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.
Attention keeps concentrating in a few platforms, and brands pay whatever those platforms charge.
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Every holding, and why it is that size
Restore the book19.9%Meta Platforms
The largest attention pool with the deepest ad stack.
META · Equity · $39.54 · $3B · Attention and brands
−+×18.1%Alphabet
Search plus video; intent and attention in one company.
GOOGL · Equity · $50.71 · $96B · Attention and brands
−+×17.2%Amazon
Retail media is the fastest-growing ad business in the market.
AMZN · Equity · $150.58 · $58B · Attention and brands
−+×11.9%The Trade Desk
The independent buy side, squeezed between the giants.
TTD · Equity · $273.45 · $95B · Attention and brands
−+×10.3%Shopify
The merchant layer that all of that traffic lands on.
SHOP · Equity · $159.34 · $2.96T · Attention and brands
−+×6.6%Nike
A brand strong enough to pay the toll and still hold margin.
NKE · Equity · $77.91 · $2.75T · Attention and brands
−+×16%7–10 Year Treasury ETF
Duration that tends to rally when growth disappoints.
IEF · Treasury · $78.12 · $39B · Ballast
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.
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