As of July 2026
Eight positions, each with a one-line thesis. Full reasoning for new picks lives in the monthly updates.
New store throughput (Chipotlanes) and pricing power without discounting keep unit economics ahead of the rest of fast casual. Full equity research report and DCF live in the report PDF, linked from the July entry.
Direct-to-consumer mix shift and inventory normalization set up a margin recovery story. China demand is the main swing factor to watch.
New leadership's turnaround plan — store simplification, faster throughput — is a real re-rating case if it works, but traffic trends have to stop slipping first.
Held as the comp for CMG and SBUX: a mature, franchise-heavy model that's a useful benchmark for unit economics and margin structure.
Services keep expanding operating margin even as hardware growth flattens. The large-cap anchor of the book — held for stability more than upside.
Membership renewal rates and steady comps make this the "boring compounder" position — low drama, consistent execution.
Network-effect economics on payments volume, with very little direct credit risk. A bet on the continued shift away from cash generally.
Streaming profitability inflection plus parks pricing power make the bull case, but content spend cycles and segment complexity are real risks.
Eight positions, opened July 2026. Add or remove cards as positions change — keep this page to the current snapshot; the reasoning history lives in the monthly updates.