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
$APP— Ram added to his AppLovin position after strong earnings growth (20-50% range mentioned for various names), viewing the post-earnings drop as a buying opportunity in a market where quality names are selling off despite strong fundamentals.
$REXX— Ram initiated a position in Riley Exploration, an oil and gas producer with natural gas exposure (powering data centers), citing dramatic earnings growth and a forward P/E under 5x with significant free cash flow generation in the Permian Basin.
$CI— Ram added to his Cigna position, calling it a quality compounder trading at sub-10.4x earnings with good earnings growth, shareholder-friendly policies, and less policy risk due to lack of Medicare Advantage exposure. He views it as substantially better than bonds.
$Z— Ram initiated his first-ever position in Zillow after a 17-point post-earnings drop, viewing it as a dominant brand trading at a bargain valuation with mortgage rates likely topping, and seeing significant opportunity to refactor the real estate experience with AI.
$MSFT— Ram bought Microsoft for the first time after avoiding it during the 2023-2024 run, now finding the valuation attractive especially given their evolving relationship with OpenAI and the deal structure they have in place.
$ENERGY— Ram recommends energy sector exposure as a portfolio diversifier and geopolitical hedge, highlighting free cash flow yields of 10-20% (some names at 40%), with particular interest in natural gas producers that power data centers. Views it as substantially better than bonds.
$AIMODELS— Ram sees AI-linked stocks as more attractive now than in 2023-2024, with better valuations combined with stronger evidence of revenue traction. He highlights Anthropic's projected $60-80B revenue run rate and Claude Cowork's productivity as evidence of sustainable adoption across enterprise, government, healthcare, and other sectors.
Bearish
$NET— Ram explicitly states Cloudflare is way too expensive and has no interest in the name despite it reporting earnings.
$SNOW— Ram views Snowflake as way too expensive with significant competitive threats, citing firsthand evidence of Capital One weaning off Snowflake by building an internal data lake stack, demonstrating customer churn risk and competitive pressure from Databricks.