How concentrated this is
Holdings7
Weighted like6.4 equal ones
LargestMETA at 20.4%
Half the portfolio3 names
Exposed to the premise84%
84% of this book is one theme. It is a bet on Attention and brands, not a spread of them.
Attention keeps concentrating in a few platforms, and brands pay whatever those platforms charge.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio20.4%Meta Platforms
The largest attention pool with the deepest ad stack.
META · Equity · $653.69 · — · Attention and brands
−+×18.5%Alphabet
Search plus video; intent and attention in one company.
GOOGL · Equity · $332.60 · — · Attention and brands
−+×15%Amazon
Retail media is the fastest-growing ad business in the market.
AMZN · Equity · $251.89 · — · Attention and brands
−+×12.1%The Trade Desk
The independent buy side, squeezed between the giants.
TTD · Equity · $13.88 · — · Attention and brands
−+×11.3%Shopify
The merchant layer that all of that traffic lands on.
SHOP · Equity · $126.79 · — · Attention and brands
−+×6.7%Nike
A brand strong enough to pay the toll and still hold margin.
NKE · Equity · $37.35 · — · Attention and brands
−+×16%7–10 Year Treasury ETF
Duration that tends to rally when growth disappoints.
IEF · Treasury · $91.18 · — · Ballast
The case for
Advertising follows time spent, and time spent keeps consolidating into short-form video and search. The platforms with first-party data and ad tech of their own take share from everyone renting audience.
The case against
Advertising is the first budget cut in a downturn. Privacy rules keep tightening, and these are the most exposed companies in the market to antitrust action.
What the weights are worth
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