Asymmetric Investing by Travis Hoium

"Love what I'm seeing from Robin Hood and this is just another piece to the puzzle."

"Love what Robin Hood is doing today. The stock is not cheap. I do want to highlight that price earnings multiple on a trailing basis is 42."

"I'm looking at as a Robin Hood investor is how do you increase this instead of being one or two million customer growth year-over-year? How do you get this to be 20, maybe even 30% growth?"

"This is becoming a real infrastructure company in finance... this continues to make me bullish on Robin Hood despite the fact this is a pretty expensive stock today."

"Is this a buying opportunity? Is one of the that's at least on my short list to buy for the asymmetric portfolio over the next couple of months. But we'll see where the valuation goes."

"That's where you become Under Armour or Nike of the last few years. That's not where I want On Holding going. I would rather sacrifice revenue growth if it means that those margins are going to be really high because you can't go backwards from that."

"That's where you become Under Armour or Nike of the last few years. That's not where I want On Holding going. I would rather sacrifice revenue growth if it means that those margins are going to be really high because you can't go backwards from that."

"So On Holding just at its current revenue level, if they get to, let's say, Lululemon's operating margins, they could get to the point where they're basically doubling their profitability with the same amount of revenue."

"So we go back to the On Holding, you got all of these company statistics. You can see just what shares are trading at, 21 times trailing earnings, only 17 times forward earnings. That's despite a five-year compound annual growth rate of 35%."

"So what's going on with On Holding? And I'm actually do this on a trailing 12-month basis, because the company has not been public as long as Nike or Lululemon."

"Lululemon, the trends aren't quite as stark. You can see here that their revenue growth has started to slow. So as that revenue growth slowed, what did they do? Well, they started to compete a little bit more on price."

"Before we get to On, I want to give a couple of cautionary tales, because Nike and Lululemon were in a very similar position to On a few years ago, and they've had a rough go of it, at least on the market. So, this is showing in the blue column is revenue for Nike, and the orange is revenue growth."

"One of the stocks I was excited about coming into 2026 is On Holding, and this has not been a good year for On Holding shares. As you can see here, down about 35% for the year."

"Think about all the companies that have won huge over the past two decades. Netflix, Amazon. They were acquiring customers and sacrificing that short-term profitability for long-term, a bigger opportunity. That's exactly what Hims & Hers is doing and the opportunity is enormous in healthcare."

"Think about all the companies that have won huge over the past two decades. Netflix, Amazon. They were acquiring customers and sacrificing that short-term profitability for long-term, a bigger opportunity. That's exactly what Hims & Hers is doing and the opportunity is enormous in healthcare."

"Hims and Hers reported earnings after the market closed on Monday and I think this is one of those reports that was really good for the company long-term"

"And this is one of the reasons that I own the stock because this is the kind of thing that a typical doctor pharmacy insurance company isn't going to build. Hims and Hers is people are going to be willing to pay for that and that is going to drive the company's growth long term."

"I think if Hims and Hers builds the business that I think they can, where they're the aggregator of demand, where they're providing all of these answers and solutions, the connections to both AI answers and answers from doctors, they're bringing more specialties, more prescriptions, more treatments, and even just more solutions."

"the biggest position in my asymmetric portfolio is hims and hers."

"Part of the Hims and Her story has always been about artificial intelligence. This is one of the digital companies that could really utilize AI in a way that a traditional doctor can't, in a way that a simple chatbot can't."

"But let me know what you think about Uber stock."

"I think that's where Uber is going to be over the next 5 to 10 years."

"The great thing with Uber is you have sales growth compounding at a 20 plus% rate."

"I wouldn't be surprised if by the end of the decade, Uber is going to have more autonomous autonomous vehicles in the fleet fully operating than Whimo does."

"But again, Uber's incentive is to have as many pieces of hardware as possible, as many technology companies as possible, as many fleet operators as possible on the Uber platform."

"But Zuks for example is owned by Amazon"

"But Uber wants to be the demand source."

"But Uber wants to be the aggregator for all of autonomy for basically everybody else bringing supply into the market."

"And this is where it's really easy to see growth in Whimo and Alphabet is a company that I own."

"So from a usage standpoint, Uber is headed in the right direction from a gross booking standpoint."