Streamlining Slow Compounding — and a Blockbuster Deep Dive Ahead 🎬

Easier to explore. Deeper than ever.

Over the past few months, the Slow Compounding research library has continued to grow. More companies have been covered, existing investment cases have been revisited, new analytical frameworks have been added, and the Deep Dives have become increasingly comprehensive.

That is exactly what I want.

But as the amount of research grows, finding the right article should not become more difficult. A publication built around long-term investing also needs a structure designed for the long term.

I have therefore reorganized and streamlined the Slow Compounding website to make the existing research easier to explore.

My goal is to build a research hub that readers return to regularly—not merely to consume the latest article, but to revisit companies, industries, and analytical frameworks over time. Rather than creating a chronological stream of content that quickly disappears into the archive, I want to build a structured body of research with lasting substance and long-term usefulness.

Two Ways to Explore Slow Compounding

The structure organizes the research along two complementary dimensions:

1. By company

2. By type of research

Every company covered on Slow Compounding is classified as either a Compounder or a Serial Acquirer.

Within these two sections, each company now has its own drop down menu entry. Selecting a company takes you to a dedicated collection of all articles published on that particular business.

This means that readers researching one specific company no longer need to search through the archive or navigate between different article categories. Company Snapshots, Deep Dives, Updates, and CEO Interviews can all be found in one place.

At the same time, the Research menu organizes everything by article format. Slow Compounding currently features five different types of articles:

• Company Snapshots

• Deep Dives

• The Fundamentals

• Updates

• CEO Interviews

The same research can therefore be approached from two directions.

Readers interested in a particular company can browse through Compounders or Serial Acquirers. Readers looking for a certain kind of article format across companies can browse through Research.

More Than Company Writeups

Slow Compounding has never been intended to become a collection of isolated stock pitches.

A high-quality company cannot be understood properly without also understanding the industry in which it operates, the economics of its business model, its competitive advantages, its capital-allocation opportunities, and the valuation framework used to assess it.

The new Frameworks section therefore brings together the two broader pillars behind my research:

• Investment Philosophy

• Valuation Bible

The Investment Philosophy explains how I think about business quality, reinvestment, capital allocation, risk, and long-term ownership.

The Valuation Bible focuses on how business performance ultimately translates into shareholder returns—and why the duration of growth, reinvestment opportunities, valuation changes, and capital allocation often matter more than a single static multiple.

The Resources section now brings together the Navigation guide and the growing collection of practical Tools. These include downloadable Excel models that allow readers to apply the concepts discussed throughout Slow Compounding to their own assumptions.

New readers might also find the Start Here 👋 section at the beginning of the menu helpful, providing a simple introduction to the publication and the best places to begin.

My Most Ambitious Deep Dive Yet

The timing of this update is not accidental.

I am currently in the final stages of completing what has become the largest and most ambitious Slow Compounding Deep Dive so far.

I have spent the past two to three months (!) working on it. Along the way, I read more than 1,100 pages of earnings-call transcripts, worked through an entire doctoral dissertation, and reconstructed 35 years (!) of quarterly financials, and much more.

Put differently, I am fairly confident that this will be the most in-depth Deep Dive on this company ever published in the history of humankind.

The contrast could hardly be greater. A recent study found that the median individual investor spends approximately six minutes researching the specific stock being traded, while even the mean investor spends only 29 minutes. I have spent months. That is the level of depth I want Slow Compounding to stand for.

The company will remain unnamed for the moment, but the subject has taken me deep into an industry that is much more complex than it appears from the outside.

Consider a few facts:

• The company operates in a complex global industry shaped by long product lifecycles, mission-critical components, strict regulation, and an enormous installed base.

• In many of its markets, the original product sale is only the beginning of the economic relationship. Once a product enters service, it can create recurring demand for replacement parts and repairs for decades.

• These recurring revenue pools are protected by barriers that extend far beyond manufacturing capabilities. Products must meet demanding technical standards, obtain the necessary approvals, and earn the trust of customers for whom reliability, safety, and availability are far more important than the cost of an individual component.

• This creates an attractive economic setup. Many products account for only a tiny share of the customer’s overall operating costs, yet their failure can have disproportionately large consequences. Customers therefore value proven quality, dependable delivery, and long-term supplier relationships.

• At the heart of the model lies a form of Scale Economies Shared. As the company grows, it can spread technical expertise, regulatory capabilities, customer relationships, and infrastructure across a broader base while sharing part of those benefits with customers through better pricing, service, and availability. This strengthens customer loyalty, increases the value of the platform, and makes the model increasingly difficult to challenge. Over time, the combination of scale, trust, regulatory know-how, and an expanding product portfolio can create a competitive position that is close to unassailable.

• At the same time, the industry consists of countless specialized niches that are often too small to attract the attention of larger competitors but highly attractive for a disciplined operator with the right technical expertise, customer relationships, and capital-allocation model.

• The deeper I went, the more the company revealed itself as a combination of several qualities I particularly value: recurring aftermarket demand, meaningful barriers to entry, fragmented markets, decentralized entrepreneurship, and a long runway for reinvestment.

Understanding the business therefore required going far beyond the company itself.

The result has grown far beyond what I initially expected—and is now in the final editing stage.

Coming Soon

The new Slow Compounding structure is already live and should make it significantly easier to explore both the existing research and everything that will be added in the future.

The upcoming Deep Dive will be the first major publication released within this more streamlined research hub.

It is also the clearest example yet of what I want Slow Compounding to stand for:

Patient research, primary-source work, long-term thinking, and a willingness to go several layers deeper than a conventional company writeup.

The structure is now simpler.

The research is getting deeper.

And the next Deep Dive is almost ready.