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What 10 Top Investors Bought And Sold Last Quarter (UBER, MSFT, SPOT + More)
01:08:12
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- [00:00]
Brett Schaefer
Will The Fed raise rates 25 basis points in June 2026? IBKR prediction markets let you trade the outcome alongside your stocks and options, earn interest, get it right and earn $1 per contract at ibkr.com predictions last trading day June 17.
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Ryan Henderson
Welcome to Chit Chat Stocks. On this show, hosts Ryan Henderson and
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Brett Schaefer
Brett Schaefer analyze businesses and riff on the world.
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Ryan Henderson
As a quick reminder, Chitchat Stocks is a CCM Media Group podcast. Anything discussed on Chitchat Stocks by Ryan,
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Brett Schaefer
Brett or any other podcast guest is
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Ryan Henderson
not formal advice or recommendation. Now. Please enjoy this episode.
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Brett Schaefer
Welcome into another edition of the Chit Chat Stocks Podcast, a podcast to help you find your next great investment. My name is Brett Schaefer and as always joined by my co host Ryan Henderson. This week we are taking a look at 10 different 13F filings from super investors. 13F's for anyone that doesn't know, are holdings, buys and sells published for US equities from professional investors with over $100 million in assets under management. They do this every quarter and we're looking Ryan, you have something quick if
- [01:24]
Ryan Henderson
I may butt in here on fiscal AI. It includes non US listings as well. So it's all holdings which 13 Fs are specifically usually for US holdings as Brett mentioned. But this is a comprehensive review of all these investors portfolios at the end of Q1.
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Brett Schaefer
Now how is it possible to get that for every investor? Do you have to look at different data sources? Does Europe have filings or is that above?
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Ryan Henderson
No, it is. It is possible to get. I mean maybe there's certain specific investors in like tiny regions that you can't get, but for the most part you can, you can pull them in.
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Brett Schaefer
All right, well before we get started again, this is maybe their portfolio as large as we can get it. They might not have like shorts in there. There's some things that aren't included. So when we look at their portfolio, this is not the a hundred percent definitive what they own at the moment and it is always 45 days late. So they posted these at least. The deadline was on May 15 a couple 10 days ago. Ish as we're recording this. And that was the holdings as of the end of Q1 2026 on March either. I forget what month it is, 30th or 31st. So it's going to be a little stale. But that's the context we have in looking at this. We generally want to look at investors that at least aren't kind of the day trading type. I know we have drunken Miller in here who trades a little bit more actively, but not going for someone that's going to be recycling something every month where the entire portfolio is going to be stale. We'll look at Berkshire Hathaway, Bill Ack and others. We are going to look at all these. We're going to look at, try to look at how well just basically they're buys and sells, they're large buys and sells their biggest holdings and whether we have any interest in looking at the same stocks. But before we do again, housekeeping items. As always, make sure to follow the show wherever you are listening right now. If you haven't before, leave us a review on Spotify or Apple Podcasts. It is by far the best way to help us grow the podcast. And if you want further discussion and to read more of our analysis, sign up for our newsletter and join our substack chat community. The link there is in the show notes Emerging Moats is the brand name all right, Ryan, that's enough of an introduction. Let's begin with who I colloquially, colloquially wheelie, like to call the General, otherwise known as Bill Ackman.
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Ryan Henderson
Yeah, Ackman's always a fun one to look at because he largely runs his portfolio pretty concentrated. So when he does make a change, it's usually meaningful. And you can get a pretty clear glimpse of what he thinks by just looking at his position sizing. So the I guess I'll just roll through some of the top positions for him. So excluding Pershing Square, which recently went public, and I'm not sure on the whole logistics there because it's his own company as well, the top positions are Brookfield, which is the large alternative asset manager based in Canada, Amazon, Uber, Microsoft, and then I believe Fannie Mae and Freddie Mac. There's a couple others in there as well. But there's a couple notable purchases that happened this quarter from Bill Ackman. So first off, he sold basically his entire stake in Google. And as we go through some of these 13 Fs, you'll see that a lot of the super investors do not agree on Google's future, apparently, because some people are selling the stake entirely and some people are making entirely new purchases for Google. So sold all of Google, started a new position in Microsoft and made it 9% of his portfolio. So he basically swapped out Google from Microsoft. We can talk about that in a second here. He added big to Amazon and he, I guess the only other meaningful transaction was he sold entirely out of Hilton, which is the the big hotel chain here in the States probably an international chain as well. So the I guess most meaningful transaction here is the swap Microsoft for Google. What do you think of that choice? Do you think he's right?
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Brett Schaefer
It's an interesting choice. It's almost, it's very similar businesses at the moment. They're riding the AI, how do you even call it? Just infrastructure build out. I mean they have different businesses overall. But right now, I mean what's driving the stock is those two things. Maybe he just saw a valuation difference. I, I doubt it was that big of a difference. It's really hard for me to come around on that because I kind of look at. Maybe that's just my personal bias coming in but I think Google is much or Alphabet is much more better position than Microsoft in the years ahead. I mean one Microsoft product AI related outside of the ones that they basically stuffed down Microsoft 365 users throats have actually gotten adoption. I don't see much. And then it seems like as well their relationship with OpenAI kind of held them back from going to other players and now OpenAI is exploring many, many other options for their compute needs. Maybe Microsoft's being smarter by a little, being a little bit more cautious in their AI build, but I still think they impacted on it either way. I mean we can maybe look at their PEs or EV to E bits and see if there's a material difference there. But yeah, I'm a little bit perplexed. I'm sure he usually has updates on his thinking every quarter or at least the funds thinking every quarter. I'm curious what he thought there. Did he. Is he out of Meta? I thought again this could be old news, but I thought he was all over Meta like a year ago. Yeah, there he is.
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Ryan Henderson
No, he's still got 7%.
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Brett Schaefer
All right. Yeah, interesting portfolio, heavy big tech. I think the Uber one is fascinating as well as Brookfield.
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Ryan Henderson
Yeah, he's not afraid to go for some of the more battleground stocks. I guess you could call Uber sort of a battleground stock. And he's been very vocal about like. Well, I guess he does this for a lot of his holdings. He's been very vocal that he thinks Uber's undervalued. He's been tweeting about it sort of endlessly which I don't know, I sometimes don't love when he influential investment managers are, are tweeting about it whenever like the, the quarter end is coming up. So.
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Brett Schaefer
Yeah, that's exactly right. Yeah, we've talked about that before with him. We even worry not like we're trying to post something for quarter end because we don't have professional, we're not managing anything professionally. But we always worry about accidentally saying something positive about a stock. Right. We don't want to move anything even though we're a medium sized show. And I feel like with someone of his stature you kind of got to go with the Buffett route and be extremely tepid and say, well look at our 13F. We'll publish it once a year with our annual holdings.
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Ryan Henderson
Yeah. And he also literally always does it right before the end of the quarter, which feels like sort of padding your stats a bit. Anyways, on the Microsoft Google debate, could you guess the current evidence to EBIT multiples for Microsoft and Google Google SL,
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Brett Schaefer
Alphabet, I will say 32, Microsoft 35.
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Ryan Henderson
So you would be pretty wrong on Microsoft. Let me share my screen real quick. I just pulled this up on fiscal AI. They've basically flip flopped. So Microsoft and you know, maybe there's some certain accounting things going on here, but EV to EBIT trailing EBIT is 20.5. Google is at 33. If you go look, about a year ago Microsoft was trading at a significant premium to Google and they have for years.
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Brett Schaefer
It looks like this whole chart until pretty much late 2025, 2026. Microsoft has had that premium ever since the pandemic.
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Ryan Henderson
Yeah, it's, it's kind of interesting timing. I, I feel like he has done this a couple times where he's found the big tech company that's trading at sort of the cheapest multiple and gone after it. Although and in this case he owns now three big tech companies in Amazon, Meta and Microsoft which maybe I see
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Brett Schaefer
where he's coming from now. It was trading at and probably even in Q1. You know, it was still trading at low 20s earnings multiple Alphabet soaring. I guess he didn't really touch Alphabet or. No, he sold Alphabet. So flipping that around. Yeah, makes sense. I mean you look at, I pulled up the numbers here. Microsoft's constant currency intelligent cloud revenue up 28% their Azure up 38% in constant currency. So they're still growing pretty impressively. You know Alphabet had that blowout quarter with Google Cloud, but sound like Microsoft hasn't been a beneficiary. So. Okay, yeah, I thought Microsoft's earnings multiple was significantly higher. So maybe I understand where he's coming from now.
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Ryan Henderson
Okay, let's shift gears. Who's your first super investor if we want to use that term that you're looking at?
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Brett Schaefer
Well, we are going to stick with Berkshire Hathaway, everyone wants to talk about them. This is the first quarter without Buffett at the helm. We can I guess use our link at fiscal AI here. It's a pretty boring portfolio for the most part. If you look at the largest holdings, Apple, nothing touched. American Express, not touched. Coca Cola, not touching. Those are all you know, 2017, 11% positions. Bank of America really barely touched. I don't really know what they changed it by less than 1% of their position. Chevron was down a bit. Maybe they sold in the oil price spike, I'm not exactly sure. But Occidental Petroleum, which is their other big oil position was flat, you know, unchanged. The biggest change at least from the size of the portfolio was a 224% increase in their stake in Alphabet. Now this is the opposite. When Ackman was selling Berkshire Hathaway, Greg Abel and Ted Weschler, I think it's mainly able but Weschel obviously has a portfolio as well. They were buying. It's now 6% of Berkshire Hathaway's portfolio worth $17 billion as of this recording. What do you think here does able to see well across our entire businesses. We spend a lot on Google properties and we're not going away anytime soon. I'm not, I'm not sure exactly what the thesis here is now you kind of get what I'm saying.
- [12:36]
Ryan Henderson
Yeah and that's why it's kind of interesting because we're seeing the same thing with we're going to go through some of these other investors too people initiating new positions in Google after you know, 200% run up over the last couple of years. The I thought the Alphabet stake or the jump in the stake was interesting. The other one that stood out to me here was a new purchase of Delta Airlines. They're getting back into the airlines. The it's not that meaningful because it was a 1% position now of the portfolio. But there was sort of the famous Buffett selling the airlines during COVID where people thought he panic sold or whatever. So for that him to be getting back into it.
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Brett Schaefer
I think it's not him, it's Abel I guess.
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Ryan Henderson
Sorry for Abel to be getting back into it. It is airlines for a long time were seen as like one of the most competitive industries and ones where companies just consistently go bankrupt. Airlines are kind of in a different era I would say now with with customer lock in. Would you agree?
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Brett Schaefer
Yeah, I mean I think the thesis is probably the same as it was pre pandemic. You have the lock in with the Hubs at the gates. You have the credit card loyalty program specific specifically with Delta Airlines. You have that relationship with American Express Express that has been rock solid for 20, 30 years with that credit card program. There's always the fund stab that 1% of United States GDP flows through Delta cards. Yeah, I mean if you look at it it today, I mean the stock's up quite a bit since when they bought. I mean if we look at where it was trading in Q1, it was maybe at one point, I don't know when they bought but it was down to kind of 60. And now we're back up to $80 and at even at $80 today the P is 11 EBITDA sales 1 even at 8.4 price to free cash flow 13.2 next 12 month is 12. You have I think one of the best in the industry, maybe the best of the industry. And they kind of. See, I can understand the thesis here but one, it's not going to move the needle for BERKSHIRE HATHAWAY and two, is it better than holding long term treasuries at 5% at the moment I'm not sure. Or even short term Treasuries are pretty close to that. It feels like an interesting choice. The capital intensity of course is the same. You have the huge cyclicality of the industry and the impact with commodity input prices. If the consumer falls off a cliff, you might see travel decline. But on the other hand you have the travel rewards programs now that locks these customers in and you have travel as a whole growing typically at GDP plus. So long term, you know, you look out 10, 20 years is Delta doing twice as many flights and they have a nice loyalty program still intermixed, generating a lot of profits over the next 20 years. I think possible. That feels very plausible. They're probably the least indebted airline out of many of these big players. Yeah, makes sense. Not a stock for me, but it's interesting.
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Ryan Henderson
Okay, two other transactions that stood out to me. First they tripled their stake in the New York Times, which is kind of an interesting, it's at an interesting point point in the business right now where it's become more of like a cooking and mobile games business than like pure news. But the other one that really stood out is they basically sold their entire stake in Constellation Brands, the maker of Modelo or the seller of Modelo in the United States. We recently did an episode on them. So I guess is Abel.
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Brett Schaefer
Oh, he's, he's on Oz Epic Die. Well, no comments on that one, but I think they'd probably just see the numbers and know that beer may not be recovering at the rate like it wasn't potentially a one time blip. And you look at the business again, it's not a fantastic business. So they pro. I'm guessing they made a bet and said these are good brands, but we're betting on a beer rebound. The beer rebound didn't happen. All right, let's cut our losses.
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Ryan Henderson
Yeah, it's hard to. It's almost hard to believe that such a durable category beer for the last thousands of years.
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Brett Schaefer
Yeah.
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Ryan Henderson
Yeah. Could be at sort of like a true change in the tide now. A lot of I don't buy the whole sobriety is the new trend because it's cool and people are switching and that's what's creating the volume declines. But I do think if weight loss, I mean weight loss drugs are the best selling drug in pharmaceutical history, GLP1s. I should say that there's no question that that is going to hurt demand.
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Brett Schaefer
Yep. And especially because it helps with people that have alcoholism, which are the largest customer base here. So if you have someone that has five drinks a week versus someone that has 50 and that five drinks person is still sticking around, you know, maybe there's obviously the waves in customer demand and stuff like that. But if you have that 50 person one that gets cured by GLP once, I mean, look, that's, that's a huge change in the business model.
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Ryan Henderson
Okay. Any other notes on Berkshire or can
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Brett Schaefer
we jump to well thought, what are your thoughts on Abel and Weschler after this first 13F? A little more aggressive than Buffett.
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Ryan Henderson
Yeah, I kind of like that. I wonder if maybe Buffett was like tempering transactions towards the end, like trying to keep it sort of other than him selling down his Apple position to kind of give maybe a cleaner start to Abel. But I like that he's not just following Buffett's footsteps necessarily and that there's actually some changing going on here. Whether it turns out better or worse, we'll see. But it, it gives us something to actually analyze every quarter, which is kind of nice. Yes.
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Brett Schaefer
All right, what is your second one, Ryan? It looks like we have Acri Akri. I actually never known we met the guy in person, but I've never known how to pronounce his last name correctly.
- [19:23]
Ryan Henderson
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- [22:10]
Brett Schaefer
Yeah, airbnb. Maybe we can table that. That's kind of a different beast. But maybe you can see, okay, Visa, MasterCard, they trade at more expensive multiples, I believe. And I haven't looked at the Acuri stuff in a long time. They kind of have that thought where, all right, we look at a hundred high quality businesses around the world, at any one time there might be five or 10 that are trading at attractive prices depending on where the bull where the, where we are in the market cycle. And they probably had some high quality software names that at least they've deemed high quality. Salesforce, ServiceNow, others, you know, Roper, of course, Costar Group and I can never get around that valuation but maybe they like it now and they said all right, well these are trading at cheaper prices. We think they're as high quality as Visa and MasterCard and let's rotate into them. I think it might be as simple as that. Or they're looking at a visa and MasterCard is potentially having Moat erosion. Now I don't agree with the Visa and MasterCard mode erosion but there's been a lot of talk about that in the last few years. Yeah, I mean this is fascinating to see because generally, I mean they'd maybe have a couple of nibbles around the edges maybe from investor inflows and outflows but they could have frozen 13 Fs for a whole quarter and now we have what looks like not 100% portfolio turnover in a quarter but significant portfolio turnover in a single quarter.
- [23:35]
Ryan Henderson
Yeah. And a clear theme about what they're buying. And I guess, you know, if you are, I, I just kind of doubt The Visa and MasterCard sales are from concerns around Moat Erosion. I mean John Neff's been there for a long time. He's seen how good of businesses these are. That's right.
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Brett Schaefer
They're still their largest positions.
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Ryan Henderson
Yeah, yeah, that's the other part. But I, I, I like some of these purchases and I think if you're a quality, I, I really do think there's a chance. We look back in five years and say while you had a chance to buy Salesforce and ServiceNow which are very deeply integrated into a lot of businesses around the world at reasonable multiples for the first time in a decade I could see these turning out to be really good returns for acri. Same with the FICO purchase. That's kind of a controversial one but that multiples come down significantly. Roper I think has had a bit of a drawdown as well. I, I kind of it at least it gives us a lot to talk about and something to analyze over the next year or two.
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Brett Schaefer
Okay, I'm going to give you the stats on Salesforce PE23 price to free cash flow 11.6. There's that gap in SBC. The three year revenue CAGR is only 7%. That, that is good.
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Ryan Henderson
Surprises me.
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Brett Schaefer
High or low?
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Ryan Henderson
I would have thought It'd be higher five years.
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Brett Schaefer
11. So maybe there were some comps in 2022, something like that. Maybe, maybe we have some tough comps, but yeah, not, not as great as I, I'd think it. It feels like a good valuation, especially with them plowing into the new buyback, but nothing too crazy.
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Ryan Henderson
My suspicion is that. I don't even know if it's suspicion. They might have already announced this, but we're seeing the same thing we saw, I think, think in 2023 where it's the like contagious layoffs where another company does it. So now you have the right to do it without seeming. And you can say, well, it's just AI. We, we're such an AI beneficiary that we are laying off our worst performers.
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Brett Schaefer
That's fair. Yeah, it's almost an excuse. Their, their. Their margin is only. Still only 20% with what you would think with an Adobe Microsoft level comp, you could get to 30 at least, maybe even higher. So maybe that's part of the thesis.
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Ryan Henderson
I think probably around three years ago, Value act and Elliot Elliott management stepped in. There was a number of, I think a big round of layoffs. And you saw operating margins go from GAAP, operating margins go from 3% to 18% in like a year. I think this is. There's maybe a leg up.
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Brett Schaefer
I'm looking at the chart right now out of Friends of Fiscal AI and yeah, it went. It did exactly what he said, 3% to 18%. But hasn't been much progress since. Maybe, maybe there's room for further improvement. All right, should we go to my second one?
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Ryan Henderson
Let's do it.
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Brett Schaefer
My favorite investor, at least from an entertainment perspective. I don't really invest like him, but he's always given his thoughts. Stan Druckenmiller, Duquesne family office. This is his family office, so I believe. Not running any outside capital anymore, but it's still fairly large in the billions of dollars. So they have to report publicly. Two stocks make up 40% of the equity portfolio. That's on fiscal AI. Again, there are any shorts. There may be derivatives, all that stuff. That is not his entire portfolio. But from what we're seeing 40% TSMC, Taiwan Semiconductor Manufacturing and Natera. Now TSMC was slightly trim last quarter. It's still a large percent. We probably don't need to discuss them. We talk about them all the time as the AI kind of fulcrum. But Natera was increased by 22%. Natera, which I've never heard of. Ryan I'm guessing hasn't heard of either. I think many listeners haven't is a diagnostics company that offers DNA testing related to oncology, women's health and other things. Can't say I'm an expert on what they do. But their revenue is inflection higher. It's compounded at 35% for the last decade which just stood out like right away. That's, that's fantastic revenue growth. And the Stock is up 330 in the last three years. They first purchased it in Q3, 2022. It looks like a good case study on a typical Druckenmiller investment. The way he likes to run his family office. You know, it's not just him. He has I'm guessing a large ish team of investors and analysts. But I think it's also a lesson in that when you look at a 13 fold, perhaps the largest position isn't the one where you think maybe it's a buy now. Because I'm guessing the way they operate, this one might be leaving the portfolio sometime soon after the last little run up here. Right. Because Nvidia, he's someone who called Nvidia in the 2022, 2023 time frame and it ended up being his largest position I think in 2024. And then he sold all of it. So if you look at what their largest position is by a percentage basis, it doesn't actually mean their highest conviction bet before I get to this Argentinian state run oil company. What Any thoughts on the rest of the portfolio?
- [28:53]
Ryan Henderson
Yeah, well, I guess first off I like looking at Druck's portfolio because with a lot of investors I'm kind of just looking for confirmation bias sometimes when I read these reports. But with Druck, most of the time I don't know the companies that he's investing in really. So it's like yeah, new, new idea generation.
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Brett Schaefer
He had the opposite of a confirmation bias for me. I saw he sold most of his coupon. He's getting too frustrated. Red, red flag for us, Ryan.
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Ryan Henderson
Potentially. The other part that I always think with Druckenmiller is he kind of has famously said the only thing that matters for your investment is what happens over the next 18 months. Like to the business, what, what do the numbers look like over the next 18 months? So ever since he said that quote, I think he knows something with every, every time he starts buying, I think he, he must know something's coming in the next 18 months.
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Brett Schaefer
Yeah, it's hard with the coupon and well, he's not perfect but with coupon it probably is. He's owned that For a long time and maybe he's finally frustrated with the analyst that got him into it and said it's not working. It's been three years, we got to get out something like that.
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Ryan Henderson
Could be. Do we want to look at some of these Latin American companies? I think he's got three in the top six holdings.
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Brett Schaefer
He might, yeah. What were the other ones? I really only have this YPF energy company. But what did he have Mercadolibre too?
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Ryan Henderson
No. Well, he's got the Brazil iShares ETF.
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Brett Schaefer
But okay, maybe he's betting on the Brazilian economy ahead of that election. Not sure on that one. But I want to talk about ypf, which is just think about it as like the biggest oil company in Argentina, sort of state run. I think they're spinning it out, but it's an energy company, engages in the oil and gas upstream and downstream activities in Argentina. They include exploration, development and production of crude oil, natural natural gas and NGLs. Its downstream operations include refining, marketing, transportation and distribution of oil, petroleum products and petroleum derivatives as well as gas separation, natural gas distribution and power generation. So all things oil and natural gas both upstream and downstream across the supply chain in Argentina in USD. Now don't look at the one in the Argentinian pesos because that's up like 10,000%. But in the USD the stock is up 960 in the last five years. I'm guessing this is associated with the opening up of the economy, the opening up of the shale fields. In central Argentina there's deregulation for what is called the. I think it's called Vaca Muerta, which apparently has the capacity for over 1 million barrels of oil per day. Now it's not developed yet, but there's preparations for this. At the current market cap of $20 billion, I'm guessing Druckenmiller and I think also Howard Marks is in this as well. They are betting that the infrastructure gets built and we get to tens of billions of dollars in oil and gas output for the country. It's also in north and South America sphere of influence. So it's part of potentially the US strategic positioning to get out of dependence on Middle east oil. I think the problem is, and the biggest risk is probably pretty obvious, you know, you're hoping that over the next decade a Malay or American ally stays in power. But Argentina has a long history of flipping to extreme socialism, military dictatorships, fascism. They flip flop a lot. Are you willing to bet on that? Maybe. But it's an interesting five year thesis because it feels like you can do well, especially at current oil prices. And if. Yeah, if it works.
- [32:25]
Ryan Henderson
Yeah, I tend to just avoid oil, generally speaking. The one I find kind of interesting, I think this is his fifth largest holding is BBB Foods. It's the Mexican grocer. I, I don't know if Large is holding. I don't know if you've read them, read about them at all. But Leandro, our friend at Best Anchor Stocks, has done some good work on them as well. Let's shift gears. Unless you have any other thoughts on
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Brett Schaefer
Druckenmiller, I think that's more inspiration to cover BBB feuds. What. What are they trading at today? I always found them maybe too expensive. Let's just quickly look at that. Maybe we'll just look at a sales multiple one time sales, six times gross profit. All right. Yeah, maybe the valuations, the earnings multiples catching up with the stock price.
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Ryan Henderson
Yeah, yeah, it's. That's probably next on the research list. Let's talk Chris Hone, seen as one of the, I guess quality investors.
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Brett Schaefer
I know he's definitely having a nice reputation uplift in the last year or two. Right. Probably because of our podcast, seems to get 50 views a week. It's one of our kind of evergreen episodes. But yeah, the financial media loves him now.
- [33:40]
Ryan Henderson
Yeah, I think he's maybe been a little more public as well. I think it helps that he was really positive on GE and involved in some of the spin offs that happened there and there was sort of that, I guess, resurgence in the various spun entities. But yeah, for those that don't know Chris Hone, he's really focused on durable businesses and oftentimes it has like an infrastructure element to it as well. So he owns a couple companies that are toll road operators. He owns the jet engine oligopoly, he owns the card networks. Well the only Visa at the moment. And there were a couple notable transactions that came out of this report. So first of all, he basically took the opposite trade of Bill Ackman. He sold almost his entire stake in Microsoft and increased his Google position by about 50%.
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Brett Schaefer
Now who are you taking? Ackman or Hone in this bit?
- [34:46]
Ryan Henderson
Hone has had. Here's the interesting part. Hone in 2022 and 2023 wrote multiple letters to Sundar Pichai, the CEO of Google and asked them, basically said you guys need to reduce headcount. And you know, maybe he was right. Whatever after that about mid 2023. Keep in mind at this time this is like the peak chatgpt fears search is dead. Hone Panic sold his Google stake after writing two letters to Sundar Pichai that was I assume probably around $100 a share. Now he's basically rebuilding his position again at around $400 a share which I will, I will give him credit. Well, okay, he's missed a lot of the gains but it takes a lot of. I kind of commend the willingness to say I was wrong to sell. It's three times higher and I'm still willing to buy. Like you, you kind of have to change a lot of your assumptions significantly if you're going to, if you're going to make that choice. So I kind of, it's really hard to do that I imagine as an investor but I would, it's hard not to be optimistic about Google's business at the moment. So I, I would say I would probably back Chris Hone on this one. But again the valuation discrepancy is quite large at this moment.
- [36:20]
Brett Schaefer
Between that and Microsoft Remember this is Q1 so we're almost, we're over 45 days late that they could have bought a 3. We're at 380 ish right now for Google stock at least G O O G l and in Q1 it was trading at 300. I mean during the panic around the Iran conflict it was down below 300. So maybe they bought then.
- [36:42]
Ryan Henderson
Yeah, it's the only other I guess notable transactions here. He increased his stake in Airbus, increased his stake in Visa.
- [36:53]
Brett Schaefer
The Airbus is significant. I mean that's 1716 position 16 and a half and they changed it up 60% of their shares.
- [37:01]
Ryan Henderson
So big jump. Yeah, the they sold ferrovial which is like the. I think they own a number of toll roads. They have one in Canada and they've, I guess Canadians have been very upset about the toll road price increases but yeah, basically they're sort of exiting that position. I do think the adding to S and P Global is kind of interesting here. Financial data providers are sort of in the hot seat right now. You see it with FactSet's down a lot. Thomson Reuters is down a ton. Shares are basically flat for a lot of these companies over the last five years. So the jump at S and P Global I think is notable.
- [37:52]
Brett Schaefer
Yeah, and they could be tossed into the basket that considers them an AI loser when in reality they're going to be a little bit different than a data provider. All right, my third one, Semper Augustus AKA Chris Bloomstrand, the Berkshire Hathaway expert and old combatant Fun why? I guess with Cathie Wood on Twitter Old Ark Invest people used to well at least from what my algo would show me, there would be a lot of dunking on him because of arc's returns. But turns out, you know, value investing, buying some good businesses at cheap prices can work out. His fund was up 41 in 2025. Just for some context for people that don't know, again, it's a value focused fund. They have an anchor holding in Berkshire Hathaway that's done well. They seem to have bought at some pretty good times. Says quote For a full 27 year history Sempers equities with no cash and before fees return 12.4% 10.8% including cash and 9.8 net of cash and fees paid compared to 8. 8.5% for the S P 507 and a half percent for the MSCI. There's your MSCI Ryan all country World Index. I call that pretty solid performance for an investor who wants to skew value, especially giving up the gains the last few years for the AI boom. And they're not seeing any AI exposure whatsoever. So you factor that in, you say all right, they're slightly beating them and I would guess that in any downturn that's where they're going to get their potential outperformance. But let's look at the portfolio. They trimmed Dollar General. It's still nine and a half percent of the portfolio. There's a huge increase in Alaska air Group up to 7% of the portfolio. Maybe a similar bet to Delta from Berkshire Hathaway. And they're getting out of their gold mining positions. I think the gold one's pretty straightforward. Gold went on a massive run in early 2026 and they're trimming back. That position has probably a nice hedge to inflation. Thoughts on the Alaska Air Group? Because it feels a bit like Delta. They're building that loyalty program or they build that loyalty program and they have the hubs across the west coast and they're expanding internationally with the recent purchases of the 787s from Hawaiian Air Group.
- [40:13]
Ryan Henderson
Yeah, I can get behind some of the leading airline theses. You already laid it out earlier in this episode. I think they're fundamentally different businesses than they were a decade or two ago and they all seem to trade at pretty reasonable multiples. This is probably by far the biggest or the most notable transaction that bloomstrand made in Q1. I mean it almost quadrupling their stake in Alaska Airlines. The rest is I guess they sold a lot of Dollar General, but that's really.
- [40:46]
Brett Schaefer
It was at the edges.
- [40:47]
Ryan Henderson
Yeah, yeah. I just don't. Something about asset managers that have more than a 20 stake in Berkshire. It just feels weird to me, like.
- [41:00]
Brett Schaefer
Well, hey, they. They've claimed that they've time for time to their buys. Well, you know what I mean now, which I get. But I also understand what you're saying.
- [41:08]
Ryan Henderson
I don't know, it just feels like asset manager inception. Like just let your shareholders buy that themselves or your investment.
- [41:14]
Brett Schaefer
At least Berkshire isn't like Pershing Square charging that whatever fee, right? True. At least they're not charging a fee. But I. Oh, I get where you're coming from.
- [41:21]
Ryan Henderson
Yeah. There's a lot of recognizable names on this list. I mean he's got the dollar stores, he's got a couple retail concepts here, five below as well. Starbucks is in here. He purchased Builders First Source, which is kind of tied to the housing market a bit and has been sort of a dog in recent years. But if you look at the returns on capital, they've been rock solid over the last two decades.
- [41:51]
Brett Schaefer
Yeah, that could be a great way to play the freezing housing market. Now the lad this spring was supposed to be the final unlock with mortgage rates steadily falling and that has not happened yet. So maybe next year. But yeah, I agree with you. This could be a good way to bet on a solid company when the housing market eventually normalizes, maybe by 2030, but we'll stay patient.
- [42:16]
Ryan Henderson
All right, let's shift to Pat Dorsey of Dorsey Asset Management. He's someone that I like. I like his work. I like some of the like stuff he's done around Moats and how to assess Moats. He hasn't always had the best timing on some of his buys and sells from what I've seen. But I like the way he thinks. There were a couple big changes for him. First of all, ASML's largest holding. I guess maybe I'll just run through some of the largest holdings here. Asml, Air Cap Holdings, Sunbelt Rentals, which is kind of a competitor to like United Rentals, App Lovin Royalty Pharma and S and P Global. He's a very concentrated investor. I'll say as well. I don't think there. He doesn't have any position below 5% of his portfolio. This I guess he is on the. Must be the Bill Ackman camp here. He sold his entire stake in Alphabet this quarter. It seems like every investor had to choose one side of the fence.
- [43:19]
Brett Schaefer
Battle lines are getting drawn yeah, well, you have the general on one side, so it fits.
- [43:25]
Ryan Henderson
Yep. He also sold his entire stake in autozone. We can maybe touch on that in a sec. Which if you remember, Acri Capital Management sold their a big chunk of their stake in O'Reilly Automotive. The notable buys he initiated a new purchase in Applovin, which the name always gets me. New purchase in S and P Global, 9% position and a new purchase in Uber. So the big buys are Applovin, S and P Global and Uber. I do think S and P Global stands out here. I mean I guess they all stand out because they're big positions. But Dorsey was an early employee, I believe, at Morningstar, which is a player in the financial data sector. And I wouldn't be surprised if he's got sort of some good understanding of that industry. I also think S and P Global is maybe getting tied in with the financial data disruption discussion, even though a good chunk of their earnings comes from ratings and sort of different end users. But Applovin for me study and play
- [44:36]
Brett Schaefer
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- [45:04]
Ryan Henderson
I get screens really well. Like the growth rate is astounding but. And the margins have become insane. I think it's like 77% operating margins. But if you've ever clicked on their ads, if you've ever seen the ads they serve, which maybe people don't know exactly, the ads they serve, they suck. They are terrible. Like it's. It's the mobile ads where you can't. Or the the X button is like off the screen. It's not sized properly so you can't actually exit out of the ad that kind of thing.
- [45:43]
Brett Schaefer
I think it's hard not to be skeptical on 1 their accounting and 2 their business models sustainability as the moat man, I don't understand where he's coming with with that app Lovin but the rest of it. Well one Uber, S& B Global. I can see why there's hedge fund hotels and why that's a thing because it feels like a lot of I don't want to group people are just following each other. Maybe everyone's coming to independent conclusions Here. But there is always a lot of overlap which is interesting to look at and how sentiment can change because of it. Because look, we're not the only ones looking at these 13 Fs. Famous investors buy something, momentum starts, build retailers pile in, blah blah blah. The other one I like though, Air Cap holdings, our old friend Jim Gillies, while still current friend Jim Gillies at the Molly fool is one of his favorites. It I believe is just, it's a leaser of airplanes. It's been a really strong performance. 15% of Dorsey's portfolio here. They lease, finance, sale and manage commercial flight equipment across the world. The PE right now 6 price to book 1.2. And I believe they are a fantastic repurchaser of shares. Let's look at our shares outstanding charts. We'll go back to December 2021. Okay. Versus the last 12 months. Again this is a good time to mention our friends at Fiscal AI which have all the super investor info you would want and has all the data that we can look at across this episode. Shares outstanding, KPI's buys and sells everything. You can use our link fiscal AI chitchat and get 15% off any paid plan. The link will be in the show notes. Check them out. It'll help your own research. It helps us. We get commissions if you use our link and yeah, I think no one will regret. All right, back to Air cap holdings down 9.4%. Ryan's looking at the chart here. He may be using a different date but either way very, very impressive capital returns from this company combined with the cheap pe. You know, maybe a little bit of a cyclical industry but it seems to be well managed. Reminds me of some of the best players in the home building and kind of construction space. Yeah, interesting. You know I've always, I've always been, been slightly interested in this one.
- [48:00]
Ryan Henderson
Yeah, I mean I'm pretty blown away by this shares outstanding chart over the last four years. So since the end of 2022 shares outstanding have been cut by a little over a third. So they're reducing shares by 12% a year.
- [48:16]
Brett Schaefer
Not afraid to get aggressive either.
- [48:18]
Ryan Henderson
Yeah, pretty impressive. Yeah, I like that. The only other comment I make on his portfolio is the AutoZone and I, I'm not, I don't disagree with it in any way. But autozone has long been seen as one of those sort of long term, very durable compounders where Cannibal, the quintessential share cannibal. Yeah, one of the, that's like the share Cannibal really where it's very predictable business that has grown consistently. The end markets have grown. Cars on the road have increased 1 to 2% a year. The average age of cars on the road has increased, which means more servicing more.
- [48:55]
Brett Schaefer
They're expanding into Mexico, right? A little bit.
- [48:58]
Ryan Henderson
I, yeah, I believe so. The I I think this is maybe just a case of opportunity cost here. When looking at Acri selling O'Reilly and Autozone being sold off the the valuation is trading at it's about 19 times EBIT. This is close to the most expensive valuation they've had in more than a decade. And for a share cannibal that that's when it starts to really hurt you because you're not able to reduce share count as much as you used to be able to. And there's probably some, I guess maturity here where the growth rates are going to come down a little bit as well.
- [49:41]
Brett Schaefer
So you know, they reported this morning and it looks like it's been so far a good sell because it's down 10%. Comp sales of 4. 4%.
- [49:50]
Ryan Henderson
What did Pat Dorsey know?
- [49:53]
Brett Schaefer
No, I don't think he invests like that. But hey, you know, the stock's been down a lot. Maybe now is the time to take another look at it.
- [50:02]
Ryan Henderson
Okay, let's talk your fourth investor here. Who do you have?
- [50:06]
Brett Schaefer
All right, we're going younger investors now. I don't know how actually old these people are, but they're not kind of on the senior tour as the Druckenmiller and the Ackmans and the Berkshires of the world. We have Shaw String Spring Partners. I can't Talk Today, Helmed by Dennis Hong. I don't really know much about Dennis except that he, he was on Twitter. He writes good stuff, he has great analysis. I have no idea what the returns have been, but I really like what he has, you know, to say and I think he does good stuff. So I like looking at his portfolio every quarter, especially because he does have that longer term mindset as well. I had three things I noticed. One new buy of Zscaler 13.3% position. Yeah, I don't think it may not be including Chinese stocks here. He has historically been in some Chinese company, so that might not be a full 13% but of the portfolio we're looking at 13% and a new buy of Coupang at an 8% position, which of course I love for the confirmation bias. And then looking at the opposite here of some of the software buys from Acri. He is selling Costar, selling Procore Technologies, which is that construction management software selling shift4 and sellingmonday.com. ryan, any thoughts here?
- [51:28]
Ryan Henderson
Yeah, there's a lot of companies here that I follow actually and kind of like the Coupang edition obviously. Nice confirmation bias for us there actually. Side note, I met Dennis Hong Kong last week or two weeks ago at the Constellation shareholder meeting. Very nice guy and I do like reading his letters. The Zscaler purchase. I don't know the business well, but that is quite the vote of confidence to go completely new position, 13% of your portfolio.
- [51:57]
Brett Schaefer
All I know is that the Motley fool loves him and I have to use them to log in every day. So I think it's a, it's. Oh gosh, it's like an identification tracker for mobile devices around the world. You know, make sure you have your enterprise network secure. For example, the Molly fool, they don't want to hack into their system to get their recommendations, you know, stolen early or front ran or whatever. They also just want to be a secure network. Zscaler I believe again without knowing any of the technical details helps a lot with that and they love them.
- [52:28]
Ryan Henderson
Yeah. And I can imagine that being a business you don't want to or a software or a solution you don't want to switch out of consistently. The Costar Group and Procore sales are interesting. CoStar Group, one of the worst performing stocks in the S&P 500 this year.
- [52:46]
Brett Schaefer
They are kind of got out of a leaky boat, right?
- [52:49]
Ryan Henderson
Yeah, yeah. I don't know the timing here but CoStar, for those that haven't followed it, they are like the premier commercial real estate data provider. So and they, they aggregate a lot of their data through their own like through heavy investment like cameras on helicopters to get mapping and like sizing that kind of thing they spend to get proprietary data. But they've been investing heavily in homes.com to basically compete with Zillow. And for the first time I think in a decade or longer they were burning money, free cash burn and gap unprofitable as well. So it's completely flipped the business kind of on its face and I think a lot of investors are cycling out of Costar Group right now because it's totally changed the thesis where this used to be such a durable B2B go sell to commercial real estate investors and now it's focusing on individual customers. Well, homes.com probably sells to Realtors as well but it, it's unclear. I mean Zillow has been at this game for a decade and they're yet to find the efficient Monetization model or the best monetization model.
- [54:10]
Brett Schaefer
Yeah. They seem to make enough of revenue. Maybe that's more of an expense thing for Zillow.
- [54:15]
Ryan Henderson
Yeah. How many? If you go through Zillow's acquisition history, it's hilarious, but it's atrocious anyways. It is. I mean, it's just completely flipping the business, which I guess is not surprising to see or at least flipping the economics by investing so heavily in this. Now I've seen activist investors have come in and said, hey, cut this out. We're going back to profitable.
- [54:41]
Brett Schaefer
Yeah, homes.com and apartments.com are. They're not going to win versus Zillow. It's just not. Look, I'm going gut check on that. I'm going gut check. It's not.
- [54:49]
Ryan Henderson
I think you're right. Zillow is just. It's the. It is the verb. Like now maybe they're going after different customers. I. I don't know. Maybe there's a different sort of draw within, like real estate agents for certain data on homes.com, but. Yeah, like, as far as consumer mindshare goes, I don't know how you can beat Zillow. The Monday.com sale.
- [55:11]
Brett Schaefer
Has it worked out or not? You're a Monday.com man, right?
- [55:14]
Ryan Henderson
I am a Monday.com man. Small position. It has not worked out. That was my first. That was the quickest stock I ever lost. 50% on the. But it is interesting to sell after seeing the valuation compress so much.
- [55:29]
Brett Schaefer
So I was harvesting.
- [55:31]
Ryan Henderson
Yeah, that's probably part of it.
- [55:33]
Brett Schaefer
All right, I have one more on Shaw Spring and Zscaler for to get anyone excited to research the company. I was very surprised at this number from July 2019. So let's say 6ish years ago. I think that was right around maybe when they went public. But do you want to guess what the revenue per share. Let's get that SBC SaaS stuff, you know, included. Has compounded at. For the last. Annually, for the last. Since July 2019.
- [56:02]
Ryan Henderson
I'm going to guess high 20%.
- [56:05]
Brett Schaefer
37.
- [56:07]
Ryan Henderson
Wow.
- [56:07]
Brett Schaefer
Fast grower. So maybe, you know, we're training at a better price now. They could be a huge beneficiary from cybersecurity stuff with AI. Very interesting.
- [56:20]
Ryan Henderson
Okay. My last investor for the day is not really a single investor, but it's an activist value act Capital. They. You've maybe heard the name because they recently got involved with Salesforce at the same time as Elliott Management. They actually have a pretty dang good track Record one of the, their most famous investments ever was they got a board seat for Microsoft in 2013 and replaced Ballmer with Nadella. And not trying to throw shade at Ballmer, but what a great choice Nadella has ended up being. It's hard to get public data on them on returns, but I saw one investor apparently leaked that from 2000 to 2019 they averaged 14% a year. Not sure whether that's gross or net, but looking at the S1 or not the S1, the 13 fold, the holdings here, Salesforce still the largest position. So they took that activist stake in 2023 and they've held it since. I wouldn't be surprised if they're pushing for more headcount reductions. But again we'll see the other ones and these are small, they're pretty inconsequential to Value act. But I guess interesting for us they took a new position in Wix. $99 million position in Wix. And I don't know if you saw the news yesterday. Brett Wicks just announced a 1000 person layoff. I wonder what.
- [57:57]
Brett Schaefer
Never celebrate layoffs, Ryan. Never celebrate layoffs. That's all I'll say.
- [58:01]
Ryan Henderson
I. No, no, I agree. But I wonder how much, how much influence Value act had in that process.
- [58:09]
Brett Schaefer
God, I read the WIX conference call. They say they're getting a lot of efficiencies on the customer support which is huge for a website builder for people that don't have tech expertise. So they're talking a lot about AI transformation. They train their own LLM for their website building. Yeah, they're moving fast. It's a very dynamic situation which the market hates at the moment and that could be creating value. And what is this night?
- [58:37]
Ryan Henderson
Terra Nitera is.
- [58:39]
Brett Schaefer
You want me to look at what they are while you keep talking?
- [58:41]
Ryan Henderson
I believe they are a Japanese company that sells spark plugs. So I know nothing about that market or company. The only other interesting sale or not sale purchase, new position in Spotify as well. They, I mean these guys are, they've kind of built a reputation as tech activists. I mean Salesforce, Microsoft, I guess Wix you could say here. And they were actually activists I believe for the New York Times as well in 2022, which that's worked out well. I mean what a phenomenal transformation they've gone through.
- [59:18]
Brett Schaefer
You know the only company that never listened to them, Nintendo.
- [59:24]
Ryan Henderson
Well yeah, they don't listen to anyone. Yeah, it. Yeah, nothing too crazy here. Thought the Wicks involvement was interesting as a WIX shareholder, see what impact they Have. But yeah, any, any thoughts on this one?
- [59:41]
Brett Schaefer
Spotify is interesting. Maybe they think there's a lot of pricing power here. I mean we're seeing that nice margin inflection from then keeping their employee base stable. But if I look at it, the Spotify is trading at EBITDA sales of 5 EBITDA gross profit of 15. And it's not like this is a hyper growth company. You know, it's a durable grower. But I don't know if I think Spotify is dirt, dirt cheap today.
- [60:05]
Ryan Henderson
I'm with you. Yeah. And maybe, maybe that's us comping to what it looked like in late 2022, 2023.
- [60:13]
Brett Schaefer
But in gross profit, that's not, that's not the best.
- [60:17]
Ryan Henderson
No. And even if you, the labels move slow like the, even if you think margins are going to expand from here, it's not going to be. We're not going to be looking at 60 gross margins anytime soon.
- [60:32]
Brett Schaefer
Oh well, no, of course, of course not. Of course not. All right, anything else on Value Act?
- [60:38]
Ryan Henderson
No, let's, let's move to your last one here. Who do you have?
- [60:41]
Brett Schaefer
I have Alta Fox Capital helmed by Connor Haley, excuse me, and others. Which is a lot for any listeners they do a lot of work with, I don't want to call them startup investors, but enterprising young investors doing lots of pitch competitions, things like that. If you want to get your name out, I would, I would talk to them or participate in some of their, I think it's competitions, other things they do at universities. Any younger listeners go into that. All right, what I noticed here and Ryan, you can tell me what you noticed too. They have a 21% position in expel. XPEL is the ticker and they increased their position last quarter. So increased position or conviction in expel. For people that don't know, expel is a. They basically sell the aftermarket automotive surface and paint protection films. So if you have a nice car, this can cost, I think and I've listened to a few podcasts on them but I'm no expert on the business but I think it can cost a few thousand bucks. But it really protects your vehicle if you have a nicer vehicle and it's something that dealers, essentially they sell into the dealerships. The dealers upsell the product to the customer. It's been a nice growth story. It was actually one of the famous investments from Micro Cap Club. Stock's been down from a peak in 2021 and PE is 24 EB to sales 2.5 I mean it's not, not crazy cheap, but it looks like it's rebounded a little bit so far in Q2. So maybe they got in at a cheaper multiple. But the 5 year revenue covers CAGR is 14%. Feels interesting. People really like this stock. I mean it got ahead of itself in 2021 of course, but yeah, not bad. I kind of have lukewarm interest in a business like this.
- [62:31]
Ryan Henderson
Yeah, it's always tough with a business that has had such strong historical performance. Not that that shouldn't deter people, but it's, it's hard. You almost feel like you're late to the party. The.
- [62:44]
Brett Schaefer
Yeah, that is a tough psychologically to get around.
- [62:47]
Ryan Henderson
To put this in context, this is one of the best performing micro caps probably of all time. From January 1st, 2010 to 2022, if you invested $10,000 in 2010, you would have had $25 million by 2022. The returns were staggering. It was more than a 50% compounded annual growth rate. So yeah, it's just kind of hard to feel like you're getting. I don't know, sometimes I look at that and think I'm too late. But yeah, I mean Connor Haley is probably, he's known this business for a long time. If I'm not mistaken, he's been an investor in it for a while. So.
- [63:29]
Brett Schaefer
Yep. And Altifox has pretty good returns. They have a great track record. I mean short. Short has only been I think 5ish years, but strong track record.
- [63:38]
Ryan Henderson
Yeah, it's a business I can get behind and it's one of those where it operates in an industry where I can't imagine they have a ton of competition or at least they can carve out some sort of a position there. Any other notable transactions?
- [63:55]
Brett Schaefer
Well, we have a new buy of Toast and then we have completely exiting now they're not, they're. They're on no side of Ackman and Hone. Out of Meta, out of Microsoft, out of Amazon and out of the hedge fund hotel fico.
- [64:13]
Ryan Henderson
Interesting.
- [64:14]
Brett Schaefer
Yeah, interesting moves.
- [64:15]
Ryan Henderson
Toast Value act is involved in toast as well. $350 million position. I wouldn't be surprised if maybe they're vying for a board seat at that size.
- [64:26]
Brett Schaefer
Yeah, it's a decent sized position. Again, we're just throwing out a lot of numbers here, but yeah, it's trading at below 2 times sales. There you go. Pretty good. Pretty good track record.
- [64:37]
Ryan Henderson
I'm so lost. When I look at the point of sales, like the restaurant software space, it feels like every company I look at, I think, oh, that's, you know, they're doing something really cool, unique. But it's. There's a ton of competition. Shift four Square, I assume Fiserv operates in that industry as well. Clover, I believe is owned by Fiserv. There. There's just a ton of competition.
- [65:04]
Brett Schaefer
Yeah, the only payments processor I like, again disclosure, I own them as of this recording. Aden also Mercado Libre as. As that subdivision where I think both of them can have a solid advantage over the long term. But yeah, TOAST may have a nice niche and they're executing well. That could be the thesis. But hard to get around a wide mode business at. At this price.
- [65:30]
Ryan Henderson
Okay, I think that's gonna do it. That's all 10. Any closing thoughts or you want to take us out?
- [65:35]
Brett Schaefer
Oh, well, it's always hard to give any sort of concrete analysis from 13s but I think it's good idea generation. Maybe the final question is what stocks do you have inspiration to research further? I'll go first and say maybe Zscaler, but that's something that I don't, I don't, I don't know if I can get around. Like I can't put it into my circle of competence. However, it would take a long time to study. Second, maybe the Argentinian oil company and then third and kind of go off the cuff here, but Air Cap Holdings. Now I know Dorsey didn't even buy much this quarter. He trimmed it a little bit this quarter, but I like it a lot. And of course sb, Global High quality business that a lot of people are buying.
- [66:23]
Ryan Henderson
Yeah, I would say probably at the top of my list is that BBB Foods, the Mexican grocer.
- [66:29]
Brett Schaefer
Good point, good point. Yep, yep.
- [66:31]
Ryan Henderson
Big new position for Druck and Leandro's been doing good work on it. So you know, maybe we can borrow some convection from him. And then I, I'm still kind of on the fence of Uber. I guess a lot of investors have been buying it, but I don't know. The only thing is, to answer your question, that's not really a research issue. That's a. I can't make my mind up issue.
- [67:01]
Brett Schaefer
So what's a stock you haven't heard of really that you like?
- [67:07]
Ryan Henderson
I might go. Perimeter Solutions. It's one of the software names that Acri Capital Management recently added to and I think it's one of the cheapest screening software stocks as well.
- [67:19]
Brett Schaefer
All right, well, hopefully listeners, we got or you got by listening to this episode, a lot of insights on different companies, how the super investors invest. Just plenty of different ideas. Again, we're not buying or selling any of these today, but we're just talking through a lot of ideas about what we potentially might research further on episodes and, you know, getting inspiration from some of these super investors. Right? As a disclosure, we are not financial advisors. Anything we say on the show is not formal advice or recommendation. Ryan I or any podcast guests may hold securities discussed in this podcast, may have held them in the past and may buy, sell, or hold them in the future. Thank you everyone for tuning in, and we'll see you next time.