Druckenmiller keeps adding to this position
Unveiling the January 2026 in-depth report
You may have seen Stanley Druckenmiller’s name trending this week…because it’s 13F season, a very important event on X!
One thing that stood out to me is that he continues to add to BBB Foods (TBBB), the parent company of Tiendas 3B, a fast-growing Mexican hard discounter.
What you might not know is that we published an in-depth report on Tiendas 3B back in January — which hasn’t stopped the company from remaining undercovered.
Here’s what makes it interesting 👇🏻
✅ A founder-inspired model: Anthony Hatoum built Tiendas 3B from a single store in 2005 — modeled on Turkish hard discounter BIM — to over 3,000 locations generating $4 billion in revenues, despite a 37% peso depreciation over the period.
✅ A hard discounter model to win: ~850-900 SKUs, 54% private label, and prices 20-30% below the competition. Same-store sales growth consistently in the 13-17% range while the broader ANTAD self-service index barely moves above 1-2%.
✅ Self-financed hypergrowth: TBBB rotates inventory roughly 3 times before paying suppliers, producing negative working capital of ~10% of sales. Suppliers finance the expansion — not shareholders.
✅ Extraordinary unit economics: ~$219,000 Capex per store, ~25-month payback, ~$150,000 EBITDA per store by year three, and cash-on-cash returns above 60%.
✅ A long, unconquered runway: Management sees potential for 14,000+ locations. And here’s the key insight — 42-56% of Mexico’s grocery industry is still informal. Tiendas 3B doesn’t need to beat supermarkets. It just needs to professionalize the informal market.
This is exactly the kind of business I strive to find: outsiders at the helm of a good business. My most recent published in-depth report (Eurofins) is also a good example of this:
The full TBBB report — with the competitive analysis, financial model, and valuation — is available to paid subscribers.
If you’ve been on the fence about subscribing, this is a good moment to consider what else you might be missing. These are the in-depth reports we’ve published until now:
Deere (DE)
FRP Holdings (FRPH)
Five Below (FIVE)
Diageo (DEO)
Hermes (EPA:RMS)
Stevanato Group (STVN)
Atlas Copco (ATCO.B)
Keysight Technologies (KEYS)
Zoetis (ZTS)
Judges Scientific (JDG.L)
Medpace Holdings (MEDP)
Trupanion (TRUP)
AAON (AAON)
BBB Foods (TBBB)
Eurofins Scientific (EPA:ERF)
…more to come in the future
Leandro