Group 1 - Sea Limited (SE) has significantly outperformed the S&P 500 and likely every global index over the last three years, despite a sharp decline in 2022 and the first half of 2023 [1] - The analysis emphasizes the importance of high-quality companies that can maintain a competitive advantage and high levels of defensibility for long-term market outperformance [1]

Core Viewpoint - International Business Machines (IBM) is viewed positively, with a buy rating issued previously, highlighting its potential despite elevated valuation levels [1] Group 1: Investment Thesis - The investment thesis focuses on identifying high-quality companies with strong balance sheets and shareholder-friendly policies [1] - The approach combines both quantitative and qualitative measures to uncover underappreciated opportunities in stocks [1] Group 2: Investment Strategy - The strategy emphasizes a long-only approach with a long-term investment focus, targeting cash-rich companies [1]

Core Viewpoint - ASML Holding N.V. is viewed as a strong investment opportunity, particularly following a post-earnings dip, with a significant position held by the investor at 10.5% and an average buying price of approximately $745 [1]. Company Analysis - ASML is characterized as a high-quality company, emphasizing metrics such as high Return on Invested Capital (ROIC), substantial insider ownership, and growth potential [1]. - The preferred metric for assessing growth is identified as free cash flow per share, indicating a focus on financial health and sustainability [1].

Core Viewpoint - Microsoft has seen a stock price increase of over 20% since the last analysis, indicating strong market performance and investor confidence in the company [1]. Group 1: Company Analysis - The focus is on identifying high-quality companies with strong balance sheets and shareholder-friendly policies, which aligns with Microsoft's financial health and strategic direction [1]. - A disciplined approach to valuation is emphasized, suggesting that Microsoft is viewed as an undervalued opportunity in the market [1]. - The investment strategy is long-only with a long-term focus, which is consistent with the growth trajectory observed in Microsoft's stock performance [1].