Managing Partner @RowanStreetCap. Patient owner of exceptional businesses. Views my own. Not investment advice.
New York, USA
Joined May 2013
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I’ve moved to @RowanStreetCap.
That’s where I share all my investment research, portfolio updates, and long-term investment insights.
Hope to see you there.
Back in 2022, $META market cap shed $750 billion in a single year.
I published a piece asking: does this make any sense?
My answer was no.
What followed was one of the great business re-ratings of the past decade.
I believe certain elements of that dynamic may be present today.🧵
Zuckerberg isn’t part of the program.
He already owns 13% of the company.
His alignment is structural, not contractual.
This is not the behavior of a management team building something temporary.
As in 2022, we believe the gap between price and value has widened. Our response is the same — stay focused on the business and let time do the work.
Full write-up 👇
open.substack.com/pub/alexko…
Views my own. Not investment advice. Past performance not indicative of future results.
Alex Kopel retweeted
People really undervalue how insanely lucky we are to live in the same era as Elon Musk.
Taken together his companies are the modern equivalent of founding Ford, Standard Oil, Bell Labs, NASA, and Boeing at the same time.
- Electric vehicles at global scale with Tesla.
- Reusable rockets and space infrastructure with SpaceX.
- Brain computer interfaces with Neuralink.
- Frontier AI with xAI.
This is industrial history happening in real time. He’s the 10x Rockefeller of our generation except instead of consolidating industries he’s building multiple foundational businesses of the next century.
Most generations never get to watch someone rebuild multiple foundational industries from scratch. We get to complain about tweets and politics while living through the equivalent of the second industrial revolution.
History will be very kind here. We should probably appreciate it while it is still unfolding.
Alex Kopel retweeted
Buy great companies and sit tight
The market will automatically concentrate your winners over time, and make your losers more and more insignificant
Alex Kopel retweeted
To achieve a multi-bagger in the portfolio, you have to hold a multi-bagger in the portfolio.
You will have to hold while the stock 2-3-4x in a year.
You will have to hold as the stock eventually pulls back 50% from its highs.
You will have to hold as the stock goes nowhere for months, quarters, maybe years, as fundamentals backfill into the stock price.
You will have to hold as expectations get too high or management has some eventual growing pains.
You will have to hold when it's cheap, expensive, loved, hated and volatile - sometimes all in the same year.
You will have to hold while your emotions are screaming at you to sell.
But what makes it even more difficult is very few will deserve to be held through all of this.
Most of the companies you own today only deserve to be rented. Ownership is earned.
microcapclub.com/conviction-…
Alex Kopel retweeted
“Buffett was the best there would ever be at the thing that only he could do perfectly, which was to be himself.” -Alice Schroeder
Just published our 10-year anniversary letter - reflecting on how Rowan Street began, the lessons we’ve learned, and the philosophy guiding us into the next decade:
alexkopel.substack.com/p/10-…