Dimitry Nakhla | Babylon Capital®
15 Quality Stocks in Their Own Bear Market (Down ≥20% From Highs) 🐻
1. $UBER -20%
2. $MSFT -21%
3. $APP -23%
4. $SNPS -26%
5. $VRSK -32%
6. $FICO -37%
7. $CPRT -37%
8. $NFLX -38%
9. $INTU -38%
10. $ROP -38%
11. $CRM -41%
12. $BMI -45%
13. $NOW -48%
14. $CSU -50%
15. $NVO -59%
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15 Quality Stocks in Their Own Bear Market (Down ≥20% From Highs) 🐻
1. $UBER -20%
2. $MSFT -21%
3. $APP -23%
4. $SNPS -26%
5. $VRSK -32%
6. $FICO -37%
7. $CPRT -37%
8. $NFLX -38%
9. $INTU -38%
10. $ROP -38%
11. $CRM -41%
12. $BMI -45%
13. $NOW -48%
14. $CSU -50%
15. $NVO -59%
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Offshore
Photo
God of Prompt
Perplexity just replaced my entire research workflow.
No more opening 50 tabs. No more saving bookmarks. No more "where did I see that?"
Here are 10 Perplexity prompts that replaced my research tools: https://t.co/KryzV5nPk0
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Perplexity just replaced my entire research workflow.
No more opening 50 tabs. No more saving bookmarks. No more "where did I see that?"
Here are 10 Perplexity prompts that replaced my research tools: https://t.co/KryzV5nPk0
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Offshore
Video
Startup Archive
RT @aakashgupta: Everyone repeats “don’t compete on their territory” without understanding what Tony actually did.
DoorDash launched in 2013. Grubhub had been operating since 2004. Uber Eats started in 2014 with Uber’s existing driver network, brand recognition, and SoftBank’s billions.
The conventional wisdom said: build network density first. That meant cities. Higher order volume. More restaurants per square mile. Faster delivery times. Better unit economics on paper.
So Grubhub focused on major metros. Uber Eats leveraged urban driver pools. Every incumbent’s spreadsheet model optimized for the same variable.
DoorDash went to the suburbs.
The alternatives to delivery were much worse there. Customers were more affluent. Average order values were higher. And suburbs were home to chain restaurants that customers already loved but weren’t set up for delivery.
The math flipped: DoorDash operates in 4,000 towns. Uber Eats operates in 500 cities.
When COVID hit in 2020, Americans flooded suburbs, exactly where DoorDash had been bringing restaurants online for years. DoorDash’s business more than tripled that year alone. Grubhub’s own exec called it watching a miracle unfold: “a Hail Mary pass in the fourth quarter of the Super Bowl.”
Today DoorDash owns 66% market share. Uber Eats sits at 27%. Grubhub, the original market leader, collapsed to under 10%.
What Tony’s really teaching here: the incumbents’ spreadsheets weren’t wrong. Cities did have better network density. The error was assuming the whole market wanted the same thing.
60% of Americans live in suburban areas. The incumbents built for 40% of the country and called it “the market.“
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RT @aakashgupta: Everyone repeats “don’t compete on their territory” without understanding what Tony actually did.
DoorDash launched in 2013. Grubhub had been operating since 2004. Uber Eats started in 2014 with Uber’s existing driver network, brand recognition, and SoftBank’s billions.
The conventional wisdom said: build network density first. That meant cities. Higher order volume. More restaurants per square mile. Faster delivery times. Better unit economics on paper.
So Grubhub focused on major metros. Uber Eats leveraged urban driver pools. Every incumbent’s spreadsheet model optimized for the same variable.
DoorDash went to the suburbs.
The alternatives to delivery were much worse there. Customers were more affluent. Average order values were higher. And suburbs were home to chain restaurants that customers already loved but weren’t set up for delivery.
The math flipped: DoorDash operates in 4,000 towns. Uber Eats operates in 500 cities.
When COVID hit in 2020, Americans flooded suburbs, exactly where DoorDash had been bringing restaurants online for years. DoorDash’s business more than tripled that year alone. Grubhub’s own exec called it watching a miracle unfold: “a Hail Mary pass in the fourth quarter of the Super Bowl.”
Today DoorDash owns 66% market share. Uber Eats sits at 27%. Grubhub, the original market leader, collapsed to under 10%.
What Tony’s really teaching here: the incumbents’ spreadsheets weren’t wrong. Cities did have better network density. The error was assuming the whole market wanted the same thing.
60% of Americans live in suburban areas. The incumbents built for 40% of the country and called it “the market.“
DoorDash founder Tony Xu: "You can't compete against an incumbent on their territory”
Tony argues:
“You have to find something where they're not incentivized to do it (Innovator's dilemma)… and you have to find an area where you think you can be advantaged.”
For DoorDash, this was end-to-end delivery and focusing on suburbs rather than cities. The incumbents at the time didn’t want to touch end-to-end delivery because it was lower margin. Incumbents also focused on cities because of the network density, but DoorDash realized the market outside of city centers was actually the bigger opportunity because that’s where most people lived.
“Knowing where the market is and knowing structurally why that's different and why that might be difficult for a competitor to serve, that's pretty important. Now, you also have to be correct on that bet… [Our bet on serving suburbs] turned out to be correct. But we didn't know that a priori.”
Tony’s other piece of advice is that you have to be “super fast”. A key advantage versus incumbents is that they have to make capital allocation decisions across their many businesses. But you probably only have one product so you should be able to move much faster:
“Focus is actually really easy… You’ve got to build that one product”
Video source: @khoslaventures (2024) tweet
Offshore
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Moon Dev
45 mins
we are starting the private zoom in 45 minutes
see if there is still a ticket here: https://t.co/JbJdIbW2p9
moon dev
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45 mins
we are starting the private zoom in 45 minutes
see if there is still a ticket here: https://t.co/JbJdIbW2p9
moon dev
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Offshore
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Dimitry Nakhla | Babylon Capital®
$SNDK Incremental Operating Margins (QoQ)
Q3 2025→Q4 2025: ~9,495%*
Q4 2025→Q1 2026: 39%
Q1 2026→Q2 2026: 124%
Q2 2026 report, more than 100% of $SNDK incremental revenue converted into operating income
Operating leverage😮💨
*Operating income flipped negative to positive https://t.co/fqv5uzK8Ez
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$SNDK Incremental Operating Margins (QoQ)
Q3 2025→Q4 2025: ~9,495%*
Q4 2025→Q1 2026: 39%
Q1 2026→Q2 2026: 124%
Q2 2026 report, more than 100% of $SNDK incremental revenue converted into operating income
Operating leverage😮💨
*Operating income flipped negative to positive https://t.co/fqv5uzK8Ez
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Offshore
Photo
Dimitry Nakhla | Babylon Capital®
The “May I Meet You” tour hits Starbase
Credit to Nano Banana Pro 😅😂 https://t.co/tq2E9EpLGA
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The “May I Meet You” tour hits Starbase
Credit to Nano Banana Pro 😅😂 https://t.co/tq2E9EpLGA
@elonmusk We have the technology to reward loyalty: tweet
Offshore
Video
Startup Archive
Palmer Luckey: Build the future you want instead of arguing with luddites
“In general, it’s bad when a society turns luddite and starts to demonize new things . . . There are always people who have fought in the moment, and very few who fight to go back after the fact.”
For those who are worried that AI will ruin everything and eliminate jobs, Palmer asks:
“How many people said the same thing about automated manufacturing? The reality was that it took cars from a plaything for the rich into something that anybody could use.”
Palmer gives several other examples to emphasize this point. People were very against recorded music because they believed it “cheapens a performance” if you can replicate it for free. There were artists who believed photography would kill painting and art.
“We’re in one of those swings where everyone is questioning whether technology will make our future better, and I think it’s unfortunate because we’re on the precipice of so many things that have been scarce becoming unscarce. Things that have been unobtainable for many will become mass-market commodities.”
How do we convince people? Palmer replies:
“The thing you have to do is not talk about it really good. You have to do it really good until it becomes inarguable. Imagine if instead of making photography into art, they just argued about it on podcasts with painters? It would never work. You have to just do it and then eventually everyone will realize you were right all along.”
One of Palmer’s favorite examples is the Wright Brothers.
In 1903, the New York Times predicted manned flight would take between 1 and 10 million years to achieve, in an article titled “Flying Machines Which Do Not Fly.”
Only nine weeks later, the Wright Brothers achieved manned flight.
“Imagine if the Wright Brothers, instead of building their flying machine, had gone to argue with this guy,” Palmer jokes. “At some point you have to say they’re wrong about our future and we just need to build that future.”
Video source: @OffTopicJP (2025)
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Palmer Luckey: Build the future you want instead of arguing with luddites
“In general, it’s bad when a society turns luddite and starts to demonize new things . . . There are always people who have fought in the moment, and very few who fight to go back after the fact.”
For those who are worried that AI will ruin everything and eliminate jobs, Palmer asks:
“How many people said the same thing about automated manufacturing? The reality was that it took cars from a plaything for the rich into something that anybody could use.”
Palmer gives several other examples to emphasize this point. People were very against recorded music because they believed it “cheapens a performance” if you can replicate it for free. There were artists who believed photography would kill painting and art.
“We’re in one of those swings where everyone is questioning whether technology will make our future better, and I think it’s unfortunate because we’re on the precipice of so many things that have been scarce becoming unscarce. Things that have been unobtainable for many will become mass-market commodities.”
How do we convince people? Palmer replies:
“The thing you have to do is not talk about it really good. You have to do it really good until it becomes inarguable. Imagine if instead of making photography into art, they just argued about it on podcasts with painters? It would never work. You have to just do it and then eventually everyone will realize you were right all along.”
One of Palmer’s favorite examples is the Wright Brothers.
In 1903, the New York Times predicted manned flight would take between 1 and 10 million years to achieve, in an article titled “Flying Machines Which Do Not Fly.”
Only nine weeks later, the Wright Brothers achieved manned flight.
“Imagine if the Wright Brothers, instead of building their flying machine, had gone to argue with this guy,” Palmer jokes. “At some point you have to say they’re wrong about our future and we just need to build that future.”
Video source: @OffTopicJP (2025)
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