The D 💙

@DimitryNakhla In light of current fallout with FHFA, does FICO fall under same category? Or the leader has been careless?

Chris Hohn on competition: The ideal competitive environment isn’t necessarily a monopoly — it’s weak, rational competition. Barriers too low and competition erodes your business. Barriers too high and regulators come knocking. 𝙏𝙝𝙚 𝙨𝙬𝙚𝙚𝙩 𝙨𝙥𝙤𝙩 𝙞𝙨 𝙖 𝙙𝙤𝙢𝙞𝙣𝙖𝙣𝙩 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙬𝙞𝙩𝙝 𝙘𝙤𝙢𝙥𝙚𝙩𝙞𝙩𝙤𝙧𝙨 𝙩𝙝𝙖𝙩 𝙚𝙭𝙞𝙨𝙩 𝙗𝙪𝙩 𝙘𝙖𝙣’𝙩 𝙢𝙚𝙖𝙣𝙞𝙣𝙜𝙛𝙪𝙡𝙡𝙮 𝙩𝙝𝙧𝙚𝙖𝙩𝙚𝙣 𝙩𝙝𝙚 𝙡𝙚𝙖𝙙𝙚𝙧 — whether because of reliability, switching costs, incumbency, or the sheer complexity of what it takes to compete. Hohn uses $GE as a perfect example. ___ YouTube: Norges Bank Investment Management | Sir Chris Hohn (05/14/2025)

@TheLongAJ Do you live in the US? If yes, open up VantageScore website n check yourself. I hope you are not using LLMs to get behind FICO. I would love Fico to do well, but i am pessimistic d/t recent events

@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.

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 ... 🧵👇🏼

@TheLongAJ prnewswire.com/news-releases/…. vantagescore.com/resources/know…. chase.com/personal/credi…

@TheLongAJ Younger gen are using VS more because of their short credit history. Online and Fintech lenders are switching to VS.

@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.

@TheLongAJ Yes the change will be painful but FICO is forcing the hand. And the change is happening. If the securitization market share drops to 80%, it will still be profitable, but it won't be a monopoly anymore Apparently banks like Chase are using VS to generate their free scores.

@BrokenToysInv @qualityequities Sure it can adapt. It has proven it in the past. But has the market already figured in the risk, or there is more downside pending ?

@bossD1007 @qualityequities That’s always the risk with any big bet. What I’d look at is whether the company has shown it can adapt when things change. Leadership, flexibility, and innovation matter more than any one partnership over time. $MSFT

The market is currently offering a discount on one of history's greatest compounders. That company is $MSFT Microsoft. While the share price has retreated ~20% YTD in 2026, the underlying business engine is running hotter than ever. Investors are spooked by rising capex. But as long-term owners, we see capital being deployed into high-return infrastructure. Microsoft Cloud just crossed $50B/quarter, with Azure growing 39%. This isn't spending...it's reinvesting at scale. The disconnect? Fundamentals vs. Sentiment. - Fundamentals: 17% Revenue growth, 46% Operating margins, and a $625B commercial backlog (up 110%). - Sentiment: Fear of "AI fatigue" and near-term margin compression. At today's multiples, you are paying a fair price for an elite company. In the words of Munger, the big money is not in the buying and the selling, but in the waiting. Quality wins in the end. When the noise of the capex cycle fades, the durable cash flows of the world’s most important software ecosystem will remain. Focus on the business.

@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??

2/ $FICO Thesis remains intact for me. A lot of noise now but outlooks are great for the company in the next 5 years. I bought the dip!

@DimitryNakhla Bro, NVO guidance needed badly. It looks like a value trap. What would be your advice, ignore and keep holding or cut my losses ?

@bossD1007 Happy to hear that & I’m glad my posts provided you with added conviction 👌🏽 — $NVO is an excellent business

Novo Nordisk $NVO has surged an impressive +35% in under two months since hitting its recent lows 🧬 As price action often shapes sentiment, expect a more bullish narrative to emerge around the company in the near future, reflecting this strong upward momentum 📈

@realroseceline Thank you for this detailed write up

This took a lot of effort to put together. If you found it useful, I’d appreciate a like, follow, or reshare. 🙏 🌹 END

@realroseceline No appreciate that.

@bossD1007 IMO nvo is a value trap, sorry just my humble opinion

On the plane for the next hour, ask me anything— GO! 🌹

Ranked 68 in Ophthalmology ST1. No offer. Read that again. One of the most competitive specialties in the UK: 2,197 applicants. 102 posts. ~22:1 competition. This is NOT “just MSRA”. You need: • Top MSRA to even get shortlisted • A strong, evidence-scored portfolio • A high-performing interview And still, rank 68 doesn’t get you a job. Yet the narrative on @MedReddit is that IMGs are “gaming the system”, “fake CREST”, “substandard training”, “just mug MSRA for a few weeks”. Absolute nonsense. If an IMG is ranking 68 in Ophthalmology, they are outperforming the overwhelming majority of applicants in a rigorous, UK-run, standardised process. This isn’t about IMGs vs UKGs. This is about a system with far too few training posts for the level of talent applying. And instead of fixing capacity, we’re now moving towards restricting access. That is a policy choice. If we are serious about fairness, workforce planning, and representation, that choice needs to be challenged.

@DimitryNakhla Bro do you believe FICO has the ability to widen its moat in future, given regulatory pressures, increasing competition and that it doesn't own the data it uses ?

Sharing some thoughts on $FICO 👇🏽 Photo 1: $FICO now trades 32x NTM earnings estimates. Just four days ago, ahead of its Q1 2026 report, it traded 39x. $FICO is down ~5% in the past 5 days, so most of that multiple contraction (~18%) is due to aggressive growth in earnings. Photo 2: Since January 2023, $FICO has a total return of 147.50% or a 34.3% CAGR despite the multiple expanding only 11.83% since then. In other words, nearly all of the return over that time period has been driven by strong earnings growth. Photo 3: Since September 2019, $FICO has a total return of 355.80% or a 26.9% CAGR despite the multiple contracting -5.81% since then. Again, an incredible return in the face of slight multiple compression due to strong earnings growth. Photo 4: Since September 2024, $FICO is down -24.20% while its multiple was halved, contracting -50.78%. While $FICO dropped during that period, again you see the impact strong earnings growth can have even in the face of severe multiple compression. 𝘉𝘳𝘪𝘯𝘨𝘪𝘯𝘨 𝘵𝘩𝘪𝘴 𝘵𝘰𝘨𝘦𝘵𝘩𝘦𝘳, 𝘩𝘦𝘳𝘦’𝘴 𝘢 𝘭𝘰𝘰𝘴𝘦 𝘱𝘢𝘳𝘢𝘱𝘩𝘳𝘢𝘴𝘦 𝘰𝘧 𝘴𝘦𝘷𝘦𝘳𝘢𝘭 𝘪𝘥𝘦𝘢𝘴 𝘋𝘦𝘷 𝘒𝘢𝘯𝘵𝘦𝘴𝘢𝘳𝘪𝘢 𝘩𝘢𝘴 𝘴𝘩𝘢𝘳𝘦𝘥 𝘢𝘤𝘳𝘰𝘴𝘴 𝘱𝘰𝘥𝘤𝘢𝘴𝘵𝘴: 💬 The biggest mistake investors make is focusing on the nominal P/E ratio of a high-quality company today. If you have a business that can grow its free cash flow at 15% or 20% for a decade or two, the ‘expensive’ 30x or 40x multiple you are paying today is actually a significantly lower multiple on the earnings power just a few years out. The market consistently underestimates the duration of growth for these ‘toll-bridge’ monopolies. ___ Today, $FICO trades at a more than reasonable PEG of ~1.41x. My research also leads me to believe $FICO could have an $ASML moment within the next five years. Here’s what I mean by that. Those of us who have been bullish on $ASML for the last several years knew, with a high degree of certainty, that $ASML would eventually see a surge in orders as demand naturally had to increase to support the advancement of AI and chip production at an unprecedented scale. Yes, it wasn’t linear for $ASML, and for a few years it lagged many semiconductor players. Yet, what happened? In $ASML’s latest report, Q4 net bookings came in at €13.13B (+86% YoY) versus estimates of €6.85B — nearly double. And of course the stock surged +93% in just the past year. At some point within the next five years, I anticipate that mortgage rates (among other things) will fall meaningfully enough to drive a surge — similar to $ASML net bookings spike — in refinance demand, alongside higher origination volumes from lower rates, all coupled with price increases. That combination creates a “twin engine” of higher volumes + higher prices, which could translate into materially higher earnings and free cash flow than what current estimates imply, especially over the long term. Here’s the catch: nobody knows when this will happen (similar to $ASML). However, those who are patient may be rewarded. If you deeply understood $ASML importance and the inevitable, much greater demand for its machines, you were able to hold with confidence. $FICO rhymes. Two different “toll booths” in two different sectors — yet potentially very similar dynamics.

@DimitryNakhla @realroseceline May the bonhomie continue and we get enriched by your expert insights. Big thank you to both.

Thank you for the kind words, Rose — far too kind. I really appreciate it. Right back at you and thank you for sharing your wisdom & thoughts. If you’re not following @realroseceline you should. Rose was an early investor in names like $NFLX, $AMZN, $TSLA, $MELI and more (as Rose has shared on X). The gains are impressive — but what’s even more impressive is the conviction AND discipline. Very few investors can say they’ve held businesses like these for a decade+. Rose is one of them. If you pay attention to how Rose frames ideas, you’ll notice the focus is on the business — not the day-to-day price. That’s a trait shared by many of the greats, and always worth being reminded of.

@TheLongInvest What's the timeline for reversal, you think ?

$NVO FWD PE: 11 Net Margin: 33% Gross Margin: 80% Earnings $15.5B a year and they have the Wegovy pill Yeah, I think it will be fine.

@grok @SolutionOrganic @Speedwell_LLC @grok how would AI investment help $CPRT and how does increased number EVs impact CPRT?

Rising insurance premiums (up 50% since 2020) are reducing accident frequency, leading to fewer claims and salvage vehicles for $CPRT. Recent Q2 2026 earnings show global insurance units down 9.3% (US: 10.7%), contributing to 3.6% revenue decline to $1.12B and EPS of $0.36. However, ASPs rose 6-9%, offering some offset. Going forward, volumes may stay pressured if trends persist, but international growth and AI investments could support recovery.

Former VP at GEICO on how lower frequency is impacting $CPRT "When insurance premiums go up, the average American is paying 50% more today than they were in 2020. That's never happened in my 40 years in insurance."

@DimitryNakhla Valuation please boss ?

Copart is in its largest drawdown (-31%) since the 2022 bear market Adjusted for cash, $CPRT now trades for ~23x

@BourbonCap @grok verify this

$SPGI Director just purchased over $1 Million worth of shares this is the largest insider purchase since 2015