Tradeweb Markets Inc.

“Tradeweb is a toll-road on the multi-decade electronification of fixed income, with a widening multi-layered moat, pristine balance sheet, 35%+ tangible ROIC, and a decade-plus reinvestment runway — currently trading at 20x FCF near 52-week lows, 33% below peak, pricing in just 21% growth for a business that has compounded earnings at 35–60% annually; the only material discount is LSEG's governance overhang, which is structural not fraudulent, leaving this as a high-conviction BUY with meaningful position sizing.”