https://antoniovelardo.com/ Investment theses and market analysis by Antonio Velardo en https://antoniovelardo.com/2026/08/31/samyung-trading-002810-hidden-optician/ https://antoniovelardo.com/2026/08/31/samyung-trading-002810-hidden-optician/ Mon, 31 Aug 2026 09:00:00 +0000 Samyung Trading (KRX: 002810) — how to buy EssilorLuxottica's Korean crown jewel at eight times earnings, just as Korea forces its holdcos to pay up. https://antoniovelardo.com/2026/05/07/tripadvisor-when-insider-self-dealing-meets-activist-justice/ https://antoniovelardo.com/2026/05/07/tripadvisor-when-insider-self-dealing-meets-activist-justice/ Thu, 07 May 2026 13:57:01 +0000 MoatInvesting · Special Situation · Long Idea Tripadvisor: When Insider Self-Dealing Meets Activist Justice How Greg Maffei rejected an $18 bid for shareholders, took $16 for himself, and why four activists are now forcing the breakup that should have happened a year ago By Antonio Velardo · CIO, Moat Investing Original publication · Updated May https://antoniovelardo.com/2026/04/15/etoro/ https://antoniovelardo.com/2026/04/15/etoro/ Wed, 15 Apr 2026 18:08:47 +0000 Antonio Velardo  ·  Chief Investment Officer, MoatInvesting  ·  April 2026 Author holds a long position in ETOR ETOR (Nasdaq) ~$32 Market Cap ~$2.6B EV/EBITDA 5.3× Net Cash $1.02B The plan was to be in Ho Chi Minh City. I had been invited to present the eToro investment thesis in person at the second Asia event https://antoniovelardo.com/2026/03/17/uae-real-estate-conflict-dislocation-buying-the-moat-at-a-discount/ https://antoniovelardo.com/2026/03/17/uae-real-estate-conflict-dislocation-buying-the-moat-at-a-discount/ Tue, 17 Mar 2026 16:36:56 +0000 UAE Real Estate — Conflict Dislocation: Buying the Moat at a Discount Emaar Properties & Aldar Properties — Long Idea, High Conviction Antonio Velardo · Chief Investment Officer, MoatInvesting · March 16, 2026  |  Author holds long positions in both securities EMAR (DFM)  AED 10.65 ALDAR (ADX)  AED 7.20 USD/AED  3.6730 (fixed peg) On February https://antoniovelardo.com/2025/08/28/curi-the-netflix-for-documentary-nerds-tilting-on-future-growth-2/ https://antoniovelardo.com/2025/08/28/curi-the-netflix-for-documentary-nerds-tilting-on-future-growth-2/ Thu, 28 Aug 2025 05:16:51 +0000 Hey guys, here we will go over CuriosityStream. Before getting into it, I recommend you go to my article about approaching subscription companies and review the concepts that we discussed there. Check it out, and then come back here! If you already did, then let’s dig into $CURI. CuriosityStream is a streaming platform that offers https://antoniovelardo.com/2025/08/28/assessing-menzies-risk-to-go-bankrupt-after-breaching-covenants/ https://antoniovelardo.com/2025/08/28/assessing-menzies-risk-to-go-bankrupt-after-breaching-covenants/ Thu, 28 Aug 2025 05:14:24 +0000 Many of you have been reaching out to comment and ask about the Multiple-Valuation approach on John Menzies plc (MNZS). Of course, there are some concerns about the cash-burning, and for that reason, here I address that in this short article. Relying on the Q3 presentation, we know that: Available cash resources of over £175m https://antoniovelardo.com/2025/08/28/what-does-bear-not-understand-about-the-markets-current-situation/ https://antoniovelardo.com/2025/08/28/what-does-bear-not-understand-about-the-markets-current-situation/ Thu, 28 Aug 2025 03:32:57 +0000 What does Bear not understand about the market’s current situation? The economy seems to be in a deep recession, and the market is almost back where it was a few months ago pre-COVID. Some people are still scratching their heads about it, but I’m not. Actually, I profited from this crisis. My performance and equity https://antoniovelardo.com/2025/08/28/the-5th-p-of-innovation-and-its-existential-crisis/ https://antoniovelardo.com/2025/08/28/the-5th-p-of-innovation-and-its-existential-crisis/ Thu, 28 Aug 2025 03:11:09 +0000 The secret behind the growth of the majority of disruptive companies is their platform’s ability to create value for other businesses. That is the main shared element of Facebook, Apple, Google, Amazon, and almost all big and not-so-big tech enterprises. By building up the principles of innovation, they have created an ecosystem where many other projects https://antoniovelardo.com/2024/11/27/vistry-constructing-a-capital-light-future/ https://antoniovelardo.com/2024/11/27/vistry-constructing-a-capital-light-future/ Wed, 27 Nov 2024 17:33:36 +0000 Summary Vistry has transitioned from a traditional housebuilding model to a partnership-only model, positioning itself as the UK leader in affordable housing. Labour’s ambitious housing policies — mandatory housing targets, fiscal stimulus, and green/brown belt reallocation — align directly with Vistry’s expertise. Recent cost overruns tied to the legacy housebuilding division have impacted near-term financials, https://antoniovelardo.com/2024/05/20/interview-investing-in-stellantis-an-opportunity-in-discounted-stock-prices/ https://antoniovelardo.com/2024/05/20/interview-investing-in-stellantis-an-opportunity-in-discounted-stock-prices/ Mon, 20 May 2024 04:08:11 +0000 Recently, I had the pleasure of sitting down with VisionForex, an Italian channel dedicated to finance and investment opportunities, to discuss the potential that Stellantis (NYSE: STLA) holds for value investors. In the interview, titled “Investire oggi qui conviene davvero? Ecco il perché” (“Is it really worth investing here today? Here’s why”), we explored why https://antoniovelardo.com/2024/05/15/stellantis-a-strong-buy-amidst-industry-turbulence-and-undervaluation/ https://antoniovelardo.com/2024/05/15/stellantis-a-strong-buy-amidst-industry-turbulence-and-undervaluation/ Wed, 15 May 2024 03:20:59 +0000 Brief Summary Market Position and Challenges: Stellantis struggles with innovation in the electric vehicle sector, lagging behind leaders like Tesla and BYD. High interest rates further strain the automotive market, complicating consumer financing and impacting vehicle sales. Brand Perception and Quality Issues: Significant brand perception challenges, especially in the American market, are exacerbated by multiple https://antoniovelardo.com/2024/04/06/investment-insights-from-recent-interview-on-visionforex-are-there-opportunities-to-invest-in-the-markets-today-part-1/ https://antoniovelardo.com/2024/04/06/investment-insights-from-recent-interview-on-visionforex-are-there-opportunities-to-invest-in-the-markets-today-part-1/ Sat, 06 Apr 2024 15:24:52 +0000 Today, I’m thrilled to share the video of a recent interview on the Italian Channel VisionForex where I had the opportunity to discuss our team’s investment philosophy and uncover potential opportunities in today’s market landscape. First and foremost, I extend my heartfelt thanks to Giancarlo Dall’Aglio and Francesco Cerulo for facilitating this enriching discussion and https://antoniovelardo.com/2023/08/03/capitalizing-on-anticipated-rate-cuts-in-an-overpriced-market-the-risk-reward-sweet-spot-with-treasury-bonds/ https://antoniovelardo.com/2023/08/03/capitalizing-on-anticipated-rate-cuts-in-an-overpriced-market-the-risk-reward-sweet-spot-with-treasury-bonds/ Thu, 03 Aug 2023 02:56:20 +0000 As the Federal Reserve hints at a more dovish stance and the likelihood of further rate hikes diminishes, we recognize the potential for the financial landscape to change. With inflation seemingly on a trajectory towards normalcy and stock valuations creeping back towards potentially overvalued levels, we believe an attractive risk-reward opportunity is presenting itself within https://antoniovelardo.com/2023/07/28/bitcoins-scalability-problem/ https://antoniovelardo.com/2023/07/28/bitcoins-scalability-problem/ Fri, 28 Jul 2023 23:26:51 +0000 One of the most important things when it comes to Bitcoin and scalability is the “Scalability Trilemma.” This refers to the most suitable strategy or better to say the best balance between scalability, security, and decentralization. Usually, this issue relates to each type of cryptocurrency because, necessarily, the increase in efficiency in one of the https://antoniovelardo.com/2023/07/27/an-examination-of-educ-an-unconventional-value-proposition/ https://antoniovelardo.com/2023/07/27/an-examination-of-educ-an-unconventional-value-proposition/ Thu, 27 Jul 2023 22:29:34 +0000 SPECIAL SITUATION Amid the ever-evolving investment landscape, identifying opportunities often requires digging beneath the surface, seeking out undervalued entities whose latent potential has been overlooked by the market. In the realm of small-caps, Educational Development Corporation (EDUC) stands out as a compelling case for closer examination. Overview of EDUC Educational Development Corporation operates within the