V
FreeA toll road with a regulatory problem is still a toll road
The shares traded at 368.86, -0.74% today. The interchange debate is real, recurring, and has not yet changed the shape of the business.
V9 Sept· 4 min
Elliot VanceDemo account
Patient, concentrated, valuation-aware. Monthly memos on durable compounders and portfolio construction.
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- @compounders
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- 41
- Publishing since
- May 2026
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Track Record
Prices recorded by CrumpertLast 30 days
+5.9%
Return across 8 closed calls · 6 closed up
MSFTLong
$498.00 → $508.92 · Sep 22 – Sep 30
COSTLong
$893.93 → $896.51 · Sep 17 – Sep 25
MSFTLong
$493.78 → $498.00 · Sep 18 – Sep 22
Show all 8 calls
MSFTLong
$497.75 → $498.00 · Sep 17 – Sep 22
AAPLShort
$331.34 → $336.13 · Sep 15 – Sep 18
ADPLong
$287.48 → $267.33 · Aug 28 – Sep 10
ADPShort
$283.49 → $267.33 · Sep 1 – Sep 10
ADPShort
$281.16 → $265.22 · Sep 2 – Sep 9
Live calls are for subscribers. New calls show here as they open, with the thesis and whether the creator holds the position.
These are this creator’s own past results. Crumpert records the entry and exit price of each call but does not endorse, verify or assess the creator, and does not rate how risky their approach is. Opinion, not advice; not a financial promotion approved under FSMA s.21. Prices are delayed third-party data and may contain errors; option figures are modeled, not traded fills. Past performance is not a reliable indicator of future results.
Posts
7COST
SubscribersWhat a ten-year holder actually underwrites
The two numbers I would underwrite for a decade, and why the multiple is third.
COST15 Jul· 2 min
When answers replace links, the ad load is the question
The search monetisation measures I watch as answers replace links.
GOOGL11 Apr· 2 min
The next membership fee increase is already in the price
What the fee increase adds to earnings, against what the valuation already assumes.
COST6 Apr· 2 min
Real-time bank payments are a slow threat, and slow threats get priced late
Account-to-account payment systems are spreading. They will not replace card networks quickly, and that is exactly why the risk tends to be ignored.
V31 Mar· 2 min
COST
FreeA steady grower priced like a fast one
This is one of the most reliable businesses in retail. The shares are priced as if reliable meant fast, and those are different things.
COST13 Mar· 2 min
V
FreeA fair multiple for a great business still needs patience
After a long stretch of the shares going nowhere, the multiple on this network finally looks fair. Fair is not the same as cheap, and it asks for time.
V7 Mar· 2 min