⚠️ Circle (CRCL): A Valuation Beyond Perfection ⚠️

This episode provides a comprehensive financial overview of Circle (CRCL), a fintech company primarily known for issuing the USD Coin (USDC) stablecoin, detailing its business model of earning interest on stablecoin reserves and its efforts to diversify revenue. It examines Circle's customer base and the significant growth of USDC circulation, which directly impacts its income. The text then addresses various short-term and long-term risks, including interest rate fluctuations, regulatory changes, and competition. Additionally, the analysis explores Circle's cost structure, dominated by partner revenue-sharing, and assesses the management team's alignment with shareholder interests, before concluding with a detailed intrinsic valuation (DCF) that suggests the current market price significantly overvalues the company compared to its fundamental financial performance and growth prospects. 📚 Value Investing Books Recommendation ———————————————————————— Warren Buffett The Snowball: Warren Buffett and the Business of Life Kindle Hardcover Paperback Warren Buffett and the Interpretation of Financial Statements (by Marry Buffett) Kindle Hardcover Paperback ———————————————————————— Charlie Munger Poor Charlie’s Almanack Kindle Hardcover Collector's Edition Tao of Charlie Munger Kindle Hardcover Influence, New and Expanded: The Psychology of Persuasion Kindle Hardcover Paperback ———————————————————————— Howard Marks The Most Important Thing (Uncommon Sense for the Thoughtful Investor) Kindle Hardcover Paperback Mastering The Market Cycle: Getting the Odds on Your Side Kindle Hardcover Paperback ———————————————————————— Money Philosophies The Psychology of Money: Timeless lessons on wealth, greed, and happiness Kindle Hardcover Paperback Limited Gift Version Same as Ever: A Guide to What Never Changes Kindle Hardcover Paperback The Almanack of Naval Ravikant: A Guide to Wealth and Happiness Kindle Hardcover Paperback ———————————————————————— Classic Principles The Intelligent Investor Kindle Hardcover Paperback Security Analysis, Seventh Edition: Principles and Techniques Kindle Hardcover Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor Collector Edition ———————————————————————— Youtube Apple Podcasts Spotify Disclaimer: All analysis is based on publicly available sources and may be subject to revisions or differing interpretations. The content is for educational purposes only and does not constitute investment advice. Conduct your own due diligence before making investment decisions. Like and Subscribe us on Apple, Spotify Podcasts or Youtube channel: Deep Value Investing! Don’t forget to take the book list of value investing from the episode description! ❤️To support us and bring a Buffett Indicator App alive 🎗️