No More Investing Secrets! (by René Sellmann)

Andrew Brown, investor and small-business operator, blends public-equity ideas with hands-on acquisition experience. He breaks down why Constellation Software earned his attention, how AI risk looks for vertical software, and the psychology of missed opportunities with Wise. He also recounts buying and running a small business and shares a contrarian passion pick in Boston Omaha.

In this episode, my guest Jakub (@jakubhajost on X) and I unpack InPost – one of Europe’s most fascinating business-infrastructure stories that sits at the intersection of logistics, technology, and e-commerce enablement.We go beyond the obvious “locker company” label and explore the deeper mental model: Is InPost a logistics operator, a tech platform, or the rails of European e-commerce? We break down why millions of consumers choose out-of-home delivery over the doorstep, what the actual user experience looks like, and how layers like app-based label-less tracking, loyalty, payments, AI-driven operations, returns, C2C, and cross-border capabilities strengthen the flywheel.We also examine the win-win-win-win proposition – how InPost creates value not only for shoppers, but for merchants, landlords, and society. We zoom out to Europe: when InPost stopped being a Poland-only champion and became a continental scale story, how consumer habits and cultural differences impact locker adoption, and which markets could matter most next – organically or via M&A.Then we pressure-test the idea:* What’s the strongest bear case, and why have competitors like Amazon, DHL, Allegro, and shared-locker networks not matched InPost’s ecosystem control or cost curve?* How real is the empire-building risk around international expansion and acquisitions like Mondial Relay?* What do institutional investors still misunderstand about the business?Finally, we look to the future – cross-border deliveries, valuation frameworks, potential international parcel economics, and the long-term destination analysis: If InPost executes perfectly, what does success look like by 2030–2035, and ultimately 2030 or 2035? Could this become “the European Amazon in the making”?If you want to understand one of Europe’s most asymmetric, misunderstood, and potentially moat-rich infrastructure plays – this one is for you.My deep dive: Disclaimer: Both Jakub and I own shares in InPost. 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. 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

Niklas from Heavy Moat Investments, an investor renowned for his concentration on quality businesses and moat analysis, discusses several intriguing themes. He reflects on the lessons of 2025 and the concept of 'Liberation Day' as a pivotal moment. The conversation dives into the impact of AI on software and the competitive barriers of vertical-market software providers. Niklas shares insights on portfolio reshuffling, emphasizing a rigorous approach to investment. They make bold predictions for 2026, hinting at skepticism surrounding AI and the fate of quality stocks.

Mike Kytka, an insightful independent investor and writer at MoneyFlow Research, dives into the intricacies of Wise, a key player in cross-border payments. He discusses Wise’s competitive edge, its comprehensive financial performance, and how the company navigates regulatory landscapes. Kytka explores the potential of stablecoins, addressing their complexities and challenges. The conversation also highlights the significance of Wise's upcoming U.S. uplisting and what that could mean for its growth trajectory by 2026.

In this episode, Ruki and Andrew join the show. We cover a wide range of themes shaping tech and markets in 2025. We dig into how AI might disrupt established players like Salesforce, PayPal, and Adobe, and whether large language models are really a dead end on the path to AGI. We also debate the fintech battleground with Wise vs. Stripe, discuss our takeaways from Meta Connect 2025, share a snap judgment on Adyen’s stock, and step back to look at the broader forces driving markets this year.It’s a mix of deeper dives and quick takes – perfect for anyone interested in the intersection of technology, investing, and the future of business. Get full access to Compound with René at www.compoundwithrene.com/subscribe

In this episode, we dive into the big questions shaping today’s market – from Nvidia climbing to 8% of the S&P 500 to whether buying at all-time highs is smart or reckless. We break down the timeless debate on market timing, unpack why free cash flow plus growth is such a powerful formula, and take a closer look at stocks like Crocs, Lululemon, Adobe, Novo Nordisk, and many more. Get full access to Compound with René at www.compoundwithrene.com/subscribe

In this episode, we are joined by Niklas – better known as Heavy Moat Investments – a 26-year-old former software developer from Germany who’s carved out a niche in deep, thoughtful equity research. With over 22k followers on X and 9k on Substack, he’s quickly become a go-to voice for long-term investors who care about moats, valuation frameworks, and owning quality.We cover:– How Niklas got into investing and how his thinking evolved– His valuation approach: intrinsic value vs multiples, TSR thinking, and adjusting to business life stages– Portfolio concentration and how he contrasts with investors like Andrew who take 40% positions– Risk appetite in younger generations: why are so many drawn to options, leverage, and momentum?– Unique asset classes (yes, even Bitcoin and CS skins)– Whether it’s possible to inspire others about investing – and why so many just don’t care– What he’s been reading and watching lately Tune in for a wide-ranging and honest conversation with someone who’s combining deep research with a growing audience – and doing it his own way. Get full access to Compound with René at www.compoundwithrene.com/subscribe

In this episode, we cover several major developments in tech and investing. We start by asking: Has Google already lost the AI race? Then we look at Meta’s aggressive AI strategy — including high-profile acquisition attempts and the hiring of former OpenAI executives — and whether it’s time to consider selling the stock. We also revisit The Boston Beer Company and its valuation, wondering if it’s as cheap as it looks. Finally, we reflect on the real challenge of not just finding but holding onto 100-baggers in a volatile market. Get full access to Compound with René at www.compoundwithrene.com/subscribe

Reflecting on Returns, Cash Drag & Wise’s Voting Control Get full access to Compound with René at www.compoundwithrene.com/subscribe

Time to Buy Lululemon AGAIN? Get full access to Compound with René at www.compoundwithrene.com/subscribe