Trade
ledger.

The market had written off Meta over the metaverse spend, and the multiple compressed to single digits on depressed earnings. But the core apps were still throwing off huge cash. When a high-quality business gets priced like it's broken and the fundamentals say otherwise, that's the setup I want.

Still holding. Two main buys, July 2022 around $166 and October 2022 around $125, for a blended basis near $145. Up roughly 348% with the stock at $650.00.

Google fell out of favor in early 2025. Search disruption fears and antitrust regulation pushed the stock to a valuation you rarely see on a business that good. My view was that while the market thought Google was behind in AI, they had the distribution and the capital to get back in the race, and they did, with Gemini 3 in late 2025. I expressed the view through LEAPS for torque on the re-rate.

The contract is up from a $5,255 cost basis to an $18,525 mark as the disruption narrative faded and the multiple recovered.

Back in a name I know well. The market has treated Meta's AI capex as a massive negative, but I saw it differently. That spend has the potential to be a huge positive, and even if the ROI proves weak, Meta keeps the optionality to cut it. I built the position with a mix of calls and cash-secured puts around a ~$540 basis, selling puts at levels I was happy to own the stock and using calls for upside as the AI story plays out.

Roughly +20% against the stock basis with the shares at $650.00. Built between March and June 2026, right around the $520 low.

This one is about Korean memory names trading at single-digit PEs with cheap implied vol relative to how those same stocks were moving. I think memory is a secular shift, not a peak-cyclical story. If AI demand holds the way I expect, these were priced like the cycle was about to roll over when the setup said the opposite.

Up 176% from a $3,300 average cost to a $9,100 mark. Entered 2/5/26 with the underlying at $120; EWY has since run to a $220.89 high before settling near $172.