Capitalist Letters

Capitalist Letters

Ultimate Watchlist of 50 High-Potential Stocks for 2026!

If any stock will mint millionaires in 2026, it's likely in this list.

Oguz Erkan's avatar
Oguz Erkan
Dec 14, 2025
∙ Paid

There is a method I use to tell the working advice from noise—I look at the frequency.

If some concept comes up again and again in advice or stories of successful people from different fields, it’s likely a real thing rather than noise.

Two of those concepts that I see revolving around all the time are:

  • Discovering as many things as possible.

  • Saying ‘no’ to almost all of them.

Steve Jobs once said:

“I am as proud of many of the things we haven’t done as the things we have done. Innovation is saying ‘no’ to a thousand things.” — Steve Jobs

You should discover as many things as possible. This is essential. Without seeing a thousand things, you can’t know what’s really good in relation to others and what’s not.

Imagine you only read one writer. Would it be possible for you to tell him he is really good? How would you know whether he was really good or not? You wouldn’t. Good and bad are meaningful only in relation to others. The more you see, the more accurate your assessment will be.

Among those things you see, you should say ‘no’ to almost all of them to have a shot at doing something great. Eliminate all but the ones that are the most promising of greatness.

Let’s borrow from Steve Jobs again:

“We don’t get a chance to do that many things, so everything we do should be really excellent. Because life is brief, and then you die.” — Steve Jobs

He was a great entrepreneur, perhaps the greatest of all time, and he told us to discover as many things as possible and say ‘yes’ to only a few of them.

We then turn to investing and see these two concepts come up again.

Peter Lynch said he used to research stocks all day long. He was looking at hundreds of companies every month to discover opportunities others had ignored. He openly said this:

It goes back to what Steve Jobs said.

You turn over as many rocks as possible not just to find something. It broadens your world, and it improves your ability to tell the good from the bad.

Imagine two people on an apartment hunt. One looked at 5 places and says one of them is really good, the other one looked at 100 places and says one of them is exceptional. Which one do you think would be a better apartment? I would bet on the latter.

You have to look at as many stocks as possible. It’s non-negotiable.

However, from what you have looked at, you have to say ‘no’ to almost everything.

Remember, Steve Jobs said you should be picky because life is short. It’s the same for investing. Resources are not unlimited. You should be picky and invest only in those that promise the highest return with as little risk as possible. You should say ‘no’ to others.

Buffett establishes this clearly:

This is not just an anecdote. He also said:

“The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.” — Warren Buffett

I truly believe in the power of these two concepts. Once you establish your fundamental understanding of investing right, the rest largely comes down to turning over as many rocks as possible and saying ‘yes’ to only the most promising one.

This is what I have been doing here for years, and it’s worked incredibly for me. Our portfolio returned 44% annually in the last three years.

In line with these concepts, I had shared my watchlist of 100 stocks for 2025 earlier last year. I had looked at thousands of international stocks to create that list. It was already a strong filter of ‘no.’

From that basket, 10 of them have made 2x or more, and around another dozen returned between 50-100% in the last twelve months. Many others outperformed the market, returning +10%. We, of course, had losers too, but the overall basket performed pretty well.

What’s better is that we managed to own around 4 of those multibaggers in the year. This is a very high ratio given that we have, on average, 20 stocks at any given moment, and shows that successfully refined or ‘no’ criteria further.

I have been compiling a similar list for the last several weeks.

This year, I implemented tighter ‘no’ criteria. This is because the market is more richly valued compared to the last year, and opportunities are even rarer. Yet, they still exist, and there are many.

This year’s list has 50 global stocks.

Here are some notes about the composition:

  • No Mag-7 companies; they are all out in the open, and mostly overvalued.

  • Overtly overvalued companies are not included; it’s not valuation blind.

  • It’s mostly made up of smaller companies with multi-bagger potential.

  • There are some stocks I already own, as I think they are undervalued.

  • There are some undervalued foundational stocks, too.

The result is the list of potential multibaggers and established, high-quality companies that are either in the fair value range or undervalued.

These are the companies I will look further into within the year, write deep dives about, and potentially buy for my portfolio.

In the file I am sharing below, you will find:

  • My 5-year growth assumptions for each business.

  • Fair value and 5-year price targets for each of them.

  • My preliminary competitive assessment for each business.

  • A few sentence notes about their business and competitive positioning.

I have also written a broader commentary about how to think and make use of this list forward.

It’ll be especially beneficial if you are looking at our portfolio but struggling to replicate it because most of our positions have gone up too much. The list includes both potential multibaggers and undervalued foundational stocks, allowing you to replicate a barbell portfolio like ours.

So, let me cut this short and give you this list that I have been working on for weeks!


🚨Our watchlist is proprietary to the members supporting the publication🚨

Members get the updated watchlist every quarter!

Here is a 25% special discount to celebrate new members!

Valid only until Monday!

Get 25% off for 1 year


📊Here Is Our 50 Stock Watchlist!

I’ll make additions to this list throughout the year as new opportunities come up.

I am looking to cover them in deep dives over the coming days, ordered by risk-adjusted return potential—highest first.

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