Portfolio Update: 2 Sells, 3 Buys, and Why
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 Limited Q1 2026: Investing Through Strength
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 Q1 2026: From Growth Story to Buyback Story
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…
Zuck #trustmebro
Is Zuck going metaverse-mode with AI?
Lululemon: Full Price or Bust (Q4 FY2025 Update)
We went from aspiring to return to double-digit growth… to merely trying to sell product at full price. Q4 beat expectations, but the beat was mechanical. North America is still…
Sea Limited Q4 2025 – Closing the Books on 2025
Sea closed 2025 with $22.9 billion in full-year revenue, up 36.4% year-on-year. Full-year net income reached $1.6 billion and adjusted EBITDA hit $3.4 billion. All three businesses exceeded the growth…
Trade Desk Q4 2025: The Excuses Doesn’t Quite Add Up
Trade Desk reported Q4 2025 revenue growth of 14%, guided Q1 2026 to just 10%, and lost another CFO in five months. Jeff Green blamed CPG and auto weakness, but…
Where I’m Deploying Capital Right Now
We are in a weird moment in the stock market. The S&P 500 is just 1% away from its all-time highs. But pockets of quality businesses are getting absolutely decimated,…
Buy MELI, I Am
MercadoLibre dropped 9% after Q4 2025 earnings on margin compression. But I’ve seen this playbook before. Revenue accelerated to 45%. Items sold hit the highest growth of the year. The…
Booking Holdings: Why the AI Bear Case Has It Backwards
Google tried to own the full travel transaction with Book on Google. TripAdvisor tried with Instant Booking. Both failed and went back to collecting advertising dollars. Now investors worry…
Portfolio Update: Exiting Tesla
This isn’t a “Tesla will fail” call. Tesla remains one of the most technologically ambitious companies on the planet. But at its current valuation of roughly $1.3 trillion, the stock…
Paycom Q4 2025: Jeff York Returns
In my December 2025 report, “When Product Excellence Meets Market Reality,” (LINK) I posed the question that’s been nagging at this thesis for a while: “Can Paycom translate its alleged…