Level-Headed Investing

2025 in Review: From Transformation to Sedimentation

How I kept concentrating into higher-quality compounders while using volatility to upgrade the portfolio

Mar 15 • Bernardo

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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

Mar 4 • Bernardo

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February 2026

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

Feb 25 • Bernardo

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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

Feb 18 • Bernardo

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Invert the Market's AI CapEx Panic

Why "supply constrained" is the tell and what would prove returns on incremental AI capacity

Feb 13 • Bernardo

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Constellation Software (CSU.TO): AI "Software Is Dead" Headlines, Compounding Still Alive

A framework for underwriting CSU when the market treats software as a single risk bucket

Feb 4 • Bernardo

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January 2026

Culture of Consumerism: The Default Is Spend

Why Western economies nudge consumption, and how to build a personal counterculture

Jan 28

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Why Saving Is Hard: The Psychology of Spending

How modern consumption leverages human wiring, and how to design guardrails that protect slack

Jan 21 • Bernardo

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The Demographics of Slack and Saving

A life-stage map of housing burden, fixed obligations, and who actually has margin to save

Jan 14

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Lifestyle Inflation Trap: The Upgrade-to-Obligation Pipeline

A behavioral map of how lifestyle upgrades become fixed costs, and the guardrails that protect slack

Jan 7 • Bernardo

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December 2025

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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