PORTFOLIO UPDATE +251%

Investors,

We made a few purchases this week during what I felt was an opportunistic pullback using volatility to our advantage.

We will cover those purchases, Amazon and Meta earnings reviews, update weekly best buys, and do a full portfolio update at the end.

I added to META the day after it dropped on earnings, buying more at $535.30. That takes Meta to roughly 19% of the portfolio, tied with Micron as my largest position.

I typically like to average up into my positions, not down, but when a business this good gets cheaper on an earnings reaction rather than on broken fundamentals, I add. I’ll explain exactly why below.

I also started small positions in RKLB and SPCX, and added to MU this week, which I flagged in Monday’s quick note.

Meta missed on earnings and fell hard. Amazon crushed it and jumped double digits. I’m going to cover both reports below, pulling straight from their releases, SEC filings, and earnings calls, and give you my updated bull and bear cases on each.

Memory had one of the wildest weeks I can remember. MU fell nearly 10% Wednesday on a mixture of rumors about the Fed raising rates, Situational Awareness fund unwinding, and fear around the AI investment cycle. Then ripped 18% Thursday on strong Samsung/Microsoft results, no rate hike, and news that the Situational Awareness fund was bought out by Citadel.

• Total return since inception: +251%

• CAGR: 38%

• 1-year return: +90%

• YTD return: +49%

• 1-month return: down 3%

• S&P 500 over the same period: +86%

Roughly 165 percentage points of cumulative outperformance against the index.