How is it already earnings season? I feel like at this point the "season" is really just 12 months long at this point. Excited for all of the information coming our way in the near future. Exogenous tailwinds are long gone. Now it's time to see which holdings were reliant on those tailwinds to fundamentally execute and which can instead rely on a more durable, sustainable value proposition/advantage/moat.

One thing that has me somewhat worried is the continued strength of the dollar. Companies like Match Group saw this as a 500 bps revenue growth headwind this quarter, but it now could be even more severe -- as crazy as that sounds. CFOs can do their best to hedge away some of this currency risk... but eliminating it is not realistic.

Which companies are you worried about this quarter? (For me was Upstart but it already pre-announced).

Which companies are you most excited about? (For me is Revolve Group which typically smashes estimates and has a business model that should hold up relatively well in this environment).