Thomas Chua
@steadycompound.bsky.social
Filling my stock portfolio with steady compounders and sharing my analysis at http://steadycompounding.com
Wealth isn't the number in your account. It's what that number allows you to do.
The wealthiest aren't necessarily the ones with the most money. They're the ones who control their time.
Financial independence means waking up and doing exactly what you want.
The wealthiest aren't necessarily the ones with the most money. They're the ones who control their time.
Financial independence means waking up and doing exactly what you want.
December 24, 2025 at 10:27 PM
Wealth isn't the number in your account. It's what that number allows you to do.
The wealthiest aren't necessarily the ones with the most money. They're the ones who control their time.
Financial independence means waking up and doing exactly what you want.
The wealthiest aren't necessarily the ones with the most money. They're the ones who control their time.
Financial independence means waking up and doing exactly what you want.
A payments insider who worked at both Google Pay and Stripe sees Adyen and Stripe forming a duopoly—while legacy players become "ripe for the picking."
🧵 Here's how he sees the next 5 years :
🧵 Here's how he sees the next 5 years :
December 24, 2025 at 11:09 AM
A payments insider who worked at both Google Pay and Stripe sees Adyen and Stripe forming a duopoly—while legacy players become "ripe for the picking."
🧵 Here's how he sees the next 5 years :
🧵 Here's how he sees the next 5 years :
Most people play life like Monopoly without ever buying a single asset.
steadycompounding.com/life/monopoly/
steadycompounding.com/life/monopoly/
December 23, 2025 at 10:32 PM
Most people play life like Monopoly without ever buying a single asset.
steadycompounding.com/life/monopoly/
steadycompounding.com/life/monopoly/
You don't need to be brilliant to build wealth.
You need to avoid the big mistakes. Don't panic sell. Don't chase fads. Don't use leverage you can't handle. Don't put all your eggs in one basket.
Consistent not-stupidity beats occasional brilliance.
You need to avoid the big mistakes. Don't panic sell. Don't chase fads. Don't use leverage you can't handle. Don't put all your eggs in one basket.
Consistent not-stupidity beats occasional brilliance.
December 23, 2025 at 10:58 AM
You don't need to be brilliant to build wealth.
You need to avoid the big mistakes. Don't panic sell. Don't chase fads. Don't use leverage you can't handle. Don't put all your eggs in one basket.
Consistent not-stupidity beats occasional brilliance.
You need to avoid the big mistakes. Don't panic sell. Don't chase fads. Don't use leverage you can't handle. Don't put all your eggs in one basket.
Consistent not-stupidity beats occasional brilliance.
Why markets are impossible to predict:
"We can see and measure just about everything in the world except people's moods, fears, hopes, grudges, goals, triggers, and expectations." — Same as Ever by Morgan Housel
You can model the fundamentals. You can't model the emotions.
"We can see and measure just about everything in the world except people's moods, fears, hopes, grudges, goals, triggers, and expectations." — Same as Ever by Morgan Housel
You can model the fundamentals. You can't model the emotions.
December 22, 2025 at 10:32 PM
Why markets are impossible to predict:
"We can see and measure just about everything in the world except people's moods, fears, hopes, grudges, goals, triggers, and expectations." — Same as Ever by Morgan Housel
You can model the fundamentals. You can't model the emotions.
"We can see and measure just about everything in the world except people's moods, fears, hopes, grudges, goals, triggers, and expectations." — Same as Ever by Morgan Housel
You can model the fundamentals. You can't model the emotions.
Great jockeys matter. Great horses matter more.
"Averaged out, betting on the quality of a business is better than betting on the quality of management. If you have to choose one, bet on the business momentum, not the brilliance of the manager."
— Charlie Munger
"Averaged out, betting on the quality of a business is better than betting on the quality of management. If you have to choose one, bet on the business momentum, not the brilliance of the manager."
— Charlie Munger
December 22, 2025 at 10:57 AM
Great jockeys matter. Great horses matter more.
"Averaged out, betting on the quality of a business is better than betting on the quality of management. If you have to choose one, bet on the business momentum, not the brilliance of the manager."
— Charlie Munger
"Averaged out, betting on the quality of a business is better than betting on the quality of management. If you have to choose one, bet on the business momentum, not the brilliance of the manager."
— Charlie Munger
The most important question in investing isn't which stocks to buy.
"You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose." — Charlie Munger
Know your circle of competence.
"You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose." — Charlie Munger
Know your circle of competence.
December 21, 2025 at 10:31 PM
The most important question in investing isn't which stocks to buy.
"You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose." — Charlie Munger
Know your circle of competence.
"You have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don't, you're going to lose." — Charlie Munger
Know your circle of competence.
Read an expert call with a former Google chip engineer on NVIDIA's competitive position.
His view: NVIDIA will lose market share in both training and inference.
Here's why 🧵:
His view: NVIDIA will lose market share in both training and inference.
Here's why 🧵:
December 21, 2025 at 7:03 AM
Read an expert call with a former Google chip engineer on NVIDIA's competitive position.
His view: NVIDIA will lose market share in both training and inference.
Here's why 🧵:
His view: NVIDIA will lose market share in both training and inference.
Here's why 🧵:
Good companies invest for the long term. That investment shows up as expenses today.
So their earnings look worse than they should. Wall Street punishes them. The stock drops.
Meanwhile, they're building moats that will generate returns for decades.
So their earnings look worse than they should. Wall Street punishes them. The stock drops.
Meanwhile, they're building moats that will generate returns for decades.
December 20, 2025 at 10:33 PM
Good companies invest for the long term. That investment shows up as expenses today.
So their earnings look worse than they should. Wall Street punishes them. The stock drops.
Meanwhile, they're building moats that will generate returns for decades.
So their earnings look worse than they should. Wall Street punishes them. The stock drops.
Meanwhile, they're building moats that will generate returns for decades.
Bull markets make everyone look smart.
Bear markets reveal who was actually prepared.
Bear markets reveal who was actually prepared.
December 20, 2025 at 10:58 AM
Bull markets make everyone look smart.
Bear markets reveal who was actually prepared.
Bear markets reveal who was actually prepared.
The best prices come from misunderstood disdain.
When everyone hates a sector, that's when valuations compress. When valuations compress, future returns expand.
You rarely get bargains on what's popular.
When everyone hates a sector, that's when valuations compress. When valuations compress, future returns expand.
You rarely get bargains on what's popular.
December 19, 2025 at 10:32 PM
The best prices come from misunderstood disdain.
When everyone hates a sector, that's when valuations compress. When valuations compress, future returns expand.
You rarely get bargains on what's popular.
When everyone hates a sector, that's when valuations compress. When valuations compress, future returns expand.
You rarely get bargains on what's popular.
Seth Klarman on the five traits that made Buffett a successful investor:
December 19, 2025 at 1:19 PM
Seth Klarman on the five traits that made Buffett a successful investor:
Lululemon's CEO just quit mid-turnaround.
Elliott just showed up with a $1B stake and a candidate.
Nike just reported and complicates the "tough macro" excuse.
A lot happened this week. I break it all down (paywalled):
steadycompounding.com/investing/l...
Elliott just showed up with a $1B stake and a candidate.
Nike just reported and complicates the "tough macro" excuse.
A lot happened this week. I break it all down (paywalled):
steadycompounding.com/investing/l...
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December 19, 2025 at 3:40 AM
Lululemon's CEO just quit mid-turnaround.
Elliott just showed up with a $1B stake and a candidate.
Nike just reported and complicates the "tough macro" excuse.
A lot happened this week. I break it all down (paywalled):
steadycompounding.com/investing/l...
Elliott just showed up with a $1B stake and a candidate.
Nike just reported and complicates the "tough macro" excuse.
A lot happened this week. I break it all down (paywalled):
steadycompounding.com/investing/l...
Nike's North America up 9% this quarter. From CFO
Matthew Friend:
"As it relates to the North America marketplace, wholesale delivered strong growth in the quarter. While the quarter certainly benefited from liquidation to value channels as we cleaned up the marketplace"
Matthew Friend:
"As it relates to the North America marketplace, wholesale delivered strong growth in the quarter. While the quarter certainly benefited from liquidation to value channels as we cleaned up the marketplace"
December 19, 2025 at 2:04 AM
Nike's North America up 9% this quarter. From CFO
Matthew Friend:
"As it relates to the North America marketplace, wholesale delivered strong growth in the quarter. While the quarter certainly benefited from liquidation to value channels as we cleaned up the marketplace"
Matthew Friend:
"As it relates to the North America marketplace, wholesale delivered strong growth in the quarter. While the quarter certainly benefited from liquidation to value channels as we cleaned up the marketplace"
The one habit shared by nearly every great investor:
"In my whole life, I have known no wise people who didn't read all the time - none, zero." — Charlie Munger
You can't think better than your information diet allows.
"In my whole life, I have known no wise people who didn't read all the time - none, zero." — Charlie Munger
You can't think better than your information diet allows.
December 18, 2025 at 10:28 PM
The one habit shared by nearly every great investor:
"In my whole life, I have known no wise people who didn't read all the time - none, zero." — Charlie Munger
You can't think better than your information diet allows.
"In my whole life, I have known no wise people who didn't read all the time - none, zero." — Charlie Munger
You can't think better than your information diet allows.
Saying you can handle volatility is easy when markets are up.
The real test comes when your portfolio drops 40-50%. When headlines scream. When everyone around you is selling.
That's when you find out who you really are as an investor.
The real test comes when your portfolio drops 40-50%. When headlines scream. When everyone around you is selling.
That's when you find out who you really are as an investor.
December 18, 2025 at 11:03 AM
Saying you can handle volatility is easy when markets are up.
The real test comes when your portfolio drops 40-50%. When headlines scream. When everyone around you is selling.
That's when you find out who you really are as an investor.
The real test comes when your portfolio drops 40-50%. When headlines scream. When everyone around you is selling.
That's when you find out who you really are as an investor.
Investors love chasing hot industries.
But exciting industries attract competition. Competition destroys returns.
The boring question matters more: Can this specific company defend its position for the next decade?
Durability beats disruption.
But exciting industries attract competition. Competition destroys returns.
The boring question matters more: Can this specific company defend its position for the next decade?
Durability beats disruption.
December 17, 2025 at 10:31 PM
Investors love chasing hot industries.
But exciting industries attract competition. Competition destroys returns.
The boring question matters more: Can this specific company defend its position for the next decade?
Durability beats disruption.
But exciting industries attract competition. Competition destroys returns.
The boring question matters more: Can this specific company defend its position for the next decade?
Durability beats disruption.
You will make mistakes. Every investor does.
The question is whether those mistakes knock you out of the game or just slow you down.
Small losses you recover from. Big losses you don't.
Compounding wealth in the stock market is survival repeated over decades.
The question is whether those mistakes knock you out of the game or just slow you down.
Small losses you recover from. Big losses you don't.
Compounding wealth in the stock market is survival repeated over decades.
December 17, 2025 at 10:59 AM
You will make mistakes. Every investor does.
The question is whether those mistakes knock you out of the game or just slow you down.
Small losses you recover from. Big losses you don't.
Compounding wealth in the stock market is survival repeated over decades.
The question is whether those mistakes knock you out of the game or just slow you down.
Small losses you recover from. Big losses you don't.
Compounding wealth in the stock market is survival repeated over decades.
Stock analysts obsess over P/E ratios and price targets. Business analysts obsess over how companies make money and keep customers.
One approach treats stocks as merely tickers. The other treats them as ownership stakes.
The second approach works better.
One approach treats stocks as merely tickers. The other treats them as ownership stakes.
The second approach works better.
December 16, 2025 at 10:33 PM
Stock analysts obsess over P/E ratios and price targets. Business analysts obsess over how companies make money and keep customers.
One approach treats stocks as merely tickers. The other treats them as ownership stakes.
The second approach works better.
One approach treats stocks as merely tickers. The other treats them as ownership stakes.
The second approach works better.
The best investors aren't the ones who earn the highest returns. They're the ones who can survive long enough to let compounding work.
Being unbreakable beats being "brilliant".
Survival first. Returns follow.
Being unbreakable beats being "brilliant".
Survival first. Returns follow.
December 16, 2025 at 10:57 AM
The best investors aren't the ones who earn the highest returns. They're the ones who can survive long enough to let compounding work.
Being unbreakable beats being "brilliant".
Survival first. Returns follow.
Being unbreakable beats being "brilliant".
Survival first. Returns follow.
On 9 April 2020, I published my first post on Steady Compounding.
No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings."
Almost 6 years and a little less hair later, that line turned out to be the whole point.
steadycompounding.com/life/almost...
No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings."
Almost 6 years and a little less hair later, that line turned out to be the whole point.
steadycompounding.com/life/almost...
December 15, 2025 at 11:13 PM
On 9 April 2020, I published my first post on Steady Compounding.
No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings."
Almost 6 years and a little less hair later, that line turned out to be the whole point.
steadycompounding.com/life/almost...
No audience. No plan. Just a tagline: "All Big Things Come From Small Beginnings."
Almost 6 years and a little less hair later, that line turned out to be the whole point.
steadycompounding.com/life/almost...
One of Munger's best mental tricks: collect examples of other people's failures. Studying stupidity is the fastest path to avoiding it yourself.
December 15, 2025 at 10:32 PM
One of Munger's best mental tricks: collect examples of other people's failures. Studying stupidity is the fastest path to avoiding it yourself.
The best investors I know share one trait: they do almost nothing most of the time. Then, when the odds are heavily in their favor, they bet big.
It's not about being busy. It's about being ready.
It's not about being busy. It's about being ready.
December 15, 2025 at 11:04 AM
The best investors I know share one trait: they do almost nothing most of the time. Then, when the odds are heavily in their favor, they bet big.
It's not about being busy. It's about being ready.
It's not about being busy. It's about being ready.
TransMedics spent Q4 defending itself against short-seller allegations while proving that business momentum remains strong.
A law firm investigation found no fraud. Management confirmed that the four transplant centers mentioned in the short report are still active users.
A law firm investigation found no fraud. Management confirmed that the four transplant centers mentioned in the short report are still active users.
December 15, 2025 at 10:08 AM
TransMedics spent Q4 defending itself against short-seller allegations while proving that business momentum remains strong.
A law firm investigation found no fraud. Management confirmed that the four transplant centers mentioned in the short report are still active users.
A law firm investigation found no fraud. Management confirmed that the four transplant centers mentioned in the short report are still active users.
1/ Howard Marks just dropped 5 decades of investing wisdom in one conversation.
5 market calls in 50 years. $218 billion under management. Zero blowups.
Here's what separates him from everyone else: 🧵
5 market calls in 50 years. $218 billion under management. Zero blowups.
Here's what separates him from everyone else: 🧵
December 14, 2025 at 7:24 AM
1/ Howard Marks just dropped 5 decades of investing wisdom in one conversation.
5 market calls in 50 years. $218 billion under management. Zero blowups.
Here's what separates him from everyone else: 🧵
5 market calls in 50 years. $218 billion under management. Zero blowups.
Here's what separates him from everyone else: 🧵