Topic

Portfolio_Change

A collection of 37 issues

Veeva 1Q'26: Strong Present, Patient Future

Programming Note: Some of you may have missed my announcement in my last post that I would be taking a couple of weeks break and reached out to see if everything is okay. Thank you for your concern, and I am back to daily posting schedule. Just a small note

Insurance Brokers 1Q'26 Update

Insurance brokers are currently in a world of pain as the halcyon days of hard market is clearly behind us. At first glance, the organic growth still seems to be holding up reasonably well (ex BRO), but nonetheless investors are somewhat spooked. Every broker reported sharper property declines. The quantification

The Era of Tokenmaxxing

A couple of weeks ago, Meta’s internal dashboard for “tokenmaxxing” got a lot of attention after The Information reported on it. Although such tokenmaxxing phenomenon only started getting attention recently, Shopify has been doing something similar since mid-2025. It is also hardly a Meta or Shopify specific thing;

Jassy's Defense

Since Andy Jassy became CEO of Amazon on July 5, 2021, the stock has not only noticeably lagged broader benchmarks such as S&P 500 and Nasdaq 100 but also underperformed every single big tech companies in Mag7 (Nvidia not shown in the chart since it transforms the Y-

Unprecedented Lock-in

Apollo recently published their US housing outlook which is an interesting read to get up to speed on how the housing market is faring. Let me highlight a couple of things from their piece that stood out to me. One of the things that jumped out to me is just

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

Constellation Software 4Q'25 Update

Amidst an unprecedented drawdown relative to its history, Constellation Software (CSU) had a rather reassuring quarter. Things are, at least so far, chugging along just fine. The maintenance or recurring revenue segment, which is ~75% of their revenue, grew by 6% (FX adjusted) YoY in 4Q’25 which is a

Why AI Is Unlikely to Kill OTAs

Online Travel Agency (OTA) stocks such as Booking and Expedia both reacted very positively yesterday after The Information reported OpenAI’s retreat from direct checkouts. From The Information: OpenAI is scaling back its plan to introduce shopping directly inside ChatGPT, marking a change in its high-profile effort to put

Digital Advertising Industry Snapshot 4Q'25

Programming Note: I will be in San Francisco Bay Area next Tuesday. If any of you wants to meet for lunch around Larkspur, please feel free to reach out. Since it will be one-on-one lunch meeting, I may have to decline if there are multiple interests. As I