Great businesses. Deeper thinking.

AMZN

Amazon

Commerce & cloud

Amazon combines retail, a third-party marketplace, logistics, advertising and cloud infrastructure. FY2025 disclosures anchor this qualitative profile.

Research thesis

CSU.TO

Constellation Software

Vertical market software

Constellation acquires specialized software businesses and retains decentralized operating teams. Its economics combine recurring customer revenue and acquisition-led reinvestment.

Research thesis

MSFT

Microsoft

Software & cloud

Microsoft supplies productivity software, cloud infrastructure, business applications and computing platforms. This profile uses its June 2026 fiscal-year foundation.

Research thesis

MA

Mastercard

Payments network

Mastercard connects banks, merchants and consumers through payment technology, supplemented by security, analytics and other value-added services.

Research thesis

RMS.PA

Hermès

Luxury goods

Hermès creates luxury leather goods, apparel, silk and other objects through an artisanal model and a controlled distribution network.

Research thesis

MCO

Moody’s

Ratings & risk analytics

Moody’s combines credit ratings with data, research and risk software. Debt issuance and recurring analytics subscriptions create distinct earnings drivers.

Research thesis

GOOGL

Alphabet

Search, advertising & cloud

Alphabet owns Google’s search, advertising, video and cloud businesses, alongside smaller ventures. Advertising funds substantial infrastructure and AI research investment.

Research thesis

META

Meta

Social platforms & advertising

Meta operates social and messaging applications funded primarily by advertising, while investing in AI infrastructure and virtual or augmented reality.

Research thesis

ASML

ASML

Semiconductor equipment

ASML supplies lithography systems and related software and services that enable chipmakers to print increasingly complex patterns on silicon.

Research thesis

TSM

Taiwan Semiconductor

Semiconductors

Taiwan-based TSMC manufactures customers’ chip designs. Its foundry model serves computing, smartphones, automotive electronics and connected devices.

Research thesis

AXP

American Express

Payments & consumer finance

American Express combines a global payment network, premium card relationships and lending, serving consumers, small businesses and large corporations.

Research thesis

V

Visa

Payment networks

Visa connects consumers, merchants and financial institutions through payment infrastructure, enabling commerce and money movement across a broad international network.

Research thesis

COST

Costco

Membership retail

Costco runs membership warehouses and e-commerce stores, offering limited assortments of branded and private-label merchandise at low prices.

Research thesis

BRK.B

Berkshire Hathaway

Diversified holdings

A decentralized holding company spanning insurance, railroads, utilities, industrial businesses and public-equity investments.

Research thesis

NESN

Nestlé

Consumer staples

A global food, beverage and nutrition business with brands including Nescafé, Purina and KitKat.

Research thesis

AAPL

Apple

Consumer technology

Apple combines devices, software and services in an integrated consumer ecosystem. Its iPhone franchise anchors a broad installed base.

Research thesis

RACE

Ferrari

Luxury goods

Ferrari designs and manufactures luxury performance cars, with racing, sponsorship and lifestyle activities reinforcing its brand.

Research thesis

Profiles draw on linked company disclosures. Research judgments are not investment recommendations. Financial foundations: FY2025 (Microsoft: FY2026); review date: September 28, 2026.