The Latticework Monday Morning Briefing is our weekly “Guide to the Markets” for long term-oriented investors. It is sent on a separate mailing list (complimentary to members). If you do not wish to receive it, opt out here.
Ideas from Wide-Moat Investing Summit 2026
Instructors presented more than a dozen ideas at the recently completed Wide-Moat Investing Summit 2026. A theme carried over from our June member call, recapped in UnitedHealth, Salesforce, and the AI Value-Chain Debate: high-quality franchises priced for fear.
Two presentations took on UnitedHealth (UNH), which reports this Thursday. Dave Sather of Sather Financial Group argued cyclical fears mask a structurally widening moat, with the book repricing every 12 months and a DCF supporting about $460 per share. Arvind Mallik, Jonathon Fite, and Paul Ucheoma of KMF Investments called the medical-loss-ratio spike toward 89% a solvable, annually repriceable error and see $500-600 of intrinsic value against a reaffirmed 13-16% EPS growth target.
Andrew Macken of Montaka Global Investments made the distribution case for Salesforce (CRM): halved on “SaaSpocalypse” fears yet holding over 250 petabytes of proprietary customer data, at under 8x EV to FY2030 EBITA guidance, with a $50 billion buyback authorized.
Chris Crawford of Crawford Fund Management pitched Toast (TOST) as a founder-led compounder with $1.7 billion of net cash, a first-ever buyback, and a $48 blended appraisal against a $26 stock.
Ryan O’Connor of Crossroads Capital called Nintendo (NTDOY) the most mispriced stock in his seven years of ownership, near 7.5x depressed mid-cycle EBIT, with cash and non-core assets, including the Pokémon stake, covering roughly 63% of the market cap.
Matthew Castel of Logos LP presented Axon Enterprise (AXON), the operating system for public safety, citing $14.3 billion of contracted future bookings, up 44%, and a base case of $735 versus a recent $440.
Samir Patel of Askeladden Capital unpacked Sotera Health (SHC), a 51%-EBITDA-margin sterilization toll road obscured by a litigation cloud, with the remaining California claims sized near 5% of market cap and fair value of $22-23 against a $16 stock.
Aman Budhwar of Pender presented StandardAero (SARO), the largest independent aerospace engine aftermarket firm, with LEAP revenue guided from just over $100 million toward $1 billion by decade’s end.
Jens Kruse weighed AI threat against AI tailwind at Duolingo (DUOL), down 76% from its high, at roughly 19x adjusted 2026 EPS with a $400 million buyback in place.
Julio Utrera of Southeastern Asset Management argued Canal+ (UK: CAN) trades near 4x 2027 EV/EBITDA with a teens FCF yield following the MultiChoice acquisition; his sum-of-the-parts implies 75% to 100%+ upside.
Rodrigo Lopez Buenrostro of KUE Capital presented Midea Group (China: 000333), holder of 45% of the global HVAC compressor market, at 15x earnings and a 7.3% FCFE yield versus intrinsic value of 130 CNY, a 38% margin of safety.
Gwen Hofmeyr of Maiden Financial framed Sif Holding (Netherlands: SIFG), the largest producer of offshore-wind monopile foundations, as a capital-cycle bet at a 36% discount to replication cost as the North Sea buildout accelerates.
In the UK, Harry Fraser of Oldfield Partners pitched Moonpig (MOON), the dominant online card platform, on a roughly 9% free-cash-flow yield, with buybacks and dividends returning over 10% of market cap.
Jim and Abigail Zimmerman of Lowell Capital made the case for 4imprint (UK: FOUR): debt-free, $133 million of net cash, ROACE above 40%, and appraised near $90 against a $50 stock.
Finally, Sid Choraria of SC Marwar Capital distilled a decade of research on 1,000-baggers: only about 65 of 25,000 global companies made it over the past 40 years, and the formula is revenue growth, margin expansion, buybacks, and underestimated duration.
As always, the above theses reflect the presenters’ views (available here), not Latticework recommendations.
Four essays worth your time
Away From the Casino Tables: The Wildest Value Gap Since 1999, by Sam Ziff of Oldfield Partners, starts from Buffett’s observation that the casino has rarely been busier: zero-day options now run about 43% of daily volume, more than half of it retail. Against that backdrop, GMO data show global deep value trading 45% below its 40-year median while extreme growth commands a 40% premium, a spread rivaled only by late 1999. Ziff’s history lesson: from 1999 to 2009 the MSCI World and S&P 500 returned roughly zero, emerging markets doubled, and Oldfield’s Overstone Global strategy compounded at 6% a year. A passive global allocation, he warns, has quietly become a single concentrated bet on AI.
Invisible Companies, by Jay Barney, Haiyang Zhang, and Jerry Neumann in Colossus, asks how Steve Ross parlayed funeral parlors, parking lots, and rental cars into the 1969 purchase of Warner Bros. Their answer is competitive neglect: some businesses earn supranormal profits for decades not because rivals cannot enter but because rivals never think to look. Constellation Software, compounding near 34% a year since its 2006 IPO by buying software niches often under $5 million a deal, and HEICO in aftermarket aircraft parts are the modern heirs, and Constellation still counts 38,000-plus potential targets. The authors’ advice for finding invisible companies: loosen the standard screens, study shrinking or stigmatized industries, and look where insiders keep founding businesses that outsiders never do.
The Myth of the Family Business, by Patrick Rial of TriVista Capital, challenges a heuristic many of us carry. Credit Suisse’s Family 1000 research shows family firms earning 2 points higher ROI and 4 points of annual share outperformance, but Rial argues the causality runs backward: superior economics enable multigenerational ownership, not the reverse, which is why the list is peppered with Hermes, Heineken, and Hershey. From 13 years in Japanese small caps he catalogs the founder-to-son handoff, citing Perez-Gonzalez research that family successors reduce ROA by 18% relative to professional managers. Judge the specific person running the company, he concludes, not the surname.
Dividend Investing is Dead, by Todd Wenning, is a candid self-demolition by an investor who wrote a book on dividend investing a decade ago. Three shifts broke the playbook: consumer-staples anchors disrupted by GLP-1s, private label, and influencer marketing (Diageo cut its dividend this year, while Colgate-Palmolive, Sysco, and Stanley Black & Decker each raised theirs by a single cent); boards that have preferred buybacks since SEC Rule 10b-18 arrived in 1982, with the S&P 500’s buyback yield above its dividend yield for most of the past decade; and an index whose average constituent age has fallen from 57 years to 15. His adaptation: judge how management allocates all of its cash flow, not the payout in isolation.
The deck
The full Monday Morning Briefing is available to members. It spans our weekly scoreboard, idea-generation screens (this week including quality names near their 52-week lows, micro-cap “tiny titans,” recent spin-offs, activist campaigns, and valuation screens across the US, Canada, the UK, Australia, Japan, and newly added Germany), market valuation and positioning, and the macro and fixed-income picture. We welcome your feedback as the format continues to evolve..
Feedback on the Briefing
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“A great piece and thoughtfully assembled.” —Brian Wolf
“I don’t think I have ever seen more valuable content in one place.” —Bill Coleman
“Worth its weight in gold.” —Shree Viswanathan
A few words on the format
The Briefing is designed to answer a deceptively simple question. If you were sitting down before the weekly market open, as an investor rather than a trader, what would you want in front of you?
Each week, the Briefing walks through four parts.
Weekly Review & Outlook covers equity performance, sector moves, the earnings just reported, and the earnings coming up, alongside curated editorial highlights from our Weekly Inspiration newsletter.
Idea Generation surfaces candidates from screens we run: biggest decliners, names near 52-week lows, low multiples, high FCF yields, spinoffs, activist situations, buybacks, short interest, and more.
Market Valuation & Positioning steps back to the index level: the Buffett Indicator, aggregate multiples versus history, S&P 500 concentration, equal-weight versus cap-weight, and long-run factor returns.
Macro & Fixed Income rounds out the picture with rates, credit spreads, the Fed balance sheet, the dollar, labor, regional PMIs, and housing.
Table of contents
Note: Slides showing data that is updated on a monthly or quarterly basis may not included in every issue of the Monday Morning Briefing.
Part 1 — Weekly Review & Outlook
Global equity index performance across regions
GICS sector total returns
Weekly commodity price changes
Quarterly earnings: biggest beats and misses
Top reporters by market cap, week ahead
Takeaways from featured Weekly Inspiration articles
What’s new in AI for investment managers
Curated video and audio from Weekly Inspiration
Part 2 — Idea Generation
S&P 500 stocks with the largest weekly declines
Largest weekly declines among US stocks
Stocks nearest their 52-week lows
Key takeaways from curated analytical articles
Featured spin-off opportunities
Notable activist campaigns and acquisition proposals
Open-market purchases by officers, directors, 10+% owners
S&P 500 share repurchase activity, trailing twelve months
FINRA consolidated short interest
Ranked by short interest as a percent of float
S&P 500 highest FCF yield (ex-financials)
Three-year ann. FCF yield for US stocks $300+mn (ex-fin.)
S&P 500 highest trailing earnings yield (all sectors)
Three-year ann. earnings yield for US stocks $300+mn
S&P 500 cheapest by EV/EBITDA (ex-financials)
EV / three-year ann. EBITDA for US stocks $300+mn
S&P 500 cheapest by price / tangible book value
Cheapest by price / tangible book for stocks $300+mn
US micro-caps, P/S < 1.0, ranked by 52-week price change
Canada equity valuation screens
UK equity valuation screens
Germany equity valuation screens
Australia equity valuation screens
Japan equity valuation screens
Part 3 — Market Valuation & Positioning
Equity market value / GDP
S&P 500 deflated by M2 money supply
After-tax corporate profits / GDP
S&P 500 trailing P/E
S&P 500 earnings yield vs. 10-year Treasury
Trailing P/E by GICS sector
Top 10 holdings by index weight
RSP / SPY relative performance, trailing one year
Russell 2000 / S&P 500 relative performance, five years
S&P 500 breadth indicators
Money market fund assets and ETF category returns
CBOE VIX implied volatility term structure
FINRA net margin debt — customer securities margin accounts
S&P 500 calendar-year returns and largest intra-year drawdowns
Fama/French value spread — gap between cheap and expensive
Fama/French HML factor — cumulative return spread by decade
Growth of $1 invested in Fama/French style portfolios since 1926
Part 4 — Macro & Fixed Income
U.S. Treasury yield curve
10-year Treasury yield minus year-over-year CPI
U.S. high yield credit spreads
Federal Reserve total assets and composition
M2 money stock, year-over-year change
Total public debt as a percent of GDP
Trade-weighted U.S. dollar index
Unemployment rate and initial jobless claims
Regional Fed manufacturing diffusion indices
30-year mortgage rate and housing starts, trailing ten years
Featured Events
Latticework 2026, Chicago, Illinois (Nov. 10-11, 2026)
Ideaweek 2027 (FULLY BOOKED), St. Moritz (Feb. 1-4, 2027)
The Zurich Project 2027 (COMING SOON) (Jun. 1-3, 2027)
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