To The Moon

Weekly Macro Themes Report (preview) - Global Equities, Software stocks, Bitcoin, US Dollar Here's the topics & takeaways from the latest Weekly Macro Themes report: 1. GSV vs ULG: relative value favors Global, Small, Value vs US, Large, Growth, but on all three counts a turning point in relative performance remains elusive (still only stop-start progress). 2. Global ex-US Equities: the global vs US rotation trade has stalled, but remain constructive on global vs US given extremes in relative value, improved earnings, anticipated USD weakness, and technicals. 3. Software: remain bullish on software stocks given bullish technicals and major reset in valuations. 4. Bitcoin: remain bullish given seasonal tailwinds, bullish technicals, supportive leading indicators, and all set against the

There are levels to quality investing. Level 1: Profitability - e.g. $Coca-Cola(KO)$ Level 2: Strong band - e.g. Hermes Level 3: Mission-critical product + high switching costs - e.g. $Microsoft(MSFT)$ Level 4: High returns on capital - e.g. $Fair Isaac(FICO)$ $Costco(COST)$ Level 5: Strong pricing power - e.g. $Apple(AAPL)$ Level 6: High barriers to entry - e.g. $Alphabet(GOOG)$ $Alphabet(GOOGL)$ Level 7: Network effects - e.g. $Visa(V)$

All investors should study Fair Isaac $Fair Isaac(FICO)$ Yes, long-term debt is a high percentage of total assets, but their interest expense is a low percentage of operating profit (meaning debt is affordable). And yes, stock-based compensation is a high percentage of operating cash flow, but their FCF per share CAGR is high and their shares outstanding are dropping quickly (meaning there's still great capital allocation). $Zoetis(ZTS)$ has recently seen its FCF yield jump up. The market is clearly pricing in slower long-term growth and some margin pressure versus its historical premium. Yet the core animal health franchise remains highly resilient, with recurring revenue and durable demand from pet owner

An important screen for finding quality companies lies at the intersection of (I) high global demand for a product, and (II) only a small number of providers serving the market. The semiconductor equipment companies are a great example. There’s huge global demand for compute, which requires semis, which requires the equipment that manufactures them. That’s why I’m long $KLA-Tencor(KLAC)$ $Lam Research(LRCX)$ $NVIDIA(NVDA)$ There’s also huge demand for payments, and $Visa(V)$ and $MasterCard(MA)$ are two of the most important providers of payment services. When high demand and a small

$Visa(V)$ $MasterCard(MA)$ $Fair Isaac(FICO)$ $MSCI Inc(MSCI)$ have all compounded their free cash flow per share by ≈ 20%+ over the last 15 years. But it's not just the anti-fragile fintechs that have achieved this, so has the storage company Extra Space Storage $Extra Space Storage(EXR)$ . Which on the list do you own? $Fortinet(FTNT)$ has seen its revenue grow by 20% and its EPS grow by 41%. It's been a fairly good quarter so far for the 10 companies in the Long Equity portfolio. Impressive results for Fortinet I’ve always felt this compan

The Q2 ‘26 earnings season continues, with portfolio companies $KLA-Tencor(KLAC)$ and $MasterCard(MA)$ announcing results over the last couple of days. Massive acceleration is appearing: • FICO: 16% ➡️ 39% Rev Growth • Comfort Systems: 121% EPS growth Here's a full breakdown of the results so far for the Long Equity portfolio. Which one of these is a "must-own" asset for the rest of 2026? $NVIDIA(NVDA)$ $Visa(V)$ $MasterCard(MA)$ $Fair Isaac(FICO)$ $Cadence Design(CDNS)$ PS: Having a barrier to entry

LONG EQUITY - APRIL UPDATE A strong start to 2026 with double-digit returns, driven by high-quality compounders and semiconductor exposure. Solid cash returns and robust free cash flow growth continue to underpin portfolio performance and reinforce a disciplined long-equity strategy. Performance YTD: +10.6% Top performers: $Comfort Systems USA(FIX)$ & $Lam Research(LRCX)$ Top detractors: $Fair Isaac(FICO)$ Cash ROC =39% FCF CAGR = 26% 😍 Been eyeing Tiger merch but short on Tiger Coins? Now's your chance. 🎁 We’ve selected 4 high-demand items across practial, lifestyle, and learning, now with a lower redemption threshold!

The Q2 ‘26 earnings scoreboard is looking incredibly green. Massive acceleration appearing in the latest results: • FICO: 16% ➡️ 39% Rev Growth • Cadence: 6% ➡️ 19% Rev Growth • Comfort Systems: 129% EPS growth Here's a full breakdown of the heavy hitters in the Long Equity portfolio. Which one of these is a "must-own" for the rest of 2026?👇 $NVIDIA(NVDA)$ $Fortinet(FTNT)$ $MasterCard(MA)$ $KLA-Tencor(KLAC)$ $Fair Isaac(FICO)$ $Visa(V)$ $Cadence Design(CDNS)$ $C

$Constellation Software, Inc.(CNSWF)$ There are two fundamental questions when valuing a company (IMO). 1. What do I think the company’s future growth looks like? 2. What does the market think its future growth looks like? If you think the market is being overly pessimistic, then the company is in undervalued. How do you approach valuation? I've been working on my dashboard, capturing what I see as the 6 most important numbers for determining business quality. What would you add?

Here's a list of US equities sorted by how frequently they have outperformed the S&P 500 $S&P 500(.SPX)$ year-on-year. Amphenol, Arista Networks, Broadcom and Comfort Systems are all in the lead. Which on the list do you own? $Amphenol(APH)$ $Arista Networks(ANET)$ $Broadcom(AVGO)$ $Comfort Systems USA(FIX)$ $KKR & Co LP(KKR)$ $Monolithic Power(MPWR)$ $Arthur J. Gallagher(AJG)$ $Dover(DOV)$