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Key Takeaways Electricity prices, incentives (tax credits, net metering) and technology advancements will drive sales. Microinverters are gaining traction but their advantage over traditional inverters is unclear.

Key Takeaways Well-positioned to benefit from the continued growth of digital payments and the international market Investing heavily in B2B and cross border payments for new revenue growth Has a wide moat, and a large serviceable market, but investor expectations are already high Additionally the Credit Card Competition Act could be a major negative catalyst Risks to my narrative include stronger than expected US consumer, and increased use of Visa network from future Fintech. Catalysts The Benefits of Visa’s Global Reach Visa processes more than $11.6 trillion in gross dollar volume (GDV), made up primarily of digital payments with the remainder being things like ATM withdrawals, B2B transactions, etc.

Key Takeaways Ford’s failure to launch a meaningful EV campaign will see them lose out in Europe and Asia. Increase labor costs following Union strikes will put pressure on Automotive EBIT margins Strict credit conditions over the next few years will hurt Ford’s sales volumes and financing margins Catalysts Rising Competition In EV Market Will Limit Sales Growth Trajectory Ford was one of the many manufacturers that have had to realign their focus with climate action in mind.

Key Takeaways Banks are being forced to offer higher rates to keep deposits. Lending will remain slow, which will squeeze net interest margins.

Berkshire has managed to find a balance between a diversified business and an alpha-rich portfolio. The company’s efficiency is reflected in its low risk, which also limits growth.

Key Takeaways Poor thermal and energy efficiency will see Intel lose out to AMD in the server CPU market AMD and ARM will take market share from Intel in the consumer CPU segment Intel will see Notebook OEMs switching to AMD and ARM based chips for their efficiency gains Intel’s Arc GPUs won’t be able to catch up to Nvidia, leaving them without the scope to focus on AI Catalysts Struggling in the Data Center Market: Xeon SP CPUs Losing Ground As AMD Steps Up Intel's dominance in the data center CPU market has been a significant pillar of its success over the years, contributing around 30% to the company’s total sales. INTC Revenue & Earnings Breakdown - Simply Wall St However, recent trends suggest a concerning shift.

Key Takeaways A large exposure to the iron-ore market with a muted medium-term outlook leaves BHP vulnerable. The company's second-largest segment (copper) can provide growth but is at risk of prolonged higher capex.

Key Takeaways Netflix ad-supported plans will drive new revenue Revenue per user will decrease in short term from ad plans, but increase longer term Margins will continue to improve as costs grow slower than revenue (operating leverage) User growth expected from password sharing crackdown I believe these 3 catalysts will result in $52bn in revenue and $12.5bn profit by 2028 Catalysts Industry Catalysts There is Room For More Than One Streaming Platform The video streaming industry has become very competitive, and the market has been hyper focused on the question of “who will win the streaming war.” I don’t think this is a winner takes all situation, and there is room for a handful of platforms. There are pros and cons to each platform and many households end up subscribing to two or three platforms.

Key Takeaways Possible consolidation in the streaming market will benefit NFLX with better negotiating leverage Internal initiatives of ad-plans and paid sharing will drive user and revenue growth ARPM will increase due to future price increases and advertising revenue Advertising dollars will transition from Cable TV to NFLX as its ad-supported members base grows Discipline on content costs will increase net margins and push future earnings and cash flows higher Catalysts Industry Catalysts Consolidation Of Content In The Streaming Market After 25 years of expensive growth, Netflix has now become the most dominant, profitable streaming player in the world. With 238m subscribers, trailing 12 month revenues of $32bn and cash flows of $4.6bn (all as of June 30 2023), the company has reached scale economics that allow the streaming model to work profitably.