Booking Holdings: Death by Agent, Round Two
October 16, 2026
Membership
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
Twice a month, on the second and fourth Friday, a new entry. 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 only twice a month? Because I hate wasting time. 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.
Twice a month
A new entry every second and fourth Friday
Since 2021
Every entry, open to every member
33 companies
From Adobe to Wise
Latest entries
Musing About Meta’s New Front Door
October 2, 2026
Domino’s Is Down 24% This Year. I’m Still Watching My Carbs.
September 18, 2026
Microsoft Q4 2026: Nadella’s Plan to Make Every Model Swappable
September 4, 2026
Starbucks: The Turnaround Is Working, But Would I Buy It?
August 21, 2026
A non-member who opens one sees the title, the first 600 characters and the join line.
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.
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.
Monthly
US$50 a month
A new entry every second and fourth Friday
The full journal back to 2021
The button takes you to checkout. Fill in your details and the member area opens straight away, with every entry in it.
Questions
How often do you send reports?
Twice a month, on the second and fourth Friday. 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.
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.