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
$ADAMS— Travis Kalanick's new physical AI/robotics venture generating $450M revenue with potential Uber partnership. Ram sees it as part of the software-to-hardware shift and is considering investment, ranking Travis in his top 10 favorite founders for his tenacity and execution ability.
$APP— AppLovin growing revenue 50% with strong earnings, trading sub-20x forward P/E (cheaper than S&P) despite much faster growth. Ram believes management talked down the stock due to SBC timing and sees it as mispriced.
$COLL— Biopharma company Call described as dirt cheap with earnings growth and free cash flow generation, appearing mispriced.
$REPX— Riley Exploration is a family-owned Permian Basin oil/gas company with substantial earnings growth and strong cash flow generation that Ram has owned before and recently repurchased.
$TEAM— Software sector showing strength with Atlassian up 30% on double-digit growth as coders are being hired and demand increases for coordination, observability, and security tools.
$GOOGL— Ram dismisses concerns about Google losing senior engineering leadership, citing dense talent pool, ability to attract top 1% talent, and powerful platform/distribution/data advantages.
$ROBOTICS— Structural shift from software to hardware/physical AI identified as the new investment theme, with money flowing toward bringing AI to the physical world through robotics and automation.
$AIMODELS— Ram remains constructive on AI adoption story, citing real productivity growth and positive ROIC on AI investments as fundamental drivers.
Bearish
$COST— Costco highlighted as an example of what not to do - down for the year, emphasizing that valuations matter especially for S&P 500 companies.