$RDDT
reddit9/10Does he own it?
Overwhelming first-person ownership evidence: a portfolio breakdown lists it at 5% weight, plus repeated "I'm long at $139," "Day 1 of holding," a stated cost average of $148 with "high concentration," an explicit "I do have Reddit positions" disclosure, and "my RDDT long." It was repeatedly his biggest loser of the year.
His thesis
Reddit is a misunderstood "money printer" unfairly lumped into the AI-disrupted software bucket. Its network effect is undisruptable, gross margins ~91%, net income roughly a third of revenue, with 70% then forward 50%+ growth at a modest forward multiple. He argues monetization has huge headroom (Meta comparison) and that engagement actually rises during wartime, setting up earnings beats. He sees it as a deeply mispriced, asymmetric long heading back to $200+.
How his view evolved
Started as a "Buy" in a ratings list, became a high-conviction long after the Q4 drop near $139-148. Held with conviction through a painful YTD drawdown (his biggest loser), repeatedly reaffirmed thesis, felt vindicated after the blowout Q1 beat, then frustrated it stayed flat.
Key points
- Held 5% position; openly disclosed long, biggest loser at ~$148 cost average
- Core thesis: undisruptable network effect, ~91% margins, high growth, mispriced
- Conviction held through deep drawdown; claimed vindication after Q1 earnings beat
Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $RDDT on X ↗