Northstar quarterly market reports
The Northstar Market Report provides powerful empirical evidence as to why we are confident that our investment philosophy and process, closely followed, will deliver market beating returns for our clients over time. This work again points to controllable factors - markets move wildly, falling in and out of love with different sectors and companies, but we have a defined formula that works and we stick to our guns by only owning quality companies when they are incorrectly valued by other investors. We discuss stocks in this report, delving into our investment cases for specific securities which we own.
CURRENT QUARTERLY REPORT
2025 – Quarter 3
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THE BIG PICTURE
Echoes of the Past: Markets in the Shadow of the 1970s and the Dotcom Era
Financial markets in 2025 are caught between two striking historical parallels: the inflationary, politically charged 1970s and the tech-fueled exuberance of the late 1990s. Rising geopolitical tension, shifting economic orders, and concentrated technology-driven valuations have created a landscape that feels both familiar and unsettling. For investors, the lessons of history are clear—those who chase short-term euphoria risk repeating the mistakes of past bubbles, while those who remain disciplined and valuation-focused stand the best chance of preserving and growing capital through uncertain times.
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FROM THE ANALYSTS
Adobe Inc. From Disruption Fears to Opportunity
Adobe dominates the digital content creation market with iconic products like PDF and Photoshop. Its deep integration into creative professionals’ workflows makes it the industry standard and creates high switching costs. The large and growing creative market ensures significant long-term growth potential.
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FROM THE ANALYSTS
Pepkor: Growth Beyond Retail
There is a notable quote from a Pepkor case study in Sutherland, South Africa: “A town is not a town without a PEP.” This quote captures Pepkor’s essence in that it is not just a retailer, it’s part of the country’s social and economic backbone.
QUARTERLY REPORTS ARCHIVE
Browse all our quarterly reports available by selecting the period from the dropdowns using year and date.