what you are seeing -> 💗 + ✍️ + 📤

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With the S&P 500 making new highs, I have been rummaging through the dustbin of the 52-week-lows list. I found not one but several Big Pharma names in there. Besides, it is earnings season and 2 of the companies have reported and…

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]]><![CDATA[It Is a Digital World, but Where Are the Buildings?]]>https://www.studentofvalue.com/p/it-is-a-digital-world-but-where-arehttps://www.studentofvalue.com/p/it-is-a-digital-world-but-where-areSun, 07 Jan 2024 22:11:37 GMTWelcome to a brand new year! I hope 2023 treated you well. As we embark on 2024 together, I wanted to give a warm greeting to all my loyal newsletter subscribers. We are approaching one year together. Whether you've been subscribed throughout the whole period or are brand new, thanks for reading!

If you haven't subscribed yet and came here by chance or …

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]]><![CDATA[SoV Review 2023]]>https://www.studentofvalue.com/p/sov-review-2023https://www.studentofvalue.com/p/sov-review-2023Sun, 24 Dec 2023 08:26:51 GMTAs always, with the year almost over, it is time to take stock of the past 12 months - to reflect on the goals achieved and lessons learned, celebrate the highlights and wins, and look ahead with renewed perspective to the year to come.

Investment Writing

I am happy to say that one big achievement is right in front of your eyes. This is the year I resume…

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