Level-Headed Investing

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CoreWeave (CRWV) Q3 2025: When The Interest Bill Becomes the Story

Why I'm not a shareholder: no moat, commoditized returns, and execution risk in a levered build-out
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Amazon Catalysts in 2026 and Beyond
Commerce cost-to-serve deflation, re-accelerating AWS economics, and rising ad profitability
 • Bernardo
Are AI Chip "Useful Lives" Creating Useless Earnings?
Michael Burry's depreciation warning, hyperscaler AI CapEx, and the cash reality at Alphabet and Amazon
 • Bernardo
Selling PDD Holdings (PDD): Upgrading My Portfolio While Staying Bullish on China
How disclosure quality, relative conviction, and risk diversification led me to rotate out of PDD and into UBER and CSU
 • Bernardo
Evolution AB's Q3 2025: When Short-Term Problems Become Structural
How Q3 (and Q2) results force a rethink of my investment thesis, and what must change for Evolution to re-earn a growth multiple
 • Bernardo
Uber Technologies Inc. (UBER) Q3 2025 Results: The Global Royalty on Movement Shows Its Earnings Power
Why I see Uber as an asset-light, cash-generating "royalty business" on real-world demand, and why today’s price still embeds skepticism
 • Bernardo
Alphabet Inc. (Google) Q3 2025 Results: A Full-Stack Flywheel Meets Relentless Execution
Alphabet’s quarter, the CapEx super-cycle, and a still-mispriced leader
 • Bernardo
Level-Headed Investing
Level-Headed Investing
I share my personal journey through the ups and downs of investing: my decisions, mistakes, and lessons learned. With a focus on long-term, disciplined investing, the goal is to provide thoughtful insights and real-world experience.
Top posts
Alphabet Inc. (Google) Q3 2025 Results: A Full-Stack Flywheel Meets Relentless Execution
Alphabet’s quarter, the CapEx super-cycle, and a still-mispriced leader
 • Bernardo
When Growth Runs on Debt: The CoreWeave Case Study
A deep dive into the leverage, depreciation, and synthetic demand powering the AI neocloud boom
 • Bernardo
Brookfield's Investor Day 2025: A Blueprint for Compounding Decades Ahead
AI infrastructure, investment-led insurance, a recovery in real estate, and a conservative balance sheet powering the next growth leg
 • Bernardo
Dreaming & Building: The Jeff Bezos Way
Invariants, pacing invention, AI's industrial bubble, and the long game
 • Bernardo
Undervalued by Design: Amazon, Alphabet & the Economics of Aggregation
Pre-internet rules can't price post-internet platforms
 • Bernardo
Parallel Plays: Where My Portfolio and Bill Ackman's Pershing Square Converge and Diverge
Why I built stakes in Alphabet, Amazon, Brookfield, and Uber; sometimes ahead of Ackman, and where our paths split
 • Bernardo
Amazon's Q2 2025 Results: Still Early at $123B AWS Run Rate
Re-acceleration across Retail and Ads, AWS demand locked in, and CapEx as a feature, not a bug
 • Bernardo
High Conviction, High Returns: Inside Bill Ackman's Pershing Square Holdings Portfolio
Two decades of lessons from Bill Ackman's focused, conviction-driven investment strategy
 • Bernardo
Evolution AB's Q1 2025: Navigating Challenges for Sustainable Growth
A review of Evolution AB's Q1 2025 slowdown and why it may be temporary
 • Bernardo
Recommendations
Baiguan - China Insights, Data, Context
Baiguan - China Insights, Data, Context
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How They Make Money
How They Make Money
App Economy Insights
Market Sentiment
Market Sentiment
Market Sentiment
Capitalist Letters
Capitalist Letters
Oguz Erkan
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