Bullish and bearish opinions expressed in this episode, paired with supporting transcript quotes. The quote confirms what was said—not whether the opinion is correct.
Bullish
$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.