We underwrite 150+ public software companies on R&D return, GAAP profitability, and intrinsic value to own long-term compounders and avoid dilutive cash burners.
Underwriting notes published to support our investment decisions. New releases stay open for 7 days.
Anthropic's S-1/A shows a $16.96B quarter and positive operating cash, but it still bills per token and per seat, sends more than half of revenue back out as compute, and has signed $895.4B of compute and lease commitments.
Gemini 4 Argon went on sale after the quarter closed, so none of its revenue is in the filings. Owner cash is still negative $10.7B over twelve months, and Alphabet priced six billion euros of new bonds on Nov 2.
Shopify is winning the plumbing of agent shopping, with a 400 million shopper wallet, but agent orders still earn exactly the same economics as any other referral.
Twilio's third quarter fixed two of the things we were tracking: gross margin rose to 48.77% from 48.42%, and stock pay fell under 10% of revenue. The problem moved to the top line.
We allocate capital across public software companies on R&D return, GAAP net profit margin, and House Portfolio conviction, supported by quantitative quality ratings and fundamental research.
