Investing in a concentrated portfolio of the highest quality companies in the world. All opinions my own. Not financial advice.
United States
Joined July 2022
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Quality Equities retweeted
$UBER Uber lost money for most of its life. Over the last 12 months, it produced $10 billion of free cash flow.
Most of the argument about the stock is about robotaxis. Will $GOOG Waymo and $TSLA Tesla make Uber unnecessary?
But a quieter number decides whether the shares are cheap today, and almost nobody talks about it.
Bull vs. bear dropping Monday morning at 8:30am ET, where this number is discussed, and a buy verdict is shared. Link here: qualityequities.substack.com…
Quality Equities retweeted
Who wins the memory boom?
Dropping tomorrow at 8:30am ET. Read here: qualityequities.substack.com…
A question for anyone who owns a memory stock, or has thought about buying one this year: If you had to own one for the next 10 years, which would it be? And which one would you avoid?
7 companies make most of the world's memory and storage. Those companies are Samsung, $SKHY SK hynix, $MU Micron, $SNDK Sandisk, Kioxia, $STX Seagate and $WDC Western Digital. Together, they are worth $4.11 trillion, and all 7 are earning record profits from AI demand.
The next Quality Equities deep-dive report answers the questions outlined above. How many years of today's profit does the price cost? The range runs from under 5 years to more than 34, and the order is probably not what most people expect.
Which stock would you pick? Which would you avoid? The full ranking goes to subscribers when the report publishes, so subscribe now if you want to see how your answer holds up.
qualityequities.substack.com…
Quality Equities retweeted
So, would you have had the patience to hold through all of that?
Remember, Mohnish Pabrai bought $MU in 2017 and sold in 2023, when the position accounted for 75-80% of his portfolio.
It could have been one of the largest (if not the largest) absolute gains ever made on a single stock in such a short period of time...
Micron turned $10,000 into $603,000 over the last decade.
Almost none of that happened in the first eight years.
$MU
Quality Equities retweeted
Great way to think about the market given today’s bond yields 👇
For anyone who thinks about businesses the way Buffett, Hohn, Akre or Kantesaria do, this is a clarifying environment rather than an alarming one. A 5% long bond is the hurdle rate every business now competes against. It compresses the present value of cash flows that arrive in 2035 far more than cash flows that arrive next quarter, which is exactly why capital-light compounders that fund their own growth behave differently from capital-hungry stories that need someone else's balance sheet.
Who wins in this environment?
Quality Equities retweeted
Own high-quality compounders youtube.com/shorts/6EBLsKQl9… via @YouTube
Quality Equities retweeted
I sat down with Ben Webster on The Scaling Alpha Podcast to talk about how I got started investing and what building Spark Capital Management has actually looked like.
We covered opening my first brokerage account at 16, how my investment philosophy evolved, why I run a concentrated portfolio of high-quality businesses, and how I think about volatility and selling.
We also got into the operational side of starting a firm, why discipline and relationships matter more than most people expect, and how I use AI for research without letting it replace independent judgment.
It's here on X in full and up on YouTube: youtube.com/watch?v=sTSWPodq…
Quality Equities retweeted
I really like Jensen. He’s way more realistic than most people discussing AI. And the way he’s running Nvidia is 100x more mature than the way the frontier labs are behaving.
Quality Equities retweeted
Anthropic CEO @DarioAmodei is now calling for the AI race to slow down.
His warning: frontier models are advancing faster than safety measures can keep up.
When the company building the most powerful AI model is asking everyone to hit the brakes, you should probably pay attention.
We Must Pace the Frontier: I’ve written a new essay on why the AI industry should slow down, with a three-part plan for doing so.
Anthropic is unilaterally committing to the first of these steps. We’ll provide third-party evaluators with permanent, employee-level access to our systems, so that they can verify adherence to our safety measures, report on incidents, and assess models’ alignment during training.
You can read the full post here: darioamodei.com/post/we-must…
Quality Equities retweeted
A widely-read scenario piece published in February 2026 outlined a future called “The 2028 Global Intelligence Crisis.” It is a serious, well-constructed argument (which some referred to as creative writing), and it deserves a serious counter.
Publishing at 8pm ET tonight is an alternative scenario modeled with equal rigor, written from the same imagined vantage point of mid-2028. The two pieces should be read together.
Read here: open.substack.com/pub/qualit…
Quality Equities retweeted
$META Meta’s underlying advertising machine remains robust, but market patience is being tested by massive AI capital spending, rising fixed expenses, and the resulting cash-flow squeeze.
I remain bullish long-term. Shares are down big after hours. Potential buying opportunity.
Quality Equities retweeted
$NVDA Nvidia and $AVGO Broadcom are both profiting massively from the AI hardware boom, but they are doing so with completely opposite strategies.
Nvidia sells AI chips to anyone who needs them, relying on its widely used software system (CUDA) to keep developers hooked.
Broadcom partners directly with a small group of tech giants to build custom AI chips tailored specifically to their internal workloads, while also selling networking gear and enterprise software.
A central tension in the AI industry is whether tech giants will continue buying Nvidia’s general chips or shift heavily toward Broadcom’s custom alternatives. Even though Nvidia is a much larger company overall, the stock market currently prices Broadcom at a higher valuation multiple. This suggests investors expect Broadcom to grow faster in the near future, while fearing Nvidia's dominant market share may face pressure.
To determine which company is the better long-term bet, I wrote a report that compares both businesses across five key areas: competitive strength, custom versus standard chips, customer concentration, financial performance, and stock price valuation. By weighing business quality against current market prices, the analysis aims to deliver a clear verdict on which company offers the superior risk-adjusted investment.
Read it here: qualityequities.substack.com…
The largest buyers of Nvidia’s product are funding the most credible alternative to it.
Does that shift transfer economics — and which business is better priced for the answer?
Nvidia vs. Broadcom head-to-head research report dropping soon.
Subscribe here: open.substack.com/pub/qualit…
$NVDA $AVGO
Quality Equities retweeted
For my first post, I’m sharing a letter @NVIDIA signed on why open models matter.
AI will transform every industry, power every company, and be built by every country.
Open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty.
The world needs both frontier closed models and frontier open models.
images.nvidia.com/pdf/Open-W…
Quality Equities retweeted
After three consecutive insider purchases, MercadoLibre $MELI is finally starting to gain some momentum.
Almost $1,900/share now, versus $1,580 just a few days ago. +14% over the past 30 days.
Quality Equities retweeted
Three companies to buy now: qualityequities.substack.com…
Among businesses that already clear the quality bar, which offer the most attractive relationship between intrinsic value and price today?
The quality assessment of a great business is stable across a cycle. Its price is not. A name that offered a wide margin of safety in April can offer none by July, and the reverse.
My upcoming report, available tomorrow at 9am ET, seeks to address this question. This report is a valuation call dressed in the language of quality, and the valuation is the whole point.
Get it here: open.substack.com/pub/qualit…
Quality Equities retweeted
End of June 2026 portfolio update.
My portfolio contains exceptional, world-class businesses. I avoid speculation, and instead focus on dominant companies with massive moats, high returns on capital, and long runways for growth.
This past month, I continued to add to Meta, Mastercard, S&P Global, and Brookfield. I've been searching for other dislocated opportunities, and may strike if I see something compelling.
I continue to remain very bullish on the portfolio.
If you haven't already, please subscribe to my Substack for deep dive equity research into my holdings (as well as other compounding machines), and highly relevant thematic trends shaping today's markets. Link here and in bio: qualityequities.substack.com
$GOOG
$META
$NVDA
$AMZN
$V
$SPGI
$UBER
$MA
$MSFT
$FICO
$ASML
$KLAC
$BN
End of May 2026 portfolio update.
My portfolio contains exceptional, world-class businesses. I avoid speculative junk, and instead focus on dominant leaders with massive competitive moats, high returns on capital, and long runways for growth.
At the core, I own unbeatable monopolies and toll-booth businesses. Visa and Mastercard act as toll booths on global spending, while S&P Global and FICO dominate the essential data and credit-rating markets. These companies require very little cash to run, giving them immense pricing power and elite profitability.
I'm also heavily backed by the ultimate tech and AI infrastructure. ASML and KLA are literal gatekeepers for semiconductor manufacturing. Advanced chips can't be made without them. Meanwhile, Microsoft, Alphabet, Meta, and Amazon control the digital real estate and cloud networks that power the modern global economy. Nvidia is the undisputed king of AI computing infrastructure. Structural tailwinds makes these companies incredible long-term compounders.
Brookfield is a masterclass in capital allocation. They invest in hard, essential assets (infrastructure, renewable energy, real estate), and have a long history of compounding value for shareholders.
This past month, I continued to add to Meta, Mastercard, S&P Global, and Brookfield.
I continue to remain very bullish on the portfolio.
If you haven't already, please subscribe to my Substack for deep dive equity research into my holdings (as well as other compounding machines), and highly relevant thematic trends shaping today's markets. Link here and in bio: qualityequities.substack.com
$GOOG
$META
$NVDA
$AMZN
$V
$SPGI
$UBER
$MA
$MSFT
$FICO
$ASML
$KLAC
$BN
Quality Equities retweeted
ASML Holding N.V. (NASDAQ: $ASML)
Position Case Study | Status: Core Holding
Total Return to Date: 127.8%
I bought a monopoly at a discount in a year when the stock declined while the broader market rallied. My view was that the near-term weakness in the share price had nothing to do with the fundamentals or the durability of the franchise.
Quality Equities retweeted
End of May 2026 portfolio update.
My portfolio contains exceptional, world-class businesses. I avoid speculative junk, and instead focus on dominant leaders with massive competitive moats, high returns on capital, and long runways for growth.
At the core, I own unbeatable monopolies and toll-booth businesses. Visa and Mastercard act as toll booths on global spending, while S&P Global and FICO dominate the essential data and credit-rating markets. These companies require very little cash to run, giving them immense pricing power and elite profitability.
I'm also heavily backed by the ultimate tech and AI infrastructure. ASML and KLA are literal gatekeepers for semiconductor manufacturing. Advanced chips can't be made without them. Meanwhile, Microsoft, Alphabet, Meta, and Amazon control the digital real estate and cloud networks that power the modern global economy. Nvidia is the undisputed king of AI computing infrastructure. Structural tailwinds makes these companies incredible long-term compounders.
Brookfield is a masterclass in capital allocation. They invest in hard, essential assets (infrastructure, renewable energy, real estate), and have a long history of compounding value for shareholders.
This past month, I continued to add to Meta, Mastercard, S&P Global, and Brookfield.
I continue to remain very bullish on the portfolio.
If you haven't already, please subscribe to my Substack for deep dive equity research into my holdings (as well as other compounding machines), and highly relevant thematic trends shaping today's markets. Link here and in bio: qualityequities.substack.com
$GOOG
$META
$NVDA
$AMZN
$V
$SPGI
$UBER
$MA
$MSFT
$FICO
$ASML
$KLAC
$BN
Minor changes to the portfolio in April 2026.
Added to $META Meta, $MA Mastercard, $AMZN Amazon, $BN Brookfield, and $FICO FICO.
Only buys.
The portfolio is built around some of the world’s strongest, highest‑moat platforms, with a heavy tilt toward scalable, asset‑light, data and network effects businesses.
These companies benefit from immense economies of scale, proprietary infrastructure, pricing power, and data advantages that reinforce their moats as they grow. Their revenue bases skew toward recurring or highly repeat‑purchase models (cloud subscriptions, advertising, developer and enterprise contracts, etc.) with strong operating leverage, making incremental margins very attractive as utilization increases.
I continue to remain very bullish on the portfolio.
If you haven't already, please subscribe to my Substack for deep equity research into my holdings (as well as other compounding machines) and highly relevant thematic trends shaping today's markets. Link here and in bio: qualityequities.substack.com
$GOOG
$META
$NVDA
$AMZN
$V
$SPGI
$UBER
$MA
$MSFT
$FICO
$ASML
$KLAC
$BN
