226. Investing Unscripted, 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 ***************************************** To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

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 ***************************************** To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

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 ***************************************** To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

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 ***************************************** To get 15% off any paid plan at fiscal.ai, visit https://fiscal.ai/unscripted ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

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 ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this completely unscripted episode, Jason and Jeff tackle the broad economic vibes surrounding the market’s resilience despite mounting geopolitical and macroeconomic uncertainty. The duo debates whether the normalization of sports betting and prediction markets is quietly threatening the culture of long-term stock investing. Plus, they unpack the complicated psychology of adding to massive winners, analyzing why Jason is considering a starter position in Broadcom despite its stretched valuation, and evaluating whether QuantumScape’s latest manufacturing pivots are a sign of commercial maturity or a yellow flag for a cult stock. 00:52 Show Vibe and Housekeeping 03:04 Market Vibes and Expectations 07:14 Gambling Culture Concerns 11:30 AI Fatigue and Speculation 16:43 Radar Stocks and Idea Generation 21:06 QuantumScape Deep Dive 24:40 Concerns About Cult Stocks 27:06 Covered Calls Rules 28:12 QuantumScape Shares Trap 29:21 When Not To Sell Calls 31:13 Meme Stock Vibes 32:30 QuantumScape Bull Case 35:14 Go To Market Pivot 38:40 Broadcom AI Thesis 43:31 Valuation And DCA 45:36 VMware Buffer Debate 47:49 Long Term AI Outlook 51:25 Podcast Plug And Wrap Companies mentioned: AAPL, ASML, AVGO, BE, CMCSA, CSCO, DIS, GOOG, GOOGL, META, MSFT, NVDA, PLUG, QS 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 ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

In the October 2026 First Fridays live stream, Jason and Jeff explore the broader macro vibes surrounding corporate fraud and regulatory boundaries, contrasting today's headlines with the Wild West of 1920s Wall Street. The duo unpacks CareTrust REIT's massive $1.2 billion expansion into the UK, evaluating the enduring power of the "aging baby boomer" demographic tailwind. Later, they debate how quickly "agentic AI" will disrupt e-commerce habits for companies like Amazon and Airbnb, and dissect why Zoom's shrinking enterprise base makes the stock virtually uninvestable despite its free cash flow. 01:56 Wrigley Field Promo Clip 02:52 Chat Greetings and Baseball Talk 06:30 Market Vibes Everything Is Fraud 08:04 Incentives and Man City Case 12:39 Old Wall Street Fraud History 17:29 CareTrust REIT UK Expansion 18:13 Why CareTrust Has Won 23:31 UK Healthcare and Capital Allocation 24:27 Selling CTRE and REIT Rate Sensitivity 26:25 Rates Hit REIT Valuations 27:14 Realty Income vs Diversifying 29:30 Why O Acts Like Bonds 31:31 CareTrust Growth Angle 32:45 REITs vs Bonds and T Bills 34:06 Cost of Capital Explained 37:30 Dividend Growth Comparison 38:39 Agentic AI Shopping Threat 45:58 Ads Trust and New Models 49:31 Zoom Stock Long Term View 54:52 Portfolio Contest and UNICEF Companies mentioned: ABNB, AMZN, BKNG, CTRE, O, RMD, TJX, ZM  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 Listen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTube ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this September 2026 Mailbag, Jason and Jeff tackle listener questions on when it makes sense to "average up" on massive winners, analyzing David Gardner’s contrarian approach to building a Rule Breaker portfolio. The hosts then explore the specific valuation and counter-cyclical margin arguments behind Jason's recent purchase of The TJX Companies, and debate the psychology of co-managing spousal IRAs. To close the episode, the duo reviews listener submissions for a "5 Stocks for 10 Years" portfolio, ultimately drafting their own hypothetical decades-long portfolios from the audience's picks. 02:03 Patreon Shoutout 03:07 Rapid Fire Housekeeping 04:15 Mailbag Begins 04:58 Double Down Winners 16:50 TJX Valuation Debate 24:42 ResMed Growth Outlook 28:20 When to Take Profits 29:56 When Valuation Matters 31:50 Couples Managing IRAs 34:49 Risk Across Net Worth 38:18 Spreadsheets And Aggregation 43:06 Five Stocks For 10 Years 44:19 Discord Picks Breakdown 48:23 Picking Five From The List Companies mentioned: AER, AMZN, ASML, AXON, BAM, BN, BRK.B, COST, CVX, ISRG, LLY, LMND, MA, MEDP, META, RBRK, RMD, SBUX, TBBB, TJX, TSM 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 ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason and Jeff pull back the curtain on their Savvy Trader portfolio to examine the core mechanics of long-term portfolio construction. Using real-world examples from their own holdings, the hosts debate the discipline required to let a multi-bagger winner run versus the psychological battle of confronting a 70% drawdown. They tackle the dangerous allure of the sunk-cost fallacy, evaluate whether high-growth portfolios actually benefit from defensive "ballast" stocks, and break down how position sizing can keep single-stock blowups from derailing your long-term compounding.   00:27 Football and Fandom 02:04 College Football Detour 02:44 Back to Investing Talk 03:15 Savvy Trader Concept 06:39 How the Portfolio Works 10:06 Biggest Winner CrowdStrike 14:24 Why Hold CrowdStrike 20:02 Risks and Disruption Fears 23:56 Pivot to Biggest Loser 24:54 Position Size Breakdown 25:39 Lessons From Conviction 29:51 Why Keep Holding 32:29 Sunk Cost And Catalysts 37:24 Guidance Trend Reality Check 38:57 New Stock Ideas Debate 40:04 Ballast Stocks Or Index 45:58 AI Picks And Shovels 50:30 Final Picks And Wrap Up Companies mentioned: AAPL, AMZN, BRK.B, CRWD, FPS, FTNT, GOOG, GOOGL, MELI, MRNA, MRVL, PANW, TJX, TTD, TXN, VOO, ZS   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 ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason and Jeff revisit their popular 2023 thought experiment to build a brand-new five-stock portfolio designed to hold through 2036. After reviewing how a massive 400% surge in Taiwan Semiconductor carried their original picks past the S&P 500, the hosts lay out their updated high-conviction roster. They break down the rapid store expansion of Mexican discount grocer BBB Foods, the secular land and housing tailwinds powering Green Brick Partners, the skilled nursing consolidation runway at CareTrust REIT, and debate whether to round out the portfolio with steady cash-flow giant ASML or speculative battery play QuantumScape.  00:46 Redux Setup Five Stocks 03:09 Housekeeping Speed Run 04:37 Old Picks Performance Review 07:54 Swaps and Digital Realty 10:03 MercadoLibre Surprise Factor 15:02 New 10 Year Framework 19:12 MercadoLibre Still Core 20:32 BBB Foods Growth Thesis 25:01 Store Growth Debate 27:12 Housing Market Weirdness 29:55 Green Brick Pick 31:55 Why Not Earlier 34:20 CareTrust REIT Thesis 39:14 Valuation And Run Up 42:07 ASML Or QuantumScape 47:46 Portfolio Rules Fight 49:42 Listener Picks Wrap Up Companies mentioned: ASML, BN, BOC, COST, CTRE, DLR, FTNT, GOOG, GOOGL, GRBK, HD, MELI, NVDA, O, ORLY, QS, RHP, RKLB, TBBB, TSM  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 ***************************************** Join our Patreon Subscribe to our portfolio on Savvy Trader. Use code Unscripted2026 for 30% off a one-year subscription! Learn more about your ad choices. Visit megaphone.fm/adchoices