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Nu

Nu finally hit 1 million telecom customers in its NuCel plan. This took longer than I expected so it’s a bit of disconfirming evidence for th…

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Nu

Last week, Nu announced they initiated their first buyback worth $1 billion. That signals they think their stock is undervalued. And it’s esp…

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Nu

Before getting into the main section, Nu had a great podcast with its CTO and its GM of Core AI. They detail the AI roadmap and how they plan…

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Nu

Nu appointed a new CFO, Rob Livingston, who was the CFO of Visa North America. The stock promptly dropped 13% over the next couple of days. L…

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Tesla

Tesla has officially started construction of its Optimus Factory as an extension of its Austin location. The company is targeting volume p…

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Nu

Nu recently hired a new Chief Product Officer from Shopify, who was head of Merchant Services, which was the fastest growing piece of the bus…

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Nu

Before jumping into the earnings analysis, last week, there was a NU Videocast with two of the top credit execs at Nu. Both guys came from so…

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- how Ralph thinks about hidden champions

- what pesto taught him about moats

- the standard required for huge concentration

- how Ralph does scuttlebutt

- how his operating experiences have helped him become a better investor

- and much more!

You can find Ralph's blog here to learn more about him and his process.

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We have five earnings recaps below. Let’s get right into it!

MercadoLibre

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Amazon

Amazon reported after the bell on Wednesday and here’s the numbers:

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Nu

I hadn’t seen this yet but Nu appointed a separate board of directors for the US. They had to do this for regulatory purposes. Here is the de…

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Duolingo

Good interview with Luis von Ahn, Duolingo’s CEO. The intro is in Chinese but Luis speaks English. Not a whole lot new except that Luis…

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Tesla

Holding Tesla requires cognitive dissonance. The company often oscillates between being a story stock and one that delivers on the fundame…

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Quarterly Summaries

Wow, what an awful start to the year. Being down almost 19% when the market was down around 5% is painful. So what do we do?…

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Conviction List

1. Lemonade

• I’ve noticed Lemonade’s stock has actually been pretty strong as of late as it has gotten several upgrades. It goes to s…

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AI Agents

Something you’re going to hear a lot about over the coming years are agents. Not Jake from State Farm but AI agents, software that can…

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Nu

A couple updates from Nu. They are really leaning into the early stages of globalization. Last week, they announced the Inter Miami stadium n…

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TransMedics

TransMedics presented at an investor conference this week. Here are the highlights:

OCS Kidney was probably the highlight. The US mar…

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Before diving right in, here is the Conviction List:

March 2026

DUOL

I said 17x FCF was reasonable last month. Now we’re down to 9x. Life comes at you fast! We could stil…

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Lemonade

This is our first earnings report since buying the stock. I thought the report was pretty good. Here are the numbers below:

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