The Compounding Letter - July 2026
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Invite the Unexpected: Introducing Randomness
Often we do not realize this, but we spend most of our lives building walls. We build routines. We build expertise in our field. We build circles of familiar people, familiar ideas, familiar places. Every year we become more efficient at navigating a world we already know. Efficiency feels like...
AppLovin — The GOAT Compounder?
AppLovin is an AI-powered advertising technology platform whose mission is to create meaningful connections between companies and their ideal customers. Founded in 2011, the company was historically organized around two segments — Advertising and Apps — but completed a major strategic pivot on June 30, 2025, when it divested its entire...
Uber Technologies — The Asset-Light Mirage Cracking Under AV Pressure
The famous investor Bill Ackman has invested heavily in Uber stock, first revealing a position in Q1 2025 with a $72-76 average buy price range. Other investors around the world are calling Uber one the most under appreciated opportunity in the market right now. But is it really? Uber...
The $650 Billion Bet: How Cloud and AI Infrastructure Really Make Money
And who gets burned if the AI bubble deflates Every week a new headline announces another hundred billion dollars flowing into AI datacenters. Microsoft, Amazon, Google, and Meta have collectively pledged over $650 billion in capital expenditure for 2026 alone — more than the GDP of Sweden. Investors are simultaneously thrilled...
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