Hello Friends!

In our final wrap-up of 2025, we’re cutting through the noise of the AI market. While the big names are seeing a healthy correction, the speculative "no revenue" bubble is starting to hiss. At Iron Gate, we aren't chasing the hype—we're following the legends.

The Big AI Takeaway

•The Correction is Here: Major players like Nvidia and Meta have pulled back 10-15%.

•Speculative Stocks are Sliding: Companies with "concepts" but zero revenue, like Oklo, have dropped over 50%.

•Our Strategy: We’re patient. We’d rather miss the first third of a rally to ensure we're buying a fundamentally sound business.

Investing Like a Legend

We’re sticking to two core principles inspired by Joel Greenblatt and Charlie Munger:

•Rule #1: Know the Value. Figure out what a business is worth and buy it for significantly less.

•Rule #2: Don't Be a Fool. It’s hard to be a genius, but it’s easy to not be a fool. Avoid emotional traps like envy and FOMO.

Your Financial "No-Nonsense" Checklist

To secure your future, Spencer recommends these three pillars:

1. Live Within Your Means: If you spend more than you make, stop.

2. Pay Yourself First: Automate your savings before the bills hit.

3. The Emergency Fund: Keep 3-6 months of cash in a high-yield account for those inevitable rainy days.

Merry Christmas and Happy Holidays!

We'll see you in 2026.