Bacaan teman ngopi di akhir pekan. Semoga bermanfaat!

Several ideas of company or business that you want to own in your stocks portfolio

𝟏. 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐓𝐡𝐚𝐭 𝐇𝐚𝐯𝐞 𝐚 𝐂𝐥𝐞𝐚𝐫, 𝐃𝐞𝐟𝐢𝐧𝐞𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲
A stock is not a ticker. It’s not a chart. It’s not a P/E multiple. A stock is a piece of a business as Ben Graham said, and the real joy comes from studying what that business is trying to do and whether the strategy makes sense.

Over the years, the difference between people who compound faster in life vs the ones who do it slower purely lies in certainty and clarity of thoughts. Better clarity and certainty lead to better actions. Which helps one in getting to their destination earlier.

When a company has clarity, research becomes joyful. You’re not guessing the future — you’re simply watching the strategy play out. Great companies do fewer things — but with more intensity and patience.

𝟐. 𝐇𝐚𝐫𝐝-𝐭𝐨-𝐑𝐞𝐩𝐥𝐢𝐜𝐚𝐭𝐞 𝐀𝐬𝐬𝐞𝐭𝐬
Some businesses aren’t just “good companies.” They’re impossible-to-recreate companies. Markets often underestimate how powerful time, capital intensity, regulation, and geography can be as moats. Think about:
*Ports
*Airports
*Railways
*Telecom networks

These are assets you simply cannot rebuild today. Not at the current cost structures. Not with today’s regulatory hurdles. Not with the inflation we’re dealing with. And definitely not with the patience required to see a long-cycle project through.

These businesses are so asset-heavy and capital-intensive that the entry barrier itself becomes the moat. Over time, this leads to:
*Strong, visible pricing power
*Stable return ratios in the 15–20% range
*Natural decline in competitive intensity
*Compounding that happens quietly in the background

People often underestimate what happens when a company owns an asset the world needs but nobody else can afford to replicate at current cost structures. That’s when time becomes your biggest ally as an investor.

𝟑. 𝐒𝐮𝐩𝐩𝐥𝐲-𝐒𝐢𝐝𝐞 𝐃𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞
These are the companies where the supplier, not the customer, has the power. These are the businesses that:
*Have enormous switching costs
*Operate in mission-critical categories
*Serve customers who value reliability above price
*And take decades to build credibility

You cannot replicate those with capex. You can only replicate those with decades of learning and customer stickiness. This is what gives them supply side dominance.

To identify businesses with supply-side dominance, look for four simple markers:
*Market share
If someone owns 10–40% of a niche, that tells you everything.
*Margin stability
Dominance shows up in stable margins even in volatile environments.
*End customers
Are they selling to mission-critical industries? Are approvals or certifications required?
*Number of competitors
The fewer the players, the more valuable each one becomes.

When these four things come together, you get businesses that compound quietly in the background—without needing hype or headlines.

𝟒. 𝐏𝐫𝐨𝐱𝐲 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠
Who makes money when there is a war? The guys who sell bullets and guns. That is the definition of proxy. In modern day world it could be the guys who sell missiles and drones.

One of the most underrated joys of stock picking is finding the proxy — the company that benefits from a big trend without being the one standing in the spotlight.

Peter Lynch often spoke about the California Gold Rush, where the real money wasn’t made by the miners It was made by the guys selling shovels, axes, and tents. Everyone chased the gold but the tool-makers built empires.

Proxy investing is exactly that mindset - look for the companies that quietly enable mega trends rather than the ones trying to claim all the glory. These are businesses where you don’t have to take upstream risk, regulatory risk, or hyper-competitive risk — but you still ride the same secular tailwind.

If you want to get good at identifying proxies, there are three habits worth developing:
*Study the value chain end-to-end
Every industry has adjacencies. Some of the safest compounders live in the middle of the chain.
*Look for businesses that benefit from the megatrend without being the hero
Instead of betting on who wins the data centre capex game, ask: “Who wins no matter who builds the data centre?” That’s where the proxy ideas hide.
*Find companies that benefit when bigger, upstream players grow
Proxies often grow because someone else is spending heavily. They ride the wave without needing to create it. That’s the elegance of it.

After reading this, can you give some examples for each ideas?

$IPCC $CASS $TOTL