Emma Stock Notes

@burrytracker You didn’t need to find Nvidia. You just needed to buy Microsoft, let it compound at ~15% a year plus dividends, and get rich slowly over 25 years. Buying quality and being patient pays off.

@Quality_stocksA I’m watching SaaS - still one of the biggest battlegrounds in the market. Here’s the Q1 backdrop for software. Now the real question is which names can prove durability as AI resets the narrative, and which can turn capex into real returns.

Earnings season will be here soon 🚨 3 themes I am watching to separate the signal from the noise: 1️⃣ Software. Moving beyond the AI Capex drag. Can software like $ADBE $CRM or $NOW prove they are converting usage into ARR? 2️⃣ AI productivity. Will CEOs cite efficiency as a euphemism for layoffs? Watching for margin expansion vs. headcount 3️⃣ The US consumer. Is the K-shaped economy finally cracking? Looking for signs of a 2026 slowdown (early signs of a recession) What is on your watchlist? 👇

@Ashton_1nvests Very few companies live out here. $NOW = top-tier quality, attractive valuation

We are in the SaaS-pocalypse. And that is exactly why I think some of the best opportunities in the market are showing up in software right now. These are my 5 favorite stocks in the sector, and why I’m bullish on each of them. 1. $NOW $NOW is one of the highest-quality software businesses in the market. ServiceNow just reported Q4 2025 subscription revenue of $3.47B, up 21% YoY, while current remaining performance obligations hit $12.85B, up 25% YoY. That tells me demand is still strong and future revenue visibility remains elite. What I like most is that this is not a “hope” story. This is a company already executing at scale, still growing around 20%, and becoming even more important as enterprises automate workflows and adopt AI across the business. When a company like this gets sold off with the rest of SaaS, I pay attention.

@StockMKTNewz @EarningsHubHQ Before the new earnings season begins, here’s a snapshot of how the last quarter earning season actually played out.

EARNINGS SEASON IS ALMOST BACK Early look at the largest stocks that report earnings next week

@TrendSpider Now it has my attention too $ALAB is sitting top 1% in business quality across the market.

You have my attention $ALAB 👀

@StockMKTNewz $APH screens 96th percentile on business quality Not a bad “AI pick”

GPT JUST BOUGHT AMPHENOL $APH STOCK

Q1 wasn’t driven by one thing. It was a collision of shocks ↓ • Iran conflict → oil spike → energy and inflation fears • Rate-cut hopes faded → Fed flexibility looked limited • Tariff policy reset → uncertainty stayed elevated • AI disruption fears hit software → durability got repriced • Hyperscaler capex stayed high → returns came under scrutiny • US growth signals softened → sentiment weakened • Private credit stress resurfaced → liquidity risk moved back into focus At the same time: • Energy surged • Software sold off • Memory outperformed • Mag7 leadership faded • Global markets diverged That dispersion was the story. Q2 now starts with the same key questions: • Does the Iran conflict de-escalate? • Do oil prices stay elevated? • Can the Fed ease at all from here? • Do AI investments start showing real returns? • Does US growth hold up? I’ve been sharing a few extracts from the Q1 report over the past few days. Full version, free here: top-percentile.com/know/reports

@JaguarAnalytics Market selling cybersecurity like demand disappeared But $PANW fundamentals still sit in the top ~7% globally. When price and quality diverge like this, it usually doesn’t last

Cybersecurity stocks last two days: $PANW, $CRWD, $NET, $ZS. This is just stupid. I guess in the age of AI nobody needs defense against cyber attacks anymore.

@charliebilello Overall investment sentiment is also already back in the green. Funny how quickly “risk” gets forgotten.

The $VIX ended the day at 19.49, which is below the level it closed at the day before the Iran war began (19.86 on Feb 27). All is calm again...

@Mr_Derivatives These were two of the key Q1 themes. Software got hit as AI shifted the focus from growth → durability, while memory kept outperforming as the market stayed tight.

$IGV is now trading at ALL TIME LOWS relative to $SMH. And lately it has been almost a 1 to 1 inverse correlation. Who is the daring soul to play contrarian and go long IGV and short SMH? lol...

@Jake__Wujastyk Makes sense - price starting to get less comfortable here. At the same time, $MU fundamentals swing hard, and they’re now back in the top percentile across the market.

$MU #MU Broadening flag?

@HolySmokas Generational opportunity in SaaS as Jeremy suggests? The hard part is waiting for the narrative to stop getting worse.

@HolySmokas One of the key Q1 themes playing out again. Software / SaaS under pressure as AI shifts the focus from growth to durability

The UNTHINKABLE is about to happen to Stocks (Get READY!) "The time has come." Were you buying or selling today?

@StockMKTNewz Not just price - sentiment is firmly back in the green too.

The 🇺🇸 stock market just closed the day GREEN 🟢🟢🟢🟢

@SixSigmaCapital Mag7 became laggards - it was a key theme in Q1, and that shift hasn’t fully reversed. Agree on TSLA too.

Breadth is down but MAG 7 is back... These are the best businesses in the world and as recently as last week they were trading at significant discounts. Some still are at steep discounts Yes $TSLA is excluded neither a great business or at a discount

@joecarlsonshow Hard to bottom-fish when the narrative is still shifting. The software sell-off was driven by real questions around durability and AI disruption - one of the key themes in Q1.

Im not normally a technical guy, but maybe with software names it’s best to buy a little once they get above their 50 day moving average, then add more when they get above 100 and 200 day moving average. Right now any investor in software is just getting their faces ripped off. It may be best to just be patient and wait for some actual positive momentum in these stocks over trying to time the bottom.

@zerohedge Layoffs make the headlines. But underneath, Disney’s profitability drive is pushing it back into the top 10% on business quality.

No Storybook Ending: Disney Plans Another Round Of Layoffs zerohedge.com/markets/no-sto…

Energy vs Tech. US vs Europe/Asia. Brazil vs much of the rest. Same quarter - completely different outcomes.

Q1 performance was all about dispersion ↓ Not one direction. Big gaps opened up across sectors and regions.

@TrendSpider Software was one of the key themes in Q1. As AI shifted from hype → disruption risk, the market started repricing durability - and multiples followed fast. That theme still seems to be playing out.

BREAKING: Software 🩸

@cc_video_edit @KobeissiLetter Agree - headlines lag the market.

@EmmaStockNotes @KobeissiLetter Market priced the risk early, headlines just catching up now.

BREAKING: US oil prices officially rise back above $100/barrel as Iran accuses the US and Israel of violating the ceasefire agreement.