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…
Alphabet Q4 2025: When AI Becomes the Growth Engine
I’ve been writing about Google’s AI transition for over three years now. In March 2025, with AI pessimism peaking, I argued it was “premature to cancel Google Search” (LINK). By…
Portfolio Update: Exiting a Position
I’m selling my entire position in PayPal. This isn’t a decision I make lightly. A significant part of my thesis hinged on Alex Chriss turning around the company—specifically his strategy…
Microsoft Q2 FY26 Earnings: Strong Results, OpenAI Concentration Risk
Microsoft beat on revenue, operating income, and EPS. But shares dropped 10% post-earnings. The concern? 45% of the $625B backlog is tied to one customer: OpenAI.
Meta Q4 2025: Strong Results, AI Investments Paying Off
Revenue grew 24%. Ad clicks up 3.5%. Engineering productivity up 30%. The evidence is clear: Meta’s AI investments are generating returns. Here’s why I’d be more concerned if they weren’t…
Netflix: From Builder to Buyer
For years, Netflix insisted they were builders, not buyers. Then they wrote an $83 billion check for Warner Bros.
Lululemon: Waiting for the New Sheriff
Calvin McDonald is out mid-turnaround. Elliott just took a $1B stake. China grew 46% while the U.S. declined 3%. The brand isn’t broken—but the next CEO hire changes everything.
Paycom Q3 2025: When Product Excellence Meets Market Reality
Paycom delivered Q3 results that met guidance but failed to inspire. Despite management’s evangelizing about IWant AI and Beti’s game-changing capabilities, revenue growth of 10.6% continues to lag competitor Paylocity’s…
The $100k Stock Market Shopping List (November 2025 Edition)
Google went from $143 to $300 in months after appearing in my April shopping list. The narrative shifted from ‘Search is dead’ to ‘full-stack AI solution.’ Same company, different story….
What PayPal CEO Revealed at Citi’s Conference That Spooked the Markets
PayPal CEO Alex Chriss laid out three specific challenges at Citi’s FinTech Conference that sent the stock lower. But the presentation also contained significant progress that the market completely ignored.
Trade Desk Q3 2025: When Self-Inflicted Wounds Meet External Pressures
Trade Desk delivered solid Q3 results with 22% growth ex-political, but the competitive landscape has fundamentally changed. While management dismisses Amazon as “not really competing,” Digiday data shows advertiser preference…