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The Portfolio I Can Explain to a Ten-Year-Old

Why "know what you own" is the only thing that keeps the stomach calm when the brain wants to sell
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The Portfolio I Can Explain to a Ten-Year-Old
Why "know what you own" is the only thing that keeps the stomach calm when the brain wants to sell
 • Bernardo
Constellation Software (CSU.TO) Q1 2026 Results: The Market Feared AI; Constellation Deployed $1.6 Billion
Why record capital deployment, an unchanged bonus plan, and broad insider buying are the disciplined-acquirer playbook running exactly as designed
 • Bernardo
Alphabet Inc. (Google) Takes Both Sides Of Its Balance Sheet To Market
Self-fund, borrow, or dilute. Alphabet just walked through all three to fund upwards of $190 billion AI build-out
 • Bernardo
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 3: Where I Land
Bear and bull side-by-side, the three signposts that will resolve the debate, and my contrarian read on the dislocation. The final part of the series
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 2: The Bull Case
Five reasons the same data tells the opposite story: the Amazon playbook in real time, a structural fintech arbitrage, and a moat the market is…
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 1: The Bear Case
Five reasons the LatAm compounder may be in structural trouble: competition, credit, macro, regulation, valuation. The opening installment of a…
 • 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
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 2: The Bull Case
Five reasons the same data tells the opposite story: the Amazon playbook in real time, a structural fintech arbitrage, and a moat the market is…
MercadoLibre (MELI): Two Decades of Compounding, A Year of Doubt - Part 1: The Bear Case
Five reasons the LatAm compounder may be in structural trouble: competition, credit, macro, regulation, valuation. The opening installment of a…
 • Bernardo
MercadoLibre (MELI) Q1 2026 Results: The Right Response Is Not to Harvest, It Is to Invest
Brazil items doubled in nine months, unit shipping costs accelerated lower, and the cross-sell flywheel widened from 26% to 36% of merchants. Margin…
 • Bernardo
Alphabet Inc. (Google) Q1 2026 Results: Cloud Breaks Escape Velocity, Multiple Catches Up
Cloud at +63%, Search at +19%, OCF/share compounding 32% YoY, and the P/OCF multiple has run from ~20x to 28x
 • Bernardo
2025 in Review: From Transformation to Sedimentation
How I kept concentrating into higher-quality compounders while using volatility to upgrade the portfolio
 • Bernardo
MercadoLibre (MELI) Q4 2025 Results: Paying for Growth on Purpose
44.6% growth, 5-6 points of margin traded for scale, speed, and fintech penetration
 • Bernardo
Evolution AB's Q4 2025 Results: Flat Live Revenue, Contracting Leverage, and Why I Exited
Europe’s channelization is slipping, Asia cybercrime issue has no timeline, and growth is shifting to lower-leverage regions
 • Bernardo
Amazon's Q4 2025 Earnings and 2026 Outlook: Strong Results and a $200B CapEx Plan
Solid fundamentals, an outsized CapEx guide, and the signposts that will define 2026
 • Bernardo
Invert the Market's AI CapEx Panic
Why "supply constrained" is the tell and what would prove returns on incremental AI capacity
 • Bernardo
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