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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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PricingOnly free issuesPublishesWeekly
Issues34Founded2 years agoLast Issue2 months ago
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Latest Issues

Distribution Finance Capital Holdings (DFCH.L)

Trading notes:

Distribution Finance Capital Holdings plc trades on the LSE under DFCH.

30-day avg daily liquidity: $71,000 USD

Market cap: £94 million GBP ($125 million USD)

Price: 58p (£0.58)

P/TBV: 0.83x FY25 ending TBV, 0.79x est....

2 months ago
12
2

Reddit Q1 2026 Earnings Update

Earnings Recap

Reddit Reported earnings on Thursday AH, reporting a very strong revenue beat that sent shares up 13% on Friday. Overall revenue grew 69% Y/Y and advertising revenue grew 74%.

Source: Company filings

I am sure a beat...

3 months ago
21
1

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...

6 months ago
41
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...

7 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...

a year ago
10
1

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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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