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Eaton at $391: The Market May Still Be Underestimating What the Bottleneck Changes.
The market already believes Eaton wins from AI infrastructure. The real question is whether the power bottleneck lasts long enough to justify 29.5x…
 • Phaetrix
The AI Trade Is Starting to Break Apart
Mega-cap tech is no longer one unified AI trade. The market is starting to separate participation from economic capture.
 • Phaetrix
The Real Berkshire Transition Isn’t Greg Abel
It’s whether shareholders will allow Buffett’s framework to evolve without Buffett.
 • Phaetrix
JPM at $306: Great Business, Dangerous Expectations
The business keeps proving itself. The stock may already have collected the reward.
 • Phaetrix
DELL: 18x Guidance vs 24x Consensus — Is FY27 the Start of a New Era or Just Peak AI?
The market is split on whether Dell’s explosive AI backlog and margin expansion signal a durable hybrid infrastructure compounder — or just another…
 • Phaetrix
Apple’s $25B Buyback Has a 2.9% Problem
The return is real. The decision is the question.
 • Phaetrix
You Don’t Have a Thesis Until You Know What Breaks It
An idea without a “wrong if” is not a thesis. It’s a story.
 • Phaetrix
$14T in Payments—So Why Is Visa Being Priced Like a Slowdown?
This only works if Visa controls the next layer of payments. If not, the repricing has already started.
 • Phaetrix
The Buyback is an Expense
The accounting illusion of net owner return.
 • Phaetrix
Berkshire Doesn’t Need to Fail to Underperform.”
Berkshire does not need to become a bad business to deliver average returns. It only needs the bar for outperformance to be higher than investors…
 • Phaetrix
Phaetrix Investing
Phaetrix Investing
I’m Nancy. Most stop at research. Phaetrix publishes the decision, the risk rules, and what happened after. I write for investors who want process, discipline, and defined risk.
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