Tesla's current stock price already accounts for massive future growth and relies on overly optimistic assumptions regarding vehicles, robotics, and energy revenues.

“so, like it's easy to list all of the great things Tesla's doing, which is why it's the world's most expensive startup. But it's also important to recognize that a lot of these things are already built into the price.”

A 15% discount for a holding company is appropriate for Chapters Group due to its young age and lack of a long-term track record of value-added management.

“So I think it's fair to to do that. I didn't do it because I already chose multiples for the segments that are probably a bit too conservative.”

Snapchat's stock holds very little intrinsic value because the company has failed to demonstrate a pathway to consistent profitability seven years after its IPO.

“I mean, without even needing to do any modeling, if you can't seriously underwrite profits for the foreseeable future, seven years after IPO, alongside all the red and yellow flags we went over today, then I don't think that I feel like I need a spreadsheet to tell me the intrinsic value here is is ”

Small-cap stocks are attractive and likely to catch up to the broader market valuation in 2026.

“I think this year might be the year that small caps finally start catching back up to, you know, the broader market valuation and is a good time to be overweight those stocks.”