The Dutch Investors

How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat.

We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charlie Munger’s circle of competence to real-world investing decisions, exploring why honest uncertainty can be a better edge than false confidence.
You’ll learn:
Why ASML’s complexity can be a barrier to competition
How to think about the circle of competence
Why the “too hard pile” can still contain promising investments
What a deep dive into LAM Research revealed about semiconductors, etching, deposition, and cleaning
How to focus on the one or two facts that matter most
This episode is a reminder that understanding every detail is often impossible, and usually unnecessary. What matters is assessing whether a business has a durable edge, whether customers can realistically switch, and whether that advantage could last.
If you invest in semiconductors, AI infrastructure, or businesses that feel too complex to analyze, this episode offers a framework for thinking through the challenge.
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Disclaimer:
This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

Why choose Grab when another ride-hailing app offers a cheaper fare?

From a rainy evening in Vietnam to the economics behind your next ride, we explore Grab’s business model, network effects, and competition in Southeast Asia and what they mean for investors in Grab stock (NASDAQ: GRAB).

A story about reliability, customer loyalty, and the questions worth asking before buying the shares.
Interested in Grab Holdings? See our Grab deep dive.
Main takeaway? A service can be valuable to customers without being an attractive investment. You need to understand what it costs to deliver that value and how much the business retains.
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Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.
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Disclaimer:
This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

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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Best Financial Data Provider
Save 15% on Fiscal AI. Financials, segments, and KPIs.

Best Portfolio Tracker
Save 15% on PDT. Track your portfolio automatically, 24/7.

Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.

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Research better with the TDI Terminal
Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.
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________________________________________________________
You can also find us on:
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  ________________________________________________________ 
Disclaimer:
This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always 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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Research better with the TDI Terminal
Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.
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________________________________________________________
You can also find us on:
X/Twitter - Substack
  ________________________________________________________ 
Disclaimer:
This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always 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.
Ask us a question
Support the show
Research better with the TDI Terminal
Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.
 ➡️ Explore the TDI Terminal.com 
________________________________________________________
You can also find us on:
X/Twitter - Substack
  ________________________________________________________ 
Disclaimer:
This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.