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

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

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

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

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

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

Amazon Catalysts in 2026 and Beyond

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

Dec 22, 2025 • 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

Dec 4, 2025 • 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

Nov 27, 2025 • 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

Nov 20, 2025 • 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

Nov 13, 2025 • 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

Nov 6, 2025 • Bernardo

#nojs-banner { position: fixed; bottom: 0; left: 0; padding: 16px 16px 16px 32px; width: 100%; box-sizing: border-box; background: red; color: white; font-family: -apple-system, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 13px; line-height: 13px; } #nojs-banner a { color: inherit; text-decoration: underline; } This site requires JavaScript to run correctly. Please turn on JavaScript or unblock scripts