Amazon is an 'old-fashioned' company unfairly discounted; AWS and retail scale provide massive AI optionality at cheap valuation.

Meta is a high-quality compounder left behind by AI hype; trading at low multiple despite durable advertising moat and AI integration.

Microsoft is a direct AI beneficiary with durable platform value; owned alongside Meta and Amazon as concentrated long-term positions.

Legacy SaaS charging high seat prices for niche products are at risk; Microsoft's platform model at $50/seat is more defensible than Salesforce's monopolistic pricing.

SpaceX has one-of-one people (Elon), opportunity (Starlink, launch monopoly), and context; valuation at $750B-$1T could be justified by 5-year Starlink trajectory and increasing l…

xAI backed as venture-style bet on Elon Musk's AI venture; invested via SPV alongside SpaceX position.

Transforming HHC from discounted land developer into permanent capital vehicle: reinvest real estate cash flows into insurance float, compound at high returns for 50 years; curren…

PSUS holds Pershing's best ideas in permanent capital vehicle charging only 2% fee; historical 27-37x net returns over 22 years; discount to NAV provides margin of safety.