Disclaimer: This blog is a personal documentation of my own investing journey, thoughts, and experiences. It is intended solely for self-documentary purposes and general informational sharing. It does not constitute investment advice, financial recommendations, or personalized guidance.

Nothing on this blog should be interpreted as a solicitation to buy or sell any securities, or as an endorsement of any investment product, strategy, or service.
All information is provided "as is" without any warranties of accuracy, completeness, or timeliness. Past performance discussed is not indicative of future results.
Investing involves significant risks, including the potential loss of principal. Readers should conduct their own research and consult with qualified financial professionals, such as registered investment advisors, before making any investment decisions.
As a CFA charterholder, I adhere to the CFA Institute's ethical standards, but this blog does not represent professional services or advice in any capacity.

By reading this blog, you acknowledge that you are responsible for your own financial decisions and that the author assumes no liability for any actions taken based on the content herein.

“Investment is most intelligent when it is most businesslike.”

- Warren Buffett

Coverage

Block Inc (NYSE: XYZ)

Q4 2025: Block’s Rally Is Catalyst-Driven, Not Moat-Driven; Downgrading to Hold Following 28% Price Appreciation Since Initial Coverage; TP $71

Munger-Style Practical Thinking: Inverting Block

Merchant + Consumer Fintech Platform | Two-Sided Ecosystems Create Wide Moats | Initiate Buy; TP$68 (Feb 2026)

KuaiShou (HKEX: 1024)

Q4 2025: Moats Remain But I Was Wrong About the Reinvestment Needed to Sustain the Moats — Cutting TP to $50 from $95 as Asset-Light Dreams Give Way to Asset-Heavy Reality

Q3 2025: Structural Moats Support Long-Term Positioning; Maintain Buy at HK$95 (Lowered from HK$112)

China social‑commerce leader with defensible moats; AI‑driven content cost curve falling supports long‑term value creation; initiate Buy (Oct 2025)

ChangXin Memory Technologies (SSE: CXMT)

Pre-IPO: State-backed DRAM player achieved peak competitive position precisely where it is forced to leave. (April 2026)

Affirm Holdings Inc (NASDAQ: AFRM)

Munger-Style Practical Thinking: Inverting Affirm (March 2026)

LendingClub (NYSE: LC)

A Commoditized Loan Manufacturer Being Squeezed Between Consumers Demanding The Lowest APR and Institutional Buyers Requiring High Risk-Adjusted Yields; Initiate at Neutral; TP $12.4 (March 2026)

Blend Labs (NASDAQ: BLND)

White-label software platform that modernizes loan origination; Market optimism on Mortgage Rebound Underestimates Share Erosion and Consumer Banking Headwinds; Initiate Sell; TP $1.4 (Dec 2025)

OneStream (NASDAQ: OS)

Jan 2026: OneStream agrees to $24 cash buyout after IPO in July 2024 at $20: Offer represents 31% premium to prior close and 33% above estimated fair value.

Q3 2025: OneStream's competitive positioning within the CFO-office SaaS market remains intact but valuation is fully reflected at current levels; Neutral Rating; $18 Target Price.

CFO‑office SaaS leader with durable moats but valuation full; initiate at Neutral (Sep 2025)

Blackline (NASDAQ: BL)

SaaS platform to modernize invoice-to-cash and financial close functions; Resegmentation and Agentic AI signal potential turnaround yet valuation full. Initial at Neutral; TP: $44 (Dec 2025)

Gaia Inc (NASDAQ: GAIA)

Q3 2025: Market validates thesis - Gaia lacks durable business moats now reflected in stock; Neutral rating despite 29% decline since coverage

Streaming platform dedicated to alternative content but effectively a speculative biotech investment underpinned by unproven technology; initiate at Neutral (Oct 2025)

Upstart Holdings Inc (NASDAQ: UPST)

AI-driven lender in a commoditized market; path to profitability unclear; initiate Sell (Aug 2025)

Bumble (NASDAQ: BMBL)

Q3 2025: Hinge gains reflect consumer preference shift; significant execution risk with AI platform; Neutral rating, Entry lowered to $3 from $5.

Women‑first dating app; initiate at Neutral (July 2025)

Curiosity Stream (NASDAQ: CURI)

Q3 2025: Shares +24% post-earnings; Market overestimates licensing long-term durability and renewal probability; Maintain sell rating; $2.5 target price

Niche SVOD shifting strategy but path to results highly uncertain; initiate Sell (July 2025)