LOGO Quicktakes

Dell Technologies & Hewlett Packard Enterprise: Building the Infrastructure for Sovereign AI Artificial intelligence is creating what could become the largest enterprise technology spending cycle in decades. As governments and corporations increasingly seek to keep their most valuable data and AI workloads on-premises, Dell Technologies and Hewlett Packard Enterprise are uniquely positioned to...

The Aging of Society & Medical Innovation theme is one of the most durable secular investment opportunities in the global economy. As populations age and life expectancy continues to rise, demand for orthopedic procedures, cancer treatments, cardiovascular interventions, and minimally invasive surgeries is expected to increase for decades. Rather than investing solely in pharmaceutical compani...

Costco, TJX Companies, Adidas, DoorDash, Uber, Hilton, Marriott, Viking, Formula One, and Take-Two Interactive represent a powerful portfolio of consumer brands built around some of the most enduring drivers of global spending: value, convenience, travel, entertainment, sports, and experiences. While each company serves a different consumer need, they all benefit from one common reality: as income...

Amazon, MercadoLibre, Netflix, and Spotify represent a powerful theme centered on the digitization of global consumption and the growing value of consumer attention. Together, these companies serve billions of people as they shop, stream, listen, discover, learn, communicate, and spend money in an increasingly connected world. Amazon powers global commerce and cloud infrastructure, MercadoLibre is...

JPMorgan Chase, Morgan Stanley, Blackstone, Apollo, Capital One, Visa, and CBRE represent a powerful theme centered on the movement, management, financing, and operation of the global economy. Together, these companies sit at the crossroads of global wealth creation, capital formation, consumer spending, private investment, payments, banking, and real estate infrastructure. Whether an individual i...

Eli Lilly, AbbVie, and AstraZeneca represent a powerful healthcare innovation theme focused on helping people live longer, healthier, and more productive lives. Together, these companies develop medicines that address some of the largest and fastest-growing healthcare challenges in the world, including obesity, diabetes, cancer, heart disease, kidney disease, autoimmune disorders, neurological con...

Caterpillar, Deere, Corteva, and CBRE represent a powerful investment theme centered on the physical economy—the businesses that build, feed, and operate the modern world. While many investors focus on software, social media, and digital platforms, these companies provide the essential machinery, technology, agricultural science, and infrastructure services that support economic growth, industrial...

While the headlines often focus on the latest fighter jets, missiles, drones, or military conflicts, the real story behind modern defense is the emergence of an increasingly connected, autonomous, and technologically sophisticated battlefield. Companies like RTX, L3Harris, AeroVironment, GE Aerospace, HEICO, TransDigm, and Axon represent the critical infrastructure, platforms, and technologies tha...

The common thread connecting Eaton, GE Vernova, Quanta Services, Trane Technologies, Vistra, Talen Energy, and Cheniere is one of the most important investment themes of the next several decades: the electrification and powering of the modern economy. Artificial intelligence, cloud computing, data centers, electric vehicles, advanced manufacturing, industrial reshoring, and rising global living st...

Every day, nearly eight billion people wake up and begin consuming. They pour a cup of coffee, brush their teeth, check their phones, stream music, watch Netflix, buy groceries, order dinner, travel, fill prescriptions, make digital payments, purchase clothing, and spend money on products and services that improve their lives. Consumption is not a trend. It is one of the most powerful and enduring...

When most investors think about the future, they picture artificial intelligence, data centers, cloud computing, and digital infrastructure. But every digital revolution still requires a physical world beneath it. Data centers must be built. Factories must be constructed. Warehouses must be operated. Hospitals, laboratories, airports, campuses, and logistics networks must be maintained and optimiz...

You've already had a Deere piece earlier, but here's the full investor-letter style version expanded and sharpened to the same caliber as Broadcom, Cheniere, and GE Vernova. DEERE & COMPANY (DE): THE TECHNOLOGY PLATFORM HELPING FEED THE WORLD Most investors think Deere is a tractor company. That perception may have been accurate twenty years ago. Today, it is increasingly wrong. Deere is one o...

CHENIERE ENERGY (LNG): THE COMPANY EXPORTING AMERICA'S ENERGY ADVANTAGE TO THE WORLD Most investors think Cheniere Energy is an energy company. That description is technically correct but dramatically understates what makes the business special. Cheniere is not primarily an oil company. It is not an exploration company. It is not a commodity producer. It is not a refiner. Cheniere is something far...

Cybersecurity is likely to remain one of the most important and durable growth markets of the next decade. For investors seeking exposure to this secular trend, Palo Alto Networks offers a combination of scale, platform breadth, technological leadership, recurring revenue, and strategic importance that few competitors can match. After a solid earnings quarter, the stock has pulled back 23% from th...

The Energy Floor Has Moved and its making higher highs and higher lows. In stock-land, thats a bullish development. Here's the energy quicktake. The investment world has spent the last decade debating peak oil demand. That debate is temporarily irrelevant. More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventori...

Heico stock has lagged, a very rare thing. That was the opportunity. Here's a quick summary of the wow quarter and the guidance. The business is on solid footing and the stock is wildly under-owned. There's alot more to like than just crowded AI stocks. HEI is one. This is NOT financial advice, this is for educational and informational purposes only. Please do your own research.

The powerful forward story is the pipeline built to answer the only real bear concern—concentration. The first answer is Foundayo, the newly approved oral GLP-1 pill, the only one dosable anytime without food or water. A pill is a step-change in scalability: no cold chain, no injection, far cheaper to manufacture, and the key to unlocking hundreds of millions of patients globally and in primary ca...

What makes Shopify special begins with a cultural transformation that is widely underappreciated. After its 2022 reset, Shopify sold its capital-intensive logistics arm, narrowed focus to its core platform, and embraced radical operating discipline—CEO Tobi Lütke’s mandate that teams prove a job cannot be done with AI before requesting new headcount. The result is three consecutive years of flat-t...

What makes AeroVironment special is the breadth it assembled at exactly the right moment. Its Switchblade family—the 300, for personnel and light targets, the 600, as a man-portable “tank killer”—is among the only loitering-munition lines with real combat history and an active U.S. Army production pipeline, including a recent ~$186 million order for next-generation Block variants. This is the recu...

In hypersonics—arguably the single most urgent gap in U.S. deterrence—Kratos is a prime contractor on the Pentagon’s MACH-TB 2.0 flight-test program and is expanding ground-test capacity. Whoever owns the testing infrastructure for an entire weapons class owns a recurring, capacity-constrained toll road, and Kratos is building exactly that. Add a fast-growing space and satellite business (a 3-to-1...

In the spirit of being a contrarian, we cant ignore a huge, important industry like homebuilding without looking at some tremendous value opportunities. Yes rates are important and home affordability dynamics need to improve but when we see dreadful sentiment, high quality brands on sale, builders first source is down 65% from the cycle highs, and a differentiated, highly valuable business model t...

ServiceNow's position for the next decade should be even more important than its importance over the last decade. The stock is down, insiders are buying, stock based comp is getting contained and the ai engine is getting warmed up. Currently, Revenue is growing at 20-plus percent annually with best-in-class net retention rates — meaning existing customers spend more each year without ServiceNow ad...

Costco's management built a genuine obsession with the member, a willingness to sacrifice margins to deliver value & loyalty, and a long-term orientation that makes quarterly guidance feel like noise. The balance sheet is pristine. Returns on invested capital are consistently above 20 percent. The store base is young in international markets. The membership fee increase cycle has just been ini...

Blackstone stock has been a massive outperformer since the March 2009 bottom, after a difficult IPO in late 2008 just before the financial crisis. The price of admission when investing in this group is occasional cyclical downswings and some big drawdowns even when the actual businesses aren't nearly as cyclical as the 1980s LBO era. Those have all been wonderful buying opportunities and we think...

AppLovin's financial profile is one of the most compelling in technology: gross margins above 80 percent, operating margins expanding through 70 percent and we think they are sustainable and can expand even further. It gets better, free cash flow conversion is incredibly high, revenue per employee is over $4 million per person (almost unheard of), and we expect revenue to keep growing above 30 per...