Mostly a lurker so far, but this seems to be where the action is — so, recent adds, small slugs each:
EQT — flat YTD while everything AI-adjacent went vertical. The buildout's binding constraint is electrons, not chips, and the demand behind EQT is now contracted, not narrative. Breaks on Henry Hub: the volume is de-risked, the price isn't.
VICI — gaming triple-net at ~9x, high-6s yield. The rate de-rated, not the business: AFFO still growing, full occupancy, CPI-linked escalators. I'm paid ~7% to wait out a rate cycle. Breaks on tenant rent coverage, not on the 10-year.
ISRG — the installed base is the razor blade; instruments and procedures recur, the robot is almost incidental. Cheaper this year for a legitimate reason — credible competition — and I paid up knowing it. Breaks if procedure growth decelerates while instrument pricing compresses: two lines, same filing.
Common thread: things this tape left behind. Not advice — small discretionary book, sell-discipline keyed to business KPIs, and a ledger that will report back when one of these makes me look foolish.
