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. $Uber(UBER)$ $Progressive(PGR)$ $Newmont Mining(NEM)$ $Elevance Health(ELV)$ $THE CIGNA GROUP(CI)$ $Travelers(TRV)$ $PayPal(PYPL)$ $Ford(F)$ $Allstate(ALL)$ $ONEOK Inc(OKE)$ $Ameriprise(AMP)$ $Vici Properties(VICI)$

Where do you look for investment ideas?Or better yet, where do you NOT look for investment ideas?This is something I think a lot about and have developed some loose frameworks over the years.There are no hard and fast rules when it comes to investing, and I’ve broken every rule I talk about below, but I think it’s important to understand your goals as an investor and how you’re going to find the stocks that allow you to meet those goals.If I were looking for a steady 8% rate of return, industrials and energy may be a pond to fish in.But I’m looking for 10x stocks over the next 10 years.I want companies (and founders) that take big swings and get big outcomes.Those opportunities aren’t found just anywhere, and eliminating huge swaths of the market helps refine where I do look for ideas. Hop

Vertically integrating with <50,000 units of demand is the biggest mistake $Rivian Automotive, Inc.(RIVN)$ can make.They're operating like $Apple(AAPL)$ in 2010 when the A4 chip launched. But Apple was selling 47 million iPhones/year by then. Rivian's autonomy day would have been impressive in 2022. Today, it's the wrong business model (vertically integrated) in a competitive market with modular suppliers offering a scalable solution to competitors with manufacturing scale.Rivian is STILL only making ~50k vehicles per year. It won't get over 215k in production for AT LEAST another three years.By then, millions of vehicles will have L4 autonomy. It's too late! Business. Models. Matter.Hasn't

The big news late last week was $Netflix(NFLX)$ agreeing to buy $Warner Bros. Discovery(WBD)$ studios and streaming assets. The cable networks will go into their own publicly traded zombie companies, but the good assets are going to Netflix — assuming regulatory approval.It’s pretty clear why Netflix wants these assets, and I don’t think it’s for the reason most pundits think. If you look at the Smiling Curve and where companies want to be, Netflix has already won in the top right.What it’s worried about is this middle section. Netflix is worried that Paramount, WBD, and Peacock will merge, creating another competitor that’s worth caring about.As it stands right now, $

One of the things I try to do is understand why things have worked out the way they have in the past.I’ve written a lot about how formerly strong brands like $The Kraft Heinz Company(KHC)$ , $BUDWEISER BREWING CO APAC LTD.(BDWBY)$ , and $Coca-Cola(KO)$ have lost their power position, as limited shelf space that drove supply’s advantage shifted in an internet world of unlimited shelf space.But where are the opportunities?A simple screen of the stocks that have generated a 25% compound annual return (25.9% is a 10x in 10 years) shows that most of the big companies on the list were household names a decade ago. And yet, they still generated huge returns.Even if we loo

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. The biggest winner in streaming today is probably ESPN/Disney.There was a real threat that Paramount Skydance would be a big player in sports after the $7.7 billion UF

One of the reasons I default to “never” selling stocks is that we never know when a stock will move higher or what will drive the move.I try to find companies that can compound revenue and earnings over a long period of time because that long-term view is our advantage over the market. But that doesn’t mean the ride will be a straight line higher.Take $NVIDIA(NVDA)$ as an example. The stock has been an incredible performer over the past two decades.But to realize those gains, you would have had to ride out drops of over 80% multiple times.How does selling play a role, even when we own phenomenal long-term stocks?Something Has ChangedIf the thesis on a stock I own has changed, it might be time to sell.I did this with previous Asymmetric Investing s