The Billionaire Who Couldn’t Afford a Jacket
The Expanding Pie: Why Google’s Q3 Proves AI Isn’t Zero-Sum
Netflix: Record Engagement Masks a Market Share Problem
Sony Pictures spent over $100 million creating KPop Demon Hunters. They then sold it to Netflix for a guaranteed profit, choosing certainty over potential billions in franchise value. It’s now…
Booking’s $9 Billion Float: The Hidden Cash Engine
Booking Holdings: The Travel Stock That Thrived When Travel Collapsed
Nature’s cruel lesson for bag holders
Trip Holdings: The Vacation May Be Over
When Titans Clash Over Food Delivery Competition in China is immensely brutal, way more brutal than what we’ve seen in the West. Most recently, we’ve seen JD.com, one of the…
Portfolio Update: Shifting Sands in China
JD.com has entered the travel business with guns blazing. They’re offering hotels zero commission for three years and Richard Liu says he’s willing to lose money for years to win….
[8 Sep 2025] Portfolio Update: Lululemon Letdown
This report is a continuation from my Q2 2025 report: Lululemon: From Turnaround to Letdown (LINK). Let me cut to the chase: I’m trimming my Lululemon position by 50%. The…
Lululemon: From Turnaround to Letdown
Let me just start right off the bat—this was a bad quarter and it reflected badly on CEO Calvin McDonald, who for the past 15 months has talked about missteps…
Sea Limited Q2 2025: Executing on All Fronts
Sea Limited delivered another strong quarter, with all three segments firing on all cylinders. What’s particularly impressive is that e-commerce and financial services delivered sequential growth despite tough comparisons—Q1 benefited…
The Trade Desk’s 40% Tumble: Why I’m Not Panicking
In my weekly newsletter the 3-Bullet Sunday on 20 July, I wrote: “Don’t let daily narratives drive your thinking. The real work happens over quarters and years, not parsing sentiment…