About The Re-Rate
Some stocks don’t just go up. They get repriced.
A re-rate is what happens when the market changes its mind about a business. The earnings improve, the competitive position hardens, and eventually the multiple follows. I look for companies where the improvement is already visible in the filings and the market’s opinion hasn’t moved yet. Then I buy them, publish the reasoning, and keep score in public.
That’s the whole letter. Stock picks with the receipts attached: every position dated the day I bought it, entry price on the record, graded monthly against the S&P 500, losers included, nothing edited after the fact.
How I invest
Earnings power or nothing. I only own businesses with cash flows, or a clear line to them. No crypto, no gold, no story stocks. An asset that produces nothing can only re-rate on the next buyer’s mood, and I don’t underwrite moods.
Moats big tech can’t route around. Physics, regulatory qualification, decade-scale capital intensity, or an installed base that’s already been attacked and held. Better product, brand, and first-mover are not defenses. Snapchat and Barnes & Noble had all three.
No margin, no options, no shorting. Borrowed conviction gets repossessed at the bottom. A drawdown you can hold is a drawdown you survive.
No China-domiciled listings. I paid the tuition on that one with Alibaba. Some risks don’t show up in filings you’re allowed to read.
Buy and hold. I sell when the reason I bought stops being true, and when that happens you’ll read exactly why, including what I got wrong.
Simple over clever. If I can’t explain a position in two sentences, I don’t own it and I definitely don’t publish it. Complexity in this industry mostly exists to deliver fees.
The fee math. $100,000 compounding at 8% for 40 years is $2.17 million. At 6%, which is what’s left after a 2% fee, it’s $1.03 million. The fund kept half your retirement. That math is why this letter exists instead of a fund.
What you get
Free: three positions from the portfolio (Micron, Broadcom, FormFactor) with full write-ups, plus market observations and selected research.
Paid: all fifteen positions with dates and entry prices, the monthly Scorecard, the watchlist, and a notes on every change the day it happens.
When I publish
About two research pieces a month, one monthly portfolio update, and notes whenever something changes.
When a holding reports earnings, one of three things happens. Nothing changed: I say so in a line on X. The story got better, I’ll write about it. The story broke: you get a full article on what I got wrong and what I’m doing about it. What you will never get is a 2,000-word recap of a quarter that didn’t matter.
Who writes this
A track record you can check. In 2025, I published the case for Micron as the most undervalued AI play — HBM memory as a chokepoint of the AI buildout — when the market still saw a commodity cyclical. In February 2026, I wrote about Broadcom and the AI Capex panic that keeps bringing opportunities. These articles are the template for everything here: find the re-rate before the reprice.
Disclosure: The Re-Rate covers my personal portfolio and my own research. It is published for information and is not individualized investment advice. Do your own work.
