“A twenty-year exchange monopoly meeting its first real competition”
CME's 20-year near-monopoly on US interest rate futures is facing its first credible competition from Coinbase and Kalshi perps, threatening pricing power and multiples
“airlines, where two of our favorite names spent eighteen months getting punished for things that had nothing to do with whether they make money”
United Airlines was punished for 18 months due to an Iran-war jet-fuel spike unrelated to its earnings power; fuel normalizing and EPS expected to nearly double from 2026 to 2027
“Boomers checking into senior housing”
Senior housing REITs are compounding occupancy gains as Boomers age in; WELL is the dominant operator and is under-owned vs AI names
“A resurgence in fintech”
Robinhood is the fintech resurgence story — prediction markets, crypto perps, and retail brokerage all growing fast while the name remains under-owned vs AI
“Sold-out stadiums”
Live Nation's sold-out stadium season and DOJ settlement resolution remove the antitrust discount while demand metrics set new records