Writing

Q3 cleared every test I set on 10/28 and I raised the target to $378, but the stock got to $360.78, 13.3x my FY27 EBITDA and the peer median. The bull and bear cases are now about the same size.

BUY at $259.97 with a $329 target. An SEC inquiry, short reports, four quarters of slowing growth and a weak summer have taken the stock from $738 to 10.5x FY27 EBITDA against a 13.3x peer median, and my base case only needs consensus numbers.

A portfolio system I built for the UCLA Anderson Student Investment Fund: accounting off one transaction ledger, per-name research and notes, attribution and risk, and the weekly board report.

Written the week DLO fell from $12.60 to $8.87 on a short report and a soft print. The take rate call was right and compression ran further than I expected. The conclusion I drew from it, that growth would stall without new merchants, was wrong.