The market favors companies that own demand and scale. $NFLX shows how dominating customer choice beats short-term profits, while $NVO faces pressure from competition and falling prices—highlighting the advantage of demand aggregators like $HIMS. 1. $Netflix(NFLX)$ I didn't understand Netflix $NFLX 10 years ago, but I learned lessons from that mistake. 1. Users > Profits: In a digital business, it's critical to reach scale. Profits don't matter on the path to scale. 2. Delay Taking Price: Margins are low? Who cares! See #1. 3. Suppliers eventually have to bend the knee to the one who owns demand. You don't say, "I'm going to watch Sony's K-Pop tonight." You say, "I'm going to watch Netflix." Demand matters above all else. Owning the customer is

The $S&P 500(.SPX)$ and $NASDAQ 100(NDX)$ are within shouting distance of their all-time highs, but it doesn’t feel that way for most investors. The market’s gains have been concentrated in some huge moves in semiconductor and mining-related stocks. On the other side of the market is the decline in stocks like $Salesforce.com(CRM)$ $Shopify(SHOP)$ $Spotify Technology S.A.(SPOT)$ $Robinhood(HOOD)$ that seem like rock-solid growth companies. I think there are discounts forming in certain areas of the market, although the ride will likel

In 1997, 20% of U.S. households had access to the internet. A dozen years later, owners of iconic newspapers like the Los Angeles Times, Chicago Tribune, Philadelphia Inquirer, and many more had filed for bankruptcy. Disruption came quickly for newspapers once publishing online became trivial. Contrast that to streaming, which has taken much longer to disrupt traditional TV and film media. $Netflix(NFLX)$ launched streaming in 2007, and 19 years later, one of the companies that should have been disrupted the most, $Warner Bros. Discovery(WBD)$ , is being acquired by Netflix itself for $83 billion. Disruption happens at different speeds in different industries, and there are good reasons why. Different indu

1. $Hims & Hers Health Inc.(HIMS)$ Volatility is the price we pay for market-beating returns. We're seeing the downside of that volatility today, but the long-term fundamental trends in revenue and margins are exactly what we want to see. 2. $Tesla Motors(TSLA)$ These charts are telling. 1. Tesla's operating profit is collapsing. 2. Analysts (and investors) continue to over-estimate the company's revenue growth...which is now negative. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs. 🎉Cash Boost Account Now Supports

$General Motors(GM)$ CEO Mary Barra is the best CEO in the auto business. This shouldn’t be a controversial statement. Strategically, operationally, and politically (important these days) she’s knocking it out of the park. Investors in $Tesla Motors(TSLA)$ and $Rivian Automotive, Inc.(RIVN)$ should pay attention to this detail. The elimination of regulatory credits is going to be a small tailwind for Detroit given their size, but a HUGE headwind for Tesla and Rivian because it’s 100% margin. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs.

I’m going to use $Hims & Hers Health Inc.(HIMS)$ as a bit of a stand-in for the volatility we often see with growth companies. But the same could be said about $Duolingo, Inc.(DUOL)$ $Ondas Holdings Inc.(ONDS)$ $Robinhood(HOOD)$, and many more.When companies are growing quickly, there can be wild variations in a stock price as investors adjust their expectations up or down. Long-term, the ride seems smooth, but short-term, the difference between a few percentage points in growth here and there can seem enormous and cause huge reactions in a stock.$Amazon.com(AMZN)$ has compo

What if a ride were always available within 60 seconds of when you need it? What if that ride was clean, warm, played your music, and cost just $1 per mile? In 2026, we’re moving closer to that reality with autonomous vehicles. Waymo is operating in 6 cities and is quickly increasing its fleet, Zoox has launched fully autonomous vehicles in Las Vegas, $Tesla Motors(TSLA)$ a’s robotaxis are now operating without a driver (there is a chase vehicle), and companies like WeRide, $Volkswagen AG(VLKAY)$ (via Mobileye), $Baidu(BIDU)$ , and more are planning to remove safety drivers this year. I continue to believe this is one of the biggest opportunities for investors t

16 of the Top 25 grossing films ALL TIME have come from Disney $Walt Disney(DIS)$ (including Spider-Man). 6 of those films were released in the last 5 years! And you thought Disney studios were dead? What studio would you rather own? IMO, portfolio diversification is more about psychology than math. If you own <5 stocks, it's easy to be emotionally attached to them, which clouds your judgment. If you own 20-30 stocks, it reduces emotional dependence and gives a wider view of the investing world. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs. 🎉Cash Boost Acco

Why Garmin Should Buy PelotonExpanding Garmin $Garmin(GRMN)$ 's ecosystem of hardware with fitness content $Peloton Interactive, Inc.(PTON)$ makes a lot of sense.Garmin + PelotonOne of the key reasons I think Garmin has asymmetric potential long-term is that it’s a key piece of hardware in tracking health and fitness, with the potential to add incremental recurring revenue streams from connectivity and health & fitness analysis and content.It’s a classic marriage of hardware and software.I think it’s time the company expands more aggressively into the fitness content side by buying a subscription-based business with 2.7 million paying premium members.Peloton Needs ScaleLongtime subscribers will rememb

A year ago, if you wrote something nice about $Alphabet(GOOG)$ $Alphabet(GOOGL)$ , someone would respond with something like, “They’re cooked. Ever heard of ChatGPT?”The sentiment around Alphabet CEO Sundar Pichai was about as bad as it could get. He didn’t know how to innovate. Google was terrible at making new products. A “woke” culture couldn’t win in AI (see early Gemini images). Today, Google seems inevitable. And I’m struck by how simple the answer was and continues to be as an investor. Buy Alphabets stock and just hang on for the ride! The History of DisruptionThe negative sentiment around Google was always about disruption. ChatGPT was first to “figure out” the AI chatbot, and that would disrupt

I didn't understand $Netflix(NFLX)$ 10 years ago, but I learned lessons from that mistake.1. Users > Profits: In a digital business, it's critical to reach scale. Profits don't matter on the path to scale.2. Delay Taking Price: Margins are low? Who cares! See #1.3. Suppliers eventually have to bend the knee to the one who owns demand.You don't say, "I'm going to watch Sony's K-Pop tonight." You say, "I'm going to watch Netflix." Demand matters above all else. Owning the customer is the ultimate goal. The companies we CHOOSE to interact with are the ultimate winners on the market. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs

There were some big movers early in 2026, but overall, the market has been pretty quiet. This week, earnings season starts, so it’s likely we’ll get more fireworks soon.Let’s just go through a few examples of how consequences could be far from what the original intent is.Capping Credit Card Rates at 10%IntentLower interest rates for those who struggle most to pay their bills.Unintended ConsequenceCredit won’t be offered to those same borrowers in the first place.They’ll then spend less overall because they don’t have access to funds.Note: Maybe this will be a good thing long-term?!?Cash back and points rewards will be worse for lower-risk borrowers.More people will use BNPL and payday loans.Banks (not the credit card companies) determine who gets a card, what their limits are, what the rat

1. $Hims & Hers Health Inc.(HIMS)$ I'm going to do some $HIMS content this week, but this is a reminder that long-term disruptive companies are NEVER a straight line higher.This is Netflix's revenue growth rate over 20 years. It was a wild roller coaster! 2. $Netflix(NFLX)$ V $Warner Bros. Discovery(WBD)$ I REALLY want to like $NFLX here, but I don't love the stagnant market share for ~3 years at this point.This should be a golden age for Netflix's share gains, and instead, they're forced into (IMO) a defensive acquisition of $WBD at an insane price.There's value at some point, but not yet. For SG users only, Welcome to open a CBA today and enjoy access to a t

A big autonomy win has pushed Mobileye higher, but an acquisition added questions about management's priorities.Mobileye’s U.S. Automaker WinI think the most consequential announcement this week was Mobileye announcing a second design win with “a US-based automaker”. Here’s the meat of the announcement. Mobileye today announced that a US-based automaker has chosen the Mobileye EyeQ™6H to power future advanced driver assistance systems with hands-free driving on select highways across millions of vehicles worldwide. This deal reflects accelerating demand for Mobileye Surround ADAS™ systems globally, and Mobileye now estimates future delivery of more than 19 million EyeQ6H-based Surround systems, including 9 million from the new automaker announced today in addition to programs by Volkswagen

It’s 2026, so it’s time to have some fun with expectations for the year.Most predictions I’ve seen a pretty boring, like “stocks will go up ~9%” or “ $Amazon.com(AMZN)$ will outperform.”I think this is going to be a crazier year than most in the market think. We’re in the calm before the storm.Expect the unexpected!#1: OpenAI Will “Collapse”This may sound provocative at first, but I don’t think it’s all that far-fetched.The Information reported in September that OpenAI expects to burn $131 billion through 2029 and then magically become profitable.There’s just one problem with that plan…Google $Alphabet(GOOG)$ $Alphabet(GOOGL)$ !Google has clearly gained momentum

I didn't understand $Netflix(NFLX)$ 10 years ago, but I learned lessons from that mistake.1. Users > Profits: In a digital business, it's critical to reach scale. Profits don't matter on the path to scale.2. Delay Taking Price: Margins are low? Who cares! See #1.3. Suppliers eventually have to bend the knee to the one who owns demand.You don't say, "I'm going to watch Sony's K-Pop tonight." You say, "I'm going to watch Netflix." Demand matters above all else. Owning the customer is the ultimate goal. The companies we CHOOSE to interact with are the ultimate winners on the market. For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs

The entire "AI Trade" is a confidence game. $Oracle(ORCL)$ $NEBIUS(NBIS)$ $CoreWeave, Inc.(CRWV)$ $IREN Ltd(IREN)$ If the market has confidence that spending will increase and stocks will go up, companies will be able to raise money to spend on capex and stocks will go up.But if the market loses confidence and stocks drop (like they have) confidence is broken and it can be a downward spiral because NONE of these neoclouds has a sustainable business model today. (Hyperscalers are a different story) For SG users only, Welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading

Stocks with a P/E multiple under 15x and a 3 year revenue CAGR of 5% or more. $Uber(UBER)$ $Progressive(PGR)$ $Newmont Mining(NEM)$ $Elevance Health(ELV)$ $THE CIGNA GROUP(CI)$ $Travelers(TRV)$ $PayPal(PYPL)$ $Ford(F)$ $Allstate(ALL)$ $ONEOK Inc(OKE)$ $Ameriprise(AMP)$ $Vici Properties(VICI)$