Stock Spotlight

Where do good investment ideas come from and how do you keep an exciting opportunity from becoming too much of the same bet? Nick Rossolillo of Chip Stock Investor joins me to discuss how he identifies secular growth trends, studies industries and finds companies worth researching. He shares what he looks for in the first 5-10 minutes of reading a 10-K, why he maps customers, suppliers and competitors before diving into management’s story and what takes his research beyond semiconductors.

We also explore why Nick puts probabilities and risks management at the center of investing, including his candid views on “high conviction” ideas. Using Nvidia and Arista Networks, we discuss when owning another great business adds diversification and when it increases exposure to the same underlying risks. Then we tackle semiconductor cycles, the limitations of valuation multiples and how Reverse DCF can help assess what a stock’s price already assumes. We finish with a lightning round covering Free Cash Flow, time value of money, favorite research resources and Kasey’s hypothetical plan for running Disney.

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00:00 Intro

00:59 Nick’s Background and Finding Secular Growth

05:46 Researching the Industry Before the Company

12:16 Looking Beyond Semiconductors

16:08 Probabilities and Risk Management

22:31 Nvidia and Arista Networks

33:18 Rapid-Fire Lightning Round

37:47 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Check out the Chip Stock Investor website: https://chipstockinvestor.com/

Watch Chip Stock Investor's NVDA vs. ANET YouTube video: https://www.youtube.com/watch?v=OuMuLBVcb84

Follow Nick on X: https://x.com/nrossolillo

Follow me on X: https://x.com/invest091

Listen to the episode on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to my Substack: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

Trash collection might seem like a boring business, but behind those garbage trucks and landfills are some surprisingly attractive economics. In Episode 42 of Stock Spotlight, I'm putting three of North America's largest waste operators head-to-head: Waste Management ($WM), Republic Services ($RSG) and Waste Connections ($WCN). From route density and landfill ownership to pricing power and competitive advantages, we explore what makes these businesses so difficult to disrupt. Then I dig into their historical shareholder returns and financial performance, comparing free cash flow growth, capital efficiency, operating leverage and the consistency of cash generation.

Of course, a great business doesn't always make a great investment at the wrong price. That's why I'm also evaluating management incentives, capital allocation, future growth opportunities and historical valuations before building a 5-YR Total Shareholder Return (TSR) model for all three stocks. The findings aren't as straightforward as you might expect. $RSG stands out for its financial quality and management alignment, $WM has opportunities to unlock cash flow from recent investments and $WCN combines a differentiated operating strategy with the strongest modeled shareholder returns. After 5 rounds of analysis, only one company comes out on top. Tune in to find out who wins.

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00:00 Intro

01:16 Why This Comparison Matters

04:15 Performance & Correlation

07:20 Business Models

15:23 Quality Profiles

19:48 Future Growth Potential

25:33 Management & Ownership

30:13 Final Verdict

30:52 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to my Substack: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

Can we systematically measure whether a business is gaining momentum and whether it's performing better or worse than Wall Street expected?

In this episode of Stock Spotlight, I introduce my new Composite Momentum Score, a research framework built to evaluate business fundamentals and earnings expectations across the S&P 500 and beyond. Unlike traditional price momentum strategies, this model separates Business Momentum from Expectations Momentum, then combines the two into a single score designed to identify improving businesses, deteriorating fundamentals and potential disconnects between company performance and market expectations.

I'll walk through the methodology behind the model, explain why separating these two dimensions matters, share a few surprising findings and discuss how I plan to incorporate the framework into my investment process. Over time, I hope it becomes a useful starting point for deciding where to focus my research.

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00:00 Intro

01:22 Why I Built It

02:24 The 11 Signals

04:50 How the Score Works

06:18 What Surprised Me

07:25 A Few Company Examples

09:20 How I Plan To Use It

11:19 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Read the companion Substack article: https://stockspotlightpodcast.substack.com/p/building-a-composite-momentum-score?r=73vbqm

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, host Michael is joined by investor and content creator Will Biddy to discuss how they build and manage quality growth portfolios. Will shares how he got started in investing, what makes a business “world class” and how he balances business quality with valuation.

Michael and Will also use Toast ($TOST) and Intuitive Surgical ($ISRG) as case studies, comparing what attracted them to each company, the key metrics they follow and the risks that could challenge their investment theses. They finish by discussing position sizing, when to add or sell and a rapid-fire lightning round.

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00:00 Intro

01:14 Will's Investing Background

05:53 Defining a Quality Growth Business

11:23 Balancing Quality and Valuation

15:43 Shared Stock Case Studies

24:41 Building and Managing the Portfolio

29:49 Rapid-Fire Lightning Round

32:43 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow Will on X: https://x.com/WillBiddy_/

Listen to Will YouTube: https://www.youtube.com/@Will_Biddy

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, Michael takes a deep dive into Interparfums ($IPAR), the fragrance company behind major licensed brands including Coach, Jimmy Choo, Montblanc, GUESS and Lacoste. He breaks down the economics of its licensing model, brand concentration, U.S. and European operations, competitive position, financial quality, founder ownership and the upcoming 2027 product cycle that management believes could reaccelerate growth.The episode also examines $IPAR’s management incentives and key company KPIs to watch before translating the thesis into Bear, Base and Bull 5 year expected returns. With strong returns on capital and a healthy balance sheet offset by uneven free cash flow, rising marketing intensity and reliance on brands it does not own, the key question is whether Interparfums is still a durable compounder moving forward or simply a very successful tenant of valuable brand equity.

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00:00 Intro

01:50 Business Overview

09:43 Industry Overview

14:53 Quality Growth Profile

19:09 Financial Statement Overview

26:30 KPIs to Track

27:41 Leadership & Incentives

31:45 Expected Return Profile (2026-2030)

33:45 Verdict

35:15 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, host Michael sits down with his longtime college friend and financial advisor Jon Tan to explore what more than 15 years of working with investors has taught him about building lasting wealth.

They discuss how Jon’s investing philosophy has evolved, the behavioral and planning mistakes he sees investors make, why performance chasing is so difficult to avoid and what separates successful long-term wealth builders from everyone else.

The conversation also covers portfolio construction, rebalancing, the role of individual stocks within a broader financial plan, when a financial advisor can add value and why investing success often comes down to a few simple habits practiced consistently.

Michael and Jon then close with a lightning round covering investing books, savings rates, alpha vs. beta and the advice Jon would give his 25 year old self.

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00:00 Intro

01:18 From Marine Biology to Financial Advice

08:22 California to South Carolina

12:33 Investor Behavior

16:55 Building Better Portfolios

24:09 When a Financial Advisor Adds Value

29:50 Rapid-Fire Lightning Round

33:20 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Email me ([email protected]) if you're interested in connecting with Jon

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosures:

The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

References to specific securities do not constitute a recommendation from Ali Financial, Palmetto Private Wealth Management or Jonathan Tan. Opinions and forward looking statements expressed reflect the opinions of the speakers and are subject to change without notice.

In this episode of Stock Spotlight, host Michael opens up his portfolio and walks through what has changed since his last quarterly review, including the stocks he sold, bought and how his individual stock positions fit together today.

Michael explains why he exited Nintendo ($NTDOY) and Honeywell Aerospace ($HONA), why he added Intuitive Surgical ($ISRG) and Karman Holdings ($KRMN) and then goes deeper on two current holdings: Toast ($TOST) and Booking Holdings ($BKNG).

For Toast and Booking, he breaks down:

• ​ Why he owns each company and what has changed
• ​ The KPIs he’s watching most closely
• ​ The biggest debate around each stock
• ​ How he’s thinking about valuation today
• ​ A Green / Yellow / Red rating

The goal is to make portfolio management more transparent: not just what Michael owns, but why each position earns its place and what could cause him to change his mind.

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00:00 Intro

00:50 Portfolio Snapshot

02:25 Portfolio Changes

09:55 Company 1: Toast ($TOST)

17:43 Company 2: Booking Holdings ($BKNG)

26:44 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

MercadoLibre ($MELI) is widely followed, but some of the most important parts of the investment case remain misunderstood. In this episode of Stock Spotlight, host Michael reconnects with Shivam following his trip to Brazil and his presentation on the company to professional investors.

They discuss what Shivam’s local observations revealed about the strength of MELI’s ecosystem, why investors may be misreading the credit book and near-term margin pressure, and how the company is gaining ground in Mexico while confronting Chinese cross-border competition.

The conversation then turns to the key questions heading into earnings: whether current spending is strengthening MELI’s moat or weakening its economics, how investors should normalize reported cash flow and whether the company is best valued through a DCF or Sum-of-the-Parts framework.

The episode closes with the expectations embedded in today’s valuation, the metrics that could break the thesis and a rapid-fire round on topics not covered earlier.

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00:00 Intro

01:22 What Brazil Revealed

04:28 The Geographic Playbook

10:14 The Credit Book: Moat or Hidden Leverage?

16:13 Finding MELI's True Cash Flow

19:17 How Should Investors Value MELI?

22:24 Market Expectations Moving Forward

24:26 Rapid-Fire Questions

28:46 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Follow Shivam on X: https://x.com/shivamkashan

Check out Shivam's website: https://kvcapitalgroup.com

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

A great company is not automatically a great investment at any price. That is one of the hardest lessons for quality-focused investors because the better the business looks, the easier it becomes to justify paying too much. In this episode, host Michael is joined by Fajasy, founder of StableBread, to examine how much future growth is already embedded in two high-quality businesses: Ferrari and Costco.

Using Residual Earnings valuation, Reverse DCF analysis and market-implied Competitive Advantage Period models, Michael and Fajasy separate the value supported by current fundamentals from the portion investors are paying for years of future growth. Why does Ferrari's premium valuation appear easier to defend? And what would Costco need to achieve for its current price to make sense?

Tune in if you want a practical framework for deciding when business quality is already fully priced into a stock.

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00:00 Intro

01:17 Introducing Fajasy and StableBread

05:14 What Residual Earnings Means

12:19 Ferrari Residual Earnings Analysis

17:00 Costco Residual Earnings Analysis

21:41 Michael's Reverse DCF Analysis

25:38 Michael's Competitive Advantage Period (CAP) Model

28:21 Final Thoughts

32:11 Rapid-Fire Questions

34:58 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Follow Fajasy on X: https://x.com/stablebread

Check out his website: https://StableBread.com

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

Most investors spend countless hours researching stocks, building valuation models and trying to improve their investment returns. But before your portfolio can compound wealth, you first have to create the capital to invest.

In this episode, I explain why I believe your savings rate is the single most important financial KPI, share two simple examples that quantify its long-term impact and introduce a Personal Capital Allocation Dashboard with four metrics I use to think about my own finances. If you enjoy analyzing great businesses, this episode will show you how to apply that same framework to your own financial life.

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00:00 Intro

00:55 Think Like A Great Business

02:49 The Power of a Higher Savings Rate

04:06 Personal Capital Allocation Dashboard

07:11 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast

Subscribe to the newsletter: https://stockspotlightpodcast.substack.com/

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.