A public portfolio with real money, since November 2026
Few
Winners
I only invest in companies that share their market with very few rivals, and every month I show whether that beats the S&P 500.
The score
Few Winners against the S&P 500 (via SXR8), start = 100
0.0 pp · Level for now: the portfolio is 100% SXR8 · Updated November 12, 2026 · start November 2, 2026
Allocation
- S&P 500 (SXR8)
- Few winners
- Future winners
What a few winners look like
Market shares in a few markets I invest in. Two or three players split almost everything.
S&P 50% · Moody's 32% · Fitch 12% · others 6%
ASML 100%
Cadence + Synopsys 85% · others 15%
Linde + Air Liquide + Air Products 70% · others 30%
The rules
Quality first
Monopoly, duopoly or oligopoly. High margins, high return on capital, plenty of free cash flow and revenue that grows every year. Three yeses, or the company is out.
Then the price
I only buy when the price-to-earnings ratio is at least 15% below the company's own 5-year average. That is the buy zone.
Otherwise: the index
If nothing is in the buy zone, the monthly deposit goes to the S&P 500. The index wins whenever I see no opportunity.
In the buy zone now
Updated November 12, 2026 · Shortlist →
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Fair IsaacFICONYSE
Near-monopoly in US credit scores
-62%below own average · K/W 15.5 vs 41.2
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HermèsRMSEuronext Paris
Top-tier luxury, near-monopoly on Birkin and Kelly
-42%below own average · K/W 29.0 vs 50.2
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Booking HoldingsBKNGNasdaq
Online travel oligopoly with Expedia and Airbnb
-37%below own average · K/W 13.7 vs 21.9
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Intuitive SurgicalISRGNasdaq
Near-monopoly in surgical robots
-34%below own average · K/W 40.0 vs 60.7
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SynopsysSNPSNasdaq
Chip-design software duopoly with Cadence
-31%below own average · K/W 25.6 vs 37.3
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MSCIMSCINYSE
Index oligopoly with S&P and FTSE Russell
-30%below own average · K/W 28.5 vs 40.5
Latest articles
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· SPGI
S&P Global: the toll gate of the bond market, now 21% cheaper than usual
Half of all credit ratings, the S&P 500 index and a data business under pressure from AI. S&P Global is in the buy zone. Why, and what could go wrong.
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· SXR8
Why I only invest in the few winners
Most stock market gains come from a handful of companies, often in markets with only two or three players. This is how I build a portfolio around that, with the S&P 500 as referee.