On Running (ONON)
The analyst highlights On Running, particularly its futuristic new shoe, as a strong investment opportunity, labeling it a "best idea" and "long-term compounder." The company's low market share, premium product strategy, lack of discounting, robust management, and diverse category exposure are examined. Despite the stock's recent decline, the analysis indicates it's due to market sentiment rather than underlying fundamentals, with expectations for new technology to scale in 2026.