the wonderful business of compounding.

the nangoy foundation letters — written and managed by Sandro Nangoy, a long-term value investor thinking out loud about companies, margin of safety, and the patience it takes to hold on.

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the nangoy foundation · october 2026

Monthly Letter — October 2026

October 2026 · letter

Monthly Letter — October 2026

The market stops paying for AI growth and starts asking about cash, breadth turning the other way round, a buy into Alphabet’s worst day ever, and the wonderful business my own rules won’t let me own.

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