Miami International: Unique Tech With Visible Growth Catalysts

Core Viewpoint - Miami International Holdings (NYSE: MIAX) is undervalued in terms of its market position and growth potential, warranting a buy rating [1] Company Analysis - MIAX has established a strong competitive position and growth trajectory, indicating significant potential for scaling and unlocking terminal value [1] - The investment approach emphasizes understanding core business economics, including competitive moat, unit economics, reinvestment opportunities, and management quality, which are crucial for long-term free cash flow generation and shareholder value [1] Investment Philosophy - The focus is on fundamental research, particularly in sectors with strong secular tailwinds, to identify high-quality, long-term investment opportunities [1] - The analysis aims to be both analytical and accessible, providing insights that help investors understand what drives long-term equity value [1]