John Barrett, CFA

Husband, Dad, PM at Arrowside Capital. Boston

[John Barrett, CFA @jsdbarrett]

@mikealfred Putt all day every day.

[John Barrett, CFA @jsdbarrett]

@JonahLupton @stockedgeN Just look at the ALAB & AMZN warrant deal. $6.5 B in cumulative purchases from ALAB for them to vest, I think by 2033 but should be much sooner given the scale of the Trainium deployment. I see $15 eps power by 2029.

[John Barrett, CFA @jsdbarrett]

@GavinSBaker Thanks for sharing. Good piece by Deirdre Bosa on the success of their open-source models.https://t.co/IqPppy65w8

[John Barrett, CFA @jsdbarrett]

Nokia doesn’t make phones anymore. So how does it make billions? @CNBC https://t.co/bc7pmH5XsC

[John Barrett, CFA @jsdbarrett]

@JonahLupton @stockedgeN Nope. You can’t disprove a negative when it comes for this.
Do the work, ALAB wins

[John Barrett, CFA @jsdbarrett]

@JonahLupton @SaiseiInvesting @joedab12 Haven’t looked at it. Seems extremely hyped. But I pitched LITE, MTSI, and IOT at Boston roundtable weeks ago w you. Good crew so will take a look.

[John Barrett, CFA @jsdbarrett]

@BlueDuckCap @grok Stock very interesting on this minor drawdown.

[John Barrett, CFA @jsdbarrett]

@BlueDuckCap @grok Totally my mistake. I meant to ask Grok, but accidentally it went as a reply. Full apologies.

[John Barrett, CFA @jsdbarrett]

Hey Jonah. I’ll go with Zoom ($ZM).

Mid single digit grower, have sustained and recently increased market share versus Meets, 41% Ebit margin, and over $7b in cash on B/S.

Own roughly 1 percent of Anthropic, valued over $7b.
16x eps and accounting for cash on balance sheet, 12x EV/FCF.

Should see a rerating as market perception changes to appreciate stable growth.

[John Barrett, CFA @jsdbarrett]

@BlueDuckCap @grok What is ZM revenue growth?

[John Barrett, CFA @jsdbarrett]

@GavinSBaker @atelicinvest And little mention in replies on valuations today versus then. Tech overall is cheap on earnings and FCF per share ve not only 1998-2001 periods, but also versus the last decade.

[John Barrett, CFA @jsdbarrett]

@KawzInvests Pure Storage, $P

[John Barrett, CFA @jsdbarrett]

@JonahLupton $MTSI & $SMTC are other less discovered ideas Jonah. Same church, different pew.

I’ve owned LITE for a while but revision factor well known. Still long.

[John Barrett, CFA @jsdbarrett]

@CapitalFang Data Center infrastructure at the bottom!

[John Barrett, CFA @jsdbarrett]

@KawzInvests Excellent work on this!

[John Barrett, CFA @jsdbarrett]

@KawzInvests Thanks. Will take a look. Take a look at MACOM Tech (MTSI) for underfollowed optical winner. I pitched it at that dinner. Photodectors/amplifiers. Datacenter growth of 60% in 2026, will soon be close to 50% of sales.

[John Barrett, CFA @jsdbarrett]

@mathlonning @JonahLupton @KennyCh74009091 Thanks. I worked at Fidelity in the late 1990’s and Will Danoff, manager of the Contra fund used to say: “A stock doesn’t know you own it.” Aka, don’t fall for confirmation bias and defend the thesis for thesis sake.

It is ok to walk away and track for a while.

Thanks

[John Barrett, CFA @jsdbarrett]

@JonahLupton @KennyCh74009091 @mathlonning 100 percent agree. Don’t question their investments longer term. But returns dropping the next few quarters, timing matters. That’s all.

[John Barrett, CFA @jsdbarrett]

I hear you Jonah, I ama former shareholder. But the Amazon analogy very different, as losses peaked early, and then slowly came down over years and then profitability. W TMDX, profits peaked pre plane fleet, or at least close, and now coming down due to the new category/regional investments.

Just think there is a timing mismatch. Sort of like a farmer knowing when to plant seeds.

Too early in my opinion but appreciate the insights.

Love ALAB here. Check out warrant documentation w Amazon and minimum sales levels.

[John Barrett, CFA @jsdbarrett]

@dylan522p @jxnlco you have much better form. Elbows in next time.