MBI Deep Dives

MBI Deep Dives

Social Media's Defense

Last week, I shared my concern that algorithmic content may force companies such as Meta to share some liabilities for the content shown on their properties because of the product design choices these companies made. From my piece: I…do sympathize with the concerns related to algorithmic content on all

The Pendulum Between Intelligence and Knowledge

Over the last week or so, I have started noticing an interesting development that is worth highlighting. Let’s start with Microsoft’s announcement yesterday. From Microsoft’s blog yesterday (emphasis mine): “Today, Researcher—Microsoft 365 Copilot’s deep research agent for work—takes a significant step forward. Designed to

Energy's Moment

S&P 500 is down almost 7% Year-to-date. As you can see below, Energy sector ETF has been by far the best performing so far in 2026 with ~40% return YTD. Tech, on the other hand, was close to the other extreme as it is down ~10% YTD. In

Thoughts on Last Week

Programming Note: I will take tomorrow off as I have some family commitment. I will be back on Monday. Ouch! Last week was quite terrible for MBI portfolio. I will share some thoughts on how I am thinking through the portfolio behind the paywall. In addition to “Daily Dose” (yes,

Digital Engagement's Fat Tail Risk?

“There are decades where nothing happens; and there are weeks where decades happen.” Indeed, Meta, along with other social networks and potentially any company that relies on engagement online, may be passing through a week that can have a much deeper implication over the next decade. Meta specifically suffered two

Follow-up on Floor & Decor

Following my piece “Why I am buying Floor & Decor”, I have received a couple of pushbacks. I will address those and expand on FND’s competitive dynamics a bit more behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive

Meta's Agentic AI Ambitions

When Meta started building their Superintelligence team (MSL) in mid-2025, I certainly expected to see faster progress than what we have seen from them so far. I wonder if the Llama 4 fiasco as well as the backlash for “Vibes” last year made Meta much more tentative than usual for

Scuttleblurb on Ryan Specialty

It doesn’t happen often, but right after publishing my Deep Dive on Ryan Specialty Group last week, my friend Scuttleblurb also published on the same company. Scuttleblurb’s work is excellent as usual, and there are a couple of things that I want to highlight from Scuttleblurb’s piece

Why I am buying Floor & Decor

Since becoming a public company in 2017, Floor & Decor (FND) is currently going through its largest ever drawdown in its history. The stock is currently down ~65% from its peak in late 2021. However, looking at NTM EV/EBIT multiple, it may appear the stock is still trading at

Ryan Specialty: The Unconflicted Middleman

Programming Note: I will take the next two days off. MBI Deep Dives will be back on Monday next week. You can listen to the Deep Dive here Pat Ryan, currently 88-year old, is a living legend in the insurance industry. Soon after graduating from college, he entered insurance industry