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…
You’re Not Nervous About Your Stocks—You’re Nervous About Position Sizing
When stocks drop 20%, 30%, or even 50%, our first instinct is to search for reasons. We scour the news. We look at X or Reddit for explanations. We watch…
Paycom Q2 2025: Unveils AI Strategy
First off, I’m mildly disappointed nobody on the earnings call talked about the recent Oklahoma City Thunder NBA championship win at Paycom Center. Obviously I’m biased because I enjoy watching…
[1 Aug 25] Portfolio Update: Adding to Continued Execution, Nibbling on Value
After analyzing PayPal’s Q2 results, I’m making some portfolio adjustments following my recent moves in Adobe (Sell) and Alphabet (Buy). Adding to PayPal With PayPal’s results showing clear signs of…
PayPal Q2 2025: The Turnaround Takes Shape
In my Q1 2025 analysis PayPal: Let Alex Chriss Cook ($), I wrote: “Branded checkout is a two-sided network—the more users it brings, the more merchants will accept it, creating…
[25 Jul 25] Portfolio Update: One Sell, Two Potential Buys
After analyzing Alphabet’s Q2 results (“Alphabet Q2 2025: The AI Transition Takes Shape”), I’m making some portfolio adjustments. The Sell: Adobe I’m selling my remaining Adobe position. There’s uncertainty around…
Alphabet Q2 2025: The AI Transition Takes Shape
Back in March, I wrote a piece titled “Why It’s Premature to Cancel Google Search.” The thesis was straightforward: “Writing off Google in search would be premature. Its younger competitors…