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I purchased Frontier Development last year off the back of a return to higher profitability in 2025 as the company was having a bad 2023 due to high development costs and the overall downturn in the video game market. I also assumed revenue would be flat to 2025 as the release of new titles and sticky back catalog sales would keep sales flat. And overall I thought the stock was cheap at £3.41 a share.

Its been a year now since adding Grupo BMV or Bolsa Mexicana de Valores SAB(BMV:BOLSAA) to my portfolio so it’s time for an update. Every year I review positions in my portfolio to keep track of their performance and see if I should continue to add or sell out of the position. In these review articles I’ve been highlighting 4 kpi’s that I track in the business to give me a sense of how the company is doing. For Grupo BMV Revenue, ADTV Equities, market data users, SIC Volume and ISR/Basis volumes in Chile. In total I picked 5 for Group BMV due to all the different segments they have which I’d like to boil down into a few metrics but 4 was too small. 

Written in 1972, 100 to 1 in the Stock Market by Thomas Phelps served as the inspiration for one of my favorite investing books by Chris Mayer. Below, I’ve compiled notes on Phelps’ book, primarily for my own reference and study, much like I did with Mayer’s book. The term 100-1 refers to a stock that increases 100 times its original investment. As I went through the book, I made chapter-by-chapter notes, summarizing what I saw as the key takeaways from each section.

Summary of my Portfolio as of Q3 2024.

One Group Hospitality is a restaurant operator of 4 main brands that includes STK a high end steakhouse, Kona grill a sushi grill bar, and recent additions Benihana and RA Sushi. The company over the past two quarters as been struggling as same store sales numbers have turned negative year over year and on top of that the companies acquisition of safflower holdings which was the holding company of Benihana and RA sushi has saddled the company with a lot of debt in a not so great interest rate environment. On the positive side, the company’s two main brands STK and Benihana have excellent unit economics with stores averaging 20% restaurant level operating margins.