Stock Spotlight

Rivian Automotive ($RIVN) might be one of the most polarizing companies in the market today. Customers seem to love the vehicles, the brand continues to gain traction and the R2 launch could dramatically expand its addressable market. Yet the stock remains well below its highs as investors question Rivian’s path to profitability, manufacturing scale and long-term viability. More recently, however, sentiment appears to be improving: $RIVN has returned approximately 19% over the past 3 months, outperforming $SPY’s 11%, while also generating renewed momentum across social media.

In Episode 33 of Stock Spotlight, host Michael is joined by @PositionJournal from X to examine the Rivian investment thesis from both a financial and strategic perspective. We discuss the R1 and R2 product lineup, why the R2 may be the most important launch in the company’s history, the Volkswagen software partnership, software and services revenue, autonomy ambitions, Amazon’s role and whether Rivian can expand beyond premium EV manufacturing into a more diversified automotive technology business.

Tune in if you’re interested in electric vehicles, disruptive technology, software-defined vehicles, autonomy or automotive investing, and want to understand what Rivian must accomplish for its recent momentum to develop into a durable investment thesis.

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00:00 Intro

01:31 What is Rivian Really?

06:48 Product Love, Stock Pain

12:31 Why R2 Matters So Much

22:25 Volkswagen Partnership

26:03 Software Services - The Second Business

28:38 The Long Game - Mind Robotics

33:16 Strategic Backers

37:05 Valuation and Market Expectations

40:50 Lightning Round

43:55 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

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Follow PositionJournal on X: https://x.com/PositionJournal

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 Episode 32 of Stock Spotlight, host Michael dives deep into Napco Security Technologies ($NSSC), a founder-led small-cap security company serving the professional alarm, locking, access control and fire communication markets. At first glance, Napco looks like a niche hardware manufacturer with uneven equipment demand. But underneath that hardware business is a recurring service revenue stream with 90%+ Gross Margins, raising the bigger question: is $NSSC quietly becoming a higher-quality recurring revenue compounder?

During the episode, Michael takes Napco through his full investment framework, including business quality, industry structure, KPIs to track, financial statement analysis, leadership and incentives, valuation and technical setup. Topics include recurring service revenue growth, equipment margin recovery, the 2023 accounting restatement, EV/EBIT valuation, FCF Yield, Owner Earnings Yield and 5-YR TSR underwriting.

Finally, Michael explains why $NSSC is a watch at the current price of $37 and how an entry in the low $30s could make the risk/reward more compelling.

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00:00 Intro

02:17 Investment Checklist & Database

02:49 Business Overview

10:36 Industry Overview

14:45 Quality Growth Profile

19:41 Financial Statement Overview

24:46 KPIs to Track

26:27 Leadership & Incentives

31:40 Valuation

35:46 Technical Analysis

37:27 Verdict

41:51 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.

Is Honeywell Aerospace a compelling spin-off opportunity on June 29th or is the market already pricing it like a premium aerospace asset? In Episode 31 of Stock Spotlight, host Michael breaks down the $HONA spin-off, the implied equity value and enterprise value from the when-issued price and the valuation debate around 2026E EV/Adjusted EBIT.

The business has a lot to like: commercial aftermarket exposure, Defense & Space, RMUs, long-life aerospace platforms and broad aircraft content. But the starting valuation is not obviously cheap and the company is expected to come public with meaningful debt. Michael closes with the bigger portfolio question: do I actually need more aerospace exposure or is $HONA differentiated enough to justify doubling down on one of the highest-quality industrial end markets?

Listen if you want a clear framework for evaluating $HONA before buying: what the market is pricing in, what has to go right and whether this spin-off deserves a spot on your watch or buy list.

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00:00 Intro

01:24 Spin-Offs

04:27 Honeywell Aerospace

08:08 Valuation

10:51 Management's Framework & Risks

12:33 Portfolio Fit

15:04 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: @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, I’m joined by Blake Fischer, an independent investment advisor and fellow investor, to discuss how to build a portfolio you can actually stick with through different market environments. We explore the evolution from stock picking to portfolio construction, why diversification may be making a comeback after a decade dominated by U.S. mega-cap growth and how investors should think about assets like bonds, gold, international equities and managed futures.

We also dive into the often-overlooked role of investor psychology. Blake shares insights from working with clients across different stages of life, explaining why the “optimal” portfolio on paper is often very different from the portfolio someone can realistically hold through market volatility. Whether you're a new investor sitting on excess cash, a stock picker looking to improve diversification, or someone thinking more seriously about long-term wealth preservation, this conversation offers practical frameworks for building a portfolio that balances return potential with peace of mind.

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00:00 Intro

02:29 Blake's Investing Background

11:29 Why Diversification Matters Again

15:24 What "All Weather" Actually Means

19:39 Traditional Diversifiers

41:12 Managed Futures & Trend Following

46:30 Portfolio Construction Philosophy

49:20 Closing Thoughts

56:10 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: @invest091

Follow Blake on X: @DDBlakeFischer

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.

This episode is the foundation for everything Stock Spotlight covers. Michael walks through why he started the podcast, his background in baseball and customer insights, and how both shaped the way he studies businesses and markets.

Topics include the 33-question quality checklist, quality growth investing, valuation techniques, portfolio construction and what to expect from future episodes.

Tune in if you want a clearer process for studying quality businesses, pressure-testing valuation and TSR expectations, and turning stock research into something repeatable.

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00:00 Intro

00:08 Opening

01:24 Why I Started Stock Spotlight

02:23 My Background

03:52 What Stock Spotlight Covers

05:15 My Investing Philosophy

06:33 The 33-Question Checklist

08:05 Valuation and Expectations

09:25 Portfolio Construction

10:32 The Substack Layer

11:23 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 Episode 29 of Stock Spotlight, host Michael dives deep into Align Technology ($ALGN), the company behind Invisalign and one of the biggest winners of the digital dentistry boom. After a massive post-pandemic re-rating, Align now trades more like a mature medtech company despite still leading the global clear aligner market. Michael breaks down the full investment thesis, including the Invisalign ecosystem, iTero scanner moat and whether the market may be underestimating the durability of Align’s digital orthodontics platform amid rising competition from Straumann, Envista and Angelalign.

During the episode, Michael takes Align through his full quality framework, financial statement analysis, valuation work and technical setup. Topics include Reverse DCF analysis, Forward EV/EBIT valuation, TSR underwriting scenarios, ASP compression and whether Align still deserves a premium multiple long-term.

Finally, Michael explains why he’s adding the stock to his watch list and what business signals and price points he’s looking to see before potentially upgrading it to a buy.

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00:00 Intro

00:49 Investment Checklist & Database

02:46 Business Overview

12:13 Industry Overview

17:16 Quality Growth Profile

19:57 Financial Statement Overview

25:17 Leadership & Incentives

29:48 KPIs to Track

31:14 Valuation & Technical Analysis

34:56 Verdict

36:40 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.

Insurance brokers are some of the most consistent compounders in financials, yet they’re often misunderstood. On the surface, companies like $AON, $AJG, $BRO, $MRSH and $WTW can look very similar. But under the hood, differences in business mix, capital allocation and execution lead to very different outcomes for investors.

In this episode, I break down how the brokerage model actually works, why it’s structurally advantaged vs. carriers and how growth is driven across cycles through pricing, retention and M&A. I also look at how the market prices the group, including long-term returns, beta and correlation, to show why these names can behave defensively while still delivering strong compounding over time.

From there, we dive into fundamentals and valuation. Why do $AON and $AJG trade at premium multiples? Why do $BRO and $WTW screen more like value today? And how should you think about scale, stability, cash flow and balance sheet risk across the group?

By the end, you’ll have a clear framework for understanding what each company brings to the table and how to evaluate them depending on your investment style.

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00:00 Intro

01:04 Quality Score Breakdown

02:33 How the Brokerage Model Works

04:50 Growth, Cycles & M&A

13:25 How the Market Prices the Group

16:09 Fundamentals & Valuation

25:22 Recent News & Strategies

26:39 What Each Company Offers

28:48 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

Watch full episodes: 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, I walk through a quarterly portfolio review across three companies I own: Fortinet, Ferrari and Union Pacific.

For each company, I break down:

• The original investment thesis

• Key KPIs and how they’re trending

• What the market is focused on right now

• My forward outlook

• A simple green / yellow / red rating

The goal is simple: track whether execution still supports the underwriting.

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00:00 Intro

00:53 Fortinet ($FTNT)

04:31 Ferrari ($RACE)

08:03 Union Pacific ($UNP)

11:24 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

Subscribe to my YouTube channel: ⁠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 expands on his investment strategy, focusing on the process of entering new positions and creating effective portfolio tracking metrics. This episode builds upon the previous discussion of investment checklists and benchmarks by introducing additional tools and techniques for successful investing.

Michael begins by reiterating his 33-question research checklist for initial stock assessment, which helps identify companies worthy of a 'watch' or 'pass' rating. He then delves into his strategy for entering new positions, combining fundamental analysis with technical precision to optimize the timing of long-term investments. Additionally, he shares strategies for creating effective portfolio tracking metrics that simplify the process of monitoring investments and inform portfolio weighting decisions.

By providing this comprehensive toolkit, from initial stock selection to ongoing portfolio management, Michael equips listeners with valuable insights to enhance their investment strategies and make data-driven decisions.

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00:00 Intro

00:56 Entering New Positions

02:39 Valuation & Technical Analysis

03:19 Intrinsic Value

04:46 Yields

05:40 Multiples

07:20 Moving Averages and Trend Identification

08:38 Volume Analysis

09:05 Support and Resistance Levels

09:53 Portfolio Tracking Metrics

19:59 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://twitter.com/invest091

Subscribe to my YouTube channel: 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 Episode 26 of Stock Spotlight, host Michael sits down with returning guest Shivam for a deep dive into Intercontinental Exchange ($ICE), the global financial infrastructure platform behind the NYSE. The conversation breaks down how ICE actually makes money across its core business segments and why exchanges remain the primary engine of the company.

Michael and Shivam walk through the mechanics of clearing and collateral, including how the economics work and why collateral appears on both sides of the balance sheet. They also cover ICE’s competitive positioning vs. CME, Nasdaq and Cboe, management and ownership dynamics and how to think about valuation for ICE and exchanges more broadly.

Tune in if you want to learn more about an under discussed, high quality business that has beaten the S&P 500 over the long-term.

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00:00 Intro

01:30 Business Model & Revenue Quality

03:34 Clearing & Collateral

06:10 Competitive Positioning

12:15 Recent Quarter News

14:44 Management

18:57 Valuation

20:50 Anything Else to Know

22:12 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

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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