Level-Headed Investing

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

When I wrote When Growth Runs on Debt: The CoreWeave Case Study the core point wasn’t that AI infrastructure demand is fake.

Dec 30, 2025 • Bernardo

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Amazon Catalysts in 2026 and Beyond

Commerce cost-to-serve deflation, re-accelerating AWS economics, and rising ad profitability

Dec 22, 2025 • Bernardo

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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

Dec 4, 2025 • Bernardo

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November 2025

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

Nov 27, 2025 • Bernardo

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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

Nov 20, 2025 • Bernardo

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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

Nov 13, 2025 • Bernardo

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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

Nov 6, 2025 • Bernardo

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October 2025

When Growth Runs on Debt: The CoreWeave Case Study

A deep dive into the leverage, depreciation, and synthetic demand powering the AI neocloud boom

Oct 30, 2025 • Bernardo

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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

Oct 22, 2025 • Bernardo

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Dreaming & Building: The Jeff Bezos Way

Invariants, pacing invention, AI's industrial bubble, and the long game

Oct 15, 2025 • Bernardo

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Undervalued by Design: Amazon, Alphabet & the Economics of Aggregation

Pre-internet rules can't price post-internet platforms

Oct 7, 2025 • Bernardo

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September 2025

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

Sep 4, 2025 • Bernardo

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