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  Palantir ($PLTR): Is the Leading Growth Rate Sustainable? With Gil Luria, Head of Technology Research at D. A. Davidson 11.08.2026 56мин

  Gil Luria and I dig into the bull case after another blockbuster quarter with 93% YoY growth. The reason Palantir wins is their head start on building an enterprise-wide ontology, unconventional usage of forward-deployed engineers in their SaaS model, and customer-aligned, outcome-based pricing. We debate $PLTR’s valuation, future growth trajectory, and AI-driven software budget crowd-out.“Retail investors figured it out first, bid it up all the way to $200. Institutional investors were always caught a step behind, including most of the sell side.”“The bull case is that the stocks’ valuation is now, 50x forward cash flow, not $200, 2% yield, and they're growing 90%, 93% up from 85% last quarter” “They get to cherry pick customer, deliver results, and win. (8:24) That's when we learned over the last year.”“This is the best software company in the world. Maybe the best company in the world.”Stocks mentioned: $PLTR, $AI, $IBM, $MSFT, $NVDA, $SNOW, $DDOG, $CRWD, $SHOP*Not Investment Advice. Disclosure: The author has a short position in PLTR as of the episode recording; that may change at any time. ______________________________________________________________________Highlights:(1:26) Palantir accelerates — 93% U.S. commercial growth and strong government demand.(2:18) How Gil went from valuation skeptic to calling Palantir one of the world’s best companies.(5:13) What makes Palantir different: forward deployed engineers, ontology, AI and outcome-based pricing.(8:26) How Palantir delivers customized solutions at scale.(9:06) Why its engineering talent and brand are hard to replicate.(10:34) Ontology explained — mapping company data to how the business works.(13:29) Palantir’s post-9/11 origin story and original problem.(15:23) A 157% net retention rate and expansion within large customers.(16:42) Why Palantir’s chief revenue officer came from a legal background.(17:48) Gil’s valuation framework: Palantir deserves a premium to software peers.(19:42) Why Palantir customers may be seeing unusually strong AI returns.(21:43) Enterprise AI shifts from structured to probabilistic unstructured data.(23:46) How AI spending is crowding out other technology budgets.(26:48) From GPU hours to tokens to cost per task — AI economics move toward labor.(29:10) Why AI-driven productivity could lead companies to hire more people.(30:29) How AI compressed Gil’s research workflow from weeks to near real time.(35:06) Gil’s AI stack and Microsoft as D.A. Davidson’s enterprise control plane.(37:41) Are companies handing proprietary advantage to frontier AI models?(38:38) Palantir’s sovereignty pitch and risks of relying on one frontier model.(42:45) Why Palantir prefers model flexibility and NVIDIA’s Nemotron models.(43:52) NVIDIA’s strategy: coordinate the AI ecosystem, not just sell chips.(46:08) The Palantir bear case — extraordinary growth eventually decelerates.(48:02) Why slower growth could still support a larger future cash-flow base.(50:35) Why Gil’s Palantir estimates remain close to consensus despite his bullish view.(52:14) The institutional-investor problem: limited revenue disclosure.(53:49) Gil’s belief in Palantir’s mission.(54:04) Doug summarizes the bull and bear cases: ontology, engineering, valuation, and deceleration.______________________________________________________________________💡 This episode is powered by AlphaSense. Use the link here for Complimentary access — https://www.alpha-sense.com/Pitch/💡 Fiscal.AI - Delivering Modern Financial Data InfrastructurePitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn for daily market color: : https://www.linkedin.com/in/doug-garber-42aa508 Gil Luria Links:DA Davidson: https://www.dadavidson.com/ Gil Luria on LinkedIn: https://www.linkedin.com/in/gil-luria-79347a2/ Gil Luria on X: https://x.com/gilluria 
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  EP. 44 - She Quit at 29 With No Code, No Co-Founder, No Funding – Now Hudson Labs Is Finance AI that has a “No Hallucination Guarantee” 06.08.2026 59мин

  She Quit at 29 With No Code, No Co-Founder, No Funding – Now Hudson Labs Is Finance AI that has a “No Hallucination Guarantee”Kris Bennatti (@)  CEO Hudson Labs (Toronto), a former forensic-accounting data scientist who built the first LLM for finance, back in 2019 before anyone knew what to make of it. Her co-founder/CTO Suhas Pai literally wrote the book – O'Reilly's "Designing Large Language Model Applications." "If you try to pull multi-period KPIs beyond four quarters with a generalist tool, you'll get one wrong number 30% of the time."We cover:The leap: quitting a great job at 29 with no funding, no co-founder, and not one line of code written  "those choices are just a reflection of poor risk assessment capabilities"The first hard lesson: the academic papers claiming AI could predict fraud were poisoned by target leakage, the training data contained the outcome. The product she quit her job to build didn't work, and she rebuilt from scratchThe forensic risk score: 70+ means a one-in-three chance of an SEC enforcement action within three years and 3x the likelihood of a securities lawsuit  used by investors, D&O insurers pricing risk, and plaintiff-side class-action firms. "We specialize in selling to the enemy."Why generalist LLMs hallucinate on financial numbers: effective context length vs the advertised window, the two-to-three-earnings-calls attention limit, and why hallucination is really LLM memory bleeding into real dataThe Hudson Labs answer: AI-specific pre-processing of every filing, transcript, and presentation retrieve the whole table, the units, the currency, consolidated-vs-segment and a no-hallucination guarantee, the first of its kindTone as a screen: find the most stressed-out CEOs, the most confident CFOs, track deflection on analyst Q&A over time  impossible unless tone is stored in the embeddingsThe soft-guidance problem: why "capex is now expected to be…" slips past generalist AI, and the pathways built to never miss a guidance cueThe server useful-life screen: every hyperscaler raising estimates in a follow-the-leader wave and Amazon as the only one to cutThe cost story nobody's pricing: a 500-company AI-ecosystem deep dive that cost $200 on Hudson Labs vs ~$13,000 on a frontier-model API at lower accuracy  and why cost efficiency becomes the tailwind as subsidies fadeThe business today: ~100 hedge fund clients plus Fortune 100s, insurers, and law firms and a new $100/month tierHighlights:  (1:13) Quitting at 29 with nothing but the problem (5:34) The target-leakage discovery — the papers were wrong (9:46) Suhas Pai — the co-founder who wrote the book (13:10) How Hudson Labs differs from the AI-startup wave (15:30) Why generalist LLMs get numbers wrong — context and attention (23:24) The worst strategic decision — and pivoting when short sellers shrank (28:21) Demo: KPIs with verbatim call commentary, no hallucinations (35:30) The infrastructure behind the guarantee (39:34) Tracking Waymo vs Uber when the stats aren't standard (46:39) The forensic risk score — and Meta's rising off-balance-sheet risk (52:00) The server useful-life wave — everyone up, Amazon down (55:14) $200 vs $13,000 — the deep-dive cost math (57:00) The next three years and the new $100/month tier______________________________________________________________________💡 This episode is powered by:Fiscal.AI: Contact SalesPitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn for daily market color: : https://www.linkedin.com/in/doug-garber-42aa508 Hudson Labs Links:Kris Bennatti: https://www.linkedin.com/in/kbennatti/ Hudson Labs: https://www.hudson-labs.com/ 
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  EP.43 - SpaceX ($SPCX) Irrational Exuberance? Space Winner or Street 50% Too High 30.07.2026 1ч 6мин

  "Our numbers are not even half of consensus. Treat the syndicate's number as an extremely optimistic bull case.""We think we're already very optimistic—but consensus is even more optimistic.""Launch is what makes 100% of the value of SpaceX.""Frontier AI is building very high barriers to entry.""Everybody wants to be part of the SpaceX story."Pierre Ferragu, Head of Tech Infrastructure at New Street Research, joins the show to break down SPCX’s sum-of-the-parts valuation and the key debates in the stock.We dig into:Why Starlink has a structural cost advantage over traditional broadband. The tell is that Starlink is already sold out in places: raising prices in capacity-limited markets while adding 0.5-1M subs a month — which is why the V3/Starship ramp is now the gating factor.The Starship launch being the next catalyst. The model needs ~1 Starship launch a week; New Street runs ~1 year behind Elon's timeline — a reminder that Musk's targets have a "world-class track record of being late but delivered"The xAI valuation framework: a ~$575B base value from a $750B-$1T 2030 market at ~15% share (on Anthropic/OpenAI's ~4.6x 2030 revenue) — and why it's a balanced oligopoly, not winner-take-all, so no one gets to run away with it.The spot-vs-planned compute arb: ~$50B/GW (the $15B / 0.3GW Anthropic deal) vs CoreWeave's ~$12B/GW — and why that premium may not last.The setup that should keep you honest: consensus was built on Elon-optimism to sell the deal; the stock will trade quarter-to-quarter on "where there's light" (Starlink subs, Starship launches), through 6-12 volatile months of lockup unwinds and index inclusion. The Debate: Overly optimistic earnings revisions vs a cost advantage in the space frontier led by the great entrepreneur of our time, Elon MuskThis episode was originally a Pitch The PM webinar sponsored by Alpha Sense on June 22nd. Get free access to all of our webinars on our substackStocks: $SPCX, $TSLATopics: SpaceX, Starlink, Starship, xAI, Frontier AI, Space Economy, Satellite Internet, Launch Economics, Artificial Intelligence, Infrastructure Investing*Not Investment Advice_____________________________________________________________[00:00:00] Introduction to Pierre Ferragu, New Street Research, and why the firm is uniquely positioned to analyze SpaceX.[00:03:59] How New Street frames the SpaceX investment thesis for institutional investors.[00:06:32] SpaceX sum-of-the-parts valuation: Starlink, Direct-to-Cell, Launch, and xAI.[00:10:05] Why Starlink has a major cost advantage over traditional broadband.[00:15:49] Starlink pricing, subscriber growth, and global expansion.[00:20:23] Pierre’s firsthand experience using Starlink.[00:23:10] Valuing Starlink and its long-term free cash flow potential.[00:27:36] Why Starship is the most important catalyst for SpaceX.[00:37:22] How SpaceX disrupted the launch industry.[00:44:25] Pierre’s valuation framework for xAI and Frontier AI.[00:53:56] Meta, open-source models, and Chinese AI companies.[00:57:19] Why xAI can command premium pricing for compute capacity.[00:59:36] Pierre’s variant view versus Wall Street consensus.[01:01:04] What investors should watch after the IPO.[01:02:45] Pierre’s outlook for SpaceX shares._____________________________________________________________💡 This episode is powered by:AlphaSense: Request a DemoPitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Follow Doug Garber on LinkedIn for daily market color: https://www.linkedin.com/in/doug-garber-42aa508 
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  EP. 42: Building Data-as-a-Service using AI tokens–Making Decisions on Complete Gut! 23.07.2026 55мин

  "Our data is powering the infrastructure of this massive new market." "Building Data-as-a-Service is a very, very hard business." "difficult problems have big rewards""You're making decisions on complete gut." Braden Dennis is the true definition of an entrepreneur. He started a podcast in his college dorm room and now runs an industry leading Fintech. Fiscal.ai has pivoted three times since inception and is now focused on building the latest generation financial data company using delivery speed and rapid product iteration as its competitive advantage.Companies mentioned: Google Finance ($GOOGL), Claude, OpenAI, Bloomberg, Fiscal AI, Perplexity.Thank you to Fiscal.AI, our sponsor of the Wall Street Entrepreneur series!______________________________________________________________________  Highlights[00:00:18] Introduction to Braden Dennis and Fiscal AI[00:01:44] Braden Dennis's investing background and early podcasting journey[00:02:58] Influential investing books and lessons that shaped his entrepreneurial approach[00:05:27] Overview of Fiscal AI's financial data business and competitive advantages[00:07:29] Origins of Stratosphere and the launch of FinChat[00:08:39] FinChat's viral growth following the release of large language models[00:11:09] Raising seed capital and demonstrating early startup traction[00:11:27] Product-market fit and the importance of rapid iteration[00:13:22] Advice for founders on fundraising and seed-stage milestones[00:15:26] Why the company shifted from a retail investing platform toward data infrastructure[00:16:07] Building proprietary financial datasets and owning the underlying content[00:19:11] Transitioning from software subscriptions to B2B data feeds[00:20:00] Startup decision-making, uncertainty, and operating on imperfect information[00:21:59] Startup moats, competition, and scaling from zero to one[00:24:09] Customer retention, activation, and key business metrics[00:25:52] AI infrastructure, token usage, and building data products at scale[00:28:32] Product roadmap, data coverage expansion, and competitive positioning[00:30:18] MCP integrations and delivering financial data directly into AI workflows[00:31:36] Global data coverage, ownership data, transcripts, and company KPIs[00:34:22] Total addressable market for financial data and long-term revenue goals[00:36:40] Scaling from $10 million to $50 million in annual recurring revenue[00:38:41] Creating a news product focused on signal rather than noise[00:42:36] Managing emotions and maintaining perspective as a founder[00:43:23] Leadership lessons and the risks of impulsive decision-making[00:44:18] Demonstration of Fiscal AI's terminal, API, and investor tools[00:46:37] AI-powered research workflows using Claude, Codex, and MCP integrations[00:49:27] Data ownership, model training, and the value of accurate financial information[00:53:00] Handling adjusted financial metrics and analyst workflows[00:53:58] Building custom investor dashboards and the future of AI-assisted research ______________________________________________________________________Pitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Fiscal.AI Links:Braden Dennis on LinkedIn: https://www.linkedin.com/in/braden-dennis-881a88b0/  Fiscal AI - https://fiscal.ai/  
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  EP.41: Student Stock Competition Winners: Is the Magic Show Over? $HAS Short Pitch 20.07.2026 1ч 1мин

  "When I see short interest go up into the right... I want to dig deeper.""We came in as a long at first... then we followed the evidence to get to the short side.""Magic has been the crown jewel of the company—but we think expectations have gotten too high."[Using Carbon Arc data] “average weekly users on the app through quarter to date to q2 it's down 11 percent”"You have to be intellectually honest. You can't just ignore evidence because it doesn't support your thesis."Glenn and Vito won both the Fordham and Notre Dame Stock Pitch Competitions with a contrarian short thesis on Hasbro ($HAS). What began as a long idea quickly turned into a short after they dug into Magic: The Gathering, channel checks, local game store surveys, player sentiment, and Wizards of the Coast's product strategy.In this episode, they walk through the full research process behind their pitch, discuss why they believe Magic's recent growth is unsustainable, and explain how primary research, financial modeling, channel checks, and alternative data on Carbon Arc helped shape their view. Stocks: $HAS*Not Investment Advice Disclosure: I have a short position. That may change at anytime. ______________________________________________________________________  [01:00:00] Introduction to Glenn Lee and Vito, winners of the Fordham and Notre Dame Stock Pitch Competitions, and their Hasbro short thesis.[01:03:03] How the investment idea evolved from a long thesis into a short after deeper financial analysis.[01:05:54] The two pillars of the Hasbro short thesis: slowing Magic: The Gathering demand and weakness in consumer products.[01:09:18] Doug explains how to think about short interest, positioning, and identifying crowded trades.[01:11:39] Breaking down Hasbro's business segments and why Wizards of the Coast drives nearly all of the company's profitability.[01:15:41] Why Magic: The Gathering has maintained its competitive advantage for more than 30 years.[01:21:43] The Universes Beyond strategy and why the team believes it changes Magic's long-term growth profile.[01:23:04] Hasbro's recent growth, management expectations, and why the students believe Wall Street is too optimistic.[01:30:15] Doug's framework for continuously testing an investment thesis and remaining intellectually honest as new evidence emerges.[01:34:11] The research process behind forecasting Magic: The Gathering demand using channel checks and industry expertise.[01:36:35] How product releases and aggressive pricing have accelerated Magic's recent growth.[01:38:21] Survey results, player backlash, and the debate around the Universes Beyond product strategy.[01:43:19] Channel checks with local game stores and what retailer ordering patterns reveal about future demand.[01:52:26] Using secondary market pricing to measure player demand and forecast future Magic sales.[01:56:14] The key bull case for Hasbro, why attracting new players may not be enough, and the team's concluding thoughts on the investment thesis.______________________________________________________________________💡 This episode is powered by:Carbon Arc: 30 Days Free with Code PITCHTHEPM30AlphaSense: Request a DemoPitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 
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  EP.40: The Next Phase of the Oil Cycle: Why Refiners Win 15.07.2026 54мин

  “These [oil] cycles, and we can get into it, they move up in three waves. They go doubt, pullback, optimism, a pullback, and then parabolic euphoria.”“The well count is starting to bottom out, and even as of the latest Texas Railroad Commission data that was just updating for this call, it looks like that's bottoming out too.”“So I think the best ones that is now front and center is obviously the refiners, and I still think that there's a lot left in the tank.”"If you go back and look at the mega tech capex... there is not one single metric around meeting a capital budget."Robert Connors, the author of Crude Chronicles and advisor to funds that manage over $1 trillion such as T. Rowe Price walks us through his bullish oil cycle call in great detail with all the supporting charts. The logic is simple: well productivity is declining and the marginal cost of production is increasing. Therefore, oil prices are on the rise. Drawing on more than a century of industry data gathered by hand at the Library of Congress, Robert explains how oil cycles are driven not just by supply and demand, but by long-term productivity trends, capital allocation, and marginal production costs.Stocks mentioned: PSX, MPC, VLO, CVX, XOM, BP, TTW, RIG, NE, DO, VAL______________________________________________________________________  [00:00:00] Highlights [00:00:26] Introduction to Robert Connors and his long-cycle approach to energy research. [00:02:10] How the Iran conflict fits into Robert's three-wave commodity cycle framework. [00:04:28] Why well productivity—not traditional supply and demand forecasts—drives long-term oil cycles. [00:09:13] Evidence that U.S. shale productivity growth is slowing and what that means for future oil prices. [00:11:38] Comparing productivity trends across Bakken, Permian E&Ps, and integrated oil companies. [00:14:21] Where future global oil supply growth could come from beyond the Permian. [00:18:15] Understanding marginal production costs and why they establish the long-term floor for oil prices. [00:20:44] Robert's framework for estimating a sustainable oil price range despite geopolitical volatility. [00:24:35] Why refining margins are driven by secondary processing capacity rather than simple utilization rates. [00:29:50] Global refining capacity outlook and why Robert remains bullish on refiners. [00:32:54] Similarities between today's AI infrastructure spending and previous shale investment cycles. [00:36:41] Productivity cycles, technology investment, and the relationship between energy and growth stocks. [00:39:54] Robert's preferred investment opportunities, including refiners, integrated majors, and offshore drillers. [00:44:47] Why offshore drilling may be entering a favorable cycle with limited new rig supply. [00:51:24] How executive incentive structures influence capital allocation and shareholder returns in the offshore sector. [00:52:53] Where listeners can follow Robert Connors and Crude Chronicles. ______________________________________________________________________💡 This episode is powered by:AlphaSense: Request a DemoPitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Crude Chronicles Links:Robert Connors on LinkedIn: https://www.linkedin.com/in/robert-connors-cfa-cpa-oilinvestor/ The Crude Chronicles: https://thecrudechronicles.substack.com/ 
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  EP.39: Bull or Bear debate on META’s AI Capex? With Avory’s CIO Sean Emory 09.07.2026 1ч 2мин

  Sean Emory, CIO and Founder of Avory & Co., is one of my go-to investors when I want to pressure-test an investment thesis. While I tend to focus on earnings revisions and the Variant View checklist , Sean goes deep on products, competitive positioning, and invests where the world is heading. In this episode, we debate one of the biggest questions in tech investing today: Is Meta overspending on AI, or is Zuckerberg making the right long-term bet? We break down if Meta's AI strategy is working and what is driving the stock?"Don't bet against Zuckerberg." "They have the biggest distribution platform in the world." "If you don't own your infrastructure, you run a lot of risk." "Distribution is arguably the most important strategic place to be here." "The burden on your brain—the cognitive load—amplifies." Stocks: $META, $NVDA, $AMD, $GOOGL, $MSFT Thank you to our episode sponsors Oxford Data Plan and Alpha Sense. *Not Investment Advice ______________________________________________________________________[00:00:00] Introduction to Sean Emory, Avory & Co., and the firm's investment approach.[00:01:24] Building Avory around disciplined research and long-term investing.[00:03:28] Why Meta has remained a core holding over the past decade.[00:04:34] Mark Zuckerberg's leadership and Meta's long-term execution.[00:09:00] Examining Meta's capital expenditure strategy and valuation.[00:11:15] Why Meta's distribution advantage supports its AI investments.[00:15:04] Sean's outlook for hyperscaler capital spending and infrastructure investment.[00:16:42] Why owning AI infrastructure matters for large technology platforms.[00:21:57] Discussion around potential equity financing and investor concerns.[00:23:40] Balancing near-term free cash flow with long-term investment returns.[00:26:48] What catalysts could change investor sentiment toward Meta.[00:32:39] Meta's AI model development, product strategy, and competitive positioning.[00:35:01] The AI tools Sean uses throughout his investment process.[00:37:28] Using AI workflows, automation, and productivity systems within an investment firm.[00:43:58] Portfolio sizing and valuation discipline for Meta.[00:48:24] Whether investors should support Meta's aggressive AI investment strategy.[00:52:10] Long-term expectations for Meta's free cash flow as capital spending stabilizes.[00:57:15] Additional upside from Meta's AI partnerships and infrastructure investments.💡 This episode is powered by:Oxford Data Plan: Request a DemoAlphaSense: Request a DemoPitch The PM Links:📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Avory & Co Links: Sean Emory on LinkedIn: https://www.linkedin.com/in/seanemoryavory Avory & Co https://www.avory.xyz/
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  EP038: AI's Next Surprise Inflection–Construction Rentals? With Jarrett Harris from Iron Advisor Insights 30.06.2026 43мин

  Jarrett Harris, from Iron Advisor Insights was my go to person for industrial channel checks when I was at Citadel and Millennium. He’s from Peoria, IL, the original HQ of Caterpillar ($CAT) and spends his days talking to heavy equipment dealers. He is now part of Iron Connect, a dealer wholesale network with proprietary data that gives me an edge on when the heavy equipment cycles are inflecting.After catching-up with Jarrett in this episode, it is likely we are seeing early signs of a price inflection for rental equipment potentially impacting: $URI, $EQPT, $SUNB, $HRI"The data center build out is reshaping everything."“Supply versus demand is normalized and is now edging toward scarcity rather than abundance.""We've started to get more indications that rental rates are going higher.""We're starting to hear more people in the used equipment market that are hoarding equipment."“north of 80% of the equipment on their site was selling within two weeks. If I go back to September of ‘25, it was about 30%.”Stocks:$URI, $CAT, $EQPT, $SUNB, $HRI*Not Investment Advice______________________________________________________________________[00:00:00] Introduction and highlights.[00:00:25] Jarrett Harris introduces Iron Advisor Insights and its field research approach.[00:01:44] Building a research business focused exclusively on heavy equipment and industrial machinery.[00:03:48] How dealer, contractor, supplier, and equipment data are combined to identify industry trends.[00:04:55] The machinery manufacturers and rental companies covered by Iron Advisor Insights.[00:05:39] Why Caterpillar and equipment rentals are at the center of investor conversations.[00:07:04] How AI data centers are changing construction demand and equipment utilization.[00:09:39] Equipment supply, lead times, pricing, and the shift from abundance toward scarcity.[00:12:09] Caterpillar's growing role in powering AI data centers.[00:15:09] Why Caterpillar's dealer network creates a competitive advantage.[00:17:19] Used equipment markets, dealer inventory, and signs of tightening supply.[00:20:14] Rental rate trends and early indications of improving pricing power.[00:21:55] How dynamic pricing is changing the equipment rental industry.[00:24:09] EquipmentShare's impact on competition and rental pricing strategies.[00:26:44] Why rental companies may be approaching an important pricing inflection point.[00:28:38] How large data center projects are influencing equipment demand and contractor behavior.[00:30:12] Geographic expansion of data center construction across North America.[00:31:51] Comparing pricing between new and used construction equipment.[00:33:07] Dealer inventory strategies and growing conviction around future equipment demand.[00:35:33] Investor sentiment toward AI-driven construction versus broader economic activity.[00:36:17] Infrastructure spending and improving conditions in construction markets.[00:39:50] The long-term growth outlook for equipment rentals and OEM-backed rental fleets.______________________________________________________________________Pitch The PM Episode Links:Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠Iron Advisor Insights Links:Jarret Harris on LinkedIn: https://www.linkedin.com/in/jarrettharris/Iron Advisors Insights: https://ironconnect.com/
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  EP037: SNOW: 1st Inning on AI Cloud Data Winner! With Sonu Chawla, PM of $TSCM 26.06.2026 36мин

  Part 2 of the interview with Sonu Chawla, Co-Portfolio Manager at TimesSquare Capital Management, about one of her team's highest-conviction investment ideas in enterprise AI. Sonu explains why Snowflake sits at the center of the AI data ecosystem, how her team developed conviction to increase its position during a sharp software selloff, and why they believe enterprise AI adoption remains in its earliest stages. The conversation examines primary research, expert networks, valuation discipline, and the role of AI tools in investment research, highlighting how experienced analysts combine domain expertise with fundamental research to identify long-term growth opportunities before they become widely recognized.ETF: TSCMTickers: SNOW*Not Investment Advice. ______________________________________________________________________[00:00:00] Introduction and highlights to part 2 of this interview with Sonu Chawla.[00:02:20] Snowflake's business model and why it is foundational to enterprise AI infrastructure.[00:05:50] Why enterprise AI adoption is still in its earliest innings.[00:08:05] How Snowflake differentiates itself from hyperscale cloud providers and competing data platforms.[00:15:06] The investment thesis behind increasing the firm's Snowflake position during the software selloff.[00:17:49] Why Cortex Code (CoCo) created a variant perception and wasn't reflected in company guidance.[00:18:16] Customer adoption data, channel checks, and primary research that strengthened conviction.[00:22:17] Using LinkedIn, expert calls, and management commentary as part of the research process.[00:22:17] Balancing valuation discipline with high-growth investment opportunities.[00:26:53] Why discounted cash flow analysis and free cash flow remain central to investment decisions.[00:29:48] Comparing Snowflake's growth profile with Palantir and the broader enterprise AI landscape.[00:31:20] How Times Square uses AI tools to accelerate investment research and improve productivity.[00:33:20] Building an internal AI-enabled research ecosystem and connecting proprietary data sources.______________________________________________________________________Pitch The PM Episode Links:Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠TimesSquare Links:Sonu Chawla on LinkedIn: https://www.linkedin.com/in/sonu-chawla-cfa-0093612/TimesSquare: https://tscmllc.com/💡 This episode is powered by AlphaSense. Use the link here for Complimentary access — https://www.alpha-sense.com/PTPM/
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  EP036: TimesSquare ($TSCM): The Woman in the Arena with Co-PM Sonu Chawla 24.06.2026 30мин

  Against all odds, Sonu has shined at every step of her career. From getting into the Indian Institute of Technology to becoming a Co-PM at TimesSquare Capital Management.We get into what it's like to stand in the Wall Street arena everyday after proving the “nah-sayers” wrong. And why she invests in mid-cap equities at TimesSquare Capital Management and the benefits of being early to investing in a transformational, high-growth company.“It was a master class in trying to adapt to a world which did not look like you,”“Working hard like someone who had been repeatedly doubted and told that there were others in line ahead.”“I'm a student.  What drives me is intellectual curiosity. I want to learn and get better every day.”“I want to show up every day in the arena.”ETF: TSCMTickers: ARGX, SNOW*Not Investment Advice. ______________________________________________________________________ [00:00:00] Sonu Chawla's early interest in investing and journey through the Indian Institute of Technology.[00:01:50] How consulting at Deloitte led to a career in professional investing.[00:03:43] Growing up in a small town in India, overcoming barriers, and the importance of persistence and mentorship.[00:08:46] Resilience, learning from mistakes, and what continues to motivate Sonu as an investor.[00:10:32] Why TimesSquare Capital focuses on mid-cap growth investing and the long-term case for the asset class.[00:14:27] TimesSquare's analyst-driven investment process and how the team develops investment ideas.[00:19:26] Lessons from hedge fund investing and the importance of valuation discipline.[00:21:09] Sonu's quality growth investment philosophy and investing before profitability inflection points.[00:21:58] The Argenx case study and identifying businesses early in their scaling journey.[00:25:08] How deep sector expertise helps analysts build conviction through primary research.[00:26:24] Why specialized industry knowledge is the firm's competitive advantage.[00:28:30] Launching the TimesSquare Quality Mid-Cap Growth ETF and why active ETFs appeal to investors.______________________________________________________________________Pitch The PM Episode Links:Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 📩 Subscribe to our Substack for research updates and new high-conviction episodes from top PMs, and our Job Board: ⁠https://pitchthepm.substack.com/⁠TimesSquare Links:Sonu Chawla on LinkedIn: https://www.linkedin.com/in/sonu-chawla-cfa-0093612/TimesSquare: https://tscmllc.com/
• 
  EP035: "From Citadel & Millennium to Building AI for the Buy-Side" with Eric Moster 10.06.2026 44мин

  In the new Pitch The PM series, The Wall Street Entrepreneur premier, Doug Garber speaks with former Citadel colleague, Eric Moster, CEO of Portrait Analytics and former portfolio manager at Millennium and Analyst at Surveyor Capital. Eric shares his transition from hedge fund investing into building AI-powered research tools purpose-built for institutional investors. The discussion explores how Portrait Research helps analysts monitor information flow, generate investment ideas, and accelerate deep fundamental research workflows. Eric explains the evolution of the platform from productivity software into a customized intelligence engine capable of identifying new opportunities based on an investor’s specific framework. They also examine the challenges of building AI products for hedge funds, balancing signal versus noise, scaling a startup, and why narrowing product focus became critical to Portrait’s growth strategy.  _____________________________________________________________[00:00:00] Introduction to Eric Moster and his move from investing to entrepreneurship.[00:00:36] Eric’s background at Citadel, Millennium, and Surveyor Capital.[00:01:14] How ChatGPT changed Eric’s view of AI and investing.[00:02:24] Joining Portrait Research alongside founder David Plon.[00:03:55] Eric’s path from first business hire to CEO.[00:05:28] Portrait’s evolution and product roadmap.[00:05:36] Overview of Portrait’s AI research and monitoring tools.[00:06:40] Tracking material information across industries.[00:08:04] Doug’s experience using Portrait.[00:08:48] Data quality challenges and filtering noise.[00:10:55] Using Reddit and alternative sources for investment insights.[00:11:50] Monitoring sentiment shifts and public reactions.[00:12:51] Determining what information is truly material.[00:14:29] Management guidance and investor interpretation.[00:16:55] Embedding hedge fund expertise into AI systems.[00:18:18] Why idea generation is the highest-value workflow.[00:20:42] Introduction to Portrait Intelligence.[00:22:03] Applying custom investment frameworks at scale.[00:24:03] Ranking opportunities based on framework fit.[00:25:10] Moving from productivity gains to revenue generation.[00:26:44] Learning from historical investment decisions.[00:29:41] Identifying recurring behavioral patterns.[00:30:34] Conducting objective investment postmortems.[00:31:35] Generating detailed turnaround investment reports.[00:33:58] Expanding the investment funnel with AI.[00:34:37] Why every framework is customized.[00:35:44] Ideal customer profiles and use cases.[00:36:52] Customer growth and adoption metrics.[00:37:55] Team growth, runway, and go-to-market strategy.[00:39:22] Pricing and product positioning.[00:39:59] Lessons on startup focus and prioritization.[00:41:20] Products Portrait intentionally shut down.[00:43:43] Final thoughts on entrepreneurship and investing. Links: Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508  Eric Moster on LinkedIn: https://www.linkedin.com/in/eric-moster-3006779 📩 Subscribe to our substack: https://pitchthepm.substack.com/ 
• 
  EP 034: T. Rowe’s TURF, is Bullish the Canadian Oil Sands & The Oil Cycle 02.06.2026 33мин

  Priyal Maniar, Co-PM of TURF and Global Energy Analyst, dives deep into why T. Rowe - who manages $1.8 Trillion - is structurally bullish the oil cycle.The marginal cost of production is increasing and US shale geology has peaked meaning the next well is more expensive and less productive. The recent U.S. - Iran war, wipes out the over supply from the start of the year and pulls forward the bullish productivity decline thesis. It also puts energy security in focus and improves demand for energy sources like coal. TURF expresses the bullish oil bet through an overweight position in Oil Sands producers such as Suncor (SU), Canadian Natural Resources and Cenovus Energy. Pyrial also highlights her top U.S. oil picks that have idiosyncratic catalysts in their FCF inflections coming up. Her top idea has free cash flow doubling over the next four years at flat prices with a great management team and a great balance sheet and ample low cost inventory. She also highlights three other names with ample inventory and FCF inflections. She notes that these stocks do well when large projects wind down free cash flow inflects.🔍 What You’ll Learn:Why U.S. shale geology has peaked, and why that’s bullish, not bearishHow to think about the marginal barrel at $70+ and risingWhy Canadian Oil Sands offer the best duration in global energyHow mining-style economics differ from shale (OPEX vs. CAPEX curve)The real math on Venezuela’s revival: $50-100B and 10 yearsWhy energy security is now a structural demand driverHow the Strait of Hormuz disruption changes Middle East midstream Global LNG after the Qatar train outages and project delaysThe coal-to-gas switching dynamic setting global gas pricesWhy AI power demand extends the runway for U.S. natural gasHow electrification, nuclear, and SMRs fit into the energy stackPriyal’s top conviction names: Canadian E&Ps, and….How to use AI in the research process without getting front-runTimestamps[00:00] – Intro: U.S. Shale Peak Debate 01:00 – Why It Doesn't Matter If Shale Peaks: Cost Curve Matters 02:15 – Long Energy Cycles & S&P Energy vs. S&P 500 [03:30] – The Marginal Barrel Today: Guyana, Brazil, Middle East, Shale [05:00] – Shale Elasticity & Where Marginal Cost Goes Next[06:00] – Iran War Impact on the Oil Setup [07:15] – Energy Security as a Structural Demand Driver [08:30] – How to Express the Thesis in TURF[09:30] – Low-Cost U.S. E&Ps with Inventory & Balance Sheet [10:30]– The Canadian Oil Sands Bull Case [11:45] – Oil Sands Economics: Mining vs. Shale Decline Curves [13:00] – Why No New Greenfield Mines Get Sanctioned[14:15]– Venezuela: Heavy Oil Revival Math [15:30] – Chevron's Unique Position & Production Growth [16:45]– Political Risk: Venezuela vs. U.S. Election Cycles[18:00] – Middle East Egress & Pipeline Redundancies [19:15]– Aramco, ADNOC & National Project Dynamics [20:30] – East-West Pipeline Capacity & U.S. Expertise[21:45 ]– Global LNG: Qatar Outages & Project Delays [23:00] – Coal as the New Price-Setting Fuel [26:45] – Long-Term Bullish on Henry Hub [27:45] – Offshore Comeback: Conoco Alaska, Clearwater, Namibia, Guyana [30:30] – AI Power Demand & U.S. Gas Longevity [31:45] – Utilities, Nuclear & SMRs as Part of the Stack[33:00] – Advice for Aspiring Investors: Dig for the Next Insight [34:15] – How Priyal Uses AI in Her Research Process📩 Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug's structured checklist for evaluating the idea.https://pitchthepm.substack.com/💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/🎧 Listen on Spotify: https://open.spotify.com/show/4UHbkYE2OJwfhY2MZqGG5YListen on Apple Podcasts:https://podcasts.apple.com/us/podcast/pitch-the-pm/id1797669466This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimer
• 
  EP033 - Cerebras (CBRS): Thematic Winner in AI Compute Shortage with SemiAnalysis’ President 20.05.2026 35мин

  In this episode of Pitch The PM, Doug Garber speaks with Doug O’Laughlin, President of SemiAnalysis, about the explosive demand for AI infrastructure and the market reaction to Cerebras’ IPO. Doug O breaks down Cerebras’ wafer-scale chip architecture, its advantages in ultra-fast inference, and the limitations caused by memory scaling constraints. The discussion examines how NVIDIA continues to dominate large-scale AI workloads while specialized alternatives carve out niche roles in the broader compute ecosystem. They also explore the rise of agentic AI workflows, the growing economics of tokens and inference demand, and why frontier AI models are reshaping software development, legal work, and enterprise productivity. Doug O shares insights into how SemiAnalysis is using AI internally, why compute demand continues accelerating, and what the next wave of AI IPOs could mean for investors and the semiconductor industry.Tickers: #CBRS, #NVDA, #CRWV_____________________________________________________________[00:00:00] Doug O’Laughlin compares Cerebras’ inference speed advantage to an F1 car versus NVIDIA as a bus.[00:00:20] Discussion of agentic AI workflows driving a major increase in compute demand.[00:00:31] Introduction to the episode and the focus on Cerebras’ technology and IPO.[00:01:36] Why Cerebras’ niche technology emerged during a historic compute shortage.[00:02:47] Breakdown of Cerebras’ SRAM-based architecture and the original technology bet.[00:03:55] Explanation of SRAM scaling limitations and memory density constraints.[00:05:26] Whether Cerebras can evolve beyond its current inference niche.[00:05:53] Emerging trends in disaggregated inference and hybrid AI architectures.[00:08:46] Why Cerebras can outperform NVIDIA in specific low-latency inference use cases.[00:09:10] The tradeoff between single-user speed and large-scale throughput.[00:13:18] Discussion of small language models versus frontier AI models.[00:13:45] Why Doug believes best-of-breed AI models continue to win in the market.[00:17:18] Legal industry productivity gains and concerns around shared AI training data.[00:18:07] How AI dramatically lowers the cost of accessing professional expertise.[00:19:11] Sponsor discussion and transition into Cerebras’ stock performance.[00:21:01] Doug’s perspective on the broader AI IPO environment and investor demand.[00:24:59] Supply and demand dynamics for AI-related equities and semiconductor exposure.[00:25:54] Comparison between equity enthusiasm and private credit caution in AI infrastructure.[00:26:58] Why GPU pricing increases indicate overwhelming AI compute demand.[00:28:30] Agentic AI workflows and cloud coding as the major inflection point for compute usage.[00:28:38] SemiAnalysis spending over $10,000 per week on APIs to accelerate productivity.[00:29:56] How AI tools are changing hiring needs and software engineering capabilities.[00:30:18] Examples of collapsing information work timelines through AI automation.[00:31:39] Disclosure discussion and SemiAnalysis’ relationships with leading AI companies.[00:32:09] Doug O explains SemiAnalysis’ approach to independent research and updating priors.[00:33:07] Doug O’Laughlin shares his background working on the buy side at Blue Capital.[00:34:10] Future plans for SemiAnalysis and the rise of “tokenomics” research.Links:Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Doug O’Laughlin on LinkedIn: https://www.linkedin.com/in/dougolaughlin/ 💡 This episode is powered by the Oxford Data Plan. Use the link here for Complimentary access 📩 Subscribe to our newsletter for research updates and new high-conviction episodes from top PMs & Analysts: https://pitchthepm.beehiiv.com/subscribe
• 
  EP:32: CBRS: AI’s New Leader? With the Pre-IPO Champ 14.05.2026 1ч

  In this episode of Pitch The PM, Doug Garber speaks with Chris Murphy about his pre-IPO investment strategy and why $CBRS is his largest investment. Chris previously spent 17 years scaling a multi billion fund and is now focused on his pre-IPO PA (personal account) investment strategy.Chris has dug-in deep, hitting the road and reading heaps of expert call transcripts from Alpha Sense and Third Bridge. He believes inference speed will become one of the most valuable advantages in the race to AGI (artificial general intelligence). The conversation examines the advantages of Cerebras’ wafer-scale chip design, the growing importance of fast inference for agentic AI workflows and the price/cost trade-off. OpenAI was the first mover, securing initial capacity and options. AWS has a term sheet for capacity. The chip market is evolving and Doug & Chris debate the implications for NVIDIA, Google and Amazon. Tickers: $CBRS, $NVDA, $GOOG, $AMZN, $META[00:00:00] Chris Murphy explains why AI inference speed will become a key competitive advantage.[00:00:20] Doug Garber introduces Chris Murphy and discusses Cerebras’ IPO and price discovery.[00:00:57] Chris Murphy shares his background in public and private market investing.[00:03:44] Chris outlines his framework for evaluating pre-IPO investments.[00:04:31] Why Chris believed inference would become the AI “money maker.”[00:05:08] Chris explains how Cerebras removes bottlenecks in agentic AI workflows.[00:06:07] Discussion on token economics, inference speed, and use case advantages.[00:08:28] Cerebras’ position in fast inference versus Groq and NVIDIA.[00:09:30] Breakdown of Cerebras’ wafer-scale chip design and routing fabric.[00:11:48] Chris discusses the research behind his Cerebras investment thesis.[00:12:35] Expert network transcripts, proprietary calls, and diligence methods.[00:13:14] Chris walks through his revenue framework for OpenAI, AWS, and others.[00:15:12] Discussion on customer concentration risk and OpenAI exposure.[00:15:53] Why Amazon could benefit from combining Trainium with Cerebras chips.[00:17:15] Competitive positioning versus Google TPUs and NVIDIA GPUs.[00:18:39] Why inference is expected to outgrow training workloads.[00:20:33] Chris explains his OpenAI revenue assumptions through 2033.[00:23:48] How AWS and Anthropic fit into the broader Cerebras opportunity.[00:26:24] Chris discusses Cerebras as an “arms dealer” in the AGI race.[00:29:49] Feedback from engineers and users testing Cerebras chips.[00:32:59] How AI systems route workloads across chips and inference models.[00:34:54] Chris explains assumptions around Cerebras’ AWS inference share.[00:36:35] Discussion on pricing, leasing models, and AWS exclusivity.[00:39:49] Breakdown of G42, MBZUAI, and other customer relationships.[00:42:55] Chris explains why the long-term revenue opportunity makes investors uncomfortable.[00:45:38] Discussion on customer warrants and partnerships with OpenAI and AWS.[00:49:25] Speculation around potential relationships with Meta and Google.[00:50:16] Gross margin expectations, scalability, and long-term profitability.[00:52:43] Doug Garber summarizes execution risks and the AI infrastructure landscape.[00:55:19] Chris shares his long-term outlook on Cerebras and position sizing.[00:59:16] Final thoughts on AI enthusiasm, IPO risks, and investing discipline.Links:Doug Garber on LinkedIn: https://www.linkedin.com/in/doug-garber-42aa508 Chris Murphy on LinkedIn: https://www.linkedin.com/in/chrismurphyhqPowered by AlphaSense. Complimentary access — https://www.alpha-sense.com/Pitch/Complimentary pre-built CBRS excel model — https://istari.insyncanalytics.com/pitchthepm/?model=IPO&template=CBRSSubscribe to our newsletter: https://pitchthepm.beehiiv.com/subscribeThis episode is for informational purposes only and does not constitute investment advice. Full disclosure: https://www.pitchthepm.com/disclaimer
• 
  EP:31 Getting into T. Rowe Price - The Right Investment Process (Part 1) 09.05.2026 15мин

  In this episode of Pitch The PM, Doug Garber sits down with Priyal Maniar, Global Energy Investor at T. Rowe Price | Investment Analyst and Portfolio Manager of Natural Resources ETF (TURF) to discuss the path that led her to one of the most coveted firms on the street.Priyal walks through her journey from BlackRock to T.Rowe, how an early passion for equity research and mentorship shaped her investing lens. She talks about T. Rowe's collaboratiove Analyst & PM invstment culture and what it actually takes to stand out at one of the top  investmet houses in the world.This episode is all about Priyal's journey and investment process — how great stock pickers develop repeatable frameworks, build trust with colleagues and turn research into real capital allocation.Stay tuned for Part 2 — where we dive deep into the energy cycle and TURF’s big Oil Sands bet… What you'll learn:How Priyal built her foundation through value-focused investingInside T. Rowe’s intense interview process (30+ interviews, stock pitches)The traits that matter: curiosity, deep work, and flexible convictionHow the $100B+ analyst-run fund works in practiceHow analysts build a track record before managing capitalHow ideas actually spread across a multi-trillion platformWhy collaboration starts before the pitchThe importance of field research and PM alignmentHow to build mindshare in under-owned sectors like energyWhy process > being right onceTimestamps00:00 – Intro01:00 – Priyal’s Background: India → Early Market Exposure02:00 – Breaking In: BlackRock → Brandywine & Value Investing Roots03:15 – Reaching Back Out to T. Rowe Price & Interview Process04:30 – What T. Rowe Looks For: Curiosity, Deep Research, Fit05:30 – Role Today: Coverage & Analyst Responsibilities06:30 – Inside the $100B+ Analyst-Run Research Fund07:30 – TURF ETF & Expanding Access08:15 – How Ideas Get Shared Across the Platform09:15 – Reports, Meetings & “Walking the Floor” Culture10:15 – PM Pushback & Real-Time Collaboration11:15 – Field Research & Building Buy-In Early12:15 – Gaining Mindshare as an Energy Analyst13:15 – Process > Calls: Building Trust Over Time Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug’s structured checklist for evaluating the idea.https://pitchthepm.substack.com/ Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/ Listen on Spotify: https://open.spotify.com/show/4UHbkYE2OJwfhY2MZqGG5YListen on Apple Podcasts: https://podcasts.apple.com/us/podcast/pitch-the-pm/id1797669466This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimer
• 
  EP030: Remove Macro From Your Stocks 01.05.2026 14мин

  In this episode, Doug Garber joins The Investment Memo to break down how hedge fund investors navigate macro volatility, manage risk inside low vol pod structures and stay focused on generating alpha.Doug shares how portfolio managers think during “risk-off” environments, why macro should not be your core thesis, and how strategies evolve inside multi-manager platforms.The conversation also dives into how he managed a portfolio as a PM, short selling dynamics, and the structural realities of hedge fund risk frameworks.🔑 TakeawaysRisk management over conviction during macro volatilityMacro matters—but shouldn’t be the core part of your thesisHigh short interest stocks work over time—but can be painful during unwindsThe best portfolios aim to neutralize what they can’t predict⏱️ Chapters[00:00] Intro[01:05] Career Path to Hedge Fund PM[04:39] Navigating Macro Regime Shifts[06:05] Pod Shop Dynamics & Talent Retention[07:01] Hedge Fund SMAs[07:15] Fundamental L/S Investing[12:33] War, Oil & Macro Uncertainty[15:00] Energy Outlook & Implications[18:52] Hedging & Risk Management📩 Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug’s structured checklist for evaluating the idea.https://pitchthepm.substack.com/💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimerThis episode originally appeared on The Investment Memo and is redistributed with permission.
• 
  EP029: War & Markets | How a Former Sr. Millennium PM invests in Equities 28.04.2026 19мин

  Ep. 29: War & Markets | How a Former Sr. Millennium PM Invests in EquitiesIn this episode, Doug joins Hyun Hong of The Investment Memo to break down how a buy-side investor is navigating today’s market backdrop.Doug shares how he thinks about building a variant view, managing risk in uncertain macro environments, and what’s actually driving the current conversation around oil, war, and recession risk.The conversation also dives into the evolving hedge fund landscape — from pod shop fatigue and talent migration to how analysts and PMs are adapting their process in a world increasingly dominated by macro volatility.Chapters:[00:00] Intro[01:05] Career Path to a Hedge Fund PM[04:39] What is your Variant View[06:05] Pod shop Exhaustion? Talent retention & exodus[07:01] Hedge Fund SMAs[07:15] Fundamental Equities L/S Analyst[12:33] War & Oil & Recession[15:00] oil here for higher & longer? what then?[18:52] So how do you hedge?To be continued in Part 2…📩 Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug’s structured checklist for evaluating the idea.https://pitchthepm.substack.com/💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimerThis episode originally appeared on The Investment Memo and is redistributed with permission.
• 
  EP028: Teamshares: The Next Programmatic Acquirer 30.03.2026 1ч 6мин

  Teamshares: The Next Programmatic Acquirer. Coming Soon: $LOKV → $TMSDoug Garber chats with Michael Brown (Teamshares, TMS) and Rick Hendrix (Live Oak, LOKV) about taking a programmatic acquirer of small businesses public via a DSPAC — the sourcing tech, capital plan, and why this opens a new asset class for investors. 🚀In this episode:How Teamshares buys retirement-sale SMEs, systemizes sourcing (70k leads → <1% close) and runs them as audited subsidiaries. 🧩The advantages of being public include a lower cost of capital and the ability to leverage the infrastructure the team has built to acquire and run SME’s efficiently. The large runway to continue to acquire companies at around 15-20% ROE’s.The company could be FCF positive in the near future and be self-funding. T. Rowe Price has already anchored the PIPE.Subscribe to the Pitch The PM newsletter for weekly market insights, episode follow-ups, and our job board!https://pitchthepm.substack.com/🎧 Listen on Spotify and Apple Podcasts.💡 Presented by AlphaSense: Free trial access💡Model tools by InSyncAnalytics: The complete buy-side model productivity suitThis episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://PitchThePM.comListen on Spotify • Subscribe for new episodes 🎧Disclaimer: Educational only — not investment advice.
• 
  EP 027: Compounder Guru Sean Emory on why Block, $XYZ, is Far From Done 29.03.2026 35мин

  In this episode of Pitch The PM, Doug Garber sits down with Sean Emory, founder of Avory & Co., an investment firm focused on high-conviction, fundamentals-driven investing. Sean recently launched the Avory ETF ($AVRY), bringing his firm’s research-driven stock-picking approach to public investors.Sean outlines his “6 M” investment process that has allowed him to compound at nearly 20% for the last decade with low turnover for FO’s, UHNW, and RIA’s.Doug and Sean discuss why XYZ is one his largest weightings. • Cash App growth and monetization trends• Square’s re-acceleration in merchant volumes• The reality behind the software job cuts, the impact of AI vs over hiring• The role of credit products like Cash App Borrow• Competitive dynamics in fintech and digital payments• Risks, including macro conditions and credit cycles📩 Want to know if Doug bought the pitch?Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug’s structured checklist for evaluating the idea.https://pitchthepm.substack.com/A special thank you to our sponsors Carbon Arc (carbonarc.co) and InSync Analytics Corp. (istari.insyncanalytics.com)🎧 Listen on Spotify: https://open.spotify.com/show/4UHbkYE2OJwfhY2MZqGG5Y?si=cb521c1e758246a1Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/pitch-the-pm/id1797669466💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimer
• 
  EP026: ($HSY) Hershey’s Sweet Comeback: Historic Cocoa Reversion to Boost Margins 26.03.2026 22мин

  $HSY: Historic Price/Cost Tailwinds as Historic Cocoa Price Spike Reverses 🍫📈Pitch The PM sat down with Mark Rogers (SIGMIT Advisors / Heddy Creek Research) to break down what may be one of the cleanest price-cost setups in consumer staples right now: Hershey ($HSY).After a brutal cocoa inflation cycle crushed margins, cocoa prices are now reversing sharply. The Street has started revising numbers higher — and Mark believes the magnitude of the earnings reset is still under appreciated.📊 The Variant ViewCocoa deflation is flowing into gross margins over time.Pricing increases are sticky giving favorable price/cost.EPS revisions are the key, we think the trend is your friend as cocoa deflation rolls through the PnL.Mark believes $9–$9.50 next year is achievable — and may not be peak.If $HSY earns ~$9–$9.50 and staples trade high-20s multiples, fair value could approach $270–$285 per Rogers.💰 Valuation MathVariant View:Margins could overshoot historical averages as they recover leading to positive revisions. A special thank you to our sponsors Carbon Arc (carbonarc.co) and InSync Analytics Corp. (istari.insyncanalytics.com)Disclosure: Doug still owns $RMCF. Mark sold $HSY after the strong quarter.*Not investment advice. 🎧 Listen on Spotify: https://open.spotify.com/show/4UHbkYE...Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast...💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimer