A Scandinavian Compounder Wearing an MLM Costume

The market prices Zinzino as a network-marketing fad about to roll over. The financials describe a debt-free, ~48%-ROIC business compounding operating profit at roughly 45% a year — trading at about 1

Most serious investors scroll right past this one. It’s a direct seller — multi-level marketing, network sales, pick whichever label trips your gag reflex — that ships fish oil and personalized supplements through an army of independent distributors. The three letters “MLM” do an enormous amount of work scaring capital away.

That reflex is the whole oppo…