The alpha Brief

Last week felt like déjà vu… the kind of whiplash we saw during the DeepSeek selloff earlier in the year. Sharp swings. Sudden sentiment flips. A market that can’t quite make up its mind. Even so, the Henriot view hasn’t changed. Volatility comes in waves, and the important part is how fundamentals behave once the storm calms down. A few of the hardest-hit names have already started clawing back losses, but weeks like this usually have a long tail. Let’s walk through what act

Source: Bloomberg I recently attended the inaugural Bloomberg Africa Business Summit (Nov 17–18 in Johannesburg), and it was a truly enlightening experience. The event’s theme of Unlocking Africa’s Investment Potential set the tone for discussions on how Africa can overcome challenges and grasp emerging opportunities. I found myself deeply inspired by personal interactions and insights from various leaders specifically, their perspectives on risk, talent, innovation, and Afri

Summary Record loan volumes and expanding margins highlight the platform’s successful shift to profitable growth. AI-driven underwriting and a broad partner network provide a unique, scalable fintech model that is more resilient through credit cycles. Multiple new bank and fintech partnerships are in the pipeline, along with cross-selling of new products, which could fuel the next leg of volume growth. Despite this momentum, the stock trades at only ~6–7× forward EBITDA ( far

Summary Data center gold rush:  Exploding AI infrastructure demand is fueling a gold rush for the unsung connectivity chips that link advanced servers together. Multi-engine growth ahead:  A broad product suite addresses bottlenecks across AI systems, from inside the server to across the rack, setting the stage for an inflection as all engines fire. High growth, higher margins:   The company is already profitable with ~75% gross margins and a hefty cash war chest, suggesting

Friday capped another eventful week for markets, with major indices touching fresh highs amid easing inflation data. Investors looked past renewed trade tariff threats and focused on signs of cooling price pressures, which bolstered hopes for a Federal Reserve rate cut in the coming days. Below, we break down the key market drivers of the past two weeks and review our portfolio’s performance in a neutral, fact-based summary. Bulls Shrug Off Tariff Threats Equity bulls contin

Friends and Partners, I’ve been thinking about the long road. And I’ve come to the conclusion that most fortunes in the investment industry don’t arrive in a straight line. They look slow for a while (actually, quite a while), and then impossibly fast. Years of groundwork, months of doubt, weeks of grind, and then one day the compounding speaks for itself. Let me say that this quarter felt like one of those days.... Important Disclaimer This article is provided for informatio

Friends and Partners, What difference does a year make? Just a few quarters ago, we were quietly building something bold—dissecting data, refining our model, and pushing forward with conviction, when the markets gave us every reason to retreat. And we have failed! Terribly. Lessons have been learnt. Markets have been studied. Cash burn rate has been over the roof. But strict discipline has been instilled. And, today, we’re not just seeing the fruit of that discipline.... Impo

Friends and Partners, Is this the right time to be invested? Five years ago, it was March 2020. COVID-19 was here. The world was locked down, the markets were in free fall, and fear was everywhere. I remember watching prices swing wildly each day—not with clarity, but with fear that the world was coming to an end. Did it end? No. For those who remained resilient, patient, and focused on long-term fundamentals, the years that followed offered some of the best investment opport

Summary Unmatched AI Scale:  Dominating compute and networking at a level no competitor comes close to matching. Record Growth Momentum:  Revenue and margins expanding simultaneously, signaling durable structural demand. Next-Gen Catalyst Ahead:  The upcoming architecture cycle could reset industry performance benchmarks once again. Priced for Excellence, Still Undervalued:  Growth-adjusted valuation remains attractive given leadership position and earnings trajectory.

Investment Thesis The company operates in high-growth, underpenetrated markets with a dominant position, benefiting from strong network effects and technological advantages. Despite temporary regulatory and macroeconomic headwinds, the business remains well-managed, with a clear path to sustainable profitability. Sales, EPS, and free cash flow are projected to grow at 15%, 40%, and 45% CAGRs , respectively, over the next five years, supporting significant stock price apprecia

Investment Thesis: Strong Market Position & Institutional Adoption: The company is a leading digital asset platform with a fully licensed and compliant structure, making it well-positioned to attract institutional capital and mainstream adoption in a rapidly expanding industry. Diversified Revenue Streams & Growth Potential: While transaction fees remain the core business, the company has built a substantial recurring revenue base through subscriptions, stablecoin partnership

Mixed Performance Across U.S. Markets This week saw significant market fluctuations, culminating in sharp declines on Friday. The...

Last week saw significant movements in the financial landscape, driven by policy changes, corporate earnings, and geopolitical...

AppLovin Steals the Market’s Heart Just in Time for Valentine’s Day!