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Are AI Chip "Useful Lives" Creating Useless Earnings?

Michael Burry's depreciation warning, hyperscaler AI CapEx, and the cash reality at Alphabet and Amazon
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Are AI Chip "Useful Lives" Creating Useless Earnings?
Michael Burry's depreciation warning, hyperscaler AI CapEx, and the cash reality at Alphabet and Amazon
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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
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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
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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
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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
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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
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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.
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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
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Bernardo
Undervalued by Design: Amazon, Alphabet & the Economics of Aggregation
Pre-internet rules can't price post-internet platforms
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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
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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
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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
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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
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Bernardo
Tariffs and the Trade War Sell-off: A Case of Conviction and Disciplined Investing
Echoes of 2008, 2020, and every panic before; history doesn't repeat, but it rhymes
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Bernardo
Laying the Tracks of the Digital Economy: The AI & Cloud Infrastructure Boom
A historical parallel between the industrial railroad boom and the AI & cloud infrastructure expansion shaping the next digital century
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Bernardo
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Market Sentiment
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