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%
MBI Deep Dives
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
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
Nadella's Flip-Flop
There are perhaps few things in the current AI revolution that keeps my opinions grounded than watching Microsoft’s evolving position in the post-ChatGPT world. It can be tempting to imagine investors just frenetically changing their labels to Microsoft as “AI winner” or “AI loser” every few months, but
Survival of the Fastest
More than a decade ago, Peter Thiel wrote:
“Monopolists lie to protect themselves. They know that bragging about their great monopoly invites being audited, scrutinized and attacked. Since they very much want their monopoly profits to continue unmolested, they tend to do whatever they can to conceal their monopoly—usually