AI Sends Booking.com Less Than 1% of Its Room Nights So Far
12 November 2026
Insider Stocks
My investing journal, open to members
Before I buy a business, and before I sell one, I write up what I see: what it earns, what it's worth, what could break it. Members read every entry, back to 2021.
It's not a recommendation to buy or sell. It's how I think, in writing.
US$50 a month or US$250 a year. Cancel any time from your account page.
Featured on
From the author of The Lunch Break Investor, #1 Straits Times bestseller.
Many of the examples in the book came out of this journal.
What's in the journal
At least two new entries a month, more during earnings season. A deep dive when I'm studying a business I might own. An update when a company I cover reports, or when something changes the picture. A note when I sell, and why. Each one ends with what I think the business is worth.
Why not more often? Anyone can publish every day now. Software turns an earnings release into a hot take in seconds, and most of what comes out has no depth and no view of its own. I hate wasting time, mine and yours. Each entry should give you the highest return on the minutes you spend reading it. I'd rather send nothing than send commentary that doesn't matter.
2+ a month
New entries, more during earnings season
Since 2021
Every entry, open to every member
30+ companies
From Adobe to Wise
Latest entries for Insider Stocks members
Who Clicks the Blue Links When a Bot Does the Searching?
6 November 2026
Meta Just Reversed a Decade of Buybacks
30 October 2026
Booking Holdings: Death by Agent, Round Two
16 October 2026
Musing About Meta’s New Front Door
2 October 2026
A non-member who opens one sees the title, the first 600 characters and the join line.
“
Thomas Chua's research reports are a generous analysis of companies, giving his unusually precise take on why a company is or is not worth further attention. These pieces stand out in my view, displaying his obsessive fascination with investing and his focus on getting to the truth through all of the news cycle noise.
Fraser Dalziel
Insider Stocks member
“
Thomas is one of the most detailed analysts that you can actually understand! I have interviewed dozens of people in the space, it is not always about the most refreshing and highly acclaimed personalities, sometimes all you need is someone that has depth, you can trust and understand.
Reggie Koh
The Financial Coconut
Read three entries before you decide
I'd rather you judge the work than the sales page. Two deep dives from this year that I published free, and one member entry from the 2022 Netflix drawdown.
Shopify · 2026
Shopify Deep Dive, Part 1: The Falling Margin That Fooled Everyone
Published free in July 2026.
Shopify · 2026
Shopify Deep Dive, Part 2: The $2.5 Billion Side Quest
Published free in September 2026.
Netflix · 2022
Netflix Down 25.8% After Hours?!
April 2022, with Netflix under US$180 and the headlines calling the end of streaming. One of three entries I wrote during that drawdown.
This is for you if
- You like studying businesses for their own sake, and you want to build up your mental models of how they work faster than you could on your own.
- You've read The Lunch Break Investor and want to see where its examples came from.
- You have a day job. You don't have hours for filings and earnings calls, and you don't want the depth cut out either.
- You're building a portfolio of great businesses to hold for years, and you want to understand what you own, not just hold the tickers.
Not for everyone. Don't join if
- You want quick returns. Everything here is built for holding businesses for years.
- You want to be told what to buy. I disclose my positions in the companies I cover. A disclosure is not a recommendation.
- You want macro calls, trading signals or microcaps. I'm bottom-up, and I don't cover them.
- You want one-to-one help. My time goes into the research, and that's what keeps it good for everyone.
“
One thing that I can say with certainty is that Thomas' words and actions are consistent with his investment principles. He takes the emotions out of investing; he does not give FOMO advice.
Titus Chng
Insider Stocks member
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I've been following Thomas for some time, and his research reports are consistently sound and well-researched. He backs them up by investing in the companies himself.
Qin Liang
Insider Stocks member
How I invest
Stop renting stocks. Start owning businesses.
I look for exceptional businesses run by trustworthy, skilled managers, and I aim to hold them unless the valuation runs far ahead or the thesis breaks. I steer clear of shaky balance sheets and companies that lean on a handful of customers. What I want is strong cash flow, low debt, a spread of revenue, and an edge that lasts.
Most people aren't bad at analysis. They're bad at drawdowns, because the brain treats a falling stock the way it treats a charging lion. The only cure I know is knowing what you own. That's what the journal is for.
With Reggie Koh of The Financial Coconut at Book Bar, Singapore, September 2026
Join
Prices are in US dollars. Cancel any time from your account page.
The button takes you to checkout. Fill in your details and the member area opens straight away, with every entry in it.
“
Thomas has a knack for sifting through all the information that's available and distilling it down into a piece that is easily digestible for readers, making his service an easy decision for me as an investor.
Clay Finck
Former host of We Study Billionaires
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Absolutely love the stock research reports from Thomas! His deep dives on Alibaba and Sea Limited are some of my favourites. I keep coming back to them as a benchmark for how my own research should be done.
Tapan Desai
Co-host of the Cold Brew Money podcast
Questions
How often do you send reports?
At least twice a month, more during earnings season. A deep dive when I'm studying a business, an update when one I cover reports, and my view on what's moving the market when it matters.
I'm new to investing. Will I understand it?
Yes. Feynman said that if you can't explain something simply, you don't understand it. I write to that standard: no jargon to hide behind.
I'm busy with work, family and everything else. Is this for me?
That's who it's for. Research takes time. These entries are the fastest way I know to stay informed without giving up the depth.
Do you use technical analysis?
No. I'm strictly bottom-up: the fundamentals of each business, not charts or market trends.
Do you give financial advice?
No. This is my journal. I write before I buy and before I sell, and I show members the entry. I disclose my positions in the companies I cover; that's a disclosure, not a recommendation. What you do with your money stays your decision.
How is this different from other research?
It's written by an investor, not an analyst with a quarterly target. I think like a business owner, I cover a small set of high-quality companies, and I write to be read: in depth, never dull.
Can I read a sample?
Yes. Three entries are linked above, including one from the 2022 Netflix drawdown.
Do you provide an invoice or a certificate of completion?
Yes. An invoice is issued automatically when you sign up. If your company needs a particular format, or a certificate for expensing, email me and I'll sort it.
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Your reports and updates on investing are very clear and easy to understand. It doesn't take a financial whizz to decipher any of your writing or insights. I applaud you for making it easy to consume.
Khalifah Hafiz Hashim
Insider Stocks member
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I signed up for Steady Compounding because I wanted to learn about investing from someone who has the experience, wisdom and skin in the game. Thomas had all that and more!
Jennifer Wee
Insider Stocks member
Eh, you're still here.
So you're either like me, compelled to finish what you start reading, or still on the fence. Let's clear the air. If you're chasing quick riches, this isn't your stop. I've been investing since 2008, and I write every entry the way I'd explain it to my sister: plainly, without the jargon. If this saves you even one weekend of digging through filings, it has paid for itself. If you join, I'm glad to have you. If not, no hard feelings. The free articles are still here.
Still deciding? Start with 3-Bullet Sunday.
Every Sunday I send the three most interesting things I read, watched, or listened to that week on investing.
© 2026 Steady Compounding. By Thomas Chua.