1.SPOT $Spotify Technology S.A.(SPOT)$ Spotify's user base has increased at a 26.6% compound annual growth rate.ImageA year ago, I wrote that SPOT had 10x potential over the next 10 years. 1 year in, the stock is up 118.4% and I'm more bullish than ever. 2.DIS $Walt Disney(DIS)$ As the parks go, Disney goes.Image3.NVDA $NVIDIA Corp(NVDA)$ NVIDIA's data center business didn't exist a decade ago. Insane!Imagehttps://twitter.com/TravisHoium/status/1775558658186695161

1. $Robinhood(HOOD)$ Robinhood is hitting on all cylinders and this is before the Gold card (100k in circulation and ~3 million on waitlist) is unleashed at a wider scale.Image2. $SoFi Technologies Inc.(SOFI)$ The growth of the financial services business is pretty crazy.Image3. $Lyft, Inc.(LYFT)$ VS $Uber(UBER)$ Same growth rate.Similar margins.Lyft would need to 4x in value to reach Uber's valuation.ImageImage4. $Plug Power(PLUG)$ Plug Power's shares outstanding have an incredible 27.4% compound annual growth rate.Andy Marsh is a grifting legend!ImageFor whom haven't open CBA

1. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ Pull out Google Cloud and Waymo and you still have an amazing business with Alphabet's core. 2. $Spotify Technology S.A.(SPOT)$ When a tech company gets religion about cash flow the turnaround can happen fast. 3. $Microsoft(MSFT)$ At the current rate of capex growth, Microsoft will be FCF NEGATIVE in ~2026. This is a company with falling ROIC trading for 12.5x sales. Makes you think... 4. $Coinbase Global, Inc.(COIN)$ A reminder that Coinbase is much more than an exchange business. And with the growth of USDC the stablecoin business is gett

On the internet, the power goes to the company people CHOOSE to interact with every day. $Netflix(NFLX)$ in streaming $Alphabet(GOOG)$ $Alphabet(GOOGL)$ in search/mail $Apple(AAPL)$ in hardware $Uber(UBER)$ in ride-sharing $Amazon.com(AMZN)$ in retail $Intuit(INTU)$ for taxes $Hims & Hers Health Inc.(HIMS)$ If the future of healthcare is the personalization of treatments, why wouldn't a company that's built to personalize solutions be a winner?Moa

1. $3M(MMM)$ Earnings and FCF are strong because opex is down and efficiency is up.We're investing less in capex, so FCF > net income!Our demise is accelerating.I was at 3M from 2001 to 2008 when this demise began, but it's sad to see management run the business so poorly.Image2. $Verizon(VZ)$ Consumer ads is impressive but SG&A costs were up 11.7% and debt went up in the quarter. Conference call this morning but seems like a mixed bag.Image3. $Spotify Technology S.A.(SPOT)$ I don't think SPOT's video products get enough attention.They're like a back door to becoming a YouTube competitor.4. $Walt Disney(DIS)$ &

1. $Rigetti Computing(RGTI)$ Rigetti has $11.9 million in revenue and a $3.7 billion market cap.Even if quantum is the future, this is a bad stock to bet on because the fundamentals are so bad.Image2. $SoFi Technologies Inc.(SOFI)$ If SoFi is becoming more of a platform company, facilitating loans through its "lending platform" like we saw with the $2 billion Fortress deal, that growth will show up here, not in lending revenue.Image3. $MGM Resorts International(MGM)$ MGM stock is down 23% in the past year.If management just keeps the buyback level flat, it could reduce shares outstanding at a 20%/yr pace right now.Image

Let's talk about falling stocks. $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $DJIA(.DJI)$ This is a normal part of the market.The top isn't representative of underlying value.Neither is the bottom.Look at the long-term and position yourself for success over 10-20 years. A couple of months is mostly volatility.Stocks can ALWAYS fall more.Don't anchor your view of a company based on the top of the market.Understand where you think the market is wrong about the long-term. That's when you back the truck up.

In 6 days, the AI narrative will change from:2025 capex is up HUGE!toWhat is 2026 capex?The answer to that question and where the spending will happen (ie. where is there ROI?) will determine AI stock performance in 2025. $NVIDIA(NVDA)$ $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Broadcom(AVGO)$ $SoundHound AI Inc(SOUN)$ The returns to being the market leader in AI seem lower than any technology in history. A competitor 6 months behind could see- Costs 90%+ lower- Speed 10x faster If the time to deploy is long (autonomous driving, business model disruption, research), I like the lagga

Shares of $Hims & Hers Health Inc.(HIMS)$ are down 11% at the open of trading on what I would call a "journalistic short report". Hunterbrook dubs itself a "investigative and global reporting" site, but it's ALL negative reporting about disruptive technologies/companies and they happen to have an investment arm that's SHORT HIMS.That doesn't mean it's wrong, but the context is always important. Even the headline uses "shady supplier" and "not FDA approved" so there's clearly a slant.Is there merit? OF COURSE! Claim 1: HIMS GLP-1 is a "knockoff" and uses a "loophole" to sell them. Truth: Kind of. The image below is from the FDA. Compounded forms of GLP-1 are legal while approved medications are in a shortage. That could last for years.It seems

It’s easy to forget that stocks can go down when the market is going up. I don’t know who said it or what the exact saying is, but as David Gardner said, “Stocks go down faster than they go up, but go up more than they go down.”I want to stress a few points in Asymmetric Frameworks that are key at times like this:We need to think in years and decades, not days and weeks. This is our biggest advantage over the market.You should feel greedier when stocks fall and more fearful when they rise.Buying when sentiment is bad is hard, but it’s key to asymmetric returns.Uncertainty is our friend.If a stock falls despite great financial trends, that’s good news for us as investors.These are easy words to write. They’re simple to understand in theory. They’re more difficult to live through.Amazon’s As