🗣️ Investor Talk #53: Emir Mulahalilovic

Emir invests in high-quality, wide-moat businesses at fair intrinsic value.

Dec 08, 2025

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In this edition, we have the pleasure of interviewing:

Name: Emir Mulahalilovic @em013L
Age: 31
Residence/Country: Japan from Sweden
Invests since: Early 20’s

Introduction
I have always been competitive by nature, and I found that the largest battleground to compete on at a global scale was in the equities markets. My attention to detail led me to found my own equity research company because I was frustrated that company-specific data offered by traditional aggregators was not expansive enough. In addition, I felt that research coverage as a whole was more focused on pricing, momentum, and mood instead of growth, cash flows, and risk (intrinsic value).

What is your investment strategy?
My investment approach focuses solely on purchasing high-quality, fortress-like businesses based on fair intrinsic value. The common characteristics of such companies are high barriers to entry, exceptional margins, competitive advantages, and most importantly, resiliency while also being difficult to disrupt. In aggregate, it is a very boring approach that requires patience, as the target businesses seldomly trade below fair intrinsic value. In addition, it is quite time-consuming to continuously follow up with each business of interest in order to ensure that the criteria are met.

We are at a point in time where intrinsic valuation has become increasingly rare in the world of securities investing. I have found my approach the only one that allows me to sleep soundly, even while allocating 100% of my portfolio to a single stock at times. A somewhat peculiar aspect of my investment strategy is that I more or less never look at any stock charts and only get a quote for a business after I have valued it (to compare where the intrinsic value is in relation to the current quote).

How many stocks are currently held in your portfolio?
At the time of writing, my current portfolio features 6 stocks, with the highest allocation being around 40%. Typically, my portfolio features 8 or fewer stocks.

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Which sectors do you mainly focus on?
The type of company that meets my criteria for investment is typically found within financials, financial services, and the technology sectors. However, my research coverage is expansive and not limited to any one sector.

What are your 3 highest conviction stocks?
$FICO - Fair Isaac is the poster child for wide-moat, high-quality compounding businesses. The pricing power is immense, as showcased by a ~725% increase in prices for its services over the past 7 years. Even though competitors offer their services for free, FICO is so engrained in the financial system that they retain >95% market share.

$PLTR - Palantir Technologies is another high-conviction stock that has been largely misunderstood by both professionals and peers. Behind the seemingly endless controversial headlines, there lies a business that has taken a completely unique approach to its business structure and approach to software development. Palantir will be the software platform that will power the AI revolution because it identified how to extract value from AI many years in advance and essentially has no competition.

$HOOD - Finally, Robinhood Markets is a financial juggernaut that I find has correctly identified the future of financial services and has unmatched product velocity. It is quickly diversifying its lines of businesses and has already reached 11 unique business lines with a run rate of over $100 million. The volatility that comes from transaction-based revenues (trading) will soon be offset by other value-added services in the form of fee- and subscription-based revenues.

What is the stock in your portfolio with the highest return?
$PLTR - Palantir is my largest success, with around a 2150% return at the time of writing.

What is the biggest investing mistake you have made?
I am fortunate enough to have avoided any major mistakes that otherwise may have obliterated my portfolio. That is mainly due to being adamant about sticking to my investment philosophy. However, a common mistake and something I struggle with is position sizing and capital allocation. I currently have 6 stocks in my portfolio, but there are more businesses that meet my criteria and trade undervalued. In hindsight, whenever a stock I like and could have invested in performs better than my current holdings, it will always feel like a mistake. That is the feeling even though the decision itself was sound and reasonable at the time of allocating the capital.

If you could give one piece of advice to investors, what would it be?
The most important and solid advice I can offer is the classical “know what you own.”

Emir’s Favorites

📖 Favorite book: Narrative and numbers by Aswath Damodaran

🎧 Favorite podcast: Quarterly earnings conference calls

💬 Favorite quote: “It is good if it becomes better, but it is better if it becomes good.” - A Swedish politician in the early 2000s

👤 Favorite FinX account: @amitisinvesting

Where can we find more info about you?
Substack: https://research.typefcapital.com is my Substack, where I post my equity research, my personal portfolio, thematic portfolios, and also offer downloads to all my intrinsic valuation models.

Website: https://typefcapital.com is the website of my equity research company, where data models can be purchased for various companies.

X: @em013L is my X account where I post research and general thoughts relating to equity markets.

YouTube: https://www.youtube.com/@Em013L is my YouTube channel for free, longer-form equity research.

That’s a wrap!
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