🚨 NEW TRADE ALERT 🚨
Our Portfolio is up YTD: +3.95% (S&P: +1.22%)
“You can’t connect the dots looking forward; you can only connect them looking backward.”
— Steve Jobs
I was thirteen years old when I bought my first stock.
It was the summer of 2007. Most kids were playing Battlefront II on the PS2.
I was reading 10-Ks with my grandfather. (And also playing Battlefront II)
He had this quiet obsession with business.
Charts, filings, stories behind the tickers. And one day he introduced me to a weird little company that we traded every day for a summer.
I didn’t know much about it at the time. But he did.
We poked around on different websites, digging into forums, filings, anything we could find. Eventually, we bought a few shares. Then we started trading options on it together.
Looking back, I wish I had put every dime I’d ever saved into it. I instead put $250.
Because that quiet little stock? It was Amazon.
It has since gone up +5,000%.
This year has been one for the books.
Our year-to-date portfolio is up 4.29%.
I’m very pleased with that considering what’s happened in 2025.
The chaos. The tariffs. The noise. A wild downturn that turned into a wild reversal.
It all happened during the most beautiful chaos of all: On March 27th, my wife and I had our first child.
I slowed down on writing.
The market fell -12.3%. Some stocks fell more than -50% from ATH set this year.
One of my favorite Buffett quotes comes to mind:
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
We only attacked positions we currently held in our portfolio for more longs.
The weeks that followed were filled with baby bottles and buy orders.
Diapers and discounted stocks.
Late nights and limit orders.
Now the market’s calmed down a bit.
Institutions have digested the tariff headlines. Valuations are no longer in freefall. But there are still stories worth digging into.
We’ve been closely watching the last earnings season. And one company stood out.
Marex Group (Ticker: MRX)
They reported earnings on May 15th.
MRX is a London-based financial services firm that provides essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets.
Basically, they help hedge funds trade. And they’re very good at it.
They’ve only been public for just over a year.
Normally, I stay away from companies fresh off an IPO. But this one was different.
It was trading at:
2.1x Free Cash Flow
1.3x Sales
13.64x Earnings
Those numbers aren’t normal for a company like this. Especially not with what they’re doing.
Their growth since IPO?
Five consecutive quarters of operating income growth over +50%.
How?
They’re buying everything and everybody.
Every competitor, every strategic regional player — Marex is swallowing them. Their acquisition model is aggressive but disciplined.
They aim for 20%+ ROE on every deal. Their latest acquisition in the Middle East?Expected to boost net income by 5% on its own.
Their fastest-growing region is Asia-Pacific. But their largest remains Europe, the Middle East, and Africa — accounting for 56% of revenue.
Much like Airbnb, Marex has their fair share of seasonal spikes. They print big numbers in Q4.
But zoom out. From Q1 2024 through today:
Revenue is up 31.56%
Net income is up 22.25%
That’s with a growing pile of subsidiaries and more on the way.
Ben Graham used to say, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”
MRX feels like one of those companies where the weight is quietly building.
Even after the run-up — it trades at a 13.64 P/E.
Still reasonable.
Still overlooked.
Still early… if you’re looking a few years out.
One of my favorite Buffett quotes comes to mind:
“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
MRX might be both.
MRX is one of those ideas that doesn’t flash neon lights. But the cash flows are real. The strategy is sharp. And the valuation still makes sense.
This is a long term position for us (as all are). I don’t expect anything flashy for years, but that’s why I love investing.
MRX might still be under the radar.
For now.
Our Portfolio & Stock Scoreboard:
Since 2020: +272.63% (S&P: +199.47%)
YTD: +3.95% (S&P: +1.22%)
We really love this addition of Marex to add into our portfolio and with over +30% still in cash and treasuries to use, we’re still looking at these other companies too…
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