If you're reading this as a founding member of Carbon Capital, I want to say thank you. Over 270 of you decided to be here from day one, before there was a track record. That means something to me and I don't take it lightly.

Here is what to expect going forward. I will share my research and analysis regularly, and you will have full visibility into the Carbon Capital portfolio at all times. I will show you exactly what I own, why I own it, and what I paid. The wins get shared. The hard moments do too.

If you ever have any questions or want to share feedback, feel free to reply to my emails, leave a comment on the web post, or DM me on Instagram.

This week, I will be purchasing the first business for the portfolio.

Here is the reasoning behind the decision and a review of its most recent earnings report:

logo

This content is for Carbon Capital subscribers only.

Carbon Capital is an independent investing journal and research publication. Join to get full access to every investment memo, research note, and portfolio update.

Upgrade Now

A subscription gets you:

Reply

Avatar

or to participate

Avatar

Jay Bails7 months ago

This is great. I see that there is also a purchase on ONON in the portfolio but I don't see a link to an associated deep dive. Could you link to it here (if possible) please. Thanks :-)

Avatar

Carbon Finance7 months ago

Hi Jay, this is discussed more here:

https://www.carbonfinance.io/p/5-high-quality-businesses-vol-1

Avatar

Jamshed Z7 months ago

Could you please explain your % of portfolio allocation?

I’ve never understood how investors come up with their % allocations.

Thanks in advance

Avatar

Carbon Finance7 months ago

Hi Jamshed, great question.

I actually wrote out a detailed explanation covering this here:

https://www.carbonfinance.io/p/carbon-capital-investment-philosophy

You can find it under the "V. Allocation and Sizing" section.

Hope that helps!

Avatar

Jamshed Z7 months ago

Thanks! I haven’t read that yet so I’ll get on it!

Avatar

eleftherios torlakidis8 months ago

Best price is where u buy?

Avatar

Carbon Finance8 months ago

I believe any price under $250 is very attractive from a risk/reward perspective.

Avatar

Santosh Menon8 months ago

Based on the standard DCF and/or reverse DCF analysis, what is your Fair Value Estimate for Adobe at this time?

Avatar

Carbon Finance8 months ago

My fair value estimate stands at $394. The base case assumes that free cash flow per share grows at a 6% CAGR over the next 5 years, and then falls to 3% from years 5 to 10. (Full math provided in the deep dive).

From a reverse DCF perspective, the market is pricing in negative single digit growth for Adobe’s free cash flow over the next decade.

© 2026 Carbon Finance.
beehiivPowered by beehiiv