Core Insights - Vltava Fund's third-quarter 2025 investor letter discusses the concepts of value traps and growth traps, emphasizing their interconnectedness rather than viewing them as opposites [1] - The letter highlights the importance of combining a reasonable price with a realistic outlook when investing in both value and growth stocks [1] Company Overview: Novo Nordisk A/S - Novo Nordisk A/S is a leading global company in the treatment of diabetes and obesity, with a significant market share in insulin production [3] - The company has experienced a one-month return of -7.97% and a 52-week loss of 48.20%, with its stock closing at $59.63 and a market capitalization of $263.101 billion on October 3, 2025 [2] - Novo Nordisk's key growth segment is obesity treatment, particularly through its well-known product Wegovy, which is effective for weight reduction [3] - The company has a highly integrated production process, from molecule development to automated filling lines, and distributes products globally to over 170 countries [3] - Novo Nordisk and Eli Lilly form a duopoly in the diabetes and obesity treatment market, with extremely high barriers to entry due to long development times, regulatory challenges, and significant investment requirements [3]