Earnings Update/ Regulations

In Q1 I set a test to separate a real margin inflection from a Ramadan calendar boost. Shopee cleared it cleanly. Here’s my read on the quarter across Shopee, Monee…

Booking Holdings is up roughly 24% since I published “Why the AI Bear Case Has It Backwards” in February, as the market starts to shrug off the AI fears for…

Amazon reported $62.6 billion of net income and 20% revenue growth. Neither number is quite what it looks like. The real story is the $496 billion of AWS revenue already…

Meta just posted 28% revenue growth and the stock sold off anyway. The reason sits in one number: free cash flow of $784 million for the entire quarter, down from…

Advertising has gone from 78% of revenue to 68% while Cloud grew 82%. Everybody focused on the $195 to $205 billion capex guide, which can be revised and will be….

The market was certain Netflix was broken in 2022, certain it was invincible in 2025, and certain it’s stalling today. Through all three, operating profit compounded 132%. Here’s whether it’s…

A reader asked which stocks I’d buy today with a fresh $100,000, and whether to split it between two. On the split, my answer was no. Here are the six…

I keep circling the same tension with Microsoft: a wonderful business I can never quite buy at the price I want. The multiple has finally come back to earth, but…

Earnings season is wrapping up, and I’m making the biggest reshuffle to the portfolio this year: selling two turnaround bets that didn’t break my way, and putting the proceeds into…

Sea crushed Q1 across all three verticals yet kept full-year guidance untouched. Shopee’s margin line finally moved, Monee’s loan book grew 71% on a marketing spend that doubled, and Garena…

Paycom retired 15% of its float in 90 days at an average price of $127, draining more than half its cash balance and taking on $675 million of debt to…

Is Zuck going metaverse-mode with AI?