The Long AJ

Portfolio update – April 1, 2026 📊 11 positions – Top 5 cumulated weight = 65% Bought: $NOW Added: $MA, $SPGI, $FICO, $UBER, $V Sold: $NVDA Trimmed: / A few thoughts ... 🧵👇🏼

@DimitryNakhla Great business. Only thing I don’t like is how competitive is the market. This put pressure on take rate and margins I guess.

Charlie Munger famously said: “Invert, always invert.” So let’s apply that to dLocal $DLO. A business with ~$440M in cash, $0 long-term debt, trading at ~14x earnings, operating across ~45 markets in some of the fastest-growing and most underpenetrated payment corridors in the world — LATAM, APAC, and Africa. $DLO has 3 distinct paths to grow: 1️⃣ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭𝐬. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. More volume flowing through an already embedded relationship. No new sales cycle required. 2️⃣ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭𝐬. 𝐍𝐞𝐰 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. dLocal operates across ~40 markets. Most merchants are only using a fraction of them. The cross-sell opportunity is already sitting inside the existing customer base. 3️⃣ 𝐍𝐞𝐰 𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭𝐬. 𝐀𝐧𝐲 𝐦𝐚𝐫𝐤𝐞𝐭. Winning business from merchants not yet on the platform — in markets where the digitization tailwind is still in its early stages. 𝐍𝐨𝐰 𝐢𝐧𝐯𝐞𝐫𝐭. What are the odds $DLO fails on all three simultaneously? That existing merchants use them less, don’t expand into new markets, and no new merchants come on board — all at once? That’s a difficult case to make. And this doesn’t even account for the future suite of services $DLO may be able to layer on top as payment volume scales through their platform. More volume means more data, more trust, and more monetization opportunities over time.

@Stock_Opine Good thing. Should bring more liquidity to the stock.

We are officially poor 😩😩 $BKNG Ok.. it’s just a stock split

@DividendDynasty Me too!

$MA continues to be one of my favourite high quality businesses to be accumulating right now. - 24x fwd PE - Exceptional and sustainable businessmodel with high margins. - Consistent high double digit FCF growth - 10yr Dividend CAGR of 16.7% A great dividend growth option.

@ariaradnia Used the Uber Family feature this week. Super smooth and convenient!

New Uber “send a ride” and “saved group” (let you split rides more easily) $UBER

@jarodjmnz Je ne connais pas du tout le business. Je vais regarder ça de plus près. 👍🏼

@TheLongAJ Ok mais c’est pas une biotech 🙃

D’ailleurs, mon portefeuille long terme en ce début Avril, pour ceux qui seraient curieux. $MEDP 16.7% $MA 13.9% $TSM 13.2% $NVDA 12.1% $META 10.9% $MSCI 10.4% $FICO 9.9% $BN 7.4% $NOW 5.5%

@fiscorainvest @ReneSellmann What is your take on this bear case? For me it is a very low probability case. And I cannot imagine $FICO staying put in such case.

An interesting bear case I saw the other day is if $FICO loans get lumped in with VantageScore by the FHFA. If the regulators mandate that both scores are interchangeable for GSE-conforming loans, investors might eventually be unable to pick which kind of MBS they’re buying into. Long $FICO, not financial advice. DYOR. The "problem" is fungibility, if FICO backed pools and Vantage-backed pools become indistinguishable in the secondary market (UMBS), I personally believe $FICO loses its ability to command a premium for its specific credit-risk "engine." In my view it’s unlikely for the FHFA to force that level of market blindness, the differentiation in the secondary market is where I’ve historically thought the moat of $FICO comes from, any threat to that is worrisome, In my opinion.

Fair Isaac 90-second pitch 👇🏻 $FICO

@bossD1007 Do you have the sources about what you are claiming? Again I am confident the most is intact. So I respectfully disagree with you. We will see who is right I guess.

@TheLongAJ All of that is in the past. Lenders have started using alternatives. If those work fine, FICO's market presence will only decrease Again the 100% market share in securitizations was because legally FMFM legally mandated the use of classic FICO score. That has changed.

Portfolio update – April 1, 2026 📊 11 positions – Top 5 cumulated weight = 65% Bought: $NOW Added: $MA, $SPGI, $FICO, $UBER, $V Sold: $NVDA Trimmed: / A few thoughts ... 🧵👇🏼

@ariaradnia $TSLA for sure.

If you HAD to short a stock… What would it be?

@WillBiddy_ True. Valuation is a bit too demanding at current levels. Would love to buy it back below 25x.

$MSCI Compounding. Machine. Indices are incredible tools for the investors and for the company that creates them.

@bossD1007 1/ 90% of top U.S. lending decisions use $FICO scores. 2/ $FICO scores holds 99% mkt share for securitizations. So $FICO has become synonymous with credit risk & replacing them would be like changing the engine of a plane mid-flight. Possible but extremely painful!

@TheLongAJ How so? Why will anyone use their 10$ score and the 4.95$ score plans to bypass the partners , which led to the enmity. Unless they drop their ego , or loans via vantage score gets defaulted, how does this change??

@BramVGenechten It will sure bring more liquidity to the stock.

$BKNG near its lowest valuation in 10Y. Maybe their 25 for 1 stock split will help? Will start April 6th.

@LabarreLens Thank you for your comments! 🙏🏼 Will check your deep dives. 😉

Great update ! The switch from $NVDA to $NOW at its all-time low valuation is really smart, especially with the AI agents orchestration layer thesis. I did a full series on the #SaaSpocalypse 👇 x.com/LabarreLens/st… I also did a deep dive on $FICO a few weeks ago (the scoring vs software paradox and especially its almost unassailable securitization moat) and I’m totally aligned with your dip-buying 👇 x.com/LabarreLens/st… I really like the additions to the dislocated high-quality compounders: $MA, $V and $FICO. I actually just published a tweet today on the real risk for Visa and Mastercard, not competition, but the bipartisan Credit Card Competition Act (CCCA) that even got Trump’s support 👇 x.com/LabarreLens/st… Your portfolio remains ultra high-quality and concentrated. 💪

@pontusolsson110 Growing much faster though. +20% growth expected in 2026.

@TheLongAJ Agree on $NOW.. still not cheap enough (2-3x vs CRM/ADBE) but clearly attractive..

@antibearthesis Hopefully. We will see in the coming years.

@TheLongAJ $now well done! best SaaS in the market

@BarakBasson Too small of a position and saw more upside in $NOW.

@BramVGenechten Too small of a position and saw more upside in $NOW.

@TheLongAJ What's the main reason why you sold $NVDA?

@Gyencha3 I like them both very much. $V is a more dominant, defensive position in the U.S. $MA is growing faster, more international and is stronger in VAS.

@TheLongAJ Why both $V and $MA ??? Same typa company. I'm putting everything I can into Mastercard while it's under 500

@FluentInQuality Not touching the sector at all. Brand is the weakest type of moat.

Anyone picking up some $LVMH shares? Multiples have come down, but so has growth... The majority of the luxury sector are going through a ''meh'' period.

@HatedMoats Will check it out!

🚨 SERVICENOW DEEP DIVE IS OUT $NOW This is my best article and research so far published on Hated Moats. A hated software giant with 20% growth, huge cash flow, and a valuation reset. 8,000+ words. For free. Here’s what my 3-month research found 👇 Link in comment & bio.