The Dutch Investors

Dino Polska (WSE: DNP) keeps opening supermarkets across Poland, but profit growth has slowed, and its shares have come under pressure. Has the investment thesis changed? Or has the market become too pessimistic?

In this episode we revisit our original Dino Polska deep dive and compare our expectations with what happened. We cover the retailer’s business model, competition with Biedronka and Lidl, pressure on margins, and its approach to reinvesting for growth. We also revisit the valuation.
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Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

In this deep dive, we break down the global payments industry from the ground up, moving past the surface-level metrics to examine the hidden framework that powers every digital and physical transaction. We explore why payments are a battleground of intense competition, structural moats, and evolving technology, helping investors separate true compounding businesses from value traps.
Chapter 1: The Four Party Model 
Chapter 2: Point of Sale 
Chapter 3: Digital Wallets 
Chapter 4: Payment Service Providers 
Chapter 5: Issuing and Acquiring Banks 
Chapter 6: Card Networks 
Chapter 7: Crypto and Stable Coins 
Chapter 8: Where the Growth Actually Is 
Chapter 9: Five Companies
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Try our all-in-one investing terminal!
Research. Track. Compound. Your complete fundamental toolkit.
A new company deep dive every 14 days!
Professional investing tools
Live company financials and KPIs
Exclusive TDI-member community
24/7 live access to our personal portfolio's
All our buys & sells
And much more!
➡️ www.TDI-Terminal.com
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X ⁠@DutchInvestors⁠
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Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

In this episode we'll get answers to some in-depth questions on Fairfax, often named the 'Canadian Berkshire Hathaway' due to its similar business model.
Asheef Lalani, also known as BrownMarubozu, is a real Fairfax expert. He's been following the company closely for over six years and has been in close contact with some people working at the company. He'll help us uncover what makes Fairfax so special and why this might be an interesting investment.
Asheef is a true Fairfax expert, and we highly recommend following him if you're interested in Fairfax. You can do so on X (Twitter) or on Substack.
You can find the full in-depth dive analysis on Fairfax on our TDI-terminal or on Substack.
Support the show
Try our all-in-one investing terminal!
Research. Track. Compound. Your complete fundamental toolkit.
A new company deep dive every 14 days!
Professional investing tools
Live company financials and KPIs
Exclusive TDI-member community
24/7 live access to our personal portfolio's
All our buys & sells
And much more!
➡️ www.TDI-Terminal.com
You can also find us on:
X ⁠@DutchInvestors⁠
Substack ⁠@The Dutch Investors⁠
Instagram ⁠@The Dutch Investors⁠
🎁 Proud partners of PDT. Save 15% on any PDT plan! 
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Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

What is the actual job of a CEO, and why do most leaders fail at the one thing that truly drives shareholder returns? In this episode, we break down the mechanics of capital allocation, look at the playbook used by history's greatest outsider CEOs, and examine why conventional business metrics often lead investors astray.
Credits to William Thorndike and his excellent book: The Outsiders - Eight Unconventional CEOs and Their Radically Rational Blueprint for Success.
Support the show
Try our all-in-one investing terminal!
Research. Track. Compound. Your complete fundamental toolkit.
A new company deep dive every 14 days!
Professional investing tools
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Exclusive TDI-member community
24/7 live access to our personal portfolio's
All our buys & sells
And much more!
➡️ www.TDI-Terminal.com
You can also find us on:
X ⁠@DutchInvestors⁠
Substack ⁠@The Dutch Investors⁠
Instagram ⁠@The Dutch Investors⁠
🎁 Proud partners of PDT. Save 15% on any PDT plan! 
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Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.

What do long-term public equity investing and a decades-long marriage actually have in common? More than you might think.

In this special episode of The Dutch Investors, Siem te Hennepe reflects on tying the knot with his wife, Ariane, after ten years together. To mark the occasion, co-founders Bouke, Luuk, and Mathjis handed over a unique wedding gift: ten fundamental rules bridging the worlds of market discipline and lifelong partnership.
Enjoy.
Support the show
Try our all-in-one investing terminal!
Research. Track. Compound. Your complete fundamental toolkit.
A new company deep dive every 14 days!
Professional investing tools
Live company financials and KPIs
Exclusive TDI-member community
24/7 live access to our personal portfolio's
All our buys & sells
And much more!
➡️ www.TDI-Terminal.com
You can also find us on:
X ⁠@DutchInvestors⁠
Substack ⁠@The Dutch Investors⁠
Instagram ⁠@The Dutch Investors⁠
🎁 Proud partners of PDT. Save 15% on any PDT plan! 
🎁 Proud partners of Fiscal. Save 15% on any Fiscal.ai plan!
Disclaimer:
Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.