Because I am struggling.
Everything has run up like crazy during 2025 and I am finding it frustrating & more difficult to find great businesses and great bargains.
Now before anybody comments the usual 'Nike' and 'Lululemon' - let me clarify what I mean by 'great business'.
My definition of an 'amazing business' is a business that has some sort of toll-booth structure combined with a MOAT. For example, Mastercard is an amazing business because they collect money from every swipe/tap/insert and it costs them almost nothing for that one swipe/tap/insert. S&P Global is another example because they get paid to issue a rating to bonds etc. which also costs them essentially nothing.
Nike & Lululemon do not fit my definition of 'amazing businesses' because despite whether you want to argue about their brand power, fashion trends change all the time and dupe culture exists where cheap duplicates are sold at a fraction of the price.
Back on topic - it has been impossible to find anything good to buy in the US market as of late. The only opportunity staring at me in the face right now is Uber - I think it is tremendously undervalued & has the largest gig economy network in the world; but I can't foresee what Uber will look like in 10 years time with the rise of Waymo & autonomous. Speaking from my own personal experience, when I was in LA, I only used Waymo and never used a single Uber - it was cheaper and I enjoyed the driverless experience much more. My own personal experience is causing my hesitation in buying up shares.
The only amazing businesses that I can currently spot that are undervalued are actually not from the US market; I just recently bought a chunk of Marubeni Corp from the Japanese stock market. (Before anyone comments on how much the stock has run up in the past couple of the years, spoiler: it's still trading below intrinsic value).
Curious to hear how others are finding value in this market, if at all.