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
2026 – Quarter 3
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THE BIG PICTURE
2026 – Sell Your Active Positions – Both Stocks and Managers and Just Buy the Index!
Everyone's telling you to dump your active funds and “slow” growing stocks and just buy the index, some hot AI companies and last year’s best performing managers. Thirty years in this seat has taught me that oral volume seldom aligns with wealth creation. No better time to dig deep into the data and make well informed decisions. Or, read this article, we’ve done so for you.
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FROM THE ANALYSTS
Playing With Fire
On September 9th, Scott Bessent told markets to bet against him if they dared. Two days later the ten-year Treasury yield hit its highest level since 2023. The man who once made a fortune correctly identifying the moment a currency defence becomes unsustainable is now the one running one — and the arithmetic behind what he actually has to defend it with says more about where this goes than anything he said in Texas.
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FROM THE ANALYSTS
Corpay: Compounding Beyond the Fuel Card
Corpay’s evolution into a broader corporate payments business combines established competitive advantages, attractive economics and a long runway for growth as businesses modernise how they manage and spend money.
QUARTERLY REPORTS ARCHIVE
Browse all our quarterly reports available by selecting the period from the dropdowns using year and date.