$SNAP

Does he own it?

No first-person ownership language at any point: no "I'm long," no adds, no position sizing, no portfolio weight. He gave SNAP a "Strong Buy" rating in January but that is a coverage/ratings call, and he explicitly says he WAS researching a long but the SBC structure put him off. Later he repeatedly uses SNAP as a negative example of stock-comp masking profitability. Coverage, not a holding.

His thesis

A growing social-media company with strong network effects (rated highly as AI-resistant) and a plausible re-rating story driven by free-cash-flow growth, memory-feature monetization, and an AI search deal. But this is overshadowed by heavy criticism of governance: roughly a billion-plus in annual stock-based compensation that masks true profitability, debt-funded buybacks at high interest rates seen as offsetting executive grants, and the stock trading near lows. He frames the setup as a transfer of value from retail to insiders.

How his view evolved

Opened January rating it a Strong Buy on a re-rating thesis. By early February, after digging into the comp structure and Q4 earnings/buyback, he turned skeptical and declined to invest. By spring he used SNAP mainly as a cautionary example of SBC hiding GAAP losses.

Key points

• Initial Strong Buy rating soured into governance skepticism after he examined the comp/buyback structure
• Repeatedly cites SNAP as the textbook case of stock-based comp masking true profitability
• Network-effect moat acknowledged as AI-resistant, but no personal position ever disclosed

Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $SNAP on X ↗