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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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Let’s get right into it!

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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Let’s get right into it!

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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Let’s get right into it!

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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Let’s get right into it!

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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Let’s get right into it!

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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Let’s get right into it!

AI Risks

The market has been selling anything and everything that has “AI risk” and moving money into blue chip consumer staples, energy and ind…

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Let’s get right into it!

Tesla

Tesla reported earnings late last week. Here are the numbers and the most interesting parts of the call:

Numbers

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Nu

Nu is now the largest private financial institution in Brazil. Caixa is bigger by number of customers but it’s a government owned bank. Here …

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Let’s get right into it!

New Trade Alert

1. Buy 3% position in LMND

Lemonade is a company I’ve been watching for a long time now, since its IPO in 2020. The company got its …

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Let’s get right into it!

TransMedics

TransMedics’ CEO and CFO presented at the JPM conference. Here were the most interesting quotes:

There were nearly 17,000 transplants…

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Let’s get right into it!

Tesla

Tesla released a short, year in review, video. The big thing was the progress in autonomous driving but the article in the link also remin…

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