Incremental Insights #102
The best of what I read, listened to, and watched during the week
Inside TCI’s Conference: The Anti-AI Portfolio
Under AI, long-standing software/service moats may erode faster, making winner/loser selection harder and pushing TCI to be more cautious. TCI has shifted toward “defensive” businesses with hard assets and low disruption risk (e.g., aerospace with multi-decade backlogs).
It’s Time To Rotate Into Platform Businesses
AI-linked names command large index weightings and premium multiples vs. the rest of the market. But instead of going to cash, it is time to rotate into durable platform businesses whose valuations have boom even more attractive.
10 Signs of Exuberance
Leveraged theme ETFs, 13F-driven spikes, vibe-based price targets, and nonstop YTD flexing to name a few.
Part One: The Rise of the “Activist” Investor
A different angle on the rise of Bill Ackman by the Behind the Bastards team