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It’s time to update our watchlist.
The Buy-Hold-Sell List helps you track Our Investable Universe and find great businesses at attractive prices.
Let’s take a look at some amazing investment opportunities.
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From tech to rocks
Chris Hohn is one of the best investors in the world.
His hedge fund, TCI made almost $20 billion (!) last year.
He only invests in businesses that control essential pieces of the economy (tollroad companies).
You can learn everything about him here.
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TCI just updated its holdings for the second quarter.
Sir Chris Hohn made a big move:
TCI fully exited its position in Microsoft
It built large positions in Martin Marietta ($MLM) and Vulcan Materials ($VMC).
At the end of 2025, Microsoft was the third largest holding of TCI.
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If you’ve never heard of Martin Marietta and Vulcan Materials, I wouldn't be surprised.
They are the two largest produces of aggregates (things like gravel, crushed stone, and sand) in the U.S.
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Why is one of the world’s top investors dumping one of the biggest tech companies in the world to buy rocks and gravel?
It’s actually very simple: the moat.
Hohn said that he thinks AI could disrupt Office and Azure faster than the market thinks.
AI will have a very hard time disrupting a gravel pit.