Before a global outage brought CrowdStrike ( CRWD ) into worldwide focus back in July of 2024 , the stock seemingly only knew one direction - up. After the incident, many investors feared that payments for the damage causedI am an investor and analyst with a strong focus on long-term compounders, high-moat businesses, and structurally growing industries. My core interest lies in identifying durable companies with economic resilience, pricing power, and capital efficiency — the kind of businesses that outper ...

December 17, 2025 05:02 AM GMT Telecom & Networking Equipment | North America 2026 Outlook: Network Effect Networking returns in 2025 were largely concentrated in AI and the optical trade (+100% return YTD). We believe AI trade will continue for optical through the 1H, though look towards a broader set of names that could outperform in 2026. Upgrading MSI to OW, remain OW AXON, CSCO, ANET. Key Takeaways AI trade broadened out from semi names in 2025, helping infrastructure names, particularly within optical ...

Liquidity & TVL - The next 12-18 months will reveal the strength of the network effect surrounding liquidity/TVL [1] Competitive Landscape - The industry is observing whether Ethereum will maintain its dominance [1] - The industry is questioning if other chains will close the gap and surpass Ethereum [1]

Core Viewpoint - Amazon is a dominant company with a strong market position and a significant opportunity for investors as its shares are currently trading 10% below their record high, making it an attractive buy before 2026 [1]. Group 1: Company Performance - Amazon's shares have increased by 579% over the past decade, indicating strong long-term growth [1]. - The current share price is $233.22, with a market capitalization of $2,493 billion [4][5]. - The stock is trading at a forward price-to-earnings ratio of 29, suggesting a reasonable valuation despite its historical performance [5]. Group 2: Competitive Advantages - Amazon possesses multiple durable competitive strengths, including a strong online marketplace that benefits from network effects [2]. - The company has significant switching costs for merchants and AWS customers, which discourages them from moving to competitors [2]. - Amazon's large scale provides a cost advantage, particularly in logistics, enabling fast and often free delivery [2]. - The brand name of Amazon is highly regarded, further solidifying its market position [2][3]. Group 3: Market Dynamics - The stock is currently 10% off its peak, prompting investor interest in buying the dip [1]. - The trading range for the day is between $230.22 and $233.28, with a 52-week range of $161.38 to $258.60 [4][5]. - The average trading volume is 48 million, with the current volume at 20 million [5].

Solana Ecosystem & Network Effect - Solana's competitive advantage lies in its community and user base, not just transaction speed or low fees [1] - Building a strong network effect requires providing value and something to believe in, not just attracting liquidity [1] - Projects like Monad, with over 10 thousand holders on Solana, exemplify this approach [1] Value-Positive Infiltration - The new strategy for success involves creating value for Solana users and expanding the ecosystem for everyone [2] - This model is based on genuine competition rather than simply extracting resources [2] - The era of "vampire attacks" (siphoning liquidity) is over; the focus is now on value-positive contributions [2]

Core Insights - Visa is a leading player in the digital payments industry, benefiting from a strong network effect and an asset-light business model that allows for high profit margins [4][6][8] - The company has a significant global presence with 4.8 billion payment credentials and acceptance at over 150 million merchants, making it the most widely held and accepted card [4][5] - The growth of digital payments presents substantial opportunities for Visa, especially as many regions still operate primarily on cash [8][9] Group 1 - Visa's network effect incentivizes merchants to accept its cards, enhancing its market position [4][5] - The asset-light business model enables Visa to expand its reach without heavy investment in customer acquisition or infrastructure [6][8] - Visa's competitive advantages include strong cash flow and a proven track record, making it a favorable long-term investment [8] Group 2 - The ongoing transition from cash to digital payments positions Visa to capitalize on future growth opportunities [9] - Visa's operational margins are among the highest in the industry, allowing it to maintain a competitive edge [7][8]

Core Insights - Visa's fiscal 2025 results indicate strong business performance with double-digit percentage increases in revenue and adjusted net income, despite a modest stock price increase of 3.8% year-to-date as of November 18 [1][3] - The company benefits from the ongoing trend of rising electronic payment adoption, which presents significant growth potential [3] - Visa's impressive net margin of 50% highlights its exceptional profitability [3] Business Strengths - Visa is characterized by a powerful network effect that enhances its competitive position in the market [4] - The company's durable growth and incredible profits make it a strong business, although current stock valuation may not present an attractive buying opportunity [5][7] Valuation Considerations - Visa's stock trades at a price-to-earnings ratio of 31.9, which may limit its ability to outperform the market in the long run [5] - Investors are advised to consider stock valuation before making investment decisions [7]

Ethereum L1 & L2 Transaction Overview - Ethereum L2 扩展了以太坊的覆盖范围和网络效应 [1] - 以太坊 L1 和 L2 的总吞吐量达到历史新高 [1] - 10 月份处理了约 8 亿 (800 million) 笔交易 [1]

Ethereum Network Expansion - Ethereum L2 扩展了以太坊的覆盖范围和网络效应 [1] - 以太坊 L1 和 L2 的总吞吐量达到历史新高 [1] Transaction Volume - 10 月份处理了约 8 亿（800 million）笔交易 [1]

Ethereum Network Activity - Ethereum L1 和 L2 的月交易数量统计显示 L2 扩展了 Ethereum 的覆盖范围和网络效应 [1] - L1 和 L2 的总吞吐量达到历史新高，10 月份处理了约 8 亿笔交易 [1]