$ASML - ASML is described as a monopoly in a key part of the semiconductor value chain with disciplined capital allocation, representing Pat's largest position.
$META - Meta has been Pat's longest-held position since 2015, never becoming wildly overvalued and reaching extremely attractive valuations at 9x EBIT in late 2022.
$COSTCO - Costco is cited as a canonical example of scale economy shared, where the company passes scale benefits along to customers rather than taking excessive pricing power.
Bearish:
$COSTAR - CoStar's lack of experience with failure and CEO's reduced ownership stake raised concerns about alignment and willingness to pull back on unsuccessful spending in competing with Zillow.
$UTILITIES - Utilities are characterized as structurally unattractive industries that are difficult to make money in, filtered out from the investment universe.
$ENERGY - Oil and gas companies are described as price takers with huge parts of their future not under their control, making them structurally difficult businesses.