Goldilocks Zone Capital

Public portfolio content coming soon. Added three positions in the last 2 trading days: $BOF $BWAY $HAIVF (aka $HAI.TO) Continuing to build out the portfolio, and will provide write-ups for each coming soon.

$MRVL is looking like it may breakout into a $COHR like sustained run. The margins are excellent as is the Fwd growth. The pivot into optics (if successful) could result in explosive price action in the near future.

I don’t think people realize how much healthcare costs are driving big companies to fire and not hire. It costs them $30k per family, per year for premiums and care. Most of that goes to the massive, vertically integrated insurance companies that send weekly bills that no one reviews in details. And it doesn’t include the company overhead to deal with it all. It’s usually the 2nd largest expense after payroll. Which is insane It’s far easier to blame AI than it is to blame Healthcare costs. Want to increase jobs, wages and improve affordability for every American ? Break up the biggest insurance companies. Make divest non insurance companies. They don’t need thousands of subsidiaries. That’s how they game and abuse the system and increase costs for all of us. Call your senator and tell them to support the BreakUp Big Medicine Bill by @HawleyMO and @SenWarren.

@techinvestoor @techinvestoor any updated thoughts here in light of todays news?

Appreciate the thoughtful pushback. I agree to this point regulators have mainly focused on yield paid to holders, not issuers earning yield on reserves. My point is that if stablecoins start pulling meaningful deposits from banks, I wouldn’t expect banks to stay quiet. They have real influence and incentives to protect spread economics. Not saying it’s imminent. Just that the reserve spread is the key driver here. If CRCL keeps earning and retaining that yield, the EPS upside is very real hence why I own it (both in the public portfolio and my personal)

One of my more recent adds $CRCL is now up ~20% in a week. Quick thesis: $CRCL is the leader in stablecoins and is seeing explosive growth in agentic AI transaction volume. AI agents are starting to act more like employees. But you can’t hand an AI a corporate credit card. You can give it a stablecoin wallet with an allowance to execute tasks autonomously. That’s a big deal. $CRCL is already profitable and consensus has EPS growing ~84% CAGR from 2026–2029. Normally I call BS on aggressive growth numbers like that. Here, it might actually be real & even if you water down the assumptions it’s still cheap. Using the consensus estimates $CRCL is trading ~27.8x 2028 EPS (yes, I look out a few years with growth names). If this compounds at 50%+ for a decade, that multiple is absurdly cheap. Main risks: • Regulation • Competition • Unpredictable AI evolution Catalyst ✅ Growth ✅ Momentum✅ GARP - (given growth rate) ✅ Quality 🚦(yellow light) This is a more speculative Goldilocks Zone position but this a stock in the Goldilocks zone nonetheless. If the return comes fast, I am not married to $CRCL. ________________________________________ Other updates: added to $DBOXF ( $DBO.TO ) on weakness. Today’s portfolio drag came from a ~10% pullback in $BOF, but that’s fine. It already delivered ~20% much faster than expected, even after the pullback. Not financial advice.

Japanese actor Hiroyuki Sanada spoke about the contradictions of human nature: “Some people dream of having a swimming pool at home, while those who have one hardly ever use it. Those who have lost a loved one feel a profound sense of loss, while others often complain about their living relatives. Those without a partner long for one, while those who have one often don't appreciate it. The hungry would give anything for a meal, while the satiated complain about the taste of their food. Those without a car dream of owning one, while those who have a car are always looking for a better one.” The key to happiness is gratitude: truly seeing and appreciating what we already have, and understanding that somewhere, someone would give anything for what we take for granted.

FYI my 0.50 GTC order on $DBOXF got filled yesterday (both in the public account along with my personals).

D-BOX Technologies ( $DBO.TO $DBOXF ): A textbook Goldilocks Zone opportunity This is what mispricing looks like. Not speculative. Not broken. Not overhyped. A profitable, growing company with structural advantages, operating leverage, and a long runway that the market has not yet fully recognized. 1. Structurally advantaged business model D-BOX sells premium motion seating systems to movie theaters and earns ongoing licensing revenue tied to usage. This creates powerful alignment: • The theater charges higher ticket prices • Revenue per patron increases • D-BOX participates directly in the upside A true win-win model. Like Costco, they help their partners make more money. And they benefit when their partners benefit. 2. Premium product with proven demand This is not theoretical. D-BOX seating consistently delivers higher utilization and pricing than standard seating. Theaters generate more revenue per screen when D-BOX is installed. As a result, their global installed base continues to expand steadily. Each new installation becomes a long-duration recurring revenue stream. 3. Exceptional unit economics D-BOX operates with approximately 30% operating margins, which is extremely strong at this stage. Even more important: • Strong balance sheet • Minimal debt risk • High incremental margins on new revenue Once installed, incremental revenue flows through at very high profitability. This creates powerful operating leverage. 4. High switching costs and durable recurring revenue Once installed, D-BOX seating becomes embedded within the theater’s infrastructure and economics. Removal is costly, disruptive, and economically irrational given the revenue uplift. This creates: • Long asset lifespans • Recurring licensing revenue • Extremely low churn The installed base becomes a durable, compounding asset. 5. Capital-light growth with expanding operating leverage D-BOX does not require heavy capital reinvestment to grow. Much of the value is driven by: • Proprietary motion technology • Software integration • Royalty revenue As installations increase, revenue scales faster than costs. Earnings can grow disproportionately faster than revenue. 6. Structural tailwind toward premium theatrical experiences Theaters are increasingly focused on premium experiences to compete with streaming and home entertainment. Formats like IMAX, Dolby Cinema, and D-BOX drive higher ticket prices and attendance. This is a structural shift. D-BOX sits directly in the path of this long-term trend. 7. Long runway with visible growth drivers Global penetration remains low relative to the total addressable market. Growth is driven by: • Expansion into new theater locations • Increased utilization of existing installations • Strong blockbuster release cycles • Continued global adoption Each new installation expands the recurring revenue base. 8. Operating leverage inflection already achieved The hardest phase is behind them. Core technology is built. Distribution is established. Profitability has been reached. Incremental growth now carries significantly higher margins. This is where earnings growth accelerates. 9. Exceptional financial positioning reduces downside risk D-BOX has: • Strong balance sheet • Minimal debt • Positive profitability • Recurring revenue streams The business is stable and self-funded. Downside appears limited relative to upside potential. 10. Completely undercovered and mispriced There is effectively: • No analyst coverage • Minimal institutional ownership • Low investor awareness Yet the company is profitable, growing, and financially strong. Despite this, the stock trades at approximately 10x TTM earnings. Comparable businesses with similar growth and margins often trade at 20–30x earnings. This creates the potential for both earnings growth and multiple expansion. The twin turbine of returns. 11. Installed base creates a compounding flywheel Each new installation strengthens the business: • Larger installed base • Higher recurring licensing revenue • Greater financial strength • Increased adoption Over time, recurring revenue becomes the dominant earnings driver. 12. Early innings of institutional discovery Most major winners follow a predictable lifecycle: • Unknown and undercovered • Profitability inflection • Earnings acceleration • Institutional accumulation • Multiple expansion D-BOX appears to be entering the early stages of the "earning acceleration" process. This is where the greatest mispricings exist. 13. Asymmetric risk-reward profile Downside is supported by: • Existing recurring revenue • Strong balance sheet • Proven demand Upside comes from multiple independent drivers: • Installed base expansion • Utilization growth • Margin expansion • Institutional discovery • Multiple expansion This creates asymmetric return potential. 14. Validated by Formula 1 and positioned for simulation growth D-BOX motion technology is used in official Formula 1 racing simulators, one of the most demanding simulation environments in the world. This provides: • Third-party validation at the highest level • Expansion into the fast-growing simulation and sim racing market • Additional high-margin growth verticals beyond theaters This reinforces D-BOX’s positioning as a premium experiential technology platform. 15. This is the essence of the Goldilocks Zone Not too early and speculative. Not too late and fully priced. A profitable, growing company with: • Structural advantages • Operating leverage • Recurring revenue • Strong balance sheet • Long runway And a valuation that does not reflect its trajectory. The market is pricing the present. It is not pricing the future. Buying a dollar for around 0.40 cents today IMO. $DBOXF / $DBO.TO is in Goldilocks Zone. Limit order sitting at $0.50 USD for the ADR shares. - This is not financial advice. Equity investments are inherently risky. Investing involves risk, and nothing presented here is a guarantee of future returns.

Can’t lose money taking profits Can’t get rich cutting winners The great paradox of trading

$KRKNF catalyst

x.com/GZ_Cap/status/… Bought $CRCL Leaps and shares on the episodic pivot Feb 24. when it was trading around $77.00. Closed at about $112 today. As I pointed out to you a week ago (and 10%+ ago), I will reiterate that $CRCL is likely a market leader for the rest of FY 2026, and Agentic transactions are precisely the catalyst.

Yes - little did we know Crypto could become the currency for AI agents which will far exceed the number of humans shortly.

My information consumption is now 1/4 X, 1/4 podcast interviews of the smartest practitioners, 1/4 talking to the leading AI models, and 1/4 reading old books. The opportunity cost of anything else is far too high, and rising daily.

There's a reason we're looking at near record backwardation in the crude curve right now. Let's put on our Munger hats and follow the incentives here related to closure of the Strait: 1) The US - If Trump cannot reopen the strait and/or end this conflict, The Republicans almost certainly loses the mid-terms which will effectively end his presidential term from an efficacy perspective. Seems like Trump will aggressively try to secure Kharg Island this week if other off-ramps don't emerge. 2) Iran - 25% of Iranian GDP comes from energy production. 25%. Take that to zero and how long can the country go without the ability to pay for anything? Overseas assets might already be frozen. Obviously you add on a severely diminished government/military apparatus and the ruling party's grip grows more tenuous by the day. 3) GCC - They need the strait open, they also need to keep crude prices at levels that avoid demand destruction which could grow in permanence after this war. 4) China - Needs oil output shipped through the strait. Completely indifferent to the political framework of the middle East. They want and need their oil. 5) Israel - Wants regime change, but has already achieved a great deal. Full partnership prospectively with the GCC seems highly likely going forward. At a minimum they've isolated Iran even further. Everyone needs this to end. Does that mean it will happen tomorrow or this week? No. Does it mean it could happen within a few weeks? Seems highly likely based on the incentives. What do you think?

$CRCL showing great relative strength today. Up over $100 - looking like it has the potential to be a true market leader

$CRCL could absolutely see material upward revisions if USDC supply 2–3x’s from AI agent adoption. If that happens, a lot of incremental profit likely drops straight to the bottom line. My biggest concern right now is regulatory specifically banks not wanting to compete and lobbying hard for yield restrictions on reserves. If issuers are forced to pass through yield or face tighter spread caps, EPS power changes materially. The upside is real imo but so is the policy risk.

@GZ_Cap I think $CRCL will see USDC supply 2x to 3x from AI agents in near term. All profit will fall to the bottom line. I think they can do $7 to $10 EPS in 2027. Exponential growth coming from AI agents

Fairlight Alpha Fund LP @Fairlight_Cap stock pitch on $BOF – Branchout Food 🇺🇸 - Producer of dried foods using a novel technique called GentleDry. - Manufacturing base is in Peru near the farms that create this produce, so shipping and production costs are reduced and food is fresh. - Buy “ugly” produce that reduces costs, increases farm income, reduces waste, and has no impact on the final dried product. - Roughly doubled sales each year since 2022. - By the end of this year this could be a business that is trading on a current basis of 60-70% of revenues, 6-8× earnings, and growth far north of 50% per annum.

Watch Hard Lessons, as legendary investor Stan Druckenmiller sits down with Morgan Stanley’s Iliana Bouzali, sharing how he would construct a portfolio if he had to start over today, why contrarianism is overrated, and which stock he regrets selling too early.

Existing holding: $LYTS Management is issuing ~4.6M shares at $19.75 to help fund the $325M Royston acquisition (~8.1x TTM adj. EBITDA). Royston runs 14% EBITDA margins ($38M on ~$272M revenue), lifting pro forma profitability and expected to be EPS accretive. Stock flushed on the raise yesterday — sharp reversal today on massive volume looks like strong absorption. Watching closely.

@JSpitTrades Very glad to see I’m not the only one tracking this name. Textbook breakout. Love the look of this chart coupled with the clear margin expansion catalyst 🔥🔥

$XPO trying to break out of gorgeous bull flag One of the best reactions of this earnings season Leading trucking name

Want to mention the other day I added $PLDSF / $PSD.TO. Bought on strength ahead of their March 19 dividend, paying C$0.0175 + C$0.10 special. This is a lumpy earnings story, but consistently strong cash flow, high margins, and ~75% of net income returned via dividends. I expect a solid run into the dividend date. If it runs hot enough ahead of March 19th this may end up being a short hold.