Behind the video
5 Stocks to Own for 20 Years
Overall Thesis
The host recommends Uber, Alphabet, Hims & Hers, Spotify and SoFi as long-term investments supported by durable industry tailwinds, strong customer relationships and operating leverage. He expects substantial investment upside from Uber and Hims & Hers and endorses holding the other three for the long term.
Narratives
UBERUberUber's consumer relationship makes it a durable demand aggregator that can benefit from competing autonomous vehicle suppliers. The host recommends owning it for 20 years and expects the stock to increase tenfold over the next decade.
Key Arguments
- Revenue and gross bookings continue to grow strongly while operating leverage improves profitability.
- Nearly 200 million monthly users support a valuable consumer distribution network.
- Autonomous vehicle suppliers can expand supply without Uber needing to develop or operate every component itself.
- The host regards its roughly 18–19 earnings multiple as attractive.
Risks acknowledged
- Growth slowed temporarily after the pandemic.
- The autonomy thesis depends on consumers continuing to choose Uber's app.
The host views Hims & Hers as a healthcare demand aggregator with growing subscriber numbers, spending and supplier bargaining power. He sees potential for a valuation above $100 billion in a decade and is currently building a position to hold long term.
Key Arguments
- The host expects revenue growth above 50% in the second half of 2026.
- A substantial telehealth market share strengthens its relationship with pharmaceutical suppliers.
- Acquisitions could materially increase subscribers.
- GLP-1 products, labs and eventually peptides could increase spending and expand services.
Risks acknowledged
- Early-year comparisons and the Novo Nordisk lawsuit disrupted the growth picture.
- Subscriber estimates are possibilities rather than firm outcomes.
- The timing of peptide offerings remains uncertain.
- GLP-1 uncertainty affected growth previously.
SOFISoFi TechnologiesSoFi's digital banking model, member growth and expanding financial services support a long-term investment thesis. The host plans to hold, sees room for valuation multiple expansion and considers approximately $18 per share an attractive entry price.
Key Arguments
- A digital-first model avoids the costs of a traditional branch network.
- Members and products have grown at approximately 35–36% annually over the cited period.
- Financial services have grown rapidly while contribution margins improve.
- Faster growth than traditional banks supports a valuation premium.
Risks acknowledged
- The technology platform has underperformed original expectations.
- SoFi trades at a higher price-to-book multiple than traditional banks.
- Management has issued shares when the stock was more highly valued.
GOOGLAlphabetAlphabet's diversified products, cash generation and balance sheet make it a durable investment despite uncertainty about how AI develops. The host intends to retain his shares for the long term.
Key Arguments
- Search and YouTube remain large, growing businesses.
- Google Cloud provides another growth engine.
- Waymo and investment stakes provide additional sources of value.
- Cash flow and financial resources allow substantial AI investment.
Risks acknowledged
- The advertising network business is declining.
- The future AI market and Alphabet's eventual business composition are uncertain.
- Much of the cited non-operating income comes from investment markups rather than operations.
Predictions (1)
Spotify's position as a primary gateway to audio should remain valuable even as AI devices change how people access content. Improving margins and cost discipline support the host's recommendation to own it over the next 10–20 years.
Key Arguments
- Music, podcasts and video reinforce a sticky consumer relationship.
- Gross margins have exceeded 30% and operating margins have exceeded 13%.
- Cost controls have created substantial operating leverage.
- AI devices could continue routing listening requests through Spotify memberships.
Risks acknowledged
- The valuation is not exceptionally cheap.
- Revenue growth is less pronounced in periods without price increases.
- The host previously doubted that gross margins could exceed 30%.
Predictions (1)
Hedges & Caveats
- Alphabet's eventual business mix and the shape of the AI market remain uncertain.
- Hims & Hers' potential subscriber growth and peptide launch timing are uncertain.
- Spotify's valuation is reasonable rather than exceptionally cheap.
- SoFi's technology platform has disappointed, and its price-to-book valuation exceeds that of traditional banks.