Less time reading. More evidence behind every decision.
Azure and the ChatGPT ecosystem are producing real revenue, but Microsoft is also committing unprecedented capital to data centers and leases. The valuation depends on how quickly that capacity becomes durable free…
I bought LDTC and later sold the entire position at a loss of approximately 50%. This note records why I took the loss, what I failed to see, and what I learned…
Applied Aerospace & Defense sits in attractive defense and space markets, but headline growth and backlog include a meaningful acquisition contribution. The valuation depends on whether that scale becomes organic growth and…
Uber is already producing more than $10B of trailing free cash flow. The valuation hinges on whether autonomous vehicles strengthen its demand network or remove the intermediary—and whether Delivery Hero earns its…
Amazon is posting faster AWS growth and higher operating margins while AI infrastructure spending depresses free cash flow. The valuation depends on how quickly that spending turns into durable cash generation.
Bond markets are demanding a higher price for capital while the AI buildout is running into physical constraints.
MNTN is growing its customer base quickly while improving margins and cash generation. The key question is whether spending by newer customers can rise enough to sustain that growth.