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Wednesday, September 2, 2026

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@BrokenMoats 1 click

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$SNOW conference call is the bear case for application software companies. Their data infrastructure combined with coco and cowork on top increasingly makes SNOW a key player in data migrations, and data consolidation for their customers and a key hub to switch between models means SNOW has a seat at the table to be one of the most important and internal pieces of an AI stack....and as they become the permissions data holder with governance and api/mpc to internal and external partners, they can actually become the system of record across applications. This would allow you to use tools like cocoa inside to contextualize in human language what you want built, or even what data/answers you want and how you want that visualized.... Compare this to a Salesforce that is essentially becoming a database company silo to their specific domain by opening up their data to Claude to be the work engine. Eventually companies will increasingly want to stop interfacing with multiple applications to query and want to UI and query across a singular interface (originally thought to be an LLM like Claude, but with specific training and different inference costs / intelligence across models its more like the player presiding over the biggest pool of company data (snowflake, databricks) could become that central payer - less model lock, more flexibly, and central access point for models, data, queries and ui across functions. May not relegate a salesforce obsolete but significantly destroys their value when people access from Snow or even from an LLM like Claude were they lose the ui interface, and behavioral association and slight shared/learned network effects and become a database. Increases switching costs overtime and certainly destroys pricing (agent force consumption model is a step in the modern pricing setup, but start based models are dead, its not an if for most applications without highly defensible and proprietary data) $PEGA, $APPN, $PATH, $CRM, $PAYC are first pass through som of the more exposed names

Investor Letters

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EVC Update

EVC reported a solid second quarter and outlook.

EVC $727M
Nat Stewart - Stock Picking Newsletter 15 clicks
EGO · long

Eldorado Gold CORP

Eldorado Gold (EGO) is a long-life gold and copper miner with a rare growth profile across precious and base metals.

EGO $11B
Value Investors Club 3 clicks

DoorDash

DoorDash positions itself as infrastructure for local commerce.

DASH $84B
MBI Deep Dives 2 clicks

Hidden in Plane Sight

An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…

ASLE $266M
The Mikro Kap 3 clicks

RI(N)sing higher

RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.

FF $244M
Treasure Hunting 4 clicks

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