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- Crisis = Opportunity
We have nothing to share with you about our worldview. Too many variables in play. Any position / forecast made may not age well. We are simply interested in attempting to benefit from the chaos underway.
We are steadily Dollar Cost Averaging (DCA’ing) into the following tickers:
Thesis here. Nothing has fundamentally changed in this narrative. If anything, they are beginning to commercialise their top blockchain asset: TZero through tokenizing the IP of the franchises they own. They are razor focussed still on cashflow. And with the prospect of interest rates going down (Fed forced to do it at some point, given no other option!), BYON stands ready to benefit.
Surely, there are headwinds from tariff’s. But these headwinds affect small and medium brands a lot more, who don’t enjoy pricing power. Latest earnings were better than expected. They have pivoted back to prioritising Wholesale. The brand remains strong, and their creatives seem to be bringing back the Nike magic. Finally, it remains a cashflow machine with ROE > 30%.
Thesis here. Nothing has fundamentally changed in this narrative, except for the headwinds from tariff’s. But these headwinds affect small and medium brands a lot more, who don’t enjoy pricing power.
It is a world class ride hailing App now transforming itself into a Life App. It is an undervalued Co relative to ‘MAG7’ richly valued Co’s owing to their 1st Party data. New revenue streams (Eats, Freight, Business, Health, Ads) are making their business model far more resilient than before, and also creates new reasons for subscribers to stick around / new subscribers to join the ecosystem. It’s a platform that’s gaining more value everyday and is transforming into a cashflow machine. PEG ratio = 0.74.
Doximity operates a digital platform tailored for healthcare professionals in the United States, offering services that facilitate networking, clinical collaboration, and patient care. The company's business model is primarily subscription-based, generating revenue through three main channels: Marketing Solutions, Hiring Solutions, and Telehealth Services. It is a debt-free, high-barrier-to-entry, extremely sticky business as it has entrenched itself in the daily workflows of ~9 out of 10 US doctors and other medical professionals. Apetimus Prime made money on this stock before. And is back in it. Being a pureplay digital business with USA as its only market, it has no exposure to forex or tariff risks. It’s simply gone down along with the market.
We live in a world that is increasingly community driven. Trust is migrating from Corporations and Big Govt to Individuals and niche communities. Conversations are the influencers of the future. The data and insights in the Reddit communities are monetizable. Each Reddit community is monetizable with relevant Ads. One could even argue some of the multi-million member communities in Reddit would be B$ businesses on their own. The anomymity and virtual currencies inherent in the platform are its biggest user retention features. It is a growth stock with 90% gross margin. A pureplay digital business model not affected by tariff’s or any global trade uncertainty. Of Americans, for Americans, and by Americans.
This deserves a thesis of its own. Another one of those undervalued stocks that owns 10’s of millions of monetizable 1st Party data points. In summary, Block Inc is an ecosystem of ecosystems with multiple revenue streams across both consumer and business segments. Cash App is a NeoBank for the new-age consumers. It is P2P and supports Bitcoin trading. The legacy Square (B2B) business serves merchants from various sectors and keeps them in the ecosystem by offering various services that digitise various aspects of their operations, capital access and demand creation. If Block nails its Afterpay integration and bitcoin adoption keeps climbing, we’re talking serious upside. At 11x 2026 adjusted EPS, it’s arguably undervalued if margins pop.
As always, do what you like. We are simply sharing what we are doing. We aren’t your money managers or investment advisors and couldn’t care less what you do with this information.
In conclusion, sharing a redacted version of Rudyard Kipling’s famous poem ‘If’:
If you can keep your head when all about you are losing theirs;
If you can trust yourself when all men doubt you, But make allowance for their doubting too;
If you can wait and not be tired by waiting;
If you can meet with Triumph and Disaster, And treat those two impostors just the same;
Yours is the Earth and everything that’s in it
Go and make your own luck, friend. We are trying to make ours.
Anonymously Yours,
Apetimus Prime
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