1.SPOT $Spotify Technology S.A.(SPOT)$ Spotify's user base has increased at a 26.6% compound annual growth rate.ImageA year ago, I wrote that SPOT had 10x potential over the next 10 years. 1 year in, the stock is up 118.4% and I'm more bullish than ever. 2.DIS $Walt Disney(DIS)$ As the parks go, Disney goes.Image3.NVDA $NVIDIA Corp(NVDA)$ NVIDIA's data center business didn't exist a decade ago. Insane!Imagehttps://twitter.com/TravisHoium/status/1775558658186695161

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

The common theme is I want to own companies playing offense, not defense. But defense does have its advantages in business, and this week, we saw how regulatory capture can be used to delay, if not prevent, disruptive businesses. $Coinbase Global, Inc.(COIN)$ saw just how powerful the banking lobby is and $Hims & Hers Health Inc.(HIMS)$ sees opportunities blocked by the economics and incentives of regulatory capture. This dynamic isn’t new in business. $Tesla Motors(TSLA)$ had to get laws changed to operate in most states and $Uber(UBER)$ operated illegally in some instances, blocked by a legal monopoly taxis held. W

Whether the market realizes it or not, the biggest news of the week was $Alphabet(GOOG)$ $Alphabet(GOOGL)$ earnings report. The company told us search continues to grow, Gemini is taking market share, and Google Cloud is becoming a behemoth.Despite the momentum, Alphabet stock trades at the lowest P/E multiple of any Mag7 stock and about one-third than owning the market overall. The market’s perception is that Alphabet is being disrupted.I disagree.This is the fourth largest position in the Asymmetric Portfolio, and I think a decade from now, this will be seen as one of the “no-brainer” winners in AI. But that’s not the conventional wisdom today.Search Isn’t DeadLet’s start with search. The theory is tha

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

Below, I’m going to give an idea of where companies sit from a valuation, balance sheet, and growth perspective. These metrics aren’t all-encompassing and may miss some key information, but this is a snapshot to help you/me figure out where there are opportunities and what stocks may be worth trimming.If there is a market downturn, I want to own companies that can survive and ultimately thrive on the other side.Tomorrow, I’ll be back with Part 2.On Sunday, I’ll recap with some stats about the portfolio overall.1. $Spotify Technology S.A.(SPOT)$ Spotify continues to perform extremely well operationally. The problem is, the valuation keeps getting higher and higher.When I first bought Spotify, the stock was unloved because it wasn’t a proven cash fl

Before I get to the SpaceX IPO, I’m going to be doing my regular State of the Portfolio series starting tomorrow. I hope this helps show what I do, and don’t, like about the stocks in the Asymmetric Portfolio today. After a rough start to 2026, my regular reviews have me liking the long-term trajectory of most companies, and valuations are compelling, but that doesn’t mean the market agrees with me. That will be going to premium subscribers and will be completed in a series of articles over the next few days. Now, on with my thoughts on SpaceX’s IPO. The SpaceX IPO $SpaceX(SPCX)$ is going public on Friday with a stock price of $135 per share and a market cap of $1.77 trillion. To be honest, this is one of the wildest IPOs I’ve ever seen. The debat