All The Stocks I Own In My Portfolio (And a NEW Buy)

Hello everyone, and welcome back. In this video, I want to share my portfolio and explain step by step why I bought specific stocks. I will tell you all of my holdings. I will share everything, and I recently sold one stock and I bought a new stock, and I've never made a video about it. So, you will have the exclusivity on this video.

So, I want to start with the biggest position, the biggest holding I have, and then I will go down the list. Let me not waste more time. And this is the portfolio. So you can see, you can make a screenshot if you want. You start with Fortinet, MEI, and you scroll down, and you scroll down, and this is the position. The new buy is TSSI, and I will explain the reasoning. For the moment, it's just a starting starter position, 2% position, it's very new and very volatile. This is also the reason why it's only 2%. I will explain the thesis behind this one. I will explain why I did not sell Lamb Research, and I will explain Adobe, like all these starter positions. Okay, so you will have the explanation.

My portfolio is public, by the way. In case you don't know me and you are new to this channel, welcome. My name is Christopher. I'm a public investor. I've been investing for almost a decade, and I have averaged a performance of roughly 25% per year. 24%, 25% per year. It depends on 2026. And for the moment, the performance is very good. I'm very happy with the performance. As you can see here, my profile is public on eToro. Just go to this link. I mean, type by lane my name on eToro, and you will find everything. And now the performance is what? 14.36%. And I can compare this with the S&P 500. This is in French. Give me a moment. Uh, 8.35%. So that's six points of outperformance while being invested in software companies like Adobe. So you can have some winners, some losers, and still outperform the market. So I'm very happy with that. Okay, with that said, the stats are here. The portfolio is public. Anyone can check. And we can start with the first positions.

The portfolio is designed to be two things. One, an inflation hedge. I want my companies to raise prices. I want to invest in companies with pricing power. So they have like spectacular gross margins. They can raise prices. Uh, they can have immense pricing power in case they have specific problems. And I believe inflation is here to stay. I've been saying the same thing since 2022, uh, 2020 actually. I mean, once you had this mega stimulus plan, all the doors were opened, and uh, you had the massive inflation coming in 2021, 2022, 2023, 2024, 25, and now 2026. So I think inflation is here to stay, 3%, 4% for many years in the future. Inflation is so, um, sustainable that now you have some central banks raising rates because of rising inflation. Europe just raised its rate, Japan, of course, Australia. So you will have some countries, some continents all over the world that are raising rates because inflation is coming back. And this is a risk, right? If you have a company without any pricing power, they will suffer because of, because of inflation. If they have an inflation of, I don't know, 10%, your costs go up 10%. If you cannot raise your price of your product, of your service, by 10%, you cannot offset inflation, so your margins go down. I hate this scenario. So I just reverse engineer this scenario, and the only way to benefit from this situation is to invest in companies with immense pricing power. They have no difficulty to raise prices. Why? Because their services are so good.

Okay, so this is a good transition to my first pick. First pick being Fortinet. Fortinet is now 22% of my portfolio, and I bought the stock less than one year ago. Almost a double for this video. I want to take my time. Okay, so grab a cup of coffee. You will be with me for a moment here. I bought Fortinet a few months ago when the mood was not great for Fortinet. I bought Fortinet in August 2025 because the stock fell 30%. Look at this. August, July 2025, minus 29%. Like, boom, because of several reasons. At the time, the stock went down because of, um, refresh cycle that was weak. In case you don't know Fortinet, they sell hardware, so firewalls for cybersecurity, but also software. It's a bundle, right? You buy the equipment, and then you have the software installed with the equipment. So, it's a beautiful ecosystem. And once clients pay for Fortinet, they stay with Fortinet. You have immense switching costs in the cybersecurity industry. Once you have trained all your data staff, your IT guys, to operate with Fortinet, you don't switch. Okay? Once you have built a relationship of five years with Fortinet, you don't switch. The value you get for the price you pay is immense for Fortinet. If you want to compare this with other cybersecurity providers, Fortinet is maybe five times cheaper than Palo Alto and their services. Okay? So you can really have a good performance, a good cybersecurity provider for a fraction of the price. So value, price, I mean, it's a good deal. So most of the time, Fortinet is seen as this, and I agree, like it's a cheap provider of good quality service. So you have no incentive to switch, and you have this refresh cycle for firewalls, for hardware. Every three or four years, you have a new update, a new firewall, and then a refresh cycle. For example, 2020 was a refresh cycle, a first refresh cycle because of the work from home environment, the digital world, COVID. You had a push to have the best equipment possible. So, everyone had to pay for a new version, a new generation of firewalls. So, that is called a refresh cycle. And then in 2025, the refresh cycle came, but it was a little bit weak. And we came in summer 2025. The management team said, "Uh, yeah, we are the middle of the refresh cycle. It's already done by half." And it resulted in what? $400 million. It was not enough. Frankly, if you compare the small refresh cycle of 2025 to the big refresh cycle of 2020, like it's a night and day difference. So, yeah, it seems like people did not like this. And at the time, Fortinet was trading at a high valuation. So if you disappoint while having an expensive valuation, you can be sure Wall Street will not like it. And, uh, the stock went down immensely, 30%. I bought the dip immediately after because I knew Fortinet because I had been monitoring Fortinet for five or six years. I bought Fortinet in 2020 for their first refresh cycle I just talked about. I bought in November 2020 and I sold almost at the top here. Okay. So I know the company quite well. Founder, the management team is, uh, very much present. The CEO and the CTO are two brothers, and they both own 7% of the company. So 7 + 8 or something like this. So the two brothers founders own 15% of the company. It's a company that has no debt. Let me show you what I mean. It's a company that has growing revenue. Revenue has been growing 20% per year for 20 years. You have spectacular margins. As I told you, I want pricing power. So, I want high gross margins. Gross margins are at 80%. Operating margins are at 30% and growing. What do I have here? Revenue. Look at this revenue up and to the right in blue. They have no debt. You can see the amount of cash in green compared to the amount of debt in red. So, minimal debt. They took on more debt in 2021 when it was free, and they did not use it. Okay. And you have a growing free cash flow, as you can see here in blue. So all the charts are perfect. Perfect. And, uh, they are doing smart buybacks. When the stock is dropping and the valuation becomes cheap, they do large buybacks. The stock dropped in 2020, large buybacks. The stock dropped again in 2022, large buybacks. And the stock dropped in 2025. Large buybacks. So perfect. It's a wonderful investment case. It's a stock that is definitely in my top five, top five best businesses I have ever seen. Top five best businesses of the world. The management team is perfect. The industry is perfect because we are in the growing industry, right? Cybersecurity, switching costs are huge, pricing power is huge, margins are spectacular, stickiness is immense, the ecosystem is thriving, and we are in an industry that will benefit from this digital world.

By the way, if you want to become a better investor and improve your performance, I have a coaching program. It gives you the exact method I've used to generate 25% per year for almost a decade. More on that at the end of the video. And now, as you probably know, AI is ruling over the world. AI is the big thing. So do you think in the future you will need more cybersecurity or less cybersecurity in the next 10 years? I think we will have more. So do you think you will have more demand or less demand? I think you will have more. And Fortinet is a big player in this industry. They have everything. They have the ecosystem. They have the hardware. They have the software. They can do whatever you want. You have this big bundle. Fortinet is not a one-trick pony like a CrowdStrike with only software, for example, or Zscaler. They have everything. You want a little bit of that, you have this, you have this, you have this, and you can cross-sell, upsell your customers to have this beautiful ecosystem. And it seems like it is working because the revenue is going up 20% per year, free cash flow 20% per year. Life is good. But for some reasons, as always in the stock market, if your stock is expensive and you disappoint a little bit, boom, you crash and you burn. Which means I had the track record. I had done the work before. I knew the company before. So, I was ready to buy heavily in August 2025. And this is a good reminder because it will help you for many other stocks. The more coverage you have, the more following you have, the more stocks you follow on a, on a quarterly basis, I would say, the more ready you will become when one of them drops, one of them drops. So I knew Fortinet very well, and I was waiting for a buy price. Actually, a good price action when fundamentals were okay and the valuation became cheap, and this is exactly what the market gave me in summer 2025. So I bought heavily in August, and then you wait a little bit. No recovery. Nobody wants my Fortinet. Okay. At the same time, Fortinet is creating a new buyback program, an immense buyback program, the biggest buyback program they have ever made, which means the management team thinks they are cheap. So I'm happy to double down, and I double down here. And then I triple down in February 2026. So I bought 5%, and then doubled down 5%, triple down 15%. 15% of my portfolio in Fortinet. And then the green flags accumulated. The green flags were coming and coming and coming. Some signs that the AI cycle would force a new refresh cycle faster than ever because now you need to defend yourself against AI, uh, cyber guys. The bad guys using cybersecurity to hack you. So all the companies think the same. So, yeah, why not use the best new model from Fortinet? They released their new ASIC chips. They released their new firewall, the 5.5 version. So, yeah, Fortinet is ready to fight with new AI weapons, AI tools. Guess what? Customers want the best. They don't want to mess up with cybersecurity. So everybody is increasing their cybersecurity budget and forcing this new refresh cycle. And suddenly, after months and months and months of doing nothing, the fundamentals started to improve drastically. So revenue accelerating right away. In May, you had a terrific quarter. Product revenue, so firewall, firewalls went up like 40, 41%. The, the sales towards data centers, warehouses, all the equipment up 70%. The new refresh cycle is here. The margins are spectacular. The backlog is spectacular. The billings are growing again, 31%. Like the thesis turned out exactly as planned, and I can show you the financials here. The revenue growth is picking up. The revenue is back. Look at this refresh cycle in 2020, 2021, and then digestion, and then boom, we start again, growth rate of 20% for the revenue. At the same time, you had the KPIs for product revenue. Look at this on a quarterly basis. Refresh cycle of 2020, and then digestion, and then boom, big reacceleration. Product revenue up 40%. Same thing is true for the billings. Billings, so form of backlog, refresh cycle of 2020, and then digestion, and then boom, plus 30% more billings. And I think this trend will continue. I think these lines will go up in the future. So I think it could be a mistake to sell Fortinet now because if you look at the stock price, it was up largely, right? But if you look at the valuation, we are, uh, how can I say it, a little bit expensive, but not as expensive as people think. Let me show you what I mean. This is your valuation, the EV to free cash flow excluding SBC. I created this metric to have the, I think it is the best metric to look at Fortinet, and it is what we have in summer 2025. This metric was at 47 for a refresh cycle that was not here. So it was not justified. I did not buy Fortinet at this high valuation because the fundamentals were okay, but not great, like we had no green flags. The valuation dropped to 33. I bought the dip. The valuation dropped again, 30, 28, and we were as low as, uh, 25. It was very cheap here. Like you can see the bottoms. I bought at around this price, this valuation in late 2020, and then the valuation became cheap again in 2023, 2023, 2024, and now 2026. Okay. And now, because the stock has rebounded so much, the stock is becoming expensive now. Will I trim? Will I sell it? No. I'm happy to ride this wave. It's a long refresh cycle, and I think the guidance is too conservative. I think in the next quarter, they will beat and raise. So they will become cheaper than what you think. Now, if you look at this metric, we are back to a high valuation. If you look at the, what can I show you? I can show you the price to free cash flow or PE ratio. Um, no, free cash flow can do the work. And the forward price to free cash flow, forward price to free cash flow, you will see there is a gap in red. This is your price to free cash flow at 44. In blue, this is the forward price of cash flow of 39. What is priced in in the forward price of cash flow? You go to fiscal, you go to estimates, revenue percentage change, and you have this, what is projected for the top line for the revenue. The revenue for 2026 is expected to grow at 15%. The revenue for 2027 is expected to grow at 10%. And the revenue for 2028 is going to grow 10%. This is what Wall Street thinks. I think Wall Street is wrong. I think they are too conservative on the numbers. That's not their fault. Well, partially it's because Fortinet raised their guidance, and it is the guidance they gave us, like a growth rate of 15%. I don't believe it is true. I believe they are sandbagging the guidance, which means I think the numbers will be higher. I think the growth rate will be higher. I think the revenue will grow at a faster pace, which means the free cash flow will be higher, the margins will will stay stable. So it will go to the bottom line, net income will be higher, etc. So the valuation you see on this one, the valuation you see on the forward price to free cash flow, forward P ratio, I think they have to be adjusted. I just don't believe this number. I have been following Fortinet so many years. I know when the numbers are good or not, when they are fake or not, when they are too high or not. In 2021, late 2021, we were at 44, and I sold. I knew it was too high because the refresh cycle was already done, and you had, I mean, all the momentum was before. Now we had 40. I don't think it is too high. Okay, because it's just the beginning of a new refresh cycle. Like we are just getting started. And do you think AI will stop in one year or not? I mean, do you think the need for cybersecurity and AI will stop there? It's good guys. We had one quarter of acceleration. Will it stop there? No. I mean, I don't think it is true. I think with the rise of AI, the rise of threats will just increase a lot. It can 2x, 3x, which means the demand will skyrocket, which means in 2026, they will print cash. I think it will turn into seven. They will also print cash. So I'm happy to not sell one share. One share and just hold, hold, hold.

And now, because the stock is only going up, I've received some comments. Is it a good time to buy now Fortinet? Uh, come on guys. I've been publishing videos on this channel for one year. I told you this is the best opportunity I see for 2026. For one year. I made plenty of videos like this is the best deal I have. I'm buying the dip. I'm buying the dip. I'm buying the dip. If you really wanted to be a shareholder, it was before. So, sorry for the guys who missed the boat. But, uh, now is not the time to buy. I would not buy at current prices. I'm not selling, but I'm not a buyer. The valuation is okay. Before, we were cheap. Now, we are fair value or a slightly bit expensive. We are not excessively expensive, but we are on the expensive side, which means I'm not buying. I would not be a buyer today. Okay. So for anyone wondering, is this a good buy right now? And if we are early, is this a good buy? I, I would not buy right now. Okay. I cannot tell you legally what to buy, what to sell, but I can tell you I would never buy one share now. Too late. It was before, and I made my points very clear when I was buying in 2025 that it was the best opportunity I saw in the market. The number one. And I'm very happy because a lot of my, uh, clients inside my coaching program followed me because we talked extensively about Fortinet inside the coaching program. We analyzed everything, and a lot of them invested in Fortinet when I was buying. We, uh, increased our conviction along the way, and they all made a fortune. So I'm very happy for them, actually. Okay. So this is for the first position, biggest position. I think it's my best conviction for 2026 overall. Things have just improved. The thesis is wonderfully intact, 100% right, 100% correct. Everything that I said in the past, everything has happened. So, I'm very happy with that. Quite lucky, quite, uh, skillful. You do whatever you want with this information. But all the predictions turned out to be true. And I'm still very bullish on Fortinet for the future. I will hold and do not sell, and I'm happy to let it grow. It is now 22% of my portfolio. So be it. If it drops, I will take it like a man. Just so be it. I want it to grow. I go to 25%, go to 30%. I'm very confident because in 2020, when I first bought Fortinet, like the, uh, like six years ago, I made it a huge position, 15% or so, or 20% of my portfolio, and it tripled. So I know the kind of potential Fortinet has. I know how they can sandbag their guidance. In 2023, the stock was impacted so bad because they decreased their guidance twice. Listen to me because this is maybe the only video that will talk about this. You have one other YouTube channel that is talking about this, Cheap Investor. In case you want to go and check, wonderful content, by the way, on on Fortinet. And, um, you know what? Let me show you. Cheap Investor Fortinet. They had, they had a coverage for many, many years of Fortinet. Their videos are wonderful. This one, Cheap Stock Investor. So go and subscribe, like. This is wonderful. I'm still watching all their videos, by the way. So Fortinet was very optimistic for their guidance in the past, and in the, in 2023, they got hit in the face. Boom. Twice in a row. Boom. You reduce your guidance twice in a row. Boom. The markets didn't like this at all. And since 2023, Fortinet has acted like a scared dog. I don't know how to translate this in English, story guys. But since 2023, they have been very conservative on the guidance. Yeah. Yeah. We will not shoot for the stars. So since 2023, it was an easy beat and raise, like every quarter is easy to beat. All the results are very slow, very, uh, steady, not spectacular. And as I showed you before, the last quarter was spectacular. So easy beat and raise, and they raised the guidance for a growth rate of 15%. But as I showed you before, the revenue is accelerating to 20%. They said in the earnings call that this trend is accelerating. So you are telling me you are growing 20%, and this line is expected to go up, but your guidance is lower than before. So I, I just don't buy it. I think Fortinet will continue to beat and raise and continue to raise their guidance for 2026. And I think Wall Street is too pessimistic on this one. And it's not the first time I'm seeing this. I saw the exact same pattern in 2020. Fortinet and Wall Street analysts not understanding the story. That's fine. I'm happy to be very bullish on Fortinet for the moment. It is a winning trade from 2020, and now because the fundamentals are improving. So I am not selling one share. I can just hold and hold and hold. So be it. It can grow into a massive position. I'm happy with that.

Okay. Second position I have in my portfolio is quite big also. It's MEI. I bought the dip very recently, actually. I bought the dip and bought the dip and bought the dip, and every time I bought the dip, the CEO bought the dip. So I think it's a wonderful business. MEI is a company not in the cybersecurity industry, but they sell analytics, data, index provider, benchmarks, and they are very asset-light. The margins are spectacular. The moat is very wide, and the stock has done nothing in five years. Which means five years ago, the stock was good, but very expensive. The company was good, but very expensive, like P ratio of 60, 70. And since then, for the past five years, fundamentals have improved, and if the stock price doesn't grow and the fundamentals improve, valuation comes down. So what is the forward price of free cash flow? You can see in 2021, we reached a forward price of cash flow of 50, 50, and the valuation has dropped from 54 to now 27, cut in half. And I bought the dip and bought the dip, and when it was at like 24, 25, I bought the dip heavily in February. It dropped massively. I bought a lot more at 25, 24. I think it's too cheap. I think MEI is a good deal right now, actually. Even today, MEI, full disclosure, is my second, uh, best idea for 2026. And to be honest, I have only two big ideas for 2026. I've been saying this for months. You can check my old videos. I only have two ideas coming into 2026. Fortinet, MEI. Two best ideas. The rest are lower convictions. So this is why these are my two big positions. Fortinet, MEI. Fortinet is my best idea. This is my best conviction, highest allocation. MEI is my second best idea. This is 15% of my portfolio. So if I'm right, if the analysis is right, I make a fortune. For the moment, I'm beating the market. So this is working. And, uh, I think I will be right because now the MEI stock price is not great, right? We are not moving a lot. I can show you on GuruFocus what that means. Uh, you can look at this on the year-to-date performance. The stock is up 6%. Is not great, but the margins are at all-time highs. The revenue is up and to the right, as you can see here. Net income up and to the right. The free cash flow up and to the right. I mean, everything is wonderful for MEI. I like this setup. For Fortinet, everything was up and to the right. For MEI, it is exactly the same. They have more debt, but it's manageable, and they have a 20% return on invested capital. It's a measure for efficiency, which means they are always very efficient, and they are doing smart buybacks. When your stock was cheap in 2015, 2016, massive buybacks. When the stock became expensive in 2021, you can see zero buybacks. And now the stock is dropping in 2025, they did 5% buybacks. So again, the same pattern, growing fundamentals, growing margins, smart buybacks. And again, the CEO is the founder, Mr. Henry Fernandez, is the founder, he's the CEO, and he owns 3% of the company. So exact same pattern between Fortinet, MS, and MEI. This is why I have been generating 25% per year because I had, I just invested in the same pattern again and again and again. It is a winning formula, and it works, and I think I will be right on MEI. If I'm wrong, this video will age poorly. That's okay. The, the stock price has not done nothing in three years, and people have gave up on MEI. Well, I'm happy to take all their shares. People are giving up and selling. I'm happy to buy everything, and I want to buy more. If for some reason MEI is dropping tomorrow to a lower price, I'm happy to buy more. I, I mean, you want the full disclosure, I bought more at 610. So, not a long time ago, actually. I bought more, uh, I can show you stock price more recently so you see better. The stock price went up in May, and I bought more at $610. And I want the stock price to go down in the short term, and I have one month. I will explain why. I want the stock price to drop now. Actually, like tomorrow, today, drop to 560. I think I want to buy more than 160. Why? Because the CEO just bought the dip at $565 in May. You see this small drop here? Boom. He bought the dip again. He's buying all the dips, but he's timing the dips very, very well. And all the time he buys, that's the bottom, local bottom. So, very good market timing from the CEO. I think if the stock price drops, he will buy again. So, if the stock price drops tomorrow at $560, I will buy more. I mean, not certain, but it's highly, highly likely I buy more. I want to increase my exposure because the company will report earnings in one month, and I think they will beat and raise. And I think I don't know if this video will age poorly or not. Anyway, let me say it. I think the next quarter in one month will be a shocker quarter for MEI. I think the revenue will accelerate much more than people think. Maybe they continue to do buybacks. Margins will go up, and the index segment, their cash cow, will shock positively. This is what I think. Maybe I'm right, and the stock is up 10%. Maybe I'm wrong, and the stock stays flat or goes down 10%. Anyway, what can be sure is during this time between now and the report, I will not sell one share. It's either I hold, and that's a big position, big portfolio allocation, or I buy more. This is how bullish I am for MEI. And if the stock price drops because they fail and they miss the targets, so be it. So be it. It's a long-term investment. I'm happy to be patient and waiting. I'm a buyer of any dips. The story is actually getting better, and we're accelerating, and I think for the revenue growth rate, we are going to accelerate. This is what I think. You can see that the stock is a little bit, um, the revenue is cyclical. It follows market cycles, and in 2020, 2021, the revenue went up like 20% back to back to back, and then went down, and went up again, 20%, went down, and now we just reached a growth rate of revenue of 14%. They were helped by the analytics segment. So in reality, you have to adjust, it's not 14, but 13. That's okay. It's still a reacceleration for me. I think the growth rate for the next quarter, like in one month, can go quite high, above 14, 15%. If it doesn't accelerate, I will be disappointed, but I think it will accelerate. Okay. And if everything accelerates, if the revenue goes back to high teens, 17, 18, maybe 20, you can expect a rerating. I talked about a forward price to free cash flow of 27. Why does it deserve this valuation? If this is a high-quality compounder with a wide moat, before it was always trading above 30. In 2020, 2021, it was expensive. Why doesn't it deserve a high valuation? If this is a high-quality business, why is the valuation so low for this high-quality compounder? I think the results will improve, and the valuation will go up. So double positive here. So I'm bullish.

Third position I have is Mastercard. I'm actively buying the dip right now on this one, and I want to increase my exposure. Again, it's 14% of my portfolio, and I want to buy more. So please go down, please. I'm happy to be patient on this one. You have many risks of Mastercard: regulatory risks, stable coin risk, disruption, the CCPA, the buy now, pay later. You have a small, I mean, you have other countries that are circumventing the Visa and Mastercard rails, which means you have India, for example, with their own internal segment, Europe with their own internal segment, Brazil with their own internal segment. So people want to move away from Visa and Mastercard, but I think this fear is a little bit overblown, and Visa and Mastercard are still printing cash. You have minimum little incentives for customers, actually, for governments moving away from Visa. Mastercard makes sense. Europe, for example, wants to move away from Visa and Mastercard because they want to move away from the US hegemony. Fair enough. This is a good argument. They want to be independent with their own independent payment, payment system. Okay. Will they do it? I'm not sure. Will they succeed? I'm not sure. Why? Because they already tried 15 years ago, and they failed. And now it's the round two. They will try again. Let's see if they fail or they succeed. Also, you have small merchants that want to move away from Visa and Mastercard, like Walmart, for example. You want to have your own, uh, Walmart payment with your card. I think it will fail. Why? Because they already tried 15 years ago something called, um, it's something with a big C. Uh, oh, I'm blanking on the name. It's like a three syllables and with a currency. Yeah, current C with a big C. Like all the merchants doing a big lobby together and creating their own system of payment. They failed. No attraction, whatso traction. Like, and now they're doing it again. I think will they will fail again? Maybe they will, maybe they will not. I'm taking the side of things will be fine for Visa and Mastercard, and the valuations have dropped significantly for Visa and for Mastercard. I think these two businesses are very similar. In case you hesitate and you wonder why am I a buyer of Mastercard and not Visa, I think they are pretty similar. I think you are buying roughly the same. So I don't care, either it's Visa or Mastercard. Mastercard is growing slightly more, and they have more of a data segment. So you have small tiny differences in terms of stock prices. Visa and Mastercard move along. So I don't care. I could switch tomorrow if I wanted to. Okay. Visa, Master, I just don't care. It's the same. It's the same chart, actually. You can look at history. Exactly the same performance. So now, as you can see, the forward price to cash flow is quite low for Mastercard, 23, which means it's too cheap for a high-quality compounder. A dual poly, a tall booth, I think they deserve more. So I'm buying the dip, and I'm happy to continue to buy the dip. They are doing massive buybacks. They know they are cheap. Margins are at all-time highs for Mastercard. Everything is growing 20% per year. Life is good. What is so worrying Wall Street at the market right now are just temporary difficulties, regulatory problems. I think things are less worse than people think. Things are a little bit more positive than the worst-case scenario. And I mean, if, if even if you have risks, even if you have a regulatory problem, even if Europe moves away and you have this, wow, thing, you have this SEPA account-to-account thing in Europe. And in big markets, will they kill Visa and Mastercard? No, they will just steal some market share. And then what? So revenue can get a hit for Visa and Mastercard, but Visa, Mastercard can still be profitable, still grow, maybe not 15%, but 10%. Still have wonderful margins, big expansion, and you have plenty of countries that are only using Visa and Mastercard. Also, Visa and Mastercard, they have the data segment, the value-added services segment, which means they collect data on the payments. Even if they lose market share, you will still have cards and Visa and Mastercard like payments. So you can still collect data and sell this data. So the ecosystem is still working even on a bad scenario when they lose market share, regulatory, it's a mess. This is still working. So Visa, Mastercard will still print cash. What is the multiple you deserve in this situation? I mean, your guess is as good as mine, but it's the high-quality compounder. If you are in a bad scenario when the business is getting hit, you deserve what, between 15 and 20. Now we are in 20, 23. So it can go lower, but it will never deserve a price of cash flow of 10. Right? We are talking about Visa and Mastercard. We are not talking about retailers here, a small shop that is unprofitable. We are talking about a disgustingly profitable business model with a very, very wide moat and a lobby of banks that will help you. They have bank lobbies that can die for them. They are printing cash for the sake of the ecosystem. And I think the lobby for banks is very powerful in the US. So I think the fears are overblown. Let's see if I'm right. I'm buying the dip. Okay, you know the reasons why.

Next one on the list is Brookfield. Brookfield is now 11% of my portfolio. It was higher in the past because the stock went up a lot, and I trimmed the position to have a better risk-reward opportunities like MEI, for example. I think in terms of risk-reward, what you pay, what you get, the kind of return, the kind of risk you have, Fortinet is a better risk-reward than for than Brookfield. So I'm happy to trim and allocate into higher conviction bets. Okay. Brookfield is a very high-quality compounder. It's a very high-quality company. The management team is very, very good. Bruce Flat has been here for what, 30 years? They know what they're doing. The business is very difficult to analyze. The only reason I am buying Brookfield is I have a master's degree in accounting, which means I can detect things that are not normal, and I can go past the GAAP accounting, the normal accounting that you see on the headlines. I can see deeper than this. So I have analyzed thoroughly Brookfield and the alternative asset managers. And I bought Brookfield in 2023 when you had some worries about real estate and interest rates. Nobody was talking about Brookfield back in the day. So I bought the dip and doubled down and tripled down, and made it my first position in 2023. And it went up a lot. It went from 30, 25, what, 25, 30 to now 60. So easy double in three years. And now I'm seeing all the opportunities with better risk-reward. So I'm happy to trim. It was 15% of my position portfolio, now 11. So I trimmed twice or three times. I think I'm happy to continue to trim. I think Mastercard is a better risk-reward than Brookfield. So why not trim Brookfield? Okay. So Brookfield, in case you don't know the company, it's an infrastructure play, energy play, and asset management play, and wealth management play, and kind of an insurance policy ecosystem at the same time, real estate, high-quality real estate, premium real estate play, all of this under the same umbrella. They have many companies at the same time, and the way they monetize infrastructure is not upfront. They sign many deals to create many data centers, and they will collect the fees after a few years. So now what is happening is they are building AI infrastructure, the AI buildout story, like a big electricity data center project with many players. They have record inflows, record fundraising. So I mean, capital is here, business is fine, but the fundamentals are not following. Why? Because you have a delay, and the fees you will collect are in a few quarters, maybe one year, one year and a half, now 2027, I think. I can be patient on this one. The fundamentals are slowing down. The quarters, the quarter was so-so last quarter. It was not so great. The tone was bullish. The deals are bullish, but the fundamentals are lagging. What you see, this is not great, but this is not a red flag. You have other YouTubers, great YouTubers. The biggest one following Brookfield and the best one is Daniel Prank. So, please go and watch his Brookfield videos. These are the best videos about Brookfield. This is also the reason why I'm not making a lot of videos about Brookfield because he's doing everything. He, the best videos are for Daniel Prank. Please go and subscribe and like all his content and go watch his videos about Brookfield. And he is now trimming his position a little bit to allocate into a better risk-reward opportunity. So we are having the same philosophy here of just looking at all the opportunities in this market. In 2026, you have plenty of stocks that are down. So why not reallocate things that have worked into things that will work in the future? If your goal is to outperform the market, uh, I mean, I like to do this, and this is a winning strategy. I have generated the 25% per year, and all the portfolio is public. So you can see my trades in real time. Okay. I think I will continue to trim, but I don't know when exactly. Like when I see a good deal, when you have Mastercard dropping a lot, I'm happy to trim. I'm not in a hurry. I think the fundamentals will catch up and be fast. But not in 2026. I think it's a story for 2027.

Okay, now we go below 10%. Below, so we are not in the core holdings anymore. We are in the medium-sized allocation. Google, 80% of the portfolio. I recently trimmed Google, and I'm happy to continue to trim Google because I don't like what I see. I'm looking at Google, and I see a company that is pivoting a lot from asset-light to capital-intensive, from very much a lot of visibility to almost zero visibility, and now they are spending everything they can on capex, capex, capex. I did not buy Google for that. Full disclosure, I have been a Google shareholder since 2018. I'm not new with the company. So I know what is happening. I know that they had the idea of ChatGPT before OpenAI, and they decided to not release it because it was not ready. I know how bad, uh, their new, their first ChatGPT models were. It was called Bard at the time. They were completely woke. You had like an image generation system. You say to Bard, generate an image of Vikings, and you had black females. Okay. Generate an image of a French man 1,000 years ago, and you had like Indian people, black people. No, not so much, actually. So very strange what is happening. And they shut down this, uh, bad model after bad dramas. I followed everything. How bad things can get, how good things can get because they fixed all their issues, and they had a wonderful Gemini app model, a big LLM that was the biggest model in 2025, and now the worst performing one in 2026. So in terms of technology, they are the best. I think they have a lot of potential in the future, but the way to reach their goal is to burn as much cash as possible, as possible. I bought Google in 2018 because they had no debt and a lot of cash, and now they have a record amount of debt. So, uh, in the past, they had like zero debt. Now they're taking more debt and more debt and more debt to fund the capex. Also, I bought Google because they were doing buybacks. And in 2022, buybacks were very important. In 2022, the stock became cheap. So, they said, "Our stock is cheap. We will do buybacks." And now, they are not doing buybacks anymore. They are diluting shareholders. And I hate to be diluted. I just don't like being diluted. I don't care what this is for. I just don't like it. So, in the past, you had no debt. Now you have a lot of debt. In the past, you were doing buybacks, so good for the shareholders. Now you are diluting shareholders. Not good for the shareholders to do what? To fund your mega AI god. Okay. You have this growing capex that will continue to grow, and it is getting out of hand. I don't like this at all. I don't want this for my portfolio. So I'm happy to trim. Yes, it is working. Yes, the cloud is working. I know all the bullish arguments. Okay, now you are getting some traction. The good return on investment, it is getting some traction. Everything is accelerating. Revenue accelerating. The Google Cloud segment is accelerating. But they, my point is, they have to spend. They have no choice but to spend in capex for something that may be unproven, for something like creating an AI god that will maybe not be worth it in the future. We don't know if they will win. Nobody knows who will win. Microsoft and GPT or Cloud and Anthropic or Google and Gemini. Who will be the the best LLM in the future? Nobody knows. What will be the AI implementation? Nobody knows. As long as you have an alienation rate of a few percentages, it will be difficult. So, it is working, but you have to constantly spend in order to be the best. And I don't like this as a business model. I prefer to invest in MEI. They have almost zero capex. I told you about MEI before. They grow. They reaccelerate without capex. I told you about Fortinet before. They grow. They reaccelerate with zero capex. I told you about Mastercard before. They grow with zero capex. Google is growing with capex. You have a clear difference. And now they are expected to have zero free cash flow. So zero buybacks. What is the free cash flow of Google? It is declining, and it will continue to decline because I think they will raise their guidance for capex again, like they want to spend more and more and more and more. In the past, it was a free cash flow machine. I think the free cash flow will completely collapse for Google, and this is why I want to continue to trim.

And the next point is very true. To the next stock, Meta Platforms is having the same issues. Okay. There is one clear difference between Google and Meta is that the PE ratio for Google is expensive. I am adjusted for the unrealized gains. The real PE ratio is 41 for a strategy, a philosophy of spending capex that I don't like. So I'm not a fan of this high valuation in terms of risk-reward. I don't like for Meta. It's a different story because Meta is cheap. Meta right now is similarly 80% of my portfolio. I think Meta is really cheap now. They are doing the same things like spending a lot, a lot of capex. They are growing revenue like reaccelerating, but at what cost? So the philosophy of capex, I don't like either, but the stock price has not done anything for two years. The valuation is really low. The PE ratio for Meta Platforms is 20. We are not at 41. We are 20. So half the valuation. I think the risk-reward of Meta Platforms is better than for Google. You had a legendary investor, Bill Ackman, that recently opened a massive position into Meta Platforms, and he sold Google. He sold Google because the stock went up a lot, and he used the process to buy Meta because it's roughly the same business, same ecosystem, roughly the same, right? The management team is different. Meta Platforms doesn't have

An LLM like a chatbot, but roughly the same advertising business for half the valuation. So, I don't want to trim Meta. I want to trim Google because the valuation is high, but I don't want to trim Meta because the valuation is so low. I mean, I don't like the philosophy, but come on. It's just too cheap. Too cheap to ignore at this point. Okay.

And now we go at 5% allocation. These are more starting positions. First of all, you have Landbridge. Landbridge is a company that owns Lens in Texas and they have zero capex, they have zero cost and the more activity you have in Texas in the Permian Basin, the more money they generate. As you can see here, the revenue is up and to the right. The margins are spectacular, like immense margins. Zero capex and they can grow roughly 15% per year for infinity. This is good. And I bought after the IPO. I bought two years ago. The stock did not do well, actually. The stock is not like a massive win, but it's a long, long-term play. It's a hedge for Texas Pacific Land, actually. And I first bought the position at 52, around there. 52. Made a quick trade here and I made like a 30% gain. Then sold it and I bought it again at a lower price for the long term. And so far, I'm happy with the trade. So far, I made a lot of money on Landbridge because of this 30% gain that I exited and I reentered for the long term. Landbridge is not for everybody. It's small, it's new, it's shady. You are backed by a private equity company called The F Points. They are cooking the the accounting, like cooking the numbers. They are cheating a little bit, but despite all the bad points, I'm still bullish. And again, I have done the work before. I am spotting yellow flags with my master's degree in accounting. I have the ability to do this. So some things I don't like. You have a short seller called Gotham that released a short seller article that was very bad on Lindbridge. I analyzed it. I agreed on some points, disagreed on some points, but I did not sell one share because of the short seller. I did not sell anything and I'm still very bullish. So, this is all I have to say for Lbridge. I would just hold. It's a good position for me.

Uh, next one. FICO. FICO is a maybe one of the best risk-reward opportunity I see at the moment. It's 5% of my portfolio. I pray every day for the stock price to drop so I can buy more. And if the stock drops more, I will buy more. I'm extremely bullish for FICO. They have many problems at the moment. The stock dropped meaningfully. I mean, I can show you on GuruFocus. It will be fine. GuruFocus here. The stock is dropping, cut in half. We are 50% below highs. The year-to-date performance is minus 28%. So, horrible. [snorts] The margins are spectacular and growing. The revenue is up and to the right and reaccelerating since 2018. The net income is growing up and to the right and reaccelerating since 2018. The free cash flow is spectacular up and to the right and reaccelerated until, sorry, um, I'm forgetting my English, accelerating in 2018. So, things are wonderful, things are great. We have a monopoly in the US, but the stock is down because of worries, regulatory worries. What if they increased their prices too much? What if the FICO score is not great? What if you have Vantage Score? In case you don't know, FICO, they give the FICO scores in the US. So, it's a stamp of approval to judge whether somebody will have a loan, is a a good payer of loan or not. If you have a good rate or not, the ability for someone to receive a loan, and that's a language across the entire banking ecosystem and the fund, etc. And also they have an analytics department, but I don't really care about the software part. I just don't care. The majority of the profits come from the score segment. And now the score segment is under attack because of regulation, because of Vantage Score, because of price gouging. I don't think it will affect the business model. Maybe they will have to pay a fine, but that's it. It will be extremely hard to dislodge them, to hurt FICO. And for the moment, I see zero impact on FICO for all the regulatory pressures. I'm seeing zero impact for the business model. They know how to fight back. They're fighting back. And guess what? They're increasing their prices. What? They just don't care. And they're using all their cash flows to repurchase as many shares as possible. And two weeks ago, three weeks ago, they recently increased their buyback program. They bought back $1.5 billion of shares. Like that's what 5% of the company in one day. Boom. Like right now, today. So, I think for the next quarter, it's an easy beat and raise. I think for the next quarter, you will shock the world. The revenue will be immense. Net income will be immense. You have um two sides of the coin for this one. People that are bullish and buying the dip as it goes down, like the team from Chuck Akra, for example, they are buying more and buying more and buying more. Same time as me, by the way. And you have other people that are bearish. You have the legendary investor Steve Aman that is publicly short on FICO because he doesn't like the monopolistic position and pricing power. Okay, fair enough. Now that you know this information, bullish people, bearish people, what do you think? What do you think will happen? I've been following doing FICO for many years. I first bought FICO 5 years ago, in 2021, when people didn't like FICO at all, and I made a fortune. The stock quadrupled. Now the stock dropped again. The stock is dropping again. I think I'm seeing the same scenario repeat. As Mark Twain said, history doesn't repeat, but it rhymes. And now it rhymes a lot. It's a good melody to my ears. So, I'm happy to buy the dip. The exact same playbook is happening. FICO is an absolute uh monster of a buyback company. They cut one leg that was not really profitable to raise some cash and do buybacks. So instead of diversifying their business model and doing stupid acquisitions that will return their efficiency, they are happy to cut one arm off, use the cash to do buybacks to improve the efficiency. Like it's the opposite of diversification. So the opposite of S&P Global to some extent. Okay. I am not an investor in S&P Global because I don't like how bad the capital allocation, capital allocation policy was before with their diversification. They made a massive acquisition with a lot of debt, a lot of dilution of shareholders. Margins went down and now they are backing off because in 2026 they are going to sell, they spin off their mobility segment. So they acquired a lot of stuff that was sometimes bad. So they sell it now. They sell the the bad things they acquired. With FICO, you don't have this. It's about efficiency, being thin, being efficient, being fast, and margins are now at all-time highs. And I think for the next quarters, FICO will shock the world again. They just raised their prices from $5 to $10 per credit score pool. So, if you look at quarterly basis, everything is jumping hard. Look at this. You see this big jump for the last quarter, of course, I mean, you double your prices. So for the mortgage segment, B2B segment, boom, that's pure profits, which means the operating margins are up from 45% or 48 to 58. All the high profit margins for this one. And do I have a custom metric on Fiski for the score profitability? Yes. Do I have it for? I have it for both. Wonderful. Score bit margins went from 89% to 91%. All-time highs, all-time high profitability for their score segment. Pure profit play. And here is the profitability for the software segment. I don't care. It is declining. I don't care what is happening with the software segment. I just don't care at all. What is important for me is this. And I think this line will go up in the future. We are in front of a cash cow. And by the way, you can create your own custom metric on Fiski. I can show you the formula. So take a screenshot now and do it yourself. Very easy. This is the only website I know where you can create your own custom metrics, your own formulas like this. And if you want to use Fiski for free, I have a link in my description. Try it out for free for two weeks without putting your credit card. And if you like it after two weeks, it's cheaper if you go through my link. So you have nothing to lose. If you don't like it after two weeks, you don't even have to put your credit card. Life moves on. And if you like it, it gets cheaper thanks to my link. So in case you want to create an account on Fiski AI, go through my link. Like try it out. You have nothing to lose. Just try it out for two weeks. So yeah, for Fiski AI, sorry, for Fair Isaac, I'm very bullish. The thesis has not changed at all for me. I think the worries are overblown. So I'm buying the dip and I'm happy to buy the dip. The stock dropped from $2,000 to $1,000 and I bought a lot around 1,000 and I want to continue to buy more, but the stock is rebounding a little bit. So I want to be patient. Let's see if the stock rebounds a lot from there. I will be sad, but making a lot of money. So, I like this sadness. I hope for the stock price to drop a lot. Actually, I want the stock price to drop so much. I want a big crash. Please have a bad tweet from the government, Bill P, or anyone on the administration. Please make FICO crash below $1,000, below $900 because I want to buy the dip. Okay, now the stock is rebounding and I don't like this. I want the stock price to drop so much because I want to buy it so much. So this is my position. I'm extremely bullish. I don't plan to sell one share. Either I hold or if the stock goes down, I buy more. This is how bullish I am for FICO.

Okay, only three left. Three left. You have a portfolio of 11 stocks. So very concentrated because I know what I'm doing. Okay, this is how I outperform the market. I don't like diversification. I think it dilutes your attention and it also dilutes your returns. Concentration is the way to go if you want to outperform the market. Anything can work. You have Joel Greenblatt making a fortune uh with diversification. Peter Lynch making a fortune with diversification. But all the other ones concentrated, Charlie, Warren Buffett, Lee Lu, Monish, concentrated investors. It works.

Okay. Next one is Adobe. Uh Adobe is a company that is hated at the moment. I understand why. The management team left, the fundamentals have deteriorated, and you have a lot of worries when it comes to competition, AI monetization, and what is happening with the company internally. People are leaving, the philosophy of the company has changed. They are now shifting into freemium. The management team is out, CEO out, CFO out. Okay, the visibility is bad. We don't know anything, and they are changing their policy from monetization of user base to attracting free users. I don't like uh so if you want more details, I have released very recently a video for members to have a more private chat about Adobe. Like it's available on my channel. You go to video for members and you have like 40 or 50 minutes of unfiltered analysis on Adobe. I don't want this video to be public. It will stay private only for people who are members because uh it's a clear opinion that will not be appealing to anyone. So, in case you want to have access to my unfiltered opinion, just become a member and see for yourself. For the moment, I don't know what to do with Adobe position. The thesis is still here, but the deceleration of revenue, I don't like. They are taking their numbers a little bit, but the business is so cheap. The stock is so cheap. You have a forward P ratio of eight. The stock is hated at the moment, and most of the time when the stock is hated, when you have peak pessimism, it's a wonderful time to buy the dip. Okay. So now they are doing massive buybacks. They are repurchasing 6% of their shares. The revenue is up and to the right. Net income is up and to the right. They don't have any debt problem. They are efficient. They're doing massive buybacks, and now the stock is dropping uh a lot, and you don't need a lot of things for the stock to work out. Okay. Okay. So, pretty uh interesting play here. I want to keep it at 5% holding. Let's see how it goes. Let's see how it goes. After the earnings report, the last one, the stock dropped a lot, by the way. And uh we will see. We will see for the future quarters if you have a new CEO, a new CFO, a new visibility. For the moment, it's not looking good. I understand why people hate Adobe at the moment. Adobe is becoming an emotional stock, and I don't like that. This is mostly the reason why I'm not making my complete analysis public because I know how emotional people have become for Adobe. It has become a battlefield stock, battleground stock. I don't know how to put it. Either people are in love with Adobe. People saying that it's the best deal of the world. People not buying are stupid. Or people are on the other camp and saying it's an obvious value trap. People buying are stupid, and people are fighting too much. I'm reading everything about Adobe. All the I'm watching all the YouTube videos, all the Twitter posts, and I see how people become emotional on the comments, and I see how mean people have become for Adobe. So I don't want to make my video public. Okay, if you are a serious investor and you want to go deeper, uh, you can watch my video, but only for members. I don't want to make public videos on Adobe because I mean, it's not good. My my YouTube channel is small, guys. We are not even at 10,000 subscribers. I don't plan to become big, a big YouTuber. Uh, I receive enough comments for the moment. I have come to the point where I can't even read all the comments because I have so much, so many messages. And the more Adobe videos I make, the more emotional my audience will become. And I have created this channel for rational investors, not for emotional gamblers. If you are an emotional gambler, go away. This this channel is not for you. We are here to analyze fundamentals, businesses, boring stuff. I mean, my videos on Fortnite did not make a buzz, like like nobody was talking about Fortnite. We are only two people analyzing Fortnite on YouTube. You have Cheap Stock Investor and me. It's a dual bully. Nobody cares for MEI. How many YouTubers are talking about MEI? So few, right? So these are my two biggest convictions, and I'm happy to invest in boring stuff because it works. For Adobe, it's not a boring stuff. It's a very entertaining company. I agree with you. You have many arguments to be bullish, many arguments to be bearish. They fake the accounting. The CEO is leaving. It seems like people are leaving the boat that is sinking. It's bad. But at the same time, it's so cheap. They're doing massive buybacks. So it's good. So we don't know. The facts are here. The decision to invest or not is up to you. You have to take the decision. Don't borrow conviction from somebody else on the internet. So I don't want to make many videos on Adobe. Maybe I will make other videos, but only for private uh members of this channel that want to go deeper and have in more in-depth analysis. But yeah, I don't want to make a lot of videos on Adobe. I don't want to make a react on the earnings report uh publicly. I don't like this. You have other influencers, I don't know how to call it, other public investors that will do it better than me. Okay, it's 5% of 5% of my portfolio because it has dropped so much. We will see how it goes. We will see if I buy more or sell more in the future in the coming quarters. We will see.

Okay. Uh, by the way, for members of this channel, you have two tiers. You have the first one, the cheapest one, to have access to the live sessions and we can ask, and you can ask questions directly to me, and access to all the replays, by the way. And you have another another tier with exclusive videos like this one, like private videos, and videos in advance. This is what you can get, and the value you get is immense, by the way, and value is about to increase. Anyway, let's move on to the next stock. We are going into the speculative territory now. We are going to talk about a Lamb Research. Lamb Research, a stock that made me a fortune in 2025. And I did not invest when it was sexy to invest in Lamb Research. I invested in Lamb Research when you had zero videos about it on YouTube. I love it. You had moments in history when Lamb Research was uh forgotten. It's a cyclical stock. I don't know what the stock price looks like this. Maybe I have to refresh the page. I invested at $80 for Lamb Research. Why is the stock price looking like this? I don't know. I don't know. Oh, here we go. So, I invested at $80 and doubled down at $80. Like two times 80, 80. The stock dropped, and now we are almost at 400. So, you have to invest in stocks when nobody wants to touch it, to touch them when they are boring, and uh you can make a fortune if you hold at the right moment of the cycle. Lurch is very much of a cycle company, cyclical company, sorry, and you want to invest when things are ugly and not looking good. When I bought at $80 in late 2024, things were not sexy at all. In April 2025, you had a tariff drama. It dropped a lot to 60, and nobody wanted to touch anything related to the hardware, cheap stocks, hardware infrastructure plays. And now look at you at almost $400. So, it's very cyclical. I did not buy Lamb Research at 3% of my portfolio. I bought more. It was like a six% position, and the stock went up a lot. So, as the stock is going up, the position is going up. So, I started the position at about at what, six to six or 7% of the portfolio. It moved up to eight to 9 to 10 to 11 to 12, and I held, I held, I held. And when the valuation became too high, and the stock was too high, the position became too high, I trimmed. But guess what? The stock continued to go up and up and up and up. So the valuation became too high. Stock became too high. Position became too high. I trimmed a second time. And I did this again and again and again. I bought the stock when you had the P ratio, forward P ratio of 20. Now we're at 50. I don't like this. Look at this. For the past decade, this is the highest valuation ever. And this is cyclical. And this is in this AI infrastructure play that um nobody knows when it will end. So, I'm not sure, and I see this as a bad risk-reward. So, I trim, I trim, I trim, I trim. But the stock never stops. Never stops. It just continues to go up and up and up and up. So, I print cash, I print cash, and I trim. I print cash and print, and I trim and I trim. I'm cutting this tree back to a a very low valuation. This is why it's only three or four% of my portfolio. If I did not touch it, my performance would have been better for 2026, but with a higher risk, which I don't want with my portfolio. I'm not comfortable with this high, high valuation, record high valuation because of this is a cyclical stock. Okay. I prefer to invest in Mastercard, in Fortinet. I mean, I have a very good performance. Fortinet has doubled since then. It's not as if I was cutting the flowers to water the weeds, right? I'm not selling good companies to buy bad companies. I'm still buying Fortinet and MEI. I'm very happy with that. I think I will print cash with these two. But for Lamb Research, I'm happy to continue to trim and uh maybe I will keep it just for the sake of, what if I'm wrong? What if I'm wrong for Lamb Research? What if I'm wrong and we're early? What if they double their profits? Valuation will not look expensive. What if I'm wrong? So, this is why I'm not trimming back to zero. This is why I'm not selling everything. What if I'm wrong? What did I miss? I mean, I made so much gain. You see 400% gains here. I made so much gains in 2025. I outperformed the market in 2025 because I invested in Google massively and Lurch massively. Two big buys of 2025. So I outperformed the market in 2025. Now I have two big buys in 2026. MEI and Fortinet. Let's see how it goes. Uh, for the moment, it is working. We are the half of the year. What if I'm wrong for LM Research? What if it goes up? What if earnings reaccelerate because the AI cycle is still early? If I'm wrong, I don't want to be the loser that sold everything. So, it's maybe for my mental sanity that I'm not selling everything because I will become crazy if uh I sell everything and the stock goes back to, I don't know, too much. Is what, $400 right now. What if it goes to $800? The loss would be immense. The opportunity gain, opportunity cost, immense. And maybe I can't take it. So, you have to know yourself as an investor. It's not the first time I'm doing this. I'm dreaming, but not selling everything because I know the pain would be too hard for me to handle if I sell everything and I'm wrong. And I'm wrong and I sell everything. So, I sold like 80% of my position. I only kept like a small 20%. If I'm right and the stock goes down because it's too expensive, it's okay. I made a massive switch. And if I'm wrong and goes back high and high and high, I'm not a loser. This is the philosophy I have for my stocks. It will be different for you watching this video. For anyone watching, different, it will be different for everybody. For me, I know it works for me. I can sleep better at night if I'm still a little bit invested in the LM Research. So, I don't think I will trim entirely. What would be the scenario where I trim entirely? Like I sell completely back to 0% Learn Research. If I see some signs of clear deterioration of the business, yeah, fundamentals are clearly topping up and then we go down. Yeah, maybe that could be a sign. But as long as things are accelerating, I don't think I will trim. And now I see everything reaccelerating again for Lamb Research, for ASML, for KLA, for Tokyo Electron, for AMD, for Nvidia. I mean, the whole ecosystem is just thriving. What if I'm wrong? What if the valuation is not so expensive after all because everything is accelerating? So, this is why I'm still holding Lime Research. I have received many comments over the past few weeks. Why did I did I not sell entirely out of Lamb Research to buy software stocks that are going down like Adobe or FICO, for example? This is the reason. This is for my my mental clarity and uh also what if I'm wrong?

And now we are going to talk about the new pick, the new buy. You have come to the end of this video. Congratulations to you. You can leave a like to this video if you like it. You can subscribe to this channel if you like this kind of raw videos like this with no editing and a cold coffee right now. I mean, this is a long video. Leave a like, subscribe, comment if you made it so far. Congratulations. Um, this is a new position and I sold one position I had before. This coffee is I have to finish my coffee. I sold the company called AMR to fund the proceeds. So AMR is a company I bought in 2023 and I bought along the way. It is a methodological coal play to follow Chalimanga, to follow Monish PBR. I made a fortune in 2024 and I lost a fortune in 2025. Why? Because because this is a cyclical play and it follows the price of coal, coal, Australia, Chinese. It's a mess, and I won't go into too much detail, but I'm very bullish on AMR for the long term, but I'm comparing the risk-reward of 2%. AMR was a 2% position in my portfolio. So, I have 98% good strong companies, 2% speculative, cyclical. I'm having fun with the 2%. And I stumbled upon upon a new opportunity called TSSI. TSSI is a small company. It's a tiny company. Not a micro-cap, but a very, very small market cap of $300 million. It's what? Small-cap. Micro-cap. It's tiny. And I have been following TSSI since 2024. So 2024, 2025, 2026. Three years of monitoring, and I finally pulled the trigger. I did not discover the stock recently. I have been analyzing it for three years in a row, and I'm following everything. So, what is TSSI? What do they do? How can they grow? What is the valuation? Why did you buy now, Chris, and not before? Why did you buy at $15 and it is dropping to 12? So you are a loser. Plenty of good questions. I'm I'm glad you asked. Okay, let me finish my coffee. The company is selling equipment that is very boring. The company has one customer. It's Dell. D E L. You all know this company. Dell is very famous. Okay, Dell is a company that is boring, and uh the revenue did not increase in the next in the past 10 years. Nothing really extraordinary. The revenue, the profitability, things were extremely boring for years and years. Look at the revenue over time. Up a little bit, but not exponential growth, right? And what are we seeing now on a quarterly basis? We are seeing exponential growth. So the growth rate in the past was what, 2%? You have like exemplary years like 10%, 15%, and now Dell is growing revenue at 87%. Exponential growth. I want to start my analysis with this. Now, let me show you another segment from Dell called the servers and networking revenue that was growing a little bit, growing, and since ChatGPT, everything has exploded. Look at this. Stable, stable, stable, stable. And then 2023, 2024, 2025, 2026 exploding, exponential growth. What about the percentage? I mean, you can have access to the KPIs on Fiski. That's another reason why you should use Fiski. Fiski to just check the KPIs. You don't have to do the work internally. When I was working in investment funds a couple of years ago, I had to do the Excel myself, and I was the junior analyst creating the custom metrics myself, the KPIs myself for the fund managers. Now on Fiski, any retail investor can do the same in one second. This is how good Fiski is, and that's a huge timesaver. You don't have to waste your time creating all the metrics. You have everything, and uh this is the information is always right, always correct. So life is good. Look at this. Zero growth for the servers and networking revenues. Nothing accelerating in 2024, as you can see here. Uh, what is that? 2024, big acceleration, then goes down, and then boom. This segment is growing 290%. And now I want to go to TSSI. I want to make the transition because TSSI is only working with Dell. TSSI is a small company. They are they have 99% of the revenue linked with Dell and linked with this segment, servers and networking revenues. In 2024, TSSI stock went up a lot because this segment reaccelerated and went up a lot, and then this segment from Dell went down a lot. So the hype went down, then went up, then went down, and nothing really big happening. The revenue collapsed a little bit. Now a new wave is coming. A new era is coming for Dell. It's not a growth rate of 80%. It's a growth rate of 300%. Do you think it will improve the SSI or deteriorate the TSSI? My guess is it will massively improve. It will be a growth rate we have never seen before. Okay, I will come back to the what happened in 2025 later. Don't worry. Okay, so in terms of big picture, top down, this is what is happening. If you have a lot of demand, a lot of backlog, this is immense. And now if you look at Dell and their latest uh earnings report, things are phenomenal, things are of unprecedented growth, nine consecutive quarters of double-digit expansion. You have massive backlog. AI server revenue grew 700%. Things are at all-time highs, margins all-time highs. It's an inflection point. You have a lot of efficiency. You have backlog that is extremely high. They raise their guidance. They have um what do they say? Multiples. Immense backlog for the future. I'm looking for the word multiples. Multiples. Backlog that still sits at multiples. What is that? A record backlog. No, that's the orders at multiples of our backlog, which means they have too much demand and they can't satisfy this demand. They can't meet the demand because it's too high. So you have an AI capex story for Google and for Meta that is bad from an investment perspective. But you have across the value chain of AI some specific companies that are about to print cash. Lamb Research was a good example. Dell is a good example. HP is a good example. Arista Networks is a good example. Plenty of companies that are in this value chain, and things are reaccelerating faster than ever. You have an inflection point at the moment, and Dell is seeing their is seeing their best quarter ever. If Dell is thriving, TSSI will thrive. What is TSSI? Now that I explained the pitch with with Dell and the cross-reading you can do. What is TSSI? Uh, they do planning, design, deployment, maintenance, and refurbishment of end-user and enterprise systems. They build the facilities in the US. They install racks. Okay, this is how I can do it. I can say it. They install racks. If you have a a massive wave of demand for data centers, you have to build data centers and racks. Install the racks, the cabling, everything to make things. So, manpower, the human resources, uh, you have the knowledge to install the racks. If you have a lot of demand for new data centers, you have a lot of demand for racks, you have a lot of demand for cabling. And TSSI is doing this. They have two segments. Actually, they have three, but we don't care about the third one. They have two big, big segments. First one is procurement. You can look for all the Fiski AI users. Look at this. You can use revenue. You click on the arrow here. You scroll down, and you will have the different segments inside the revenue. Procurement, facilities management, and system integrations. System. Okay, these are the three big segments for the company. And let's see on the quarterly, what do we have? All right. All right. All right. All right. The blue is procurement. When the first AI wave came, TSSI was a capital-intensive business, a low-margin business. The blue line you see here, procurement is a low-margin business. Margins of what? 5%. So it's a buy and resell hardware. It's not so much cabling, right? No racks, no equipment, just a reseller of hardware, low margins because of high demand in March 2025. This thing doubled to 90. So immense revenue of this uh high capex, high cost segment. What are the other opportunities? The purple system integrations, racks, cabling, manpower, knowledge, uh long-term partnerships with Dell. It was $2 million of revenue every uh every uh quarter. That was on the quarter. Yes. And then more demand for Dell, which means four, five, seven, nine, and now 14. And it is growing. So they are what, almost doubling year on year. For the yellow segment, Dell um is pushing TSSI to grow. TSSI is like Dell's little brother. The management team of Dell is joining the management team of TSSI. Because I know what people will say, Chris, this is speculative. 99% of the revenue of TSSI is linked to Dell. So if Dell cancels the deal, your business is dead. This is a stupid investment. Fair point. But over the past few years, and more recently over the past few weeks, the management team of Dell has come to lead TSSI. You look at the CEO of TSSI, it's an ex-employee from Dell. You look at two recent hires from Dell. So the staff is going from Dell to TSSI. Do you think is the kind of behavior of a company that wants to move away from TSSI? No. They want to strengthen the relationship, and they're putting their own staff to lead TSSI. This is how I see the situation. First point. Second point I have for the bearish people saying it's a high risk, a concentration risk. Dell forced TSSI to increase capex. They said to TSSI, "Guys, a lot of demand is coming. We need a lot of cabling, a lot of racks. So we are forcing you to increase your capex for a new warehouse of $17 million. Do it like we are forcing you to do it because we are seeing immense demand. Please guys, do it." TSSI is doing it, and they just finished the warehouse, which means the cabling, racks, system, the purple will grow a lot in the future. Maybe double, I don't know, maybe go up 50%. I have no clear number. Ballpark idea. It will grow a lot. So these two arguments are uh understandable when you think of this little brother, big brother perspective. Dell is putting their own stuff for TSSI. Dell is clearly communicating to TSSI saying, guys, a lot of demand is coming. Increase your capex, you will have massive orders next year, be ready. And now they just finished the warehouse, which means the purple line will go up a lot. Now let me come back to the stock price of TSSI. TSSI H is a very volatile stock. Goes up, goes down, goes up, goes down, and it's very small, very tiny. If you look at 2025, I mean 2024, the stock went up and then went down because of deceleration. And then 2025 the stock went up a lot because as I told you, the procurement segment went up a lot, but the procurement segment is a low-margin segment. This is very cyclical. TSSI wants to move away from this segment. It is not their priority. So it was $90 million in March 2025 and $40 million in March 2026. I am seeing everything on Twitter, on YouTube, on Reddit, on uh subreddits for TSSI. The revenue is going down overall because of this drop. Okay. So, the revenue overall for TSSI is dropping 40%. Yes, 40%. So, I've seen people saying TSSI is dead. Look at this. Growth rate is bad. How can you be a a massive AI provider in this value chain, but your revenue is down 40%? So it's bad? No, no. It's just that they had a massive quarter one year ago. Now come back to normal. I checked all the earnings calls, all the transcripts, all the earnings reports, and in March 2025, they said explicitly, don't expect this to continue. This is exceptional. We're happy. We take it. $90 million. We take it, but it will not continue. So it maybe you have to adjust it. If you adjust it and you think the blue line has continued to be at 40 $40 million, procurement is stable, but what is growing is the purple, the system integration, doubling year after year. So maybe next year the purple will be as high as the blue, and the year after this will be massive because Dell is seeing massive backlog. And the third segment is or is in orange, facilities management. I don't care. You have some dual integration with Dell warehouse, putting your stuff. I don't care about this one. It's not important. It is not what will move the needle. So now you understand the blue line, the high cost segment, and the orange line, the local segment, beautiful margins that goes up. The margins for the or purple line are 20%. 20, 30%. So 5% margins for the blue, 20% margins for the purple, and the purple will take over. So I think the overall margins of TSSI will go up. And now if you have been following my story, you will see two tailwinds. One, a big revenue tailwind because massive orders are coming from Dell. Literally Dell is telling them increase your capex because you have too much demand coming in. Now it's done. So revenue will go up for TSSI because of their deal with, like they have maximum visibility of two years. This is great. So revenue will go up, and at the same time, with their margin profile in business segments, overall margins will go up. More revenue, more margins, overall the earnings per share will go up. This is uh maybe the best micro-cap I see at the moment. And uh I bought the dip just after Dell reported earnings. When Dell reported their spectacular earnings report, TSSI went up 10, 20%. I bought at $15. Now the stock is at 12, 13. I don't care what is happening on the short term. It's 2% of my portfolio. I'm making a one-year, two-year bet on this one. I think the rebound will be very sharp. The rebound will be very fast. The rebound will be very violent. Let's see if I'm right. Let's see if I'm wrong. But this is the analysis for TSSI. The entire management team is filled with Dell executives. You have a new capex that is finished now. Record the amount of revenue coming in. More margins getting lifted over time. If the capex ramp up is here to stay with Google spending more capex, Meta spending more capex, Amazon spending more capex, Lamb Research will print cash, TSSI will print cash. So this was for the new speculative position of TSSI. I hope this was uh insightful for you. I don't expect my audience to follow me on TSSI. This is more of a speculative play. And this is why it's only 2% of my portfolio. The remaining 98% of my portfolio, good quality companies, growing cash flows, growing revenue, more visibility ahead, right? So, this is more of a speculative play. I don't plan to buy more as it drops. So be it. If it drops, it drops.

Okay, so that's it. You have the full analysis of my portfolio. As always, if you want to use Fiski AI, go on the description and click on my link to try it out. Two weeks completely for free. And I hope this video was helpful to you. Don't forget to subscribe, leave a like, comment, and I see you tomorrow for another video. If you like this content and you want to go deeper, I have a coaching program. In this program, you will learn my strategy to generate 25% annual returns. You will learn how to find winning opportunities. You will learn how to properly value any stock, when to buy, when to sell, so that you can build a strong portfolio filled with great companies. Additionally, inside this coaching program, you will have access to an exclusive community of like-minded investors, and also you will have my personalized guidance to reach your investing goals. Click the first link in the description to get more information. You will get a video that explains how everything works completely for free. No need for your email address.