The Few Bets That Matter
$DUOL was ~$175 when I shared this article with subs.
It’s down ~35% since.

I explained why it was a bad buy then & it still is now.
Despites having a comparable potential to $NFLX.

The same framework could apply to $HIMS, and many other growth names X loves to DCA.

Patience.

https://t.co/o8eurocwwU - The Few Bets That Matter
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The Transcript
$WRB W. R. Berkley CEO with a blunt take on regulatory scrutiny of affluent clients.

" I think that as far as Berkley One goes, it's less high on the regulators' radar screen perhaps because, for the most part, regulators don't give a s*** about rich people."
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Dimitry Nakhla | Babylon Capital®
𝐂𝐡𝐫𝐢𝐬 𝐇𝐨𝐡𝐧, 𝐒𝐮𝐩𝐞𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 & 𝐖𝐡𝐲 𝐆𝐫𝐨𝐰𝐭𝐡 𝐈𝐬𝐧’𝐭 𝐖𝐡𝐚𝐭 𝐌𝐨𝐬𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐓𝐡𝐢𝐧𝐤:

“Growth can come from two forms — price and volume… Most companies don’t have pricing power… But there is a special group of super companies that can price above inflation. And that’s, as Buffett taught, the test of whether you have the moat.

If you’re asking about volume growth… I may have low volume growth but a lot of pricing growth — that’s actually more important because of the leveraged effect… there’s no cost associated with it.”
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𝐓𝐡𝐞 𝐥𝐞𝐬𝐬𝐨𝐧: 𝘕𝘰𝘵 𝘢𝘭𝘭 𝘨𝘳𝘰𝘸𝘵𝘩 𝘪𝘴 𝘤𝘳𝘦𝘢𝘵𝘦𝘥 𝘦𝘲𝘶𝘢𝘭. 𝙑𝙤𝙡𝙪𝙢𝙚-𝙙𝙧𝙞𝙫𝙚𝙣 𝙜𝙧𝙤𝙬𝙩𝙝 𝘰𝘧𝘵𝘦𝘯 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘴 𝘤𝘢𝘱𝘪𝘵𝘢𝘭, 𝘧𝘢𝘤𝘦𝘴 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘰𝘯, 𝘢𝘯𝘥 𝘵𝘺𝘱𝘪𝘤𝘢𝘭𝘭𝘺 𝘤𝘢𝘳𝘳𝘪𝘦𝘴 𝘮𝘦𝘢𝘯𝘪𝘯𝘨𝘧𝘶𝘭 𝘪𝘯𝘤𝘳𝘦𝘮𝘦𝘯𝘵𝘢𝘭 𝘤𝘰𝘴𝘵𝘴. 𝙋𝙧𝙞𝙘𝙞𝙣𝙜-𝙙𝙧𝙞𝙫𝙚𝙣 𝙜𝙧𝙤𝙬𝙩𝙝— 𝘸𝘩𝘦𝘯 𝘴𝘶𝘱𝘱𝘰𝘳𝘵𝘦𝘥 𝘣𝘺 𝘥𝘶𝘳𝘢𝘣𝘭𝘦 𝘤𝘰𝘮𝘱𝘦𝘵𝘪𝘵𝘪𝘷𝘦 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦𝘴 — 𝘣𝘦𝘩𝘢𝘷𝘦𝘴 𝘷𝘦𝘳𝘺 𝘥𝘪𝘧𝘧𝘦𝘳𝘦𝘯𝘵𝘭𝘺.
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𝘼𝙣𝙙 𝙩𝙝𝙞𝙨 𝙞𝙨 𝙬𝙝𝙚𝙧𝙚 𝙞𝙣𝙘𝙧𝙚𝙢𝙚𝙣𝙩𝙖𝙡 𝙤𝙥𝙚𝙧𝙖𝙩𝙞𝙣𝙜 𝙢𝙖𝙧𝙜𝙞𝙣𝙨 𝙗𝙚𝙘𝙤𝙢𝙚 𝙘𝙧𝙞𝙩𝙞𝙘𝙖𝙡. 𝙄𝙣𝙘𝙧𝙚𝙢𝙚𝙣𝙩𝙖𝙡 𝙢𝙖𝙧𝙜𝙞𝙣 𝙨𝙞𝙢𝙥𝙡𝙮 𝙖𝙨𝙠𝙨:

For each new $1 of revenue, how much drops to operating profit?

Companies with genuine pricing power often exhibit:

• Higher incremental margins
• Stronger profit flow-through
• Minimal incremental cost

Because price increases largely bypass the cost structure.

𝘞𝘩𝘦𝘯 𝘪𝘯𝘤𝘳𝘦𝘮𝘦𝘯𝘵𝘢𝘭 𝘮𝘢𝘳𝘨𝘪𝘯𝘴 𝘢𝘳𝘦 𝘩𝘪𝘨𝘩, 𝘦𝘷𝘦𝘯 𝘮𝘰𝘥𝘦𝘴𝘵 𝘳𝘦𝘷𝘦𝘯𝘶𝘦 𝘨𝘳𝘰𝘸𝘵𝘩 𝘤𝘢𝘯 𝘵𝘳𝘢𝘯𝘴𝘭𝘢𝘵𝘦 𝘪𝘯𝘵𝘰 𝘰𝘶𝘵𝘴𝘪𝘻𝘦𝘥 𝘱𝘳𝘰𝘧𝘪𝘵 𝘨𝘳𝘰𝘸𝘵𝘩. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘵𝘩𝘦 𝘩𝘪𝘥𝘥𝘦𝘯 𝘦𝘯𝘨𝘪𝘯𝘦 𝘣𝘦𝘩𝘪𝘯𝘥 𝘮𝘢𝘯𝘺 𝘦𝘹𝘤𝘦𝘱𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘰𝘮𝘱𝘰𝘶𝘯𝘥𝘦𝘳𝘴.
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𝙀𝙭𝙖𝙢𝙥𝙡𝙚𝙨 𝙤𝙛 𝙨𝙪𝙥𝙚𝙧 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙩𝙝𝙖𝙩 𝙚𝙭𝙝𝙞𝙗𝙞𝙩 𝙩𝙝𝙚𝙨𝙚 𝙘𝙝𝙖𝙧𝙖𝙘𝙩𝙚𝙧𝙞𝙨𝙩𝙞𝙘𝙨:

• $FICO
• $ASML
• $NVDA
• $GE
• $TDG
• $MA
• $SPGI
• $MCO

Different industries. Similar underlying economics:

Durable moats + pricing power + strong incremental margins.
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Video: In Good Company | Norges Bank Investment Management (05/14/2025)
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Clark Square Capital
RT @ClarkSquareCap: Here is this week's special situations digest.

281 situations in activist campaigns, M&A/divestments, management changes, and other corporate events.

Make sure to check it out https://t.co/NZBTGqVC6P
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God of Prompt
Oppenheimer: "I feel I have blood on my hands." https://t.co/Z5paQUbQlv
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God of Prompt
RT @godofprompt: I built a “shadow advisory board” of AI personas to critique my business ideas.

Includes:

• Peter Thiel
• Naval
• Buffett
• YC partner
• skeptical VC

Here’s how I structured it ↓ https://t.co/gGat9Ou6jn
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Quiver Quantitative
BREAKING: Representative Cisneros just filed a purchase of stock in the defense contractor Raytheon.

Cisneros sits on the Armed Services Committee.

There have been reports that the US military is preparing for a possible operation in Iran. https://t.co/LaD7WHDdUX
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Brady Long
RT @thisguyknowsai: I turned Naval Ravikant's mental models into AI prompts.

It's like having the AngelList founder rip apart your career and rebuild it from leverage and specific knowledge.

Here are the 13 prompts that transformed how I build wealth: https://t.co/cPLqP6psGb
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The Transcript
Apple is the chill guy of tech when it comes to capex

$AAPL CEO: "So in general, it's hard to read into the CapEx and draw any conclusions. And so I think I would just say there's going to be some ebbs and flows in CapEx. Last year, remember, we did build out our private cloud compute environment. And so we did have CapEx spending related to that in our results in December."
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