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[@ObrenovicZeljko](/creator/twitter/ObrenovicZeljko)
"o3s take on $WISE Q1/26 Trading Update is on point"  
[X Link](https://x.com/ObrenovicZeljko/status/1946517868918472947) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-07-19T10:29Z 2163 followers, 1756 engagements


"$CROX and $BIRK have similar economics but trade at very different prices. Both run XX% gross margins and XX% operating margins. CROX made $680m adj. net profit last year on $2.7b of tangible assets (25% ROTA). BIRK made 300m on 1.8b (17% ROTA). Yet CROX trades at 5x LTM EBITDA / 6x P/E while BIRK trades at 14x / 24x. BIRK has the edge in growth (mid-teens sales growth). CROX is growing mid-teens as well internationally but not anymore in the US. The market thinks CROX is over-earning and the shoes are a fad because theyre uglybut thats part of their appeal. I dont think the valuation gap is"  
[X Link](https://x.com/ObrenovicZeljko/status/1968021637468495947) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-09-16T18:38Z 2163 followers, 4657 engagements


"Just published: My portfolio going into 2025 With a half-page thesis summary on every position. And my general thoughts on PF construction. Writing this ended up being very helpful. Find it at the usual place. $BUR $PHLL $1126 $EVO $WISE $HP3A $NEA $MUM $MBH3 $BWMX"  
[X Link](https://x.com/ObrenovicZeljko/status/1872646231497084943) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2024-12-27T14:10Z 2163 followers, 15.7K engagements


""Private equity feasts on cheap European companies" Me too. $HP3A $NEA $MUM $MBH3 $PHLL $EVO $WISE"  
[X Link](https://x.com/ObrenovicZeljko/status/1878419994918130014) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-01-12T12:33Z 2163 followers, 7594 engagements


"$TMV.DE has been a classic value trap so far. Finally I've stepped into it. Bought a couple of shares. I think that a business that generates recurring revenue still grows at HSD and is gushing FCF has no business trading at 6-7 FCFE. They've also bought back XX% of outstanding shares in the last X years. That's it. That's the thesis"  
[X Link](https://x.com/ObrenovicZeljko/status/1949912775108559048) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-07-28T19:20Z 2163 followers, 2317 engagements


"Well there you go. $TMV.DE is now an AI beneficiary. Stock jumps XX% today after BofA double upgrade from underweight to buy and a price target of XXXXX. "Teamviewer jumps BofA sees AI opportunities""  
[X Link](https://x.com/ObrenovicZeljko/status/1962562552891650463) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-09-01T17:05Z 2163 followers, 1183 engagements


"$UMG $SPOT $NFLX 🤔"  
[X Link](https://x.com/ObrenovicZeljko/status/1974895970933731461) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-10-05T17:54Z 2163 followers, 1503 engagements


"@memyselfandi006 @FaustFund @rssndv1 @SebKrog Brunello Cucinelli wants a word with you"  
[X Link](https://x.com/ObrenovicZeljko/status/1977050878424367364) [@ObrenovicZeljko](/creator/x/ObrenovicZeljko) 2025-10-11T16:37Z 2163 followers, XXX engagements