as building becomes easy because of ai(claude code), the old idea that old business will be left behind with new technology is becoming a false understanding. Existing network effects and distribution are becoming key facts to look at and business are just becoming ever more bigger.
I get a lot of value reading your stock specific analyses (loved the Figure one as well). When you had the debate with Haseeb last year, I, like most other crypto investors thought you were crazy even mentioning the one business that is ought to be disrupted. I kept reading your newsletters because you have an undeniable track record and I am always looking for opinions that don't fit my confirmation bias.
I am slowly coming around to your perspective. Your equity over token article made a lot of sense to me.
Thanks a lot for sharing all of this for free and keep it up, I will be reading.
Nice write-up. I think distribution is indeed underappreciated. You see this especially in Fintech where neobanks / trading firms etc. have to lure customers with all sorts of incentives.
Once you have sufficient distribution and brand, that CAC drops - it is an undervalued asset.
The WU potential is intriguing.
FWIW -yesterday: Jan 2028 LEAPS Option at 7 Strike Price= $2.43.
If I'm seeing this correctly:
-About $ 2.19 already in the money.
-About 25 cents of time value to rent a 100 shares for 20 months with around yesterday's stock price as your break even on buying the LEAP
Correct. Market doesn’t believe in the story and last quarter earnings weren’t pretty
Next 2-3 quarters will be key
as building becomes easy because of ai(claude code), the old idea that old business will be left behind with new technology is becoming a false understanding. Existing network effects and distribution are becoming key facts to look at and business are just becoming ever more bigger.
Clearly the market does not realised this is one of the best ways to play the stable thesis.
I get a lot of value reading your stock specific analyses (loved the Figure one as well). When you had the debate with Haseeb last year, I, like most other crypto investors thought you were crazy even mentioning the one business that is ought to be disrupted. I kept reading your newsletters because you have an undeniable track record and I am always looking for opinions that don't fit my confirmation bias.
I am slowly coming around to your perspective. Your equity over token article made a lot of sense to me.
Thanks a lot for sharing all of this for free and keep it up, I will be reading.
Nice write-up. I think distribution is indeed underappreciated. You see this especially in Fintech where neobanks / trading firms etc. have to lure customers with all sorts of incentives.
Once you have sufficient distribution and brand, that CAC drops - it is an undervalued asset.