@www.incrementalreturns.co
Another concentrated high-quality investment portfolio.
https://incrementalreturns.co
https://incrementalreturns.co
Why GMO’s quality team has made Healthcare its second largest allocation.
Quality Opportunities in Healthcare
Recent underperformance across the Healthcare sector has set the stage for a compelling long-term opportunity, particularly among higher quality companies.
www.gmo.com
January 28, 2026 at 4:03 PM
Why GMO’s quality team has made Healthcare its second largest allocation.
Most investors spend hours analyzing moats and margins.
But they'll invest in a company without analyzing the CEO.
The business model matters. But the person running it matters too.
A great CEO can turn a decent business into a compounding machine. A bad one can destroy it.
But they'll invest in a company without analyzing the CEO.
The business model matters. But the person running it matters too.
A great CEO can turn a decent business into a compounding machine. A bad one can destroy it.
January 27, 2026 at 6:02 PM
Most investors spend hours analyzing moats and margins.
But they'll invest in a company without analyzing the CEO.
The business model matters. But the person running it matters too.
A great CEO can turn a decent business into a compounding machine. A bad one can destroy it.
But they'll invest in a company without analyzing the CEO.
The business model matters. But the person running it matters too.
A great CEO can turn a decent business into a compounding machine. A bad one can destroy it.
Amazon's Trainium chips cut AI training costs 30-50% vs NVIDIA through lower manufacturing costs and aggressive pricing.
Amazon Trainium: Scaling AI Without Breaking the Bank
In this article, I am publishing a comprehensive deep dive into Amazon’s custom ASIC chip, Trainium. I will cover the technical details, as well as the performance, costs, and strategic factors of this unit, and what they mean for Amazon and the broader semiconductor ecosystem.
www.uncoveralpha.com
January 27, 2026 at 4:14 PM
Amazon's Trainium chips cut AI training costs 30-50% vs NVIDIA through lower manufacturing costs and aggressive pricing.
Reposted
ICYMI: I looked through a published archive of Boston newspapers from the 1760s, when British troops were stationed in the city.
The accounts read remarkably similar to what's happening in Minneapolis.
radleybalko.substack.com/p/two-cities...
The accounts read remarkably similar to what's happening in Minneapolis.
radleybalko.substack.com/p/two-cities...
Two cities under siege
Remarkably similar scenes from Boston and Minneapolis, 260 years apart, show a federal government betraying its founding principles.
radleybalko.substack.com
January 27, 2026 at 1:25 PM
ICYMI: I looked through a published archive of Boston newspapers from the 1760s, when British troops were stationed in the city.
The accounts read remarkably similar to what's happening in Minneapolis.
radleybalko.substack.com/p/two-cities...
The accounts read remarkably similar to what's happening in Minneapolis.
radleybalko.substack.com/p/two-cities...
CME Group's moat in 4 factors:
1️⃣ Network effects: Liquidity attracts more liquidity
2️⃣ Switching costs: $22B clearinghouse locks traders in
3️⃣ Barriers to entry: Competitors can't break the chicken-and-egg problem
4️⃣ Intangible assets: Exclusive licenses & data
For more on each one 👇
1️⃣ Network effects: Liquidity attracts more liquidity
2️⃣ Switching costs: $22B clearinghouse locks traders in
3️⃣ Barriers to entry: Competitors can't break the chicken-and-egg problem
4️⃣ Intangible assets: Exclusive licenses & data
For more on each one 👇
January 26, 2026 at 6:02 PM
CME Group's moat in 4 factors:
1️⃣ Network effects: Liquidity attracts more liquidity
2️⃣ Switching costs: $22B clearinghouse locks traders in
3️⃣ Barriers to entry: Competitors can't break the chicken-and-egg problem
4️⃣ Intangible assets: Exclusive licenses & data
For more on each one 👇
1️⃣ Network effects: Liquidity attracts more liquidity
2️⃣ Switching costs: $22B clearinghouse locks traders in
3️⃣ Barriers to entry: Competitors can't break the chicken-and-egg problem
4️⃣ Intangible assets: Exclusive licenses & data
For more on each one 👇
Reposted
Payment processors were against CSAM until Grok started making it
Payment processors were against CSAM until Grok started making it
“The industry is no longer willing to self-regulate.”
buff.ly
January 26, 2026 at 4:40 PM
Payment processors were against CSAM until Grok started making it
Superior customer acquisition and retention let Netflix extract more value from IP than traditional studios ever could.
Netflix and the Hollywood End Game
Netflix is driving the Hollywood end game, likely confident it can increase the value of IP, and fend off YouTube.
stratechery.com
January 26, 2026 at 4:45 PM
Superior customer acquisition and retention let Netflix extract more value from IP than traditional studios ever could.
Incremental Insights #82
✅ Netflix wins
✅ GMO’s quality team on their increased healthcare allocation
✅ Youtubers’ best stock picks
✅ Netflix wins
✅ GMO’s quality team on their increased healthcare allocation
✅ Youtubers’ best stock picks
Incremental Insights #82
The best of what I read, listened to, and watched during the week
www.incrementalreturns.co
January 25, 2026 at 3:41 PM
Incremental Insights #82
✅ Netflix wins
✅ GMO’s quality team on their increased healthcare allocation
✅ Youtubers’ best stock picks
✅ Netflix wins
✅ GMO’s quality team on their increased healthcare allocation
✅ Youtubers’ best stock picks
Why Ed Yardeni’s “Roaring 2020s” Economy & Markets Are Alive and Well
Why Ed Yardeni’s “Roaring 2020s” Economy & Markets Are Alive and Well
In 2020, influential strategist Ed Yardeni predicted the economy & markets were entering a “Roaring 2020s” decade. So far, he’s proven the naysayers wrong. H...
youtu.be
January 23, 2026 at 6:31 PM
Why Ed Yardeni’s “Roaring 2020s” Economy & Markets Are Alive and Well
High P/E ratios don't guarantee overvaluation.
Quality companies that consistently beat growth expectations and maintain competitive advantages can justify premium multiples.
Quality companies that consistently beat growth expectations and maintain competitive advantages can justify premium multiples.
When 40x P/E is a Bargain
Lessons from a 1992 short-seller attack and the mechanics of "beating the fade"
www.flyoverstocks.com
January 23, 2026 at 4:03 PM
High P/E ratios don't guarantee overvaluation.
Quality companies that consistently beat growth expectations and maintain competitive advantages can justify premium multiples.
Quality companies that consistently beat growth expectations and maintain competitive advantages can justify premium multiples.
Business Breakdowns does a deep dive into one of my favorite positions right now, GE Aerospace $GE
GE Aerospace: Full Throttle
Podcast Episode · Business Breakdowns · 11/14/2025 · 59m
podcasts.apple.com
January 22, 2026 at 6:31 PM
Business Breakdowns does a deep dive into one of my favorite positions right now, GE Aerospace $GE
The 4 factors that built $CME's economic moat
https://www.incrementalreturns.co/p/cme-the-exchange-empire-economic-moat
https://www.incrementalreturns.co/p/cme-the-exchange-empire-economic-moat
January 22, 2026 at 5:23 PM
The 4 factors that built $CME's economic moat
https://www.incrementalreturns.co/p/cme-the-exchange-empire-economic-moat
https://www.incrementalreturns.co/p/cme-the-exchange-empire-economic-moat
AI-generated ads from scratch beat human experts by 19% in real Google campaigns.
And AI edits of existing human designed ads failed.
And AI edits of existing human designed ads failed.
Digital Advertising's "Bitter Lesson" Moment
Eric Seufert recently had an interesting podcast with a couple of professors who authored the paper titled “The Impact of Visual Generative AI on Advertising Effectiveness”.
mbideepdives.substack.com
January 22, 2026 at 4:03 PM
AI-generated ads from scratch beat human experts by 19% in real Google campaigns.
And AI edits of existing human designed ads failed.
And AI edits of existing human designed ads failed.
Tomorrow’s post breaks down the 4 key factors that lead to CME Group's wide economic moat.
✅ Why liquidity attracts more liquidity
✅ The $22B clearinghouse advantage
✅ How exclusive licenses lock in traders
Subscribe here 👇
www.incrementalreturns.co
✅ Why liquidity attracts more liquidity
✅ The $22B clearinghouse advantage
✅ How exclusive licenses lock in traders
Subscribe here 👇
www.incrementalreturns.co
January 21, 2026 at 6:53 PM
Tomorrow’s post breaks down the 4 key factors that lead to CME Group's wide economic moat.
✅ Why liquidity attracts more liquidity
✅ The $22B clearinghouse advantage
✅ How exclusive licenses lock in traders
Subscribe here 👇
www.incrementalreturns.co
✅ Why liquidity attracts more liquidity
✅ The $22B clearinghouse advantage
✅ How exclusive licenses lock in traders
Subscribe here 👇
www.incrementalreturns.co
5 CEO traits that separate wealth creators from value destroyers:
1. Visionary long-term thinking
2. Independent, contrarian mindset
3. Deep customer insight
1. Visionary long-term thinking
2. Independent, contrarian mindset
3. Deep customer insight
January 20, 2026 at 6:02 PM
5 CEO traits that separate wealth creators from value destroyers:
1. Visionary long-term thinking
2. Independent, contrarian mindset
3. Deep customer insight
1. Visionary long-term thinking
2. Independent, contrarian mindset
3. Deep customer insight
Reposted
A joke for the history buffs.
January 20, 2026 at 12:39 AM
A joke for the history buffs.
Reposted
The Nobel Peace Prize becoming so prestigious that wars are fought over a head of state coveting it is some real monkey paw stuff for Alfred Nobel.
January 19, 2026 at 8:47 AM
The Nobel Peace Prize becoming so prestigious that wars are fought over a head of state coveting it is some real monkey paw stuff for Alfred Nobel.
CEOs that have a vision invest for the long term
January 18, 2026 at 8:02 PM
CEOs that have a vision invest for the long term
Incremental Insights #81
✅ Oil 2050
✅ when a 40x P/E ratio is still cheap
✅ & what makes GE Aerospace such a good business
✅ Oil 2050
✅ when a 40x P/E ratio is still cheap
✅ & what makes GE Aerospace such a good business
Incremental Insights #81
The best of what I read, listened to, and acted during the week
f.mtr.cool
January 18, 2026 at 3:33 PM
Incremental Insights #81
✅ Oil 2050
✅ when a 40x P/E ratio is still cheap
✅ & what makes GE Aerospace such a good business
✅ Oil 2050
✅ when a 40x P/E ratio is still cheap
✅ & what makes GE Aerospace such a good business
CEOs that lack vision
January 17, 2026 at 3:23 PM
CEOs that lack vision
Reposted
It’s the weekend. Treat yourself, America. Your luxurious $3 meal comes with one whole M&M tonight.
January 16, 2026 at 6:22 PM
It’s the weekend. Treat yourself, America. Your luxurious $3 meal comes with one whole M&M tonight.
Robotaxis and Suburbia
Robotaxis and Suburbia | Stratechery by Ben Thompson
Read the Article: https://stratechery.com/2025/robotaxis-and-suburbia/Links: Stratechery: https://stratechery.comSign up for Stratechery Plus: https://strate...
youtu.be
January 16, 2026 at 6:02 PM
Robotaxis and Suburbia