Do Not Distribute

Why I own Visa & Mastercard

History will rhyme

Jul 27 • Ali Gündüz

22

3

1

Evolution's Q2 2026

What has happened and what may happen

Jul 17 • Ali Gündüz

28

1

June 2026

Philip Morris: An Owner's Review

PMI in a few charts

Jun 3 • Ali Gündüz

12

4

April 2026

Evolution's Q1 2026

Surging recovery at lower returns

Apr 27 • Ali Gündüz

38

2

1

February 2026

Evolution's 2025

A Year in Decline

Feb 11 • Ali Gündüz

42

16

2

Evolution and the Doom of Playing It Safe

Why becoming "a little bit better every day" does not always work

Feb 2 • Ali Gündüz

40

1

October 2025

Evolution's Q3 2025: Quarter in Review

End of the beginning

Oct 28, 2025 • Ali Gündüz

37

7

July 2025

Evolution's Q2 2025: Quarter in Review

Company of two halves

Jul 28, 2025 • Ali Gündüz

40

6

1

What went wrong with Evolution

A 5 year retrospective

Jul 28, 2025 • Ali Gündüz

38

3

2

June 2025

Hacksaw AB

Great business with a challenging future

Jun 25, 2025 • Ali Gündüz

41

7

1

May 2025

Letter to Evolution

A long-term shareholder's call for the company's revitalization

May 6, 2025 • Ali Gündüz

63

14

2

Evolution's Q1 2025: Quarter in Review

A historic low, plus an update on North America's impact on margins

May 6, 2025 • Ali Gündüz

46

12