Dec 19, 2023Liked by Kevin

Oh wow another excellent write-up (I am catching up :-). As an incorrigible value investor, I couldn't resist loading up the truck at 600s beacuse the trade-off seemed skewed too much to the upside at that point. However, I like Adyen now much less at ~ 1200s than I did in 600s, a gut feeling that your superb analysis provides some good foundation for. Holding something that's priced to perfection is not my investment style, but then again selling a company with a fortress balance sheet, a long runway of double-digit growth, 50%+ EBITDA margins and so on just somehow feels wrong, too. So I am torn. I think I'll go against my Ben Grahamesque instincts for now and hold on, and let it be a lesson, just don't know which one yet!

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