Portfolio Review: Thoughts on Airbnb, Reddit, FICO, and co.

Today we will look at our portfolio. We will discuss our biggest positions, sell two companies, and add to one where we feel like the opportunity has become even better. We're also going to look at some of the watch list companies that listeners have asked us the most for updates on, including Tradeesk and FICO,

which have dropped enormously despite being some of the best businesses out there.

another portfolio review. After covering more than 60 companies so far, we try to look back at our portfolio about once a quarter and discuss in real time whether we want to make some adjustments or changes to the portfolio. And currently, we only own 17 companies, which means that we've passed on more than 40 companies who have not made it into the portfolio.

Many of them are still highquality businesses. And since 2026 has been this year of historic draw downs for some very highquality businesses out there, we will be covering three of our watch list companies that many folks in the audience wanted us to revisit and update our thoughts on. And there's one other thing I can proudly announce today that's special about this week's episode.

Kyle Grieve, who many of you might know from hosting We Study Billionaires, which is our sister podcast, will join Daniel and I going forward. And so that means even more stock pitches for you for the intrinsic value portfolio. And for us, it means that we will also be using today's episode to really give Kyle an idea of how our portfolio is currently structured, how we think

about position sizing and buy or sell decisions. >> Yeah, more than ever, we need to prioritize what actually is important today. And I will mainly focus on the companies that Kyle told me he would be interested in as well of course as some listeners feedback. And there's some companies that we discussed at a length and then others that we have discussed way less