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Welfare Capital Research

Jack Maxwell

Independent equity research, focusing on high conviction long-term trade ideas and other compelling opportunities.

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Substack
PricingOnly free issuesPublishesWeekly
Issues32Founded2 years agoLast Issue3 months ago
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Latest Issues

Inside Reddit's ARPU Engine (RDDT)

Reddit is a rare beast as far as ‘social media’ platforms go.

You cannot realistically compare it against other public social media companies like Snapchat, Meta, or Pinterest. Why is that?

Reddit is a forum-of-forums, made up of o...

3 months ago
32
12

CD Projekt Red (CDR.WA) - Deep Dive #10

CD Projekt Red (CDPR) is headquartered in Warsaw, Poland and reports in Polish Zloty (PLN). CDPR trades as CDR.WA on the Warsaw Exchange and OTGLY on OTC Markets.


Poland is known for many things.

Firstly, the country was one...

4 months ago
12
3

A Brief Note on Profit Margins

This post is an expansion of a concept that was first mentioned to me by Leviathan Capital over on Twitter. That concept was roughly, “Where the margin is going matters more than where the margin is.” I feel like this concept doesn’t get qu...

8 months ago
10
1

Red Violet Revisited (RDVT) - Deep Dive #9

REQUIRED READING DISCLOSURE: This is not financial advice. I am not a financial advisor. If you like the idea, conduct extensive research and consult someone who is a financial advisor before making any investment decisions. All inves...
10 months ago
12
2

Lessons From the Implosion of Long Term Capital Management

Growth of $1,000 invested in LTCM. Via: Wikipedia

Much of the information in this post was sourced from When Genius Failed by Roger Lowenstein — an account of the decline of Long Term Capital Management, and a fantastic and thrilling novel...

a year ago
5
2

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  • Jack Maxwell

    I try to buy (and ideally hold) well-managed businesses with unique, in-demand products or services, high margins, high insider involvement, and attractive match-ups against competition. Generalist, but I like software, financials, and industrials.

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