Core Insights - Uber reported its fastest growth in years, with gross bookings increasing by 22.5%, driven by an 18% rise in monthly users and improved frequency of use [1] - Free cash flow (FCF) grew by 42% throughout 2025, indicating strong financial performance [1] - The company expanded its Autonomous Vehicles (AVs) into multiple markets and saw a 55% increase in Uber One membership [1] Company Strategy - The investment philosophy emphasizes accumulating quality compounders at a discount, focusing on sustainable long-term growth rather than speculative investments [1] - The company seeks to identify firms with strong growth potential, shareholder-friendly capital allocation, and minimal dilution, supported by favorable market trends [1] - Current sector focus includes Technology, Autonomous Vehicles, Logistics, and Fintech, highlighting a diversified investment approach [1] Market Positioning - The methodology involves deep fundamental analysis to uncover asymmetric risk opportunities, where the market may undervalue a company's competitive advantages or future prospects [1] - A notable example is Google, which was undervalued despite significant advancements in its core business through AI [1] - The goal is to achieve an annualized portfolio growth rate of 15% or higher by leveraging market dislocations [1]

Investment Philosophy - The company focuses on accumulating quality compounders at a discount, emphasizing sustainable wealth through long-term compounding rather than speculative investments [2] - The investment strategy targets companies with strong growth potential, shareholder-friendly capital allocation, and minimal dilution, supported by favorable secular trends [2] Sector Focus - Primary sectors of interest include Technology, Autonomous Vehicles (AVs), Logistics, and Fintech, indicating a diverse investment approach [2] Methodology - The company employs deep fundamental analysis to identify asymmetric risk opportunities, where the market may misjudge a company's competitive advantages or future growth [2] - A quantitative mindset is utilized to stress-test valuations against various market scenarios, ensuring robust investment decisions [2] Current Holdings - Top high-conviction holdings include Uber, Google, and Brookfield, reflecting a focus on companies with strong market positions and growth prospects [2] Performance Goals - The objective is to achieve an annualized portfolio growth rate of 15% or higher by capitalizing on market dislocations [2]