Anthropic filed its S-1 this week, and everything else I read seemed to be arguing about it. I came away with one question: what exactly is the buyer of this stock paying for? Damodaran says it's a single revenue assumption. Noah Smith says it's a moat that may not exist. Azeem Azhar says the value...

Damodaran spent the month on the difference between pricing a company and valuing one. Once I had that lens, I kept finding the same gap elsewhere. One AI lab's revenue jitters are moving Treasuries more than CPI. Index-level earnings look heroic while the median household goes backward. The...

Nobody in my reading pile disputes that the AI build-out is enormous. They disagree about who pays for it. Ritholtz and Scanlon say you can already see the bill in bond yields. Damodaran says it is accumulating in private credit. Visser argues the whole "debt endgame" frame keeps failing because it...

Intro Back around 2013, my father decided to purchase a gaudy sports car. I don’t exactly know why he did it, but he went to the dealership and bought a 2013 Hyundai Genesis Coupe. It’s a nice car, but it was very obviously meant for presentation over practicality. For nearly a decade and a half we...

Most investors frame Google's AI story around Gemini, Search, and Cloud. That misses the real asset: DeepMind as a research engine that's betting on what comes after the current transformer wave. The market may be underpricing Google's ability to win the next architectural shift in AI — not just...

Microsoft (MSFT) at $378: Accumulating the AI Operating System at a Discount Microsoft is down 32% from its August 2025 peak. At $379, you're buying one of the best businesses ever built — triple-moat, 46% operating margins, 18% revenue growth — at a PEG of 1.22. That's not a distressed company....

SiriusXM closed today at $27.52, up 52% from its December lows and trading above both its 50-day and 200-day moving averages for the first time in years. The market is re-rating this stock from "terminal decline" to "value with optionality." The question is whether that re-rating is real — or...

Workday closed today at $122.63, down ~56% from its 52-week high of $276. That's not a dip. That's a 12-month bear market in a single ticker. The company is doing $9.55B in revenue, $2.78B in free cash flow, has a 97% gross retention rate, and is being priced like the market thinks AI is going to...

If you’re buying a stock for the long term (3-5 years plus), it’s good to buy below the 200-day moving average. CRWD is below that (red trend line) now. So this is a true trend reversal you can buy into. There is some support in the chart at $240 and then $200. After that, support is at $140 and...

Last month I took an initial look at Pfizer, the company and the stock. In that post, I go through the process I typically do when looking at a stock with fresh eyes. I checked out the charts to get a handle for the recent price action, did a little reading, and browsed the company's fundamentals....