C
Costco Wholesale
COSTA membership model that aligns incentives with shoppers — thin margins on goods, recurring revenue on memberships.
Large Cap high conviction
A notebook, not a terminal
Glint
Notes on companies that catch the eye
Under review
The full watchlist → U
UnitedHealth Group
UNHDiversified healthcare — insurance scale plus a fast-growing services arm (Optum) that monetizes the system's complexity.
Large Cap medium conviction
A
Apple Inc.
AAPLA hardware-and-services flywheel with one of the stickiest consumer ecosystems ever built.
Large Cap high conviction
From the notebook
All notes →
When to Trim, When to Hold
Selling is harder than buying. It requires admitting a thesis has drifted, or that a position has grown too large to ignore.
Valuation Is a Range, Not a Point
A precise price target is a story pretending to be math. The honest answer is always a range, and usually a wide one.
Reading an Annual Report Like It's a Novel
The numbers tell you what happened. The letter tells you how the CEO thinks about what happened. Both matter.