I've been thinking about what's causing the worries in the market, and here are my current thoughts. The market is clearly worried about the funding of the AI build out. $META and $AMZN are FCF negative in their most recent quarters, which means debt and dilution (outside capital) is going to be needed to continue accelerating the build out. This increases the risk and durability of the build out, and makes access to capital across the industry more scarce. (More companies are fighting for a limited amount of debt and investor capital). Funding seems to be the next "bottleneck." But also, this should mean that companies that are able to get funding have a competitive advantage. Additionally, the companies providing the funding should be able to get the absolute best deals. In my view, the companies with the best access to funding are the hyperscalers. And if their upcoming competitors can't get the funding to build compute, then AI demand, which is very real, should flow even more into the hyperscalers. Hyperscalers are the best businesses that have ever existed, and have hundreds of billions of dollars in (growing) cash flows to continue investing. Sure, some are going FCF negative, but their balance sheets are still pristine, and their operating profits are growing 20%+ annually. On an organic basis, they should be able to continue growing their investments and AI compute, regardless of outside funding. Albeit slower than they'd like, if that were the case. I also believe the alternative asset managers are set up very well. $BAM, for example, has well over $100B of capital ready to deploy. If capital is becoming more scarce, then those with it should see higher returns and more demand for it. The noise is loud, and the sell off hits everything indiscriminately and unjustifiably. If you're able to stay rational and think long-term, then I believe there is a lot of opportunity out there.

Alright we might actually be cooked.

Test drove a new car today... I think I might finally reward myself for the past 7 years of grinding on YouTube. It was very, very fun.

Just posted my quarterly $NFLX earnings analysis. In my opinion, it looks like it's continuing to become a weaker business with the top line deceleration. That said, they are doing a great job expanding margins. Here's the link to my full breakdown: youtu.be/OZBaYC2tTDk

I already know I'm going to want to buy more $AMZN after seeing its earnings report. It's too cheap, and it's seeing too many tailwinds.

I believe AI adoption and demand will continue to grow, even if Anthropic and OpenAI go to zero. I've been investing based on this belief for a while, and I believe $AMZN, $META, $MSFT and $GOOG are the best-positioned to capture the growth of AI.

I made this video on $CRWV last November. I came to the conclusion that it was massively overleveraged and looked like a financial timebomb. Still does. youtu.be/GKtXZWCwFPQ?si=7l_e…

I'm Muse-pilled. I go to it for all my questions and needs, because it can go a step further than Claude and Gemini and actually execute tasks for me. My habit is currently to go straight to Muse instead. $META

Liking what I'm hearing. I hope we follow through and get our resources to market.

I'm back from Italy! I just posted a video on $META explaining why I think it's still offering value. It also goes through the updates over the past couple weeks, and how I'm personally using Muse within my own businesses. Here's the link! youtu.be/sY9DIuxZzmc

$BAM only needs to grow by 11% annually, and trade for 20X earnings, to deliver an over 10% CAGR from here. This is well below the company's guidance, and its historical average price multiples. It's looking quite cheap, imo.

AI agents seem to be putting switching cost moats under question. The friction to switch between providers is being removed by Muse. On the other hand, Muse could send a ton of new traffic to the best platforms with the lowest prices. Interesting times.

A good day to have $META as a top position, and the number one stock I've been buying for months. It had no business trading for 18X fwd earnings, and I still think it's cheap. We'll have lots to discuss on the channel when I'm back home!

In a recent interview, Bruce Flatt said how interest rate movements, oil spikes, and uncertainty, simply don't matter to strong businesses over the long term. I couldn't agree more. As a content creator, I've seen how short-term focused the markets are. But the reality is, almost everything that clouds the headlines and fills investors with fear just doesn't matter when you think 5 years out. I can guarantee that none of us will be talking, or caring, about what interest rates or oil prices were on September 21, 2026. Good businesses will keep compounding, and their values will continue to grow. I will continue to view any sell off due to short-term worries as a long-term buying opportunity. This has been my message for years, and it's done me wonders.

I've been asked about making a video for $BAM and $BN investor days. I'll get to them when I'm home, and I've sent my in depth thoughts to my Patreon. In the meantime, I'm enjoying vacation.

Enjoying Italy 🇮🇹