📊 Giles Capital Weekly: Week 18

This week's edition covers:

- Mega-cap AI write-ups, a turnaround in business-jet manufacturing, and a Japanese end-of-life services platform

- Articles on dependency as hidden leverage, network effects, antifragile portfolios, and a $1tn water market primer

- Six fund letters including Praetorian Capital +16.44% in Q1 after positioning ahead of Hormuz

Top picks:

🇺🇸 Insperity (NSP): 4x forward EV/EBITDA, founder-led, 8.4% dividend yield, down 60% from highs

🇨🇦 Bombardier (BBD/B): Business-jet duopoly, $1bn+ FCF, 3.6x book-to-bill backlog

🇫🇷 Hermès (RMS): 41% margins, €12.2bn net cash, trading 30% below five-year average multiple

🇳🇱 Magnum Ice Cream (MICC): World's biggest ice cream pure-play at 8.7x EBITDA after Unilever spin

🇯🇵 Kamakura Shinsho (6184): 21% revenue CAGR, 46% adjusted ROE, net cash worth 22% of market cap