The Secular Trend Toward Fitness and Longevity – And A Great Stock To Play It
The article highlights a secular shift toward premium fitness and longevity among affluent consumers, positioning Lifetime Fitness (LTH) as a prime investment. LTH now runs 189 high‑end clubs, posted 11.1% comparable center revenue growth in 2025, and lifted its adjusted EBITDA margin to 27.5%. Valued at roughly 17 times its 2026 EPS guidance, the company is also pioneering mixed‑use developments by adding luxury apartments to its facilities. The piece briefly notes other hot stocks like Teladoc and Block, and a WSJ warning on Under Armour.
The Most Important Thing
The article argues that learning from one’s mistakes is the single most important factor in achieving mastery, outweighing technical knowledge alone. It cites Howard Marks’ list of investing principles, Warren Buffett’s 25‑year shift from “cigar‑butt” value to quality businesses, and...
Macro: The Holy Grail Of Investing
The article argues that macro forces now dominate equity performance, yet most investors shy away because timing cycles is notoriously difficult. Historical examples from Keynes to Warren Buffett illustrate repeated macro‑timing failures. Howard Marks’ calibrated, probabilistic approach is presented as...
Office REITs May Be The Best Value In The Market
Bloomberg’s Thomas Kennedy says the office market bottom is in, citing rising software engineer postings and booming San Francisco office space. Office REITs have fallen 40‑60% since 2020, creating deep valuation gaps across BXP, KRC, CUZ and HIW. Current pricing shows...
The Permabulls and Iran
On Monday the S&P 500 closed essentially flat after permabulls rushed in on the opening dip, echoing Michael Burry’s “greatest buy‑the‑dip generation” claim. The optimism was short‑lived as escalating tensions in Iran prompted a market rethink. The author warns that...
FRPT: Thinking Long Term To Beat Wall Street
Freshpet reported Q4 2025 earnings, with shares slipping nearly 4% as Wall Street focuses on slowing sales growth. The company highlighted an expanding pet‑parent market, now 36 million households, and its 4% share of the $38 billion dog‑food sector. Core “MVP” customers—2.4 million...
Data Center REITs Are A Conservative Way To Play AI
The AI spending surge is rewarding infrastructure providers more than software developers, with data‑center REITs emerging as a conservative play on the trend. Equinix and Digital Realty benefit directly from hyperscalers’ massive compute investments, delivering immediate revenue growth. Equinix reported...
WELL: What To Do When Your Stock Gets Overvalued
The author revisits his "Buy right and sit tight" philosophy after confronting overvaluation in two holdings—Walmart (WMT) and senior‑housing REIT Welltower (WELL). While Walmart’s stock surged to a 50x forward P/E, the author sold too early, missing upside, yet still...
PYPL Is Too Cheap And Will Reward Patient Shareholders
PayPal (PYPL) is trading at a steep discount, with its stock price near $40 representing a 7.6‑times earnings multiple. The company plans a $6 billion share‑repurchase program in 2026 that could retire roughly 16% of its diluted shares, boosting earnings per...