Investing Unscripted

In this episode, Jason and Jeff welcome back Alex Morris, founder of TSOH Investment Research and author of Buffett and Munger Unscripted, for a deep dive into portfolio construction and high-conviction investing. Alex explains how pre-disclosing trades introduces healthy friction into his process, why he maintains a strict 5% minimum starting position while remaining 100% invested, and where he is finding value in beaten-down athletic apparel stocks like Deckers, On Holding, and Nike. The trio then dissects the post-Buffett era at Berkshire Hathaway—evaluating operational headwinds at Berkshire Hathaway Energy, BNSF, and GEICO alongside its massive $375 billion cash pile—before closing with a debate on Netflix’s ad-tier strategy and its battle for screen time against YouTube.

02:57 Alex Origin Story

04:21 Transparent Portfolio Approach

10:51 Investing In Public Effects

13:54 Friction And Frameworks

17:52 Concentrated Portfolio Mechanics

22:51 AI Trade Market View

32:12 Back To Berkshire Talk

33:35 Berkshire After Buffett

35:14 BHE Wildfire Liability

39:20 BNSF And GEICO Slippage

41:28 Cash Pile Allocation

45:23 Culture And Buybacks

50:33 Alphabet Stake Signal

53:22 Netflix Versus YouTube

58:56 Ads Engagement Tradeoffs

01:03:52 Position Sizing Nuance

01:04:34 Closing And Takeaways

Companies mentioned: AAPL, AXP, BRK.A, BRK.B, D, DECK, DG, DIS, DLTR, GOOG, GOOGL, KO, META, MKL, MSFT, NFLX, NKE, ONON, OXY, PGR, PTON, RBLX, RL, SNOW, SPOT, TMHC, Y

Subscribe to TSOH Investment Research at: https://thescienceofhitting.com/

Find where to listen & subscribe, portfolio contests, and contact information at https://investingunscripted.com

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In this installment of their AI-driven portfolio review series, Jason and Jeff let Gemini randomly select six holdings from their personal portfolios to put through the wringer. For each pick—spanning Berkshire Hathaway, the iShares 5-10 Year Investment Grade Corporate Bond ETF, QXO, Brookfield Infrastructure Partners, Coupang, and SoFi Technologies—the hosts lay out a one-sentence summary, construct the strongest bear case against their own thesis, and decide whether they would buy more shares today. Along the way, they debate Greg Abel's capital allocation future at Berkshire, the hidden credit risks in SoFi's surging personal loan book, and how higher interest rates and big-box competition could challenge QXO's roll-up strategy.

01:19 Naming the AI Series

03:12 Rules and Setup

04:56 Housekeeping and Plugs

06:20 Berkshire Debate

16:29 Bond ETF Breakdown

21:15 QXO Rollup Thesis

27:34 Adding to QXO

28:53 Why Buy Brad Jacobs

29:46 Brookfield Infrastructure Explained

31:59 BIP Risks and Rates

34:47 Did Selling BIP Pay Off

36:58 Coupang Business Overview

38:54 Coupang Bear Case and Adding

41:25 Coupang vs Amazon Playbook

45:43 Coupang Valuation Check

46:20 SoFi Sell Debate

48:25 SoFi Credit Risk Concerns

53:49 Wrap Up and Bear Case Reminder

Companies mentioned: AAPL, AMZN, BAM, BBU, BEP, BIP, BIPC, BLD, BN, BRK.A, BRK.B, COF, CPNG, GOOG, GOOGL, HD, IGIB, INTC, LOW, MRVL, PGR, QS, QXO, SOFI, UBER

Find where to listen & subscribe, portfolio contests, and contact information at https://investingunscripted.com

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To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted

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Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription!
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In this episode, Jason and Jeff welcome semiconductor analyst Jose Najarro to unpack the current state of the AI and chip cycle. Jose explains why he views AI as an ongoing storm made of distinct waves—from consumer chatbots and coding tools to autonomous agents—and introduces "token economics" as the ultimate gauge for whether we are in an AI bubble. The trio explores why severe supply bottlenecks at gatekeepers like TSMC and ASML are actually preventing an inventory glut and extending the semiconductor supercycle. Plus, they break down why Nvidia looks attractively valued at 19x forward earnings, the growing importance of optical networking plays like Marvell, Astera Labs, and Credo, and the emerging cat-and-mouse game of AI-native cybersecurity.

02:29 Meet Jose Najarro

03:07 Jose Origin Story

05:07 Finding Investing Style

07:40 Index Core Strategy

11:00 AI Market Big Picture

11:50 AI Waves and Tokens

16:20 Bubble Risks and Bottlenecks

19:21 Supply Chain Value Chain

24:11 What Pops the Bubble

26:14 AI Bubble Warning Signs

27:46 Enterprise vs Consumer Demand

29:58 Frontier Models and Tokens

31:58 Pandora Box Cybersecurity

34:35 Where Value Is in AI

36:44 Networking and NVLink

40:32 Will AI Kill Us

44:25 Regulation and Cyber Investing

49:08 Where to Follow Jose

Companies mentioned: ALAB, AMD, AMZN, ASML, AVGO, CRDO, CRWV, CRWD, GD, GOOG, GOOGL, INTC, META, MRVL, MSFT, NVDA, PANW, S, TSM

Check out Jose:

https://www.whatthechiphappened.com/

https://www.youtube.com/channel/UC5cEHfCr6WOE1R1zcohd1IA

Find where to listen & subscribe, portfolio contests, and contact information at https://investingunscripted.com

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To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted

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Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription!
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In this October 2026 Mailbag, Jason and Jeff tackle listener questions on portfolio management, sector consolidation, and the psychology of holding laggards while the broader market sits near all-time highs. They evaluate whether Zeta Global's business intelligence tools pose a threat to TJX Companies' off-price retail moat, debate how to narrow down starter positions across housing and renewable energy stocks like Meritage Homes, Enphase, and First Solar, and dissect what to do when former long-term winners like MercadoLibre, Netflix, and Axon go through painful drawdowns. Plus, Jeff breaks down how doubling down on Texas Instruments at the bottom of the semiconductor cycle turned a 30% loser into a market-beating position.

01:15 Mailbag Kickoff

03:15 Housekeeping And Plugs

03:50 Zeta Vs TJX Question

08:42 Handling Stock Laggards

11:53 Conviction And Position Size

15:22 Diversification And Rebalancing

19:02 When To Sell For Cash

19:51 Consolidating Housing Bets

20:52 Homebuilders and Rate Cycles

22:03 Picking Strong Builders

23:10 Energy Picks and Brookfield

23:54 Enphase vs First Solar

24:46 Powering the AI Boom

25:37 Portfolio Strategy Options

27:35 Renewables Reality Check

29:21 Harry Portfolio Lagging

30:54 Winners Down From Highs

33:11 Reassess and Add Conviction

34:17 Axon as Case Study

35:08 Averaging Down Wisely

37:15 Businesses Change Over Time

39:31 Texas Instruments Numbers

41:17 Smooth Shill Callback

41:54 Mailbag Wrap and Reviews

Companies mentioned: ADBE, ADDYY, AXON, BEP, BEPC, BN, CROX, DFH, ENPH, FSLR, GRBK, ISRG, KNSL, LGIH, LULU, MDB, MELI, MTH, NFLX, ODFL, PYPL, RKT, TJX, TMDX, TSCO, TSM, TTWO, TXN, UA, UAA, VICI, VST, Z, ZETA, ZG

Find where to listen & subscribe, portfolio contests, and contact information at https://investingunscripted.com

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In this episode, Jason and Jeff tackle the often-misunderstood world of fixed income to answer a critical question: Should you still own bonds? The hosts break down exactly why bond funds were decimated in 2022, the mechanics of the inverse correlation between interest rates and bond prices, and the vital difference between holding bond funds versus holding individual bonds to maturity. Finally, they explore why the current 5% yield environment makes fixed income a compelling wealth-preservation tool for investors looking to lock in their gains from the AI stock boom.

01:27 Soccer Versus Baseball

04:10 Why Bonds Now

05:36 Patreon Shoutouts

07:46 Rates Inflation And Stocks

15:07 Bond Crash Explained

19:42 Bond Funds Versus Bonds

21:31 Stocks Bonds And Allocation

23:26 Bonds Risk Basics

24:46 Why Bonds Now

25:30 Rates Perspective Shift

28:11 Fixed Income Case

30:22 Interest Rate Risk

32:18 Bond Types Explained

34:44 Junk Bond Reality

36:51 Bonds Versus Cash

38:30 Duration And Timeframes

42:32 Target Date Simplicity

45:34 Bond Selloff In Context

47:19 Yield Math Matters

49:54 Wrap Up And Disclaimers

Companies mentioned: AAPL, BND, BRK.B, HD, MCD, META, MSFT, TJX

Find where to listen & subscribe, portfolio contests, and contact information at https://investingunscripted.com

*****************************************

To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted

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Join our Patreon

Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription!
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