https://www.horizonscapitals.com/research-insights daily 0.75 2026-03-05 https://www.horizonscapitals.com/research-insights/triangle-defense-chinas-pcc monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/68e8fe7d-2c17-4a72-b4b9-9743b4431e64/19af4da7ee91221b3fe63be1.png%21800.jpg RESEARCH & INSIGHTS - Triangle Defense - China’s PCC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/519321d6-219b-47e5-9928-03fe64a0c58f/19af4be73d81240d3fd64b1d.png%21raw.jpg RESEARCH & INSIGHTS - Triangle Defense - China’s PCC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/6432d3b1-67ac-4d9e-b413-cbd1fa8beb2b/19af4dd5b9d11f0d3fdd09f7.png%21800.jpg RESEARCH & INSIGHTS - Triangle Defense - China’s PCC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/75533de4-04b7-4fd9-b387-de19d0d957aa/Screenshot+2025-12-05+204445.png RESEARCH & INSIGHTS - Triangle Defense - China’s PCC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b78dd0e9-f3bd-420b-b664-c7f27ed33fe1/19a816c13df1aad43fe528cc.png%21800.jpg RESEARCH & INSIGHTS - Triangle Defense - China’s PCC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/alibaba-leading-chinas-ai-enabled-ecosystem monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/515d08a3-89d7-49a4-aa41-fb443847d02e/images+%282%29.jfif RESEARCH & INSIGHTS - Alibaba: Leading China’s AI-Enabled Ecosystem - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/7b3f4f4c-70f2-4ae9-b324-7308328733f9/alibaba-group-hol-companies.webp RESEARCH & INSIGHTS - Alibaba: Leading China’s AI-Enabled Ecosystem - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/fq4j2acu5qvo88zen78wgqjvwjrxx2 monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/25b1cc37-9575-4db1-9948-cb351b64af6c/Screenshot+2025-11-29+171224.png RESEARCH & INSIGHTS - Tsugami China: A High-End Machinery Provider Enabling Robotics, EV & AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/20ec03ae-37ba-4af4-b7a7-d63f90b2a88a/Screenshot+2025-11-29+100141.png RESEARCH & INSIGHTS - Tsugami China: A High-End Machinery Provider Enabling Robotics, EV & AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/be3cafc1-f0fd-463f-83f1-2cc670e9f137/19acf8232106c3c3fe5abb61.png%21raw.jpg RESEARCH & INSIGHTS - Tsugami China: A High-End Machinery Provider Enabling Robotics, EV & AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/49cb77ba-ed77-4342-95b7-4bacd80b328d/Screenshot+2025-11-29+171135.png RESEARCH & INSIGHTS - Tsugami China: A High-End Machinery Provider Enabling Robotics, EV & AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/95c8054d-21d5-4fe7-8586-ced4dab6a288/Screenshot+2025-11-29+171414.png RESEARCH & INSIGHTS - Tsugami China: A High-End Machinery Provider Enabling Robotics, EV & AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/duolingo-mispriced-ai-beneficiary monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5398d0cf-6c52-48ad-a287-5c8abe683c74/Screenshot+2025-12-01+212913.png RESEARCH & INSIGHTS - Duolingo: Mispriced AI Beneficiary - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8f6373c8-9deb-4f8d-859c-89df48da26ec/19aa1a4352a25e343fe7546a.png%21800.jpg RESEARCH & INSIGHTS - Duolingo: Mispriced AI Beneficiary - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/9656ca37-f725-4728-a8b9-65a14fb719f9/19aa1c6aaf8251533fe91531.png%21800.jpg RESEARCH & INSIGHTS - Duolingo: Mispriced AI Beneficiary - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a6dba262-10a6-4c3c-b45f-20872732354f/Screenshot+2025-12-01+213642.png RESEARCH & INSIGHTS - Duolingo: Mispriced AI Beneficiary - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/v-test-chinas-kyec monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a9cf0a5d-ae1e-4439-892f-a91b7a4614fd/640+%281%29.png RESEARCH & INSIGHTS - V-Test: China’s KYEC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/444b6028-91df-4875-819a-79387ae891d0/640+%284%29.png RESEARCH & INSIGHTS - V-Test: China’s KYEC - Make it stand out Factory image of V-TEST https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/23489e7f-5bcf-4a1e-8ffc-6ba0d3876d88/Screenshot+2025-10-10+153136.png RESEARCH & INSIGHTS - V-Test: China’s KYEC - Make it stand out Orders from a diverse set of domestic customers, most of them are listed, innovators within their perspective fields. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1e55bfea-d8ec-4b7c-8e2d-bfbb4f7a7c30/Screenshot+2025-10-10+161036.png RESEARCH & INSIGHTS - V-Test: China’s KYEC - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/light-chasers-everbright monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/2447bde7-9f1e-4609-a7f9-91d8d352a647/199bee7a2ed21df03fb06311.png%21800.jpg RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b3d0b6b3-42ea-4cc1-bdcb-abc181193c09/640.png RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b9f799a7-8770-44e2-a214-6c7790ba23dd/3_11zon.webp RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/18c930ef-b009-47fa-894d-33eb8dfe5301/199beff652c218163fed6f65.png%21800.jpg RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5439c118-ac56-4672-9129-0b211946bfad/640.jfif RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/4113cba4-5bd6-444b-8684-c25413594099/97baf800043a44438cf9fd367118db65.webp RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f3da781d-cd3e-4334-a2ab-52e7e745d79b/199415de75fa873fe9d420e0.png%21800.jpg RESEARCH & INSIGHTS - Light Chasers - Everbright - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/r8fmi8i93ligvqjackhfls7wqyuhmq monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ccc7290d-5b99-42b6-857b-73847cf6d845/Screenshot+2025-09-10+203625.png RESEARCH & INSIGHTS - UBTech & Humanoid Investment Framework - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5b963123-61f2-4cf8-8fe1-5d93cb58b9bb/ubtech.jfif RESEARCH & INSIGHTS - UBTech & Humanoid Investment Framework - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/tn98ysmwxs3hrexflp8lkgfvvl6a5w monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/14d8fefc-ba0c-4b48-94c3-8b76e068d37b/198631ff66b2fff3fc025859.png%21raw.jpg RESEARCH & INSIGHTS - Harmony Auto - Dealership Turnaround - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/circuit-fabology-microelectronics-equipment monthly 0.5 2026-03-04 https://www.horizonscapitals.com/research-insights/samsara-iot-on-the-road monthly 0.5 2026-03-04 https://www.horizonscapitals.com/research-insights/fair-issac-corporation-fico-owner-forever monthly 0.5 2026-03-04 https://www.horizonscapitals.com/research-insights/streammax-sz002970-v-samsara-iot-a-study monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/25e5c076-fdbd-4eea-8dff-80540902ac96/196fad63ff3fe33fe3ad72c7.png%21800.jpg RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/65926c57-904b-4e91-aa8d-9b2a7daf49df/Screenshot+2025-05-22+171717.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0e1b75cf-82d0-4172-b42a-8a6206cc5d40/Screenshot+2025-05-22+174421.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/e9899590-067b-4f66-9f84-8a0200704705/Screenshot+2025-05-22+173543.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/33a4ee0f-1a0b-4416-b976-ea0b52818fc1/1706856057525.jpg RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/597b5d81-ac94-4715-85a9-b27aeb22c06e/Screenshot+2025-05-22+235249.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5722bcb5-6e25-4a32-83b3-aaab195bb278/Screenshot+2025-05-22+181309.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8dc414de-d8e0-4d3a-bced-b6878ad587f2/Screenshot+2025-05-22+180935.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/007d70e1-bfb4-4b3c-bf40-616658a9185a/Screenshot+2025-05-22+181344.png RESEARCH & INSIGHTS - Streammax (SZ002970) V. Samsara (IOT) - A study - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/ruifeng-lubricants-following-buffetts-work monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/28c97379-041c-494a-a5cb-d279158a96c0/Screenshot+2025-05-17+162102.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c37e00e1-d2ef-49c6-9da2-9b87bf403e96/Screenshot+2025-05-17+172941.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/239cc2c0-489f-4b49-8cfa-02925cea0e06/Screenshot+2025-05-18+125637.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/16bfac82-bdb6-4c3c-971a-b806ff52c0ab/Screenshot+2025-05-17+172643.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/46b16e8b-6d0a-43f6-8d49-73018cd73549/Image_20250518151913.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a8c41e68-3114-4fc7-b6f6-3671cbc83e77/Image_20250518151907.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/63a114b9-9062-4209-beb1-f5c364e1fae4/Image_20250518151956.png RESEARCH & INSIGHTS - Ruifeng Lubricants - Following Buffett’s Work - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/flutter-entertainment-flut-harvesting-mode monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5440d5bc-ab08-4d9d-bcec-ab2c3334c51b/Moe_Greene_2.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Moe Greene as Siegal https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/38de8e90-1d3b-453a-b8ec-8963d25a23df/Screenshot+2025-05-06+171445.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c3ab06ee-1417-4a18-91ac-2e8278b5804e/Screenshot+2025-04-28+224820.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f0725b71-892c-437e-b85e-779143b8de5a/Screenshot+2025-05-06+173304.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8ff32daf-858f-410a-9d5e-6c4dfca797e4/Image_20250506170341.jpg RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Won a 100x on slots off my 25 cent bet, lost 100 dollar on poker. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1f90a811-3804-4134-8bad-150ae175a134/Image_20250507134607.jpg RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ff28b3e8-7f91-412f-b3ce-d89ff25a98b7/Screenshot+2025-05-06+174303.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/364188a2-39b8-4581-a10c-9ebe7458fe87/Screenshot+2025-05-06+174449.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/735464d3-069b-4ed2-97f7-ae4076892e12/Screenshot+2025-05-06+180027.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c826ebf1-09fe-4c7d-9712-2464264f30c6/Screenshot+2025-04-28+220958.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ccf74dc4-1ba6-4240-9289-cc9ab6dc9ca5/Screenshot+2025-05-06+181318.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ea5799c8-734b-4f6a-b3f3-9a372e5d92e8/Screenshot+2025-05-06+182757.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out To Help people visualize the inherent assumptions $50B operator revenue TAM would imply: https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/7074b853-39a8-4997-909d-84a1f3ae9704/Screenshot+2025-05-06+214230.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/545154f1-5569-40dc-a708-d9064daebe12/Screenshot+2025-05-06+215237.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out We are seeing healthy double digits handle growth across the board from Iowa to New York. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/10da1eed-35bb-4697-9f14-9ecf8252640e/Screenshot+2025-05-06+222018.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f153d2fe-5099-458e-a691-567bd9dd8577/Screenshot+2025-05-07+140108.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Note the data was published in 2021, now the handle have massively increased, it was shown to showcase the skew towards top 10% spenders that contributes 80% spend https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/2f951399-08d9-482e-b4d1-1ad9fd250e4f/Screenshot+2025-05-07+142214.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/cc409e76-4af9-43b9-b7a6-0a27a62069e5/Screenshot+2025-05-06+183044.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Median is around $50, if we forecast higher addiction, there should be more skewed to large ticket sizes. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8b5fc033-54d5-4f1c-a8eb-36f45562abb7/Screenshot+2025-05-06+205837.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Fanduel has structurally higher Hold rate compared to DraftKings. And Casino 2.0 Player are just lagging behind the pack, validating my thesis that they were incapable of adopting to Casino 3.0 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/6272bcd6-5e20-4f92-9d51-4bd80981e212/Screenshot+2025-05-06+221003.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0adfb472-7cc5-47d3-88f9-9d09b0630b5e/Screenshot+2025-05-07+153410.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/af8da8ad-e12c-4b94-8c2d-1938e0c7070b/Screenshot+2025-05-07+152105.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/821b7684-03b7-4d88-b711-bf66d1e8a2eb/Screenshot+2025-05-06+225518.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0847cb71-e8eb-4177-b76c-47705d019209/Screenshot+2025-05-07+153703.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/6cee5560-f26f-49ba-8557-b47ef14cb3c8/Screenshot+2025-05-07+153746.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b4eab53b-f256-476f-a171-0aa87462d959/Screenshot+2025-05-06+214748.png RESEARCH & INSIGHTS - Flutter Entertainment (FLUT) - Harvesting Mode - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/willis-lease-finance-corporation-wlfc-flying-high monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a2c864cc-3f29-426d-88fa-3d9d330dc5b1/Screenshot+2025-04-06+180021.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/d113c8e8-bd2e-4283-9432-a43ba633667f/Screenshot+2025-04-06+180039.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out The value for narrow body jet engine has increased significantly post covid recovery due to the strong demand and lack of new OEM supply mentioned above. Higher asset value means higher portfolio value for Willis ad higher lease rates. It currently stands around 2019 levels, and have further upside if supply demand balance worsens. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a594a3f4-02a4-44ae-8f2d-bc07a12c24bf/Screenshot+2025-04-06+180048.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/4eca7fcb-a749-4b0b-a564-9e97acf769d0/Screenshot+2025-04-06+181706.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/d0cd1f86-999c-4453-8f7e-514aeec51454/Screenshot+2025-04-06+180954.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out The stock price assumption is $120, we plan to buy at lower multiples, preferably close to 6x ($90+) https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/505e7c82-d2bc-4310-b776-2bdb3fa41f73/Screenshot+2025-04-06+182924.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ae7dd2b1-1949-4ab7-a086-db5a3a43365c/Screenshot+2025-04-06+183024.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/260c5794-f8ec-419b-99e2-34c201c2bd9f/Image_20250406182226.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Covid is a significant disruptor, even during the 2008 financial crisis the traffic only slightly declined. The overall trend is still up. Growing global middle class in India and China are still driving the flight traffic demand. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fad244b3-eaf5-424c-b353-d419b5746aa6/Image_20250406182219.png RESEARCH & INSIGHTS - Willis Lease Finance Corporation (WLFC) - Flying High - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/apollo-global-management-the-next-berkshire monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5fe1e565-1d6b-40e4-bbb0-5c535ee23abc/424991540.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/533d4673-7f36-493c-a8d1-d1d673930486/Screenshot+2025-03-29+161952.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ca48c674-f8a1-4ccb-83ba-0bbdd66c64a0/altman3-1024x766.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c1988951-2565-4448-a84b-7ee77c6ca156/Screenshot+2025-03-29+160822.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c905cf5e-fdb2-4dd9-bcb2-e8cd154cedcc/Screenshot+2025-03-29+160518.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/3c8665ce-040c-490d-b52f-28ae98345d12/1639a946-7fe3-43d4-ad64-3024a69ecd0f_1456x701.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a2d5c16b-fd20-4de2-a9ec-128c2413cf75/987b8671-c008-4e28-bb4f-a7d2b61fe3fd_1186x1136.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/bf3ecb65-f573-47ea-b692-6c8553e89b06/Screenshot+2025-03-29+181153.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out As society ages, huge demand for financial planning related to retirement. There is an acute need for higher yielding securities to compensate rising living cost. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/911f3f57-0f5f-4ffd-bd0b-da55866bab8a/b7a070d2-a9cb-4ecc-ace9-9ef74499a4f2_996x558.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out The typical investment portfolio reimagined. Judging from current trends, we believe it’s the future because it delivered higher yields and better diversification. The world of investing is bigger than stock, bonds, and your house. There are so many options available and investors need to take advantage of this trend by increase their allocation to alternative assets. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/e28e0e92-f336-4c8b-8cf8-aa6779e02de6/aedf74cd-f6da-4845-ac09-1ebd2166a6b6_1354x1162.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Apollo has plenty of opportunities to deploy those capital: Global industry Renaissance: Infrastructure, AI, energy transition, etc. requires huge fixed capital investments that requires long time horizon, most of it is investment grade. Private Credit IG is the future. It has to be a public and private solution. Retirement: Why invest in daily liquid index when you don’t need the liquidity? Why pay the liquidity premium when you can get higher yield? We should include more alternative assets in the portfolio, not just equity and bonds and your house. Might need government approval to allow 401K to include private assets. They need more diversification, Mag 7 is 35% of the index is just too concentrated, we don’t want American retirement to be levered to NVDA. Individual: Family office allocates 50% assets in private assets. Moving to introduce private products to mass affluent and high net worth, offering more private asset products retaining the same advisors. More advisors need to get on the ship and educate investors. Public v. Private: The burned stigma on private investments that they are risky. Both in investor base and asset managers. No liquidity in public IG bonds since the financial crisis, takes five days to sell. Apollo starting a private trading desk to provide liquidity. There is also the first private credit ETF ticker PRIV that introduce private credit to public markets much like the bitcoin ETF. To conclude, it’s a huge TAM, lots of opportunities to deploy capital: https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fbab3c00-8d93-4d72-ba6a-b6640dff9ec0/a28c77de-ff29-4eb3-bca5-6fdeaefeb211_1070x1000.jpg RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out One thing I would like to point out is the fluctuations in SRE. It does not always outperform! Investors got excited by the jump in SRE caused by the historical rate hikes. Apollo was able to capture that by transitioning from floating rate to fixed rate, locking in the high yields. What we are seeing now is the return to measured growth, so should the valuation be. But overall the higher for longer interest rate should benefit annuity sales which drives the FRE, and as long as Apollo can deploy those capital at excess returns, their SRE should grow more than FRE. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ded09eeb-ebf4-4c63-9211-e911eb102c56/Screenshot+2025-03-29+181526.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out The spread is pretty consistent. Below average spread period is a great investment opportunity as it will reverse back, assuming the rigor of underwriting remains unchanged. Despite interest rate volatility, Apollo always adjusts within a short period. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1d3e52c8-8da6-4077-94ab-ae12a94f8f91/Screenshot+2025-03-29+181740.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out As we can see, SRE spread is highly correlated with interest rate. If it’s on a steady uptrend, Apollo spread will be on an uptrend. Periods of stress will cause temporal dislocation between cost and yield on market, but it will always return to average. During uptrend Apollo raises capital at lower fixed rate and deploy them at higher rate locking in the spread, vice versa during sudden downtrend when fed push the rate to zero, Apollo takes a hit on their floating rate positions (hedge protected some) and find new opportunities to deploy capital at this new environment. Invariably lower rate is bad for Apollo because allocation to annuities declines due to unattractive yield compared to equity, some might argue that lower interest rate lifts Apollo DCF valuations by reducing the discount rate, but I want to stick to the fundamentals. • Yield on Deployed Capital:  When interest rates rise, the yields on loans, leases, or other credit products generally increase. For Apollo, if they deploy capital into credit instruments or leasing arrangements that adjust with market rates, the income generated from these assets will be higher. • Cost of Capital Dynamics:  If Apollo has secured financing at fixed, lower rates or its cost of debt increases more slowly than market rates, a rise in interest rates will widen the spread between the asset yield and its funding cost. This differential directly boosts their spread-related earnings Why stagflation might benefit Apollo: The uncertainty in equity market would push more inflows to credit market looking for certainty in returns. And yields likely more attractive. (FRE inflow) Stagflation tends to widen credit spreads because borrowers face higher financing costs amid slower growth, which can benefit Apollo’s credit investments by boosting the yield on deployed capital. (SRE spread) This environment can offer attractive entry points for high-quality, investment-grade credits as well as distressed opportunities. (Hybrid instrument) https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fb410368-aa61-4386-a4e0-1e7484e186bf/Screenshot+2025-03-24+173448.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Apollo CEO Marc Rowan said: “The Constrain is not capital but the originations that matches the quality profile and meets their expertise.” And I agree with this statement. My father always told me there is no shortage of funding in China but good projects that delivers reasonable returns. This boils down the ability to deliver spread on origination and underwriting. What is the moat of the business: In origination that generates a premium compared to public IG credits. They have tighter control over the company financials and relationships that is important when negotiating pricing and terms. in athene a long term retirement insurance provider that aligns the duration of the assets, not holding it on their own balance sheet. In scale, need scale to be profitable, either big or very small hard to mid size player to survive. In capital, can write 10B dollar checks. Also in track record of outperformance so you have something to show to investors, and reputable brand and talented management. In investment philosophy that is highly recognized in Apollo. Investing in company is investing in management, especially in the asset management business. I resonates with Marc and Apollo’s investment philosophy that is very similar to that of Howard Marks and Warren Buffett. Insurance is not asset gathering business, the assets you take under will crush you of its weight unless you can deploy it sufficiently to generate excess returns. Important point mentioned is the cyclicality of capital deployment schedule, when there is opportunity we deploy more, when there is not like when interest rate is close to zero, we don’t lend or we only do floating rate products and take the losses for the upside gains in 2023. Careful underwriting discipline is what keeps company afloat, not just next cycle but the previous ones. And long term focus. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0fcaf0d6-914a-45e7-b5db-7facd22cadac/Screenshot+2025-03-29+184405.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Two examples of seeing Apollo at work: A stern alumni, recently came to STEBA, a club centers around entertainment and business, to tell us his career journey from investment banking at Goldman advising some of the largest entertainment corporations like Sony music and Universal to IPO to his transition to Apollo leading their music related business. Milbank LLP advised Apollo’s (NYSE: APO) Capital Solutions business affiliate Redding Ridge Asset Management (“Redding Ridge”) on an asset-backed securitization (ABS) for global music company Concord. Redding Ridge and ATLAS SP Securities led on the investor syndicate for the new $850 million senior notes issuance, which is backed by a diverse catalog of music assets valued at over $5 billion On Willis Lease Financing (Aircraft engine): Air France-KLM and Apollo Global Management (NYSE: APO) today announced the signing of a definitive agreement for Apollo-managed funds and entities to make a EUR 500 million investment into an ad hoc operating affiliate of Air France that will own a pool of spare engines dedicated to the airline’s Engineering and Maintenance activities. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ed8973e0-c14e-4d35-a635-d095df03dc48/Screenshot+2025-03-29+184431.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a3ca1630-3013-4f1f-865d-3dacd3c7610d/597565cd-75f8-403e-b817-c221723e4084_1453x548.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Using conservative valuation, assign 10x for SRE and 20x for FRE, assigning no value to principle and other growth business as they are not enough to move the needle. The valuation should be around $110 this year. This would put blended p/e ratio to be ~14x. This puts Apollo at a natural advantage because it’s valuation is the lowest among alternative asset managers due to a larger insurance presence, but it generates significant synergies which should be assigned a premium. Based on Apollo’s growth profile, assigning 1x PEG, should yield 17x+ long term . And I do believe sector valuation will get lower because uncertainty surrounding the economy and portfolio investments. More default on high yield bonds is a clear indicator to follow. Fed might lower interest rate to prompt up economy which pressures the SRE business. Quoting the author: https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0c19420f-666c-4df7-b549-7a0e068614e3/Screenshot+2025-03-29+193416.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/d222802a-1139-48ed-a6f4-008733a37ae0/Screenshot+2025-03-29+193737.png RESEARCH & INSIGHTS - Apollo Global Management - The Next Berkshire - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/crocs-crox-value-buy monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/730459d4-45d9-4d2a-abcd-a422c69ad4ad/Screenshot+2025-03-12+112634.png RESEARCH & INSIGHTS - Crocs (CROX) - Value Buy - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/ha36hsxuujdu99hef675ua3770yxp9 monthly 0.5 2026-03-05 https://www.horizonscapitals.com/research-insights/saia monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8d78b52f-9b58-4425-9d1a-310a92b89093/Screenshot+2025-03-13+231112.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/e2045f26-788b-4d40-b565-4355d4f2cd47/Screenshot+2025-03-13+234618.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Saia PE peaks around 30x and bottoms 16x, so currently is trading at 27x, another 35% decline would put the stock price around 240 and cyclical lows. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/710c9c06-99a0-4549-8b7f-d61824306fc7/Screenshot+2025-03-14+104651.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f78ab559-2e76-4812-8358-32da315ad021/Screenshot+2025-03-14+105041.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/46bc45d7-5a89-4033-be93-08ede37d8803/unnamed.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fcabda27-b899-48a0-9073-1275ec0ee63d/unnamed+%282%29.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/2f64d5d6-9b9e-43e4-a6d1-ec1862f7fced/unnamed+%286%29.png RESEARCH & INSIGHTS - Saia - Crown Jewel of Transport - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/kjwvh6x5yrzmertkp2j8r9nc8cntjr monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/967f8856-ef8a-43e5-9b72-58783917f25f/Screenshot+2025-03-12+140404.png RESEARCH & INSIGHTS - Kaspi.kz - Redefining Super Apps, bigger than Alibaba - Make it stand out Huge reliance on oil and natural gas exports, supplemented by minerals export. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/e00a1965-df67-4422-8489-d995602a9e8e/Screenshot+2025-03-12+142000.png RESEARCH & INSIGHTS - Kaspi.kz - Redefining Super Apps, bigger than Alibaba - Make it stand out Forecasted GDP tied to energy prices but remain in the top quartile of growth. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/430dedee-3439-473a-906c-ceece9336f4d/Screenshot+2025-03-12+142949.png RESEARCH & INSIGHTS - Kaspi.kz - Redefining Super Apps, bigger than Alibaba - Make it stand out Kazakhstan Trade Balance has always remained positive unless there is significant distress in oil market. https://www.horizonscapitals.com/research-insights/costar-group-csgp monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b50c2bf6-13d6-449a-a786-8acbbe95b272/%E6%88%AA%E5%B1%8F2025-03-08+%E4%B8%8B%E5%8D%882.57.17.png RESEARCH & INSIGHTS - CoStar Group (CSGP) - Bloomberg of Real Estate - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/de7a6ad3-bf60-4b8e-8643-7051c5a77296/%E6%88%AA%E5%B1%8F2025-03-08+%E4%B8%8B%E5%8D%882.58.29.png RESEARCH & INSIGHTS - CoStar Group (CSGP) - Bloomberg of Real Estate - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/070c8603-3e22-4da0-b259-749aa17f2e65/%E6%88%AA%E5%B1%8F2025-03-08+%E4%B8%8B%E5%8D%882.58.42.png RESEARCH & INSIGHTS - CoStar Group (CSGP) - Bloomberg of Real Estate - Make it stand out Note: We exited Matterport as the acquisition was completed, yielding a 30% return while Costar stock price did not move in the six month duration. https://www.horizonscapitals.com/research-insights/jsunr88g4kzd34l1t8uyh1debue55f monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/962b5532-9926-4d26-895a-9fc636fcfdbc/Image_20250312145626.jpg RESEARCH & INSIGHTS - Churchill Downs Incorporated - Riding the Winning Horse - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/blog-post-title-one-nbx4r monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b2c19748-ea08-4079-9419-0a32f5b5f36b/Screenshot+2025-03-05+at+10.18.00%E2%80%AFPM.png RESEARCH & INSIGHTS - TransMedics Group, Inc. (TMDX) - Saving Lives - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/011e2b6e-c82a-45e4-af97-7c80cc26577c/Screenshot+2025-03-05+at+10.17.47%E2%80%AFPM.png RESEARCH & INSIGHTS - TransMedics Group, Inc. (TMDX) - Saving Lives - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8e889317-970e-43ed-943b-31e9fa520567/Screenshot+2025-03-05+at+10.17.40%E2%80%AFPM.png RESEARCH & INSIGHTS - TransMedics Group, Inc. (TMDX) - Saving Lives - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a6d75de3-7fcb-48b1-9edc-14f72da73d73/Screenshot+2025-03-05+at+10.17.54%E2%80%AFPM.png RESEARCH & INSIGHTS - TransMedics Group, Inc. (TMDX) - Saving Lives - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/blog-post-title-two-84z3j monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b561f2d4-508d-448b-9065-2834bb2a060d/195af0e68745dec83f9a1936.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/87632878-a92d-4561-b27b-37779858ab42/195af28e4205edb23fe636c4.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/abc71173-4ba6-473f-9901-6f89e804351a/195af4d344e5df5a3fa6393a.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out moving up the margin chain 5% to 9% world class level. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/19815d5e-15ea-4bd7-b98a-4749a2893c53/195af6fb8815e0093fd7891a.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f4103384-a240-4d0f-8f2b-4a83e6c9f00c/191da2ec912267923fe7b167.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/d3c1774d-642b-49f0-9308-3065e3b1b4d4/195af781d6b5e00e3fbc2099.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b698f4ee-c6f6-4d78-943c-48b01c670f48/195af820b955f5e53fe98bff.png%21800.jpg RESEARCH & INSIGHTS - BYD - Build Your Dreams - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/blog-post-title-three-65rz4 monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fb127a47-e59e-4a38-8db3-26f5606a451a/Image_20250312150501.jpg RESEARCH & INSIGHTS - Roadrunner Transportation Systems Inc(RRTS) - Zero to Hero - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/51061b9c-1e6d-491a-b514-96a992a7607b/Image_20250312151013.png RESEARCH & INSIGHTS - Roadrunner Transportation Systems Inc(RRTS) - Zero to Hero - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/6c8524b2-f078-4701-a9bd-4c6020316db8/Image_20250312151008.jpg RESEARCH & INSIGHTS - Roadrunner Transportation Systems Inc(RRTS) - Zero to Hero - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/f112a232-a27d-4d5e-ab6b-c27b4e20e379/Image_20250312151016.jpg RESEARCH & INSIGHTS - Roadrunner Transportation Systems Inc(RRTS) - Zero to Hero - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/03966b3d-d870-4634-ad09-e32a5d37ac73/PPT-Smart-Network_Map_v4-1024x576.jpg RESEARCH & INSIGHTS - Roadrunner Transportation Systems Inc(RRTS) - Zero to Hero - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/research-insights/blog-post-title-four-g38aw monthly 0.5 2025-03-12 https://www.horizonscapitals.com/market-commentary daily 0.75 2026-03-05 https://www.horizonscapitals.com/market-commentary/the-three-musketeers-of-gas-turbines monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/7533e827-c1e2-4b77-aa12-5bd635bf5606/Xi%27an-Triangle-Defense-Co.-logo.jpg MARKET & INDUSTRY COMMENTARY - The Three Musketeers of Gas Turbines - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/9e921384-eeac-42f8-bc0b-0a5c45054ac7/Screenshot+2025-11-12+153407.png MARKET & INDUSTRY COMMENTARY - The Three Musketeers of Gas Turbines - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/78eb1c86-f52e-42c4-844b-47682b349788/Screenshot+2025-11-11+214200.png MARKET & INDUSTRY COMMENTARY - The Three Musketeers of Gas Turbines - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/4d62ccf5-7e0c-4163-b72a-d66929a402ad/Screenshot+2025-11-11+221755.png MARKET & INDUSTRY COMMENTARY - The Three Musketeers of Gas Turbines - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/chinese-power-equipment-industry-overview monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/a8c13f0c-9b93-441c-b48d-68fce01449be/deepseek_mermaid_20251013_e88ab6.png MARKET & INDUSTRY COMMENTARY - Chinese Power Equipment Industry Overview - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/2db28293-35c4-486c-92e8-6d5136040d21/Screenshot+2025-10-13+210828.png MARKET & INDUSTRY COMMENTARY - Chinese Power Equipment Industry Overview - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/b31857b1-2f41-44e8-8e96-e83991120e5e/Screenshot+2025-10-13+214305.png MARKET & INDUSTRY COMMENTARY - Chinese Power Equipment Industry Overview - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1136b111-bcb6-4247-a2fc-427a89e7740d/Screenshot+2025-10-13+215703.png MARKET & INDUSTRY COMMENTARY - Chinese Power Equipment Industry Overview - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/ct88ta4xdkuna07s4t0jk0lp41zbkc monthly 0.5 2026-03-04 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1fb38df3-3f3c-4578-bb88-941dc608dd44/%E5%9B%BE%E7%89%87_2025-10-10_232132_898.jpg MARKET & INDUSTRY COMMENTARY - Huawei v. Nvidia - The Rise of China AI - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/byd-new-dawn monthly 0.5 2026-03-05 https://www.horizonscapitals.com/market-commentary/thoughts-after-berkshire-meeting monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0838c3f8-67cc-4177-b8f9-d514c08b4311/%E5%9B%BE%E7%89%87_20250507104407.jpg MARKET & INDUSTRY COMMENTARY - Thoughts after Berkshire Meeting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/3ee20fa8-0bab-4b7c-894d-45a41d868d62/Screenshot+2025-05-07+110633.png MARKET & INDUSTRY COMMENTARY - Thoughts after Berkshire Meeting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/67704097-fe5e-4dfa-b5f1-f7dcfaa06e9f/Image_20250507134227.jpg MARKET & INDUSTRY COMMENTARY - Thoughts after Berkshire Meeting - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/uber-story-change monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/6cdb09d4-5023-47a5-bd1f-e2f6964b2019/Screenshot+2025-03-23+205927.png MARKET & INDUSTRY COMMENTARY - Uber - Story Change - Make it stand out Bill Ackman is stating the obvious here. Uber as a platform business controlling North America and international markets is minting gold at this stage. And everybody knows that. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/c5c0a183-0aba-433b-a1a7-02e8ff25c2db/Screenshot+2025-03-23+205945.png MARKET & INDUSTRY COMMENTARY - Uber - Story Change - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/161d9efe-9d61-4533-b094-25b3f27108da/1212312.jpg MARKET & INDUSTRY COMMENTARY - Uber - Story Change - Make it stand out Meituan’s autonomous delivery bot https://www.horizonscapitals.com/market-commentary/chris-davis-on-ownership-mentality-amp-byd monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/74d1a90d-d40f-49ea-997a-fccf5ff9b390/Image_20250313145830.jpg MARKET & INDUSTRY COMMENTARY - Chris Davis & BYD - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/ac4d5125-2c7b-46b0-bbf2-557851024970/Image_20250313150716.png MARKET & INDUSTRY COMMENTARY - Chris Davis & BYD - Make it stand out BYD has more than 100,000+ staff on R&D. It has 5,000+ engineers working on finetuning the autonomous driving alone. And it’s R&D spending (40B RMB) surpassed Tesla last year (if we account for purchasing power parity of yuan and dollar, the cost for engineering talent in China v. silicon valley US, BYD’s R&D budget would be 2-3x that of Tesla). https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1363bcf5-bcfd-4655-a084-d131bce74626/640.jpg MARKET & INDUSTRY COMMENTARY - Chris Davis & BYD - Make it stand out Accelerated depreciation treatment on Capex investments from five years to three years. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5e0f3da9-2635-4464-a17c-8132bcb99e82/Screenshot+2025-03-13+152138.png MARKET & INDUSTRY COMMENTARY - Chris Davis & BYD - Make it stand out Wang Chuanfu said, China EV is at a critical stage and now is not the time to count profits, but to takeover more marketshare from traditional ICE manufacturers. Market leadership leads to higher profitability, the economy of scale, which translate to higher marketshare and higher future cashflows. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/78a25754-7a9e-4a34-ac1e-0e44697b9054/Screenshot+2025-03-13+152147.png MARKET & INDUSTRY COMMENTARY - Chris Davis & BYD - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/d88mrlxcc0ybrpb9eyjbn13kzz25ms monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/2e487d86-c928-49b8-a0d1-3802d818e007/Screenshot+2025-03-12+191258.png MARKET & INDUSTRY COMMENTARY - On Bubble Watch - Make it stand out Market always move in cycles. We don’t feel it from day to day, but looking back we realize the magnitude and intensity of cyclical turns that effect all of us. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/5e663d53-c772-4fe2-8036-f79b18bcf6ee/Screenshot+2025-03-12+191615.png MARKET & INDUSTRY COMMENTARY - On Bubble Watch - Make it stand out One can never buy at the lowest and sell at the peak. It’s wishful thinking. However, we do have an idea of risk to reward. At cyclical lows, there isn’t much room to go much lower, but the upside is significant once cycle turns, and vice versa for cyclical tops. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0d023467-4122-4ace-852a-43c8151d1f45/chart.png MARKET & INDUSTRY COMMENTARY - On Bubble Watch - Make it stand out Historical PE Ratio for SOX (Semiconductor Index) that can be used as a gauge on cyclical position. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/0d3699c6-5647-4ec1-ae3c-caf8cbccff26/Screenshot+2025-03-13+104719.png MARKET & INDUSTRY COMMENTARY - On Bubble Watch - Make it stand out A 10x opportunity if you buy at cyclical lows and cash on top. Index FNGU https://www.horizonscapitals.com/market-commentary/riding-the-razors-edge-resale-hype-and-the-dilemma-for-brand monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/13f9413f-5308-4920-ba6b-3ea66dc90482/Screenshot+2025-03-12+153931.png MARKET & INDUSTRY COMMENTARY - Resale Hype & Brand - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/65643d91-ac6a-44c0-9dfd-3710d6e31f3d/Screenshot+2025-03-12+153943.png MARKET & INDUSTRY COMMENTARY - Resale Hype & Brand - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/3b1cfd0d-1f74-4a70-a8c2-22e69cce6a4d/Screenshot+2025-03-12+153954.png MARKET & INDUSTRY COMMENTARY - Resale Hype & Brand - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/8cd95344-d31d-455c-9402-0bbdb5113865/Screenshot+2025-03-12+154010.png MARKET & INDUSTRY COMMENTARY - Resale Hype & Brand - Make it stand out Source: Fourwheel Trader. Resale value of selected Ferrari model fluctuates as well https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/04536450-871f-4b47-af99-f2bd2e26f7c1/Screenshot+2025-03-12+154018.png MARKET & INDUSTRY COMMENTARY - Resale Hype & Brand - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/byd-2025-forecast monthly 0.5 2026-03-05 https://www.horizonscapitals.com/market-commentary/blog-post-title-three-xchp8 monthly 0.5 2026-03-05 https://www.horizonscapitals.com/market-commentary/blog-post-title-one-9nb2j monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/35d19f8e-7d53-44f8-aa60-4ebdde8dab07/Screenshot+2025-03-02+at+12.27.17%E2%80%AFPM.png MARKET & INDUSTRY COMMENTARY - Revaluing BYD - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/81d6156f-1c5d-446d-8415-e588d5d85635/byd_gods_eye-4.jpg MARKET & INDUSTRY COMMENTARY - Revaluing BYD - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.horizonscapitals.com/market-commentary/ibhvwk10m8u6t2ctgupds8rg5qwb6h monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/239de7fa-d9eb-4336-861b-e73dc271f968/Screenshot+2025-03-12+162433.png MARKET & INDUSTRY COMMENTARY - Power Equipment Value Chain - Make it stand out America electric infrastructure is long due for a major revamp. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/fd228b89-b49c-4138-9a6d-6fefe55cd4b3/Screenshot+2025-03-12+162741.png MARKET & INDUSTRY COMMENTARY - Power Equipment Value Chain - Make it stand out Whatever it is, the way you tell your story online can make all the difference. 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https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/1bcf06d5-2517-4211-9c14-14432eed8058/unnamed.jpg MARKET & INDUSTRY COMMENTARY - H World Group (HTHT) - Make it stand out Graph 20: 2019- 2023 China’s Hotel China Penetration Rate Graph 21: 2022- 2023 Number of Rooms in China’s Chain Hotels and Independent Hotels https://www.horizonscapitals.com/market-commentary/on-brand-value monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/7628d825-7063-4cc9-9db0-fe8241439f3b/%E6%88%AA%E5%B1%8F2025-03-08+%E4%B8%8B%E5%8D%883.16.42.png MARKET & INDUSTRY COMMENTARY - On Brand Value - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/67c08f5c06fe257a49a7e5db/329a6b11-5220-40ad-aa08-98c5b758f63c/%E6%88%AA%E5%B1%8F2025-03-08+%E4%B8%8B%E5%8D%883.16.36.png MARKET & INDUSTRY COMMENTARY - On Brand Value Overall, this is second-rate management operating 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