Conviction Bets

The Amazon of used cars — a turnaround story where a near-death experience forged operational discipline, and the unit economics of a vertically integrated online car retailer are now proving out at scale

Alphabet is the dominant toll-booth of the information age — a Munger-style compounder with an unassailable search moat, an AI-first pivot that extends its advantage for decades, and $73B in free cash flow at just 22x owner earnings.

A perpetual royalty on the most productive oil basin in the world — Texas Pacific Land owns 880,000 acres of West Texas surface rights that generate growing cash flows with zero production risk and near-zero operating costs

The ultimate compounding machine — Berkshire Hathaway is a diversified conglomerate with $330B in cash, world-class operating businesses, and a succession plan that preserves Buffett's capital allocation culture

Berkshire Hathaway as a permanent core holding — a fortress balance sheet, diversified earnings streams, and $330B in cash waiting for the next crisis to deploy

The lowest-cost electronic brokerage is a two-sided market compounder with 70%+ operating margins and explosive account growth

The world's dominant jet engine duopoly with a $400B+ installed base, decades of recurring aftermarket revenue, and a pure-play aerospace business after GE's historic breakup

A 26% position in the Nasdaq-100 is not passive investing — it is Baker's macro bet that the AI infrastructure buildout will disproportionately reward the tech giants who dominate QQQ's top holdings

The hyperscaler for the AGI era -- CoreWeave is the GPU cloud that will host the trillion-dollar training clusters Aschenbrenner predicts are coming by 2027

Alphabet GOOG shares complement Li Lu's GOOGL position — together representing 44% of his portfolio in the dominant knowledge-compounding machine of the digital age

A low-cost gold producer with high-grade Mexican assets, exponential revenue growth, and deep value metrics in a rising gold price environment

A passive index position providing broad market exposure — Guy Spier follows Buffett's advice that most investors are best served by a low-cost S&P 500 index fund

The world's lowest-cost vertically integrated apparel manufacturer with pricing power disguised as a commodity business

A misunderstood mineral rights royalty company generating 67% profit margins and 10%+ free cash flow yields, hidden behind the 'coal company' label that keeps most investors away

The world's premier alternative asset manager with $1T+ in AUM, compounding fee-related earnings at 20%+ annually through infrastructure, real estate, renewables, and private equity

The ultimate toll road on global commerce — a natural monopoly processing $15 trillion in annual payments with 66% operating margins and no credit risk

The only company on Earth that can make the machines that make advanced semiconductors — ASML's EUV lithography monopoly is the deepest technology moat in the world

A brand-driven footwear company with pricing power and cult-like consumer loyalty, now diversified through the HEYDUDE acquisition and generating massive free cash flow despite near-term margin pressure

A family-controlled community bank that became a top-20 US bank overnight by acquiring Silicon Valley Bank's assets — now generating $2B+ in annual earnings with a fortress balance sheet

The power bottleneck breaker -- Bloom Energy's solid oxide fuel cells deliver on-site electricity to data centers that can't wait years for grid connections

A serial acquirer of life sciences and diagnostics businesses with the Danaher Business System — a perpetual compounding machine that creates value through operational excellence and recurring revenue

Bank of America is the best-positioned mega-bank to compound book value at 12-15% annually — a Munger-quality franchise trading at 1.3x tangible book with rising interest income, digital scale advantages, and a deposit base that functions as a permanent low-cost moat.

The dominant global mobility and delivery platform with a network effect moat, $52B in revenue growing 18%, and operating leverage finally delivering 11% margins and $10B in free cash flow

A two-sided market monopoly in search advertising with massive AI optionality, trading at a reasonable multiple of depressed-by-capex earnings

The most disruptive e-commerce platform in the world — PDD Holdings operates Pinduoduo (China's fastest-growing marketplace) and Temu (the cross-border juggernaut reshaping global retail)

The world's largest aircraft lessor with a fleet of 3,600+ aircraft — a scale monopolist in aviation leasing with pricing power, tax efficiency, and a structurally growing market

The enterprise software monopoly with the most credible AI strategy — Azure + OpenAI partnership positions Microsoft as the primary infrastructure provider for the AI era

PDD Holdings is the most capital-efficient e-commerce platform in the world — a relentless cost-leader generating $17B in free cash flow at 10x earnings, with Temu opening a $500B+ international addressable market that the stock prices at zero.

The most detailed Berkshire Hathaway analyst on Earth — Bloomstran's annual 100+ page letter dissects Berkshire's intrinsic value and consistently finds it undervalued

The world's most dominant e-commerce and cloud computing platform — Amazon's AWS, advertising, and retail flywheel generate $78B in net income with operating leverage accelerating

A deep-value turnaround bet on the dominant rural discount retailer — Dollar General's 20,000+ stores serve underbanked communities with essential goods at unbeatable prices

The Berkshire of aerospace parts — sole-source proprietary components with 48% EBITDA margins and unmatched aftermarket pricing power

The most contrarian bet in AI -- Aschenbrenner is betting $747M (almost entirely in call options) that Intel's fabs become essential to the AGI buildout America needs

Bitcoin as a monetary revolution — Murray Stahl's Grayscale position reflects his thesis that Bitcoin is a scarce digital asset that will appreciate as fiat currencies debase

A global credit ratings oligopoly with 40% operating margins — one of only three firms with the government-granted license to rate sovereign and corporate debt worldwide

Berkshire Hathaway is the ultimate permanent holding — a $1.1 trillion conglomerate with $325B+ in cash, $370B+ in equity investments, and the largest insurance float in the world, trading at just 1.5x book value under a proven capital allocation succession plan.

Alphabet at a reasonable multiple despite owning the world's dominant search engine, the #3 cloud platform, and the leading AI research lab — Ackman's bet on the infrastructure layer of the internet

A deeply out-of-favor digital payments pioneer with $33B in revenue, $5.5B in free cash flow, and a $45B market cap — a potential turnaround story at 8x free cash flow

Berkshire Hathaway as the ultimate 'capacity to suffer' investment — Russo's thesis that Berkshire's structure allows for multi-decade compounding without short-term pressures

Leveraged exposure to Occidental Petroleum through warrants — Watsa's bet on energy security, carbon capture leadership, and a Permian Basin powerhouse backed by Warren Buffett

The data and ratings backbone of global capital markets — a regulated oligopoly with 39% operating margins, now supercharged by the IHS Markit merger

A world-class alternative asset manager compounding fee-related earnings at 20%+ — KKR's transition from a buyout shop to a diversified asset management platform

Alphabet at a reasonable valuation — Francis Chou's bet on the world's most profitable information monopoly with $73B in annual free cash flow

China's dominant e-commerce and cloud computing platform at a deep discount — Tepper's contrarian bet on Alibaba's recovery as China stimulus and regulatory easing unlock trapped value

Alphabet as the Sequoia Fund's largest holding — the successor to the legendary Buffett-connected fund sees Google as the defining information monopoly of the 21st century

A branded timeshare platform with embedded recurring revenue, attached to the Hilton brand — temporarily impaired by integration costs and loan loss provisioning, creating a deep-value opportunity at 6x forward earnings

A deep-value turnaround bet on an iconic athletic brand — Under Armour trades at 0.3x revenue with $5B in sales and a new CEO executing a brand-rebuilding strategy