travis hoium

Bending Spoons acquires distressed VC-backed software companies at reasonable multiples (e.g., Miro at ~2x ARR), consolidates them into a profitable suite with 1B users and 7M paying customers, and operates them for steady cash flows rather than hypergrowth.

Bending Spoons is acquiring forgotten, over-funded VC software companies at steep discounts to their peak valuations and converting them into profitable, sticky enterprise products within a growing suite of 400M MAUs and 7M paying customers, echoing the Constellation Software roll-up model.

AeroVironment trades at ~50x forward non-GAAP earnings with only 6% revenue growth and inconsistent GAAP profitability, making it expensive for the growth demonstrated despite a growing backlog and favorable drone industry tailwinds.

Uber's COO Andrew McDonald invested $5M (20% stake increase, significant portion of net worth) in open-market purchases, signaling insider confidence in Uber's demand-aggregation model for autonomous vehicles despite market fears of Waymo/Tesla disruption. Valuation at 12x free cash flow and 17x forward earnings appears attractive given consistent growth and $10B+ FCF.

Micron's current 80-85% operating margins are cyclically peak and unsustainable; massive CapEx increases from incumbents and new Chinese supply (CXMT, YMTC) will oversupply the market, while higher memory prices trigger demand elasticity and customer design-outs, driving margins back toward historical 20% or negative levels, implying 80%+ stock downside even with near-term earnings strength.

General Motors generates $14B annual free cash flow, buys back 10-15% of shares yearly, and holds a durable moat in full-size trucks/SUVs while building high-margin digital subscriptions (OnStar, Super Cruise) and insurance revenue streams.

The FTC lawsuit over privacy and billing practices is a minor regulatory headwind that reflects Big Pharma's fear of Hims & Hers becoming the low-cost front door for healthcare, particularly GLP-1 drugs; any fines are immaterial relative to $2.4B revenue and 54% CAGR.

Oracle's massive AI data center buildout funded by rising-cost debt faces declining returns on invested capital (9.6% vs 22% in 2021) while competing against hyperscalers with superior free cash flow and lower cost of capital.

FDA peptide panel recommendations for BPC-157 and KPV create a regulatory tailwind for compounded peptides, while Hims & Hers' integrated data-AI-platform flywheel and Eucalyptus acquisition drive subscriber growth toward 10-20M users; at 3.4x EV/Sales the stock is deeply undervalued if 50%+ growth re-accelerates in H2 2026.

Core growth rate no longer compelling; market increasingly crowded with new brands (e.g., Alani Nu at Target) competing directly; took profits after Alani Nu acquisition bounce.