Podcast Summary: Chit Chat Stocks

Episode: Anthropic's Crazy Revenue Growth; Berkshire (And Others) Insider Buying; A New Fast Growing Small Cap Stock; Wix's Aggressive Moves
Hosts: Ryan Henderson & Brett Schaefer
Release Date: March 6, 2026

Overview

In this episode, Ryan and Brett dive into some of the most exciting developments in tech, finance, and the investing world of early 2026. The spotlight is on Anthropic’s jaw-dropping revenue explosion, this cycle’s most notable insider buys (including Berkshire Hathaway, Shift4, Mercado Libre, and The Trade Desk), a detailed intro to small-cap grower Genius Sports, and a deep-dive into Wix’s bold buyback moves and fresh AI strategies. The conversation is candid, analytical, sometimes skeptical, and full of actionable insights for retail investors.

Main Discussion Points & Insights

1. Anthropic's Explosive Revenue Growth

• [01:19–06:42]
• Headline: Anthropic’s annual recurring revenue (ARR) has rocketed from $10B at end of 2025 to $19B by March 2026, effectively doubling in two months.
  • Brett (02:09): “...they just started generating revenue like three years ago, something like that.”
  • Ryan (01:53): “I don't know if I've ever seen a company grow this fast. I mean that eclipses OpenAI, right?”
• Context: OpenAI reportedly secured new funding as well, keeping the AI funding “music” alive as both firms aim for anticipated IPOs later in 2026.
  • Brett (02:32): “If this keeps up, I mean, they could be one of the biggest businesses in the world by the end this year. I want to know when the growth is finally going to stop...”
• Skepticism: Both wonder about the sustainability/quality of the revenue and underlying unit economics.
  • Brett (04:36): “If you opened a Chipotle and sold burritos for $1, you get a lot of demand... but are they, you know, what are the unit economics looking like today?”
• Enterprise Takeover: Claude (Anthropic’s AI) is seeing strong enterprise traction.
  • Ryan (05:53): “I know it feels like every enterprise is using Claude. Maybe I'm overstating that...”

2. Insider Buying: Signal or Noise?

• [07:17–23:35]

• Current Window: Insider trading windows are open, and several notable buys have occurred.

• Examples Discussed:

  • SoFi (Anthony Noto, CEO): $1M buy. Brett: “Noise, noise.” (07:54)
  • Shift4 (Jared Isaacman, Founder): $14M buy. Brett: “Could be interesting, could be a good signal.” (08:43)
  • Mercado Libre (Marcelo Melamud, CAO): $100K buy. Ryan: “Encouraging role... could be larger % of their wealth.”
  • Berkshire (Greg Abel, CEO): $14.8M buy, as previously committed.
  • KKR (Co-CEOs & Director): $4.4M and $2M simultaneous buys—Ryan is skeptical of the coordination. (14:15)
  • Trade Desk (Jeff Green, CEO): $148M buy—deemed a strong statement, but possible founder “blindness.” (15:59)

• Quote—On Signal vs. Noise:

  • Brett (09:52): “I think insider buying is interesting because it can be somewhat of a signal, depending on the situation…”

• Critical Take on Buybacks vs. Insider Buys:

  • Brett (21:46): “When insider buys, it's not increasing intrinsic value... Is the company lining up the buyback? That is a much bigger signal for me, 100%.”

3. Earnings & Company Spotlights

• [23:35–31:26]

a) Real Brokerage (REAX)

 - **Cloud-based residential real estate brokerage growing agent count, revenue (up 44%), and gross profit (up 30%).**
 - **Model:** Cloud platform, white-label, better revshare than traditional brokerages.
 - **Challenges:** Gross profit lags revenue growth as agents hit revshare caps.
 - **Unit economics:** “As long as they can keep growing sales, gross profit and agents... I really see nothing to dislike on the quarter.” — Brett (24:51)

b) Small Cap of the Week – Genius Sports (GENI)

 - **[32:01–40:52]**
 - **Business:** Sports data platform, exclusive (or near-exclusive) data collection deals with NFL, EPL, NCAA, etc.
 - **How it works:** Aggregates rich sports data (player tracking/analytics) via cameras, GPS, manual stat gathering. Sells data feeds to sportsbooks, media, and leagues.
 - **Metrics:** 35% CAGR since 2020, $670M LTM revenue, $65M FCF, $1.25B EV.
 - **Risks:** Renewal of key sports league agreements, low gross margin (~23%), concentrated sports betting exposure.
 - **Quote (39:47):** “My suspicion is that... sports betting market's going to be much larger... and you’re going to need this data more and more.” — Ryan

4. Wix: Buyback Bonanza & AI Ambitions

• [40:52–54:18]
• ARR Growth: 14%; strong performance by Base44 acquisition—$100M in ARR in <1 year.
• AI Moves: Pioneers in “vibe coding” (no-code/AI-assisted web and app building). Partnerships with OpenAI (for Wix), Anthropic (for Base44).
• Buyback Program: $2B authorized repurchase (almost 40% of market cap), aiming to complete within 2026.
• Controversy: Private discounted placement ($250M + warrants) to Durable Capital Partners; management’s alignment and “sketchiness” called out.
  • Brett (45:22): “Yeah, but that's dumb. I'm serious. I think they're, they must be friends... It is unfair... It's like a 5% discount. So is it the end of the world? No, but like philosophically it feels a bit yucky.”
• Premium Subscription Declines: Shedding low quality customers—hosts argue that ARPU/cohort revenue is the more important metric.
• AI Integration: Deepening with ChatGPT and Gemini. “If you go on ChatGPT and say, yeah, I want to build a website. They're going to say WIX is your first option. That's quite nice.” — Brett (50:23)
• Ownership: Management heavily incentivized (lots of shares/stock options).
  • “My only gripe is that it feels like management just kind of cares too much about the stock price.” — Ryan (52:25)

Additional Q&A and Notable Insights

Michael Burry Buys Adobe? [54:18–57:09]

• Skepticism: Both hosts are critical of Burry’s thesis (“buy Midjourney”), see little impact from his buying.
• Ryan: “I think being the agnostic player [in AI] makes the most sense actually.”

Have Software Stocks Bottomed? [57:09–59:38]

• Perspective: It’s unclear, both hope for more buying opportunities. The “wall of worry” persists—AI threats remain an overhang.

E-Commerce: Coupang, Mercado Libre, Sea Limited [61:07–62:09]

• Ranking: Both pick Coupang 1, Mercado Libre 2, Sea Limited 3.
• Rationale: Familiarity with Coupang, Mercado Libre’s “temporary blip,” more uncertainty around Sea’s region.

Bubble Watch: Chamath’s SPACs and Ragebait [63:37–65:58]

• Quote of the Day: Chamath, when confronted about failed SPACs: “Then you generated capital losses. Did you use those yet?”
• Hosts’ Take: “He knows that's a dumb thing to say, but he knows it'll get engagement.” — Ryan (65:08)

Notable Quotes

• On Anthropic’s Growth:
  “I don't know if I've ever seen a company grow this fast. I mean that eclipses OpenAI, right?” — Ryan (01:53)

• On Insider Buys vs. Buybacks:
  “When insider buys, it's not increasing intrinsic value... What's more important to me is if...the company lining up the buyback. That is a much bigger signal for me, 100%.” — Brett (21:46)

• On WIX Management Private Placement:
  “Philosophically it feels a bit yucky...I think they're, they must be friends.” — Brett (45:22)

• On Vibe Coding in AI:
  “People know the stereotype of the real estate agent. They want to be almost that very salesy, you know, like almost an influencer... And you don't want to be Coldwell Banker. You want to own your own brand as the white label here.” — Brett (30:54)

• On Misleading “Mission-led” Founders:
  “It's hard to draw the line between like every founder is like a mission led founder or they at least advertise themselves as that. But...it's always hard to tell. Like everyone says they're a mission led founder. How do you know whether it's true or not?” — Ryan (20:48)

Timestamps for Key Segments

• Anthropic Revenue Breakout: 01:19–06:42
• Insider Buying Rundown: 07:17–23:35
• Real Brokerage Earnings Deep-Dive: 23:35–31:26
• Small Cap of the Week (Genius Sports): 32:01–40:52
• WIX Earnings + Buyback & AI Moves: 40:52–54:18
• Listener Q&A (Burry, Software, E-Commerce, Bubble Watch): 54:18–65:58

Tone & Takeaways

The episode is fast-paced, skeptical yet optimistic, and full of real-time analysis. Ryan and Brett don’t shy away from calling out questionable management behavior (especially at WIX), discussing the nuances of drawdowns/buybacks versus insider buying, or poking fun at industry personalities (Chamath, Burry). Investors eager for actionable ideas will find honest debate, granular company breakdowns, and current stock market context—plus a few moments of levity along the way.