Markets are humbling.

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Upstart's bridge funding issue struck panic among investors... & rightfully so. I'm discouraged. I'm annoyed. I'm displeased. I'm not ready to sell. If bridge funding is a one-off event, there's a ton to like here at sub 20X earnings and 47% growth into the teeth of tightening. If bridge funding turns into a theme, there's not much to like here. Macro could not get much worse for them & their overly optimistic guide last Q compounded the issue. Down but not out. We shall see.

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I thought Duolingo and Lemonade would report clunkers for quarters. They both posted across-the-board beat & raises with no alarming issues to note. Duolingo rocked. Elite.

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The Trade Desk posted its gazillionth great Q in a row. Inflation, war & supply chains weighing on ad budgets? I guess this company didn't get the memo. Now sporting a sub 40X earnings multiple vs. 40X+ sales early last year. Growth continues to accelerate. 👀

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SoFi was excellent but fintech is a bad word so nobody cares... but they will care eventually. For now I continue to slowly add.

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GoodRx stunk. I thought last Q was kitchen sink... not so fast. Kroger really threw a wrench in the report, but at 16X earnings with 18% growth serving as a trough in 2022... I still like the stock. Its market share, consumer savings rate and take rate leads all continue to grow. The moat is building.

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This was quite the emotionally draining week but it equipped me with invaluable data points hinting at which companies will deserve my time & Capital through macro cycles. Happy weekend!