To The Moon

4 Stocks Where Fundamentals Are Telling a Different Story 📊 1. $Uber(UBER)$ — Bookings Still Matter Most For Uber, gross bookings remain one of the most important metrics to watch. So far, there's little evidence that Waymo is disrupting Uber's core business. The key question isn't whether autonomous driving will change mobility — it will. The question is whether Uber's marketplace can continue growing before that disruption becomes meaningful. For now, the bookings data is still telling a relatively strong story. 🚗 2. $Zeta Global Holdings Corp.(ZETA)$ — Growth Isn't the Question Zeta is clearly out-growing many of its competitors. That's not really the debate anymore. The bigger question is: How much

It’s 13-F season, which means we’re getting position disclosures from hedge funds and asset managers as of the end of the second quarter. This isn’t something I usually follow, but this quarter I think it’s especially interesting. Not because there are some brilliant moves, but because everyone is making the same trade. They’re all going long the AI buildout in one form or another. Some are buying chip companies, others are buying chip equipment, and some are playing energy, but it’s all the same trade. And I find that fascinating because it’s a consensus trade that everyone thinks will work. More on that in a moment. Hedge Funds Making the Same Bet One of the things I always find interesting in the public discourse about stocks is how much everyone is just talking their book. And this qua

Asymmetric Investing isn’t about being right about every stock; it’s about being VERY right when I do find a winner. I’m swinging for 10-run homeruns (yes, I know those don’t exist), not for a high batting average. That philosophy can lead to high variability in returns. If I get a trend wrong or the market is focused elsewhere (ahem, AI in 2026), I can underperform for a long period of time, even if I’m beating the market long-term. But one winner can also make up for a lot of mistakes. In 2024, that was $Spotify Technology S.A.(SPOT)$ ( ▲ 2.93% ). In 2025, it was $Robinhood(HOOD)$ ( ▼ 3.83% ). This year, there haven’t been any big outperformers. Until now. $Zeta Gl

The market doesn't like seeing revenue growth slow, but I think the bigger question is what $On Holding AG(ONON)$ is giving up to protect profitability. Management appears willing to accept some moderation in growth rather than sacrifice margins just to keep the top line moving faster. That tradeoff could become increasingly important over the long term. If margins continue to expand, the earnings power of the business can keep improving even if revenue growth settles at a lower rate. At around 22x trailing earnings, the valuation also looks much more interesting if margin expansion continues to translate into stronger EPS growth. What looks expensive on today's numbers can look very different a few years from now if the company keeps improving it

Every business involves tradeoffs. You can spend money to grow or give money to shareholders. You can prioritize more users or more profits. There are always tradeoffs in business that managers and investors need to keep in mind. And those tradeoffs are hurting $Duolingo, Inc.(DUOL)$ ’s stock price today while potentially giving the company more upside long-term. More on that in a moment. Duolingo’s Tradeoff Six months ago, the concern with Duolingo was user growth. The company seemed to have lost its mojo: monthly active users (MAUs) grew by only 2.9 million between Q1 2025 and Q4 2025, while daily active users (DAUs) grew by 6.1 million over the same period. The DAU number was decent, but the top of funnel (MAUs) was weak, and that will eventual

The $Opendoor Technologies Inc(OPEN)$ gang didn't like me pointing out the company's operational disaster, but the Q2 earnings release were an incredible showing of reality distortion. Management: "Everything Is Up. Except Costs." Reality: Revenue fell 44% and operating loss was over 10x higher than a year ago. And for a company that's "not an iBuyer" they bought 149% more homes than a year ago and have $1.8 billion of inventory in the balance sheet. Ohh, and the stock is down 22% since my tweet. Cults can be great for a good business, but they're detrimental when the business doesn't match the story they tell themselves.

The market still isn't convinced, but the business is quietly improving. $Zillow(Z)$ just delivered 18% revenue growth, despite one of the weakest U.S. housing markets in years. The real story isn't home sales. It's the ecosystem. Residential revenue: +7% Rentals: +31% Mortgages: +75% Rentals are becoming Zillow's biggest growth engine, while its expanding mortgage business is strengthening customer lock-in. Together, they make the platform more valuable even when housing transactions remain sluggish. Meanwhile, management has announced layoffs, suggesting operating leverage could improve as costs come down. This setup feels familiar. Back in 2023, many investors dismissed $Spotify Technology S.A.(SPOT)$ . T

Don’t be fooled by the market’s reaction; $Uber(UBER)$ ( ▲ 3.36% ) had an outstanding second quarter. Monthly active customers jumped 16%, trips were up 18%, and gross bookings were up 22%. So, if trips and bookings were so strong, why was revenue only up 12.2% (11% on a constant currency basis)? And is that what the market was disappointed by? Part of the answer lies in a contra-revenue charge in the U.K. that I’ll explain below. What’s more important for long-term investors is the operating profit line, which continues to improve. Or you could look at operating and free cash flow, which are both trending higher. By the way, Uber trades for just 14x free cash flow at this point. And despite all of this improvement in operations, Uber’s stock trad

1. $Duolingo, Inc.(DUOL)$ User Growth Reaccelerates Daily active users (DAUs) climbed 23% YoY, while monthly active users (MAUs) increased 10%, signaling healthy engagement. Revenue grew 18%, showing the company's user growth continues to translate into sales. Although margins compressed, Duolingo remained free cash flow (FCF) positive, suggesting it is still funding growth while maintaining financial discipline. Overall, the earnings reinforce that the company's long-term growth story remains intact. 2. $Zillow(Z)$ Zillow Expands Beyond Home Sales Revenue increased 18%, with residential revenue up 7%, slightly outperforming the broader housing market. Rentals remained the standout business, posting 31% grow

This is the latest allocation of $500 into a personal portfolio of stocks with 10x potential over the next decade. I’ll allocate from the “Asymmetric Universe” of stocks. Today, that universe has 25 stocks that I’ve covered in spotlight articles, and the universe will grow in time. Not all stocks covered will receive an investment, and allocations may be made to the same stock multiple times. Here are the rules of allocation. Invest $500 in total new capital each month. If the $S&P 500(.SPX)$ or $NASDAQ(.IXIC)$ is 20% below its all-time high, this allocation will increase to $1,000 monthly. If the S&P 500 or Nasdaq Composite is down 30%, I’ll add $1,500, and so on. The Universe of Asymmetric Stoc