Jake Browatzke 🚀@jakebrowatzke
The Better Portfolio Update 🚀
For six months, I've told you $PATH is the best opportunity I can find. I still believe that thesis — nothing about UiPath has changed, and I still expect it to 10x within five years. What changed is I found something better.
$BETR — Better.com — is going to compound topline revenue at 50%+ per year for the next several years, and it's priced like a company growing at a fraction of that. If rate cuts accelerate, we could see 100%+ annualized growth. I expect $BETR to 20x within five years. I highly recommend reading my recent post about the company and watching our latest video.
So why not own both heavily? I would if I could.
Here's the problem: despite running a leveraged strategy for seven years — $20k to $1.6M in $TSLA at 300% leverage, riding $5M to $10M and back in $PATH without a phone call — Interactive Brokers effectively allows 0% margin on $BETR. It's a $700M company with limited daily volume, and IBKR's risk engine won't extend leverage on it.
My solution: I moved ~89% of my net liquidity into $BETR and spread my margin across a broad basket of 30+ other names. IBKR's portfolio margin system requires that no single position outside of BETR exceeds ~10% of net liquidity when Better dominates ~90% the portfolio like this. If I could leverage $BETR freely, I'd still be 100% net liquidity in $PATH and 150% in $BETR, with the rest split among my top favorites. But I can't, so the broad basket is how I keep my margin working instead of sitting idle.
That breadth comes with a tradeoff I want to be upfront about. When you hold your top three or five ideas, it's possible every one of them works. When you hold 30+, some of them will be duds — that's just math. Even Peter Lynch said four out of ten won't go as planned. But I believe deploying margin this way will add far more to my returns than leaving it unused.
My portfolio as of 4/7/26:
Core position (89% of net liquidity)
$BETR — $1.8M @ $33.85 avg
Top conviction (each ~9% of net liquidity) — $1.3M total across all
$PATH $HIMS $ZETA $DOUL $FOUR $KLAR $LMND
Remaining broad basket — $2.7M total across all
$IBKR $NKE $UPST $MELI $MU $SMCI $CAKE $AMZN $COIN $SKM $CELH $DLO $TSLA $HOOD $GLBE $GT $ELF $AMD $WHR $ROOT $FLY $CRM $NVDA $MNDY $FUBO $BMNR $MSTR $META $MIAX $WEN $TEAM $FVRR
To be clear about what happened here: I didn't lose conviction in UiPath in the same way I didn't lose conviction in Lemonade when I started buying UiPath originally, or stop loving Tesla when I bought heavily into Lemonade. I found a situation where the math on the upside is roughly double over the same timeframe. If your current best idea is a 10x in five years and you find a 20x in five years, you move heavier into the better opportunity. That's not giving up on a thesis — that's doing exactly what the thesis framework is supposed to do.
For context on the strategy overall: I'm up over 300% in the past 12 months and have averaged nearly 100% annualized time-weighted returns over seven years. I'm also down 73% YTD. Both of those things are true simultaneously, and that's what leveraged concentration looks like. A sub-20% market pullback could easily cut my portfolio in half.
This is shared for entertainment and educational purposes only. I'm not a financial advisor. I do not recommend using margin. I'm learning, experimenting, and sharing in real time. Thanks for reading.
