Brian Stoffel

the mode is uncertain. The thesis is uncertain... this does have a compelling valuation... if they can't show that they can reacelerate it, a great valuation will not save you as an investor.

— Brian Stoffel, at 19:17

I completely sold out of Salesforce and Adobe because of this... I think that the long-term thesis for Adobe and Salesforce is challenged.

— Brian Stoffel

these three, I believe, especially when you consider the pace of innovation that Anthropic is coming out with are really you cannot bet on them to be the default choice any longer. And that can absolutely absolutely collapse the terminal value of these companies and their valuati

— Brian Stoffel

The bottom line when it comes to Salesforce is is that if this company can shift their business model and not only figure out a way to keep their existing customers and become more usagebased and bridge the gap between any seats that they might lose, but also but also get new cus

— Brian Stoffel

Salesforce is the granddaddy of seat-based software... if customers cut employees, if IT departments and service desk departments get cut back, that hurts Salesforce because they are primarily seat-based. Agent Force is gaining, but the big question is can Agent Force grow fast e

— Brian Stoffel

I think that this company is really set up for long-term success and I actually think that the shares are actually quite attractive right now as I look at them... revenue growth is has reacelerated and I think that we're underestimating the growth in gross merchandise volume

— Brian Stoffel

once a a merchant sets up their online presence on using Shopify, they don't want to focus on that part of the business... the switching costs are really high, and the brand is really high here... I think that the stock is fairly valued at today's prices.

I completely sold out of Salesforce and Adobe because of this... Adobe the same thing. The immediate threat is less actually with Adobe, but as these tools get better and better and better and better every week. I think that the long-term thesis for Adobe and Salesforce is challe

— Brian Stoffel

co-work really attacks the document cloud because this business is being easily disrupted by anthropic and on the creative cloud side I will admit that co-work is not a huge threat there but there are other AI image machines that are rapidly improving that could do that... these

the bottom line when it comes to Dualingo is the simple fact that clearly it is it is having trouble earning investors respect because they are trying to pivot and whether or not they can pull this off has been called into question. At the same time, the valuation is such that

— Brian Stoffel

if they can fix the front door, it is a phenomenal opportunity today... the thesis to me is very uncertain watching this.

in my opinion, you've got I I'll name the three that I've already mentioned publicly that I think could really benefit. You've got your palunteers, your cloud flares, your axons that are showing revenue accelerating and so they look really really expensive. But if you accelerate,

— Brian Stoffel

I reentered it as I started learning more and more about claude coowwork and how agentic AI was increasing traffic on the internet and I believe that's adding a lot of optionality and that cloudflare could be the gatekeeper of this technology. So I added to it twice during the qu

I do think that ServiceNow seems like a pretty good deal in terms of valuation, but there's a lot of moving pieces here. And I'm not necessarily a ServiceNow bear. I don't own shares anymore. But when I see bull calls that don't take into consideration the potential loss of that

— Brian Stoffel

I do believe that as these models improve and increase in their proliferation, it will be an existential threat to service. Now, luckily I was able to get out of that with very little damage to my own portfolio. 5% loss.

I believe that now it's one of the safest hold roads if you want to invest in the AI infrastructure... I think it still trades at a very reasonable assumption on a forward basis... I think that this is a very fair price to pay to still participate in AI trade.

— Brian Stoffel, at 7:25

In my opinion, there is no question that the moat is stable or widening around the company even with all the competition entering and that the thesis is very much on track.

I think that the moat is growing around the company. If they've got a product and they have this place where that data that cannot be replicated sits, that's a powerful place to be in this value chain.

— Brian Stoffel

if you believe from years 4 through 7, which would really be 2030 to say 2036, if you believe that they can have revenue growth of over 20%, well then today's stock price makes all the sense in the world. But if you don't, then it might be a little bit expensive.

Airbnb is one that I added to just because the yields, both the free cash flow yield and the potential shareholder yield moving forward that this captures.

— Brian Stoffel

There really isn't much of an economic moat around these theaters even though movies are making something of a comeback, the overall industry has been in decline and disrupted over the last 10 years. The optionality that the company might have is really burdened by the balance

— Brian Stoffel

great score, terrible price. That's a good watch list uh candidate um in my book. So, I'm going to put that company on my on my watch list.

— Brian Stoffel

I believe that the moat is definitely stable if not widening around the international, the North American business and AWS and the thesis is very much on track... it's nice to have that downside protection while having exposure to some upside potential. And I do believe that's wh

— Brian Stoffel

I certainly still think the valuation is still very stretched even though this company is pretty much doing everything right and has a huge tailwind.

— Brian Stoffel

this is a very wellestablished company, but it functions in a largely commoditized industry. Like Super Micro, its moat isn't really there. The reason that it's doing well is has more to do with the fact that it is offering what I call water in a desert.

— Brian Stoffel

the company has had problems lately. They've got really strong IP, but is it fading? Is it generating outsized returns? We haven't seen that as much lately... I will say that I think the stock is slightly undervalued, depending on how you look at it today, but this lands at

— Brian Stoffel

the moat here is real but narrow in that they have the manufacturing capacity to be able to once supply and demand do even out offer these things at a a lower internal cost than some of the rivals... I would say that the valuation today is fair.

— Brian Stoffel

my faith in their ability to do that pivot and still have it be around and be meaningful by 2036 is very low and I think that the valuation is quite expensive.

— Brian Stoffel

hims and hers was a new position that overall was more of a lottery ticket... if Novo Nordisk is willing to make a deal like that then there is definitely some leverage when it comes to him and hers. So those are three new positions.

— Brian Stoffel

I do think the stock is expensive today, and we could see this company somehow be leapfrogged or competed into not oblivion, but less significance, which is why it is in this third bucket.

— Brian Stoffel

this, to me, is a screaming buy at these prices

— Brian Stoffel

the moat is yellow. Now, the reason I think it's a narrow moat is that once large legacy organizations start using UiPath, it is painful to rip out. But you have to wonder how much motivation is there for newer and newer customers to use UiPath as opposed to say Anthropic.

— Brian Stoffel

I love the business momentum here. I mean, the growth, especially on US commercial, is incredibly impressive. So, I added in mid-February.

— Brian Stoffel

I think those drive-thrus matter, but they're also much easier to replicate. I also am not sure how much optionality is left for this company. There's a lot of saturation, a lot of growth is dependent upon China, where there's a lot of homegrown competition that they have to go

— Brian Stoffel