Wall Street Wildlife Investing Podcast

(apologies for Luke's audio quality this week, visiting family, and had a major tech failure minute before starting the livestream)
King of the Jungle is our real-money investing contest: each of us started with $1,000 in October 2023, then added $100 a month in year one and $200 a month since, and the thesis behind our trades lives at wallstreetwildlife.com/kotj.
Year 3 ended with the close on Friday Oct 30th, and the S&P 500 beat all three players: the same deposits in the index made 12.1%, Luke's Badger portfolio lost 6.8%, our Patreon community lost 29.0% in its first year, and Monkey lost 58.3% straight after making an incredible 426.4% in Year 2.
Monkey bet on the bottlenecks of the AI build-out, power and data centers like $IREN and Eos $EOSE, then bought March call options on $ASTS as it kept falling, and he blames timing and Musk more than his process.
Badger's cap on any one stock made him sell half his Rocket Lab $RKLB on the way up, while Alphabet $GOOGL, his biggest position until last week, fell 12.6% the day after its earnings.
Recorded the day before the US midterms, the episode ends on cash: Luke holds 21% and would welcome a sell-off, and he expects the Nasdaq to be lower a week from now. Both hosts own $ASTS and $IREN.
🏁 Year 3 on the same deposits: S&P 500 +12.1%, Badger -6.8%, Community -29.0%, Monkey -58.3%
🔌 Monkey's bottleneck bet: $IREN fell from $60.75 to $23.95 in Year 3 and $EOSE from $16.03 to $1.89
✂️ Trim or let it run: Monkey wishes he had trimmed more Eos; both hosts like a cap on any one position (Luke's is 15%)
🛰️ $ASTS: Monkey's case that the spectrum alone is worth more than the $15 billion company, and Luke's warning about his March calls
🚀 $RKLB: Luke bought at $4.13 in Oct 2023 and sold half on the way up; it peaked at $150.23 on May 27
💵 Cash before the midterms: Luke holds 21% and wants a sell-off; Monkey's note to self, "go slower than you think you should go"
🏆 Community portfolio: Luke says Rubrik $RBRK is its only winner, and names Adrian best nominator and Robert best voter - Patreon merch will be following soon!

SEGMENTS
00:00 Cold open
00:37 King of the Jungle, Year 3
05:04 Monkey's AI bottleneck bet
12:00 Uncertainty and a lopsided market
17:48 The Year 3 leaderboard
23:50 Monkey's portfolio: $ODD and $EOSE
31:31 Luke's top three and $RKLB trims
36:18 Why it fell, and the $ASTS calls
52:22 Cash: when to deploy it
01:01:37 Community portfolio and awards
01:08:42 Midterms and the Nasdaq call

**********
If you want to see our furry faces, this podcast is also available on YouTube at ⁠youtube.com/@WallStreetWildlife?sub_confirmation=1⁠
**********
SUPPORT THE SHOW AND BECOME A PATREON:
wallstreetwildlife.com
**********
Follow us at:
⁠⁠x.com/7LukeHallard
⁠x.com/7FlyingPlatypus
**********
Fiscal.AI is the Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, Fiscal AI is incredibly powerful and easy to use.
Get 15% off any premium plan with:
fiscal.ai/wildlife
**********
Monkey’s “Zen, Nietzsche, How to Live” Substack:
firephilosophy.substack.com
**********
To use the same portfolio tracking tool as Luke, check-out:
portseido.com/?fpr=lukehallard
**********
Disclosure: Wall Street Wildlife hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation
**********
Fed up with the stock market giving you a hard time?
- Invest like seasoned pros with over 40 years in the game
- Discover the world's leading companies
- Sharpen your best investing practices and ditch the worst
- Learn how to start investing
- Essential investing principles to boost your returns

Elon Musk thinks SpaceX can do everything: run a phone network from orbit, put data centers in space, and send the 200-plus neoclouds (small companies that rent out AI computing power) to "guppy-level death." Monkey reads today's prices as the market betting Musk is right, and he calls that insane; Luke answers that the whole Musk empire trades on narrative, not numbers. They test the fear on stocks they own, asking who has the cash to keep building, and why neither host is adding to $IREN. Then Luke turns the question on his biggest position, Alphabet $GOOGL, whose backlog of signed contracts nearly doubled in a quarter, and suspects a large slice of it comes from AI labs like Anthropic that might not be able to pay.
🚀 SpaceX vs the world: Monkey says the market prices Starlink as the winner and everyone else as nearly worthless; Luke says the Musk numbers make no sense and it is all narrative
🛰️ $ASTS next to Starlink: Monkey says its $16 billion valuation needs only about 3.5% of carrier subscribers paying $2 a month, and calls that number "insane"
🧨 Neoclouds under fire: Chamath calls them "disorganized and poorly capitalized," Musk predicts "guppy-level death and consolidation"
🔌 Who can pay for the power: cash against debt at $IREN, $DGXX, $SLNH and $EOSE, and why neither host is adding to $IREN
📈 $GOOGL: revenue backlog from $242.8B on Dec 31 to $467.6B on Mar 31, and Luke's worry about Anthropic's commitments to Google
🧱 The power thesis: Monkey says every AI company needs power; Luke owns Brookfield and other grid-scale power providers
🏁 King of the Jungle year three ends next week, with the full recap on Episode 157
Correction: Luke says $111 billion for Anthropic's non-cancelable commitments to Google, but Anthropic's S-1, filed Oct 26, says at least $114.5 billion.

SEGMENTS
00:00 Cold open
00:31 Chamath, Musk and the neoclouds
07:24 Can SpaceX rule everything?
13:28 $ASTS vs Starlink
25:42 Data centers in space
37:30 Who pays for power? $IREN $EOSE
49:09 $GOOGL, backlog and Anthropic
57:11 Power thesis and Brookfield
01:01:26 Not adding to $IREN
01:06:04 Macro worries and investing
01:12:20 Apps, King of the Jungle, Fiscal.ai

**********
If you want to see our furry faces, this podcast is also available on YouTube at ⁠youtube.com/@WallStreetWildlife?sub_confirmation=1⁠
**********
SUPPORT THE SHOW AND BECOME A PATREON:
wallstreetwildlife.com
**********
Follow us at:
⁠⁠x.com/7LukeHallard
⁠x.com/7FlyingPlatypus
**********
Fiscal.AI is the Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, Fiscal AI is incredibly powerful and easy to use.
Get 15% off any premium plan with:
fiscal.ai/wildlife
**********
Monkey’s “Zen, Nietzsche, How to Live” Substack:
firephilosophy.substack.com
**********
To use the same portfolio tracking tool as Luke, check-out:
portseido.com/?fpr=lukehallard
**********
Disclosure: Wall Street Wildlife hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation
**********
Fed up with the stock market giving you a hard time?
- Invest like seasoned pros with over 40 years in the game
- Discover the world's leading companies
- Sharpen your best investing practices and ditch the worst
- Learn how to start investing
- Essential investing principles to boost your returns

Monkey had the worst week ever. He opens the $ASTS segment with Deutsche Telekom, Orange, Telefónica and Vodafone signing a letter of intent to explore a joint bid for satellite spectrum, admits he bought his two calls at the worst possible time, then hears the advice Luke sent him by WhatsApp that morning: the world is a cruel place, and as investors we just need to suck it up, learn and move forwards. Monkey takes the hit and argues that a week like this is when you do the diligence. Then Luke brings REA, the GitHub tool that reverse engineers apps down to native binaries, and the two of them go through Hamilton Helmer's 7 Powers column by column to see which moats AI can cross, by copying them or by routing around them: Sea Limited's Garena, Alphabet's search business, Lemonade, Adobe, Nintendo, Palantir and more go under the microscope.

🌩️ Monkey's worst week and Luke's advice: suck it up, learn, move forwards
🚗 Tesla's flying Roadster demo: freak show or engineering?
🇪🇺 Deutsche Telekom, Orange, Telefónica and Vodafone sign a letter of intent to explore a joint bid for satellite spectrum
🛰️ $ASTS at $16B against Starlink: the valuation gap Monkey can't square
⚖️ Position sizing: Luke's small start vs Monkey's big bet
🤖 REA, the GitHub tool that reverse engineers apps down to native binaries
🏰 Hamilton Helmer's 7 Powers, column by column
🎮 $SE: Garena was 10.5% of Sea's 2025 revenue and 60% of its operating income
🔍 $GOOGL: Search is 56% of Alphabet's revenue, and AI agents may route around it
🖌️ $ADBE: from 21.7x sales in November 2021 to 3.7x at the Oct 16 close
🏛️ $PLTR: government and commercial halves, 72.6x sales at the Oct 16 close

SEGMENTS
00:00 Cold open
01:37 Tesla's flying Roadster: freak show or engineering?
02:54 $ASTS on the fringes of the Musk empire
05:28 When Starlink turns from partner to competitor
06:16 Monkey's $ASTS calls and a brutal week
08:30 Why weeks like this end investing journeys
12:37 Small companies, rates and the cost of capital
15:41 To $ASTS shareholders: the valuation gap with Starlink
19:16 Position sizing: a small start vs a big bet
21:46 Is AI doomed? Is software doomed?
23:38 REA: the tool that reverse engineers anything
25:57 Hamilton Helmer's 7 Powers
31:42 Scale economies: Amazon and Sea Limited's Garena $SE
34:33 Network effects: Meta and Alphabet's search business $GOOGL
37:06 Counter-positioning: Lemonade $LMND
39:56 Switching costs: why Monkey would short Adobe $ADBE
42:11 Branding: Nintendo, and Mario in downtown Austin
45:25 Cornered resources and process power: AST, IREN, SpaceX, Rocket Lab
49:42 Palantir $PLTR: a business in two halves
54:17 Fiscal.ai and sign-off

**********
If you want to see our furry faces, this podcast is also available on YouTube at ⁠youtube.com/@WallStreetWildlife?sub_confirmation=1⁠
**********
SUPPORT THE SHOW AND BECOME A PATREON:
wallstreetwildlife.com
**********
Follow us at:
⁠⁠x.com/7LukeHallard
⁠x.com/7FlyingPlatypus
**********
Fiscal.AI is the Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, Fiscal AI is incredibly powerful and easy to use.
Get 15% off any premium plan with:
fiscal.ai/wildlife
**********
Monkey’s “Zen, Nietzsche, How to Live” Substack:
firephilosophy.substack.com
**********
To use the same portfolio tracking tool as Luke, check-out:
portseido.com/?fpr=lukehallard
**********
Disclosure: Wall Street Wildlife hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation
**********
Fed up with the stock market giving you a hard time?
- Invest like seasoned pros with over 40 years in the game
- Discover the world's leading companies
- Sharpen your best investing practices and ditch the worst
- Learn how to start investing
- Essential investing principles to boost your returns

Luke calls in from a hotel in Crete with a glass of the house honey ale, and Monkey needs one: on Thursday night SpaceX agreed to buy a block of low-band spectrum, T-Mobile, AT&T and Verizon fell on Friday, and $ASTS went dropped 16% with them. Monkey argues the market got it backwards, because the carriers just lost their other options, and walks through a one-week call he bought as the stock climbed back. Luke use a reverse DCF to answer two viewers who asked why he trimmed $CRWD, then explains why he bought Brookfield $BN.

🛰️ SpaceX agrees to buy 800 MHz spectrum; T-Mobile, AT&T and Verizon fall 10 to 13%
📉 Why $ASTS fell with them, and Monkey's case that its hand got stronger
🎟️ Monkey's $50 one-week call: the 15-minute chart, card counting vs gambling
🤖 Why prices swing harder than ever, according to Monkey
📷 Axon and the backlash against cameras everywhere
🚀 Could SpaceX swallow Tesla? Monkey's theory and Luke's 50% haircut
✂️ Luke's CrowdStrike trim: two viewer questions and Peter Lynch's flowers and weeds
🧮 $CRWD Reverse DCF (the growth today's price assumes)
🏗️ $BN Brookfield Corp: an insurance arm that reminds Luke of early Berkshire
🐣 Starter positions, and why perfection can be the enemy of the good

SEGMENTS
00:00 Cold open
00:38 Intro: SpaceX, $ASTS, Brookfield and a $CRWD reverse DCF
2:19 King of the Jungle year three: close, and now it ain't close
02:59 Monkey's worst day, and the banana hat
04:46 Live by the sword: concentrated vs diversified
05:16 Why prices swing harder than ever, and who moves them
10:02 SpaceX moves on 800 MHz spectrum
12:37 T-Mobile, AT&T and Verizon fall
17:01 Know the company: T-Mobile's options and AST's leverage
20:05 Luke: take stock, my friend
21:11 A golden moment? Over-aggressive or overly passive
23:05 Monkey's March calls and the 15-minute chart
29:53 Monkey's end game for $ASTS, and options flow
34:54 A viewer's question; Axon and the backlash against cameras
37:59 Could SpaceX swallow Tesla? $TSLA $SPCX
40:14 Trimming CrowdStrike $CRWD based on its Reverse DCF valuation
47:30 How expensive is too expensive; AI and cybersecurity?
49:35 $BN Brookfield: the empire and its insurance arm
53:03 Starter positions: don't let perfection be the enemy of the good
54:40 Fiscal.ai and sign-off

**********
If you want to see our furry faces, this podcast is also available on YouTube at ⁠youtube.com/@WallStreetWildlife?sub_confirmation=1⁠
**********
SUPPORT THE SHOW AND BECOME A PATREON:
wallstreetwildlife.com
**********
Follow us at:
⁠⁠x.com/7LukeHallard
⁠x.com/7FlyingPlatypus
**********
Fiscal.AI is the Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, Fiscal AI is incredibly powerful and easy to use.
Get 15% off any premium plan with:
fiscal.ai/wildlife
**********
Monkey’s “Zen, Nietzsche, How to Live” Substack:
firephilosophy.substack.com
**********
To use the same portfolio tracking tool as Luke, check-out:
portseido.com/?fpr=lukehallard
**********
Disclosure: Wall Street Wildlife hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation
**********
Fed up with the stock market giving you a hard time?

- Invest like seasoned pros with over 40 years in the game
- Discover the world's leading companies
- Sharpen your best investing practices and ditch the worst
- Learn how to start investing
- Essential investing principles to boost your returns

Badger calls in from Crete after a week in which he trimmed $CRWD to 3% of his retirement portfolio and nearly sold $NU on a Monzo rumor. Monkey read a bear essay on AI spending and started talking himself out of $CIFR. The top 20 stocks were 38% of the S&P 500 at the dot-com peak and are over 50% now; Badger's argument, after ten bull and bear cycles, is that it may not matter which one we're in. With three weeks left in year three of King of the Jungle, the co-hosts are within 2% of each other (and kicking the market's butt).
🎓 Bill Gates on AI tutoring vs Monkey's classroom, where students outsource the struggle
📉 A bear essay on AI spend vs AI revenue, and Badger's case for hardware over the labs
🥧 S&P 500 concentration: top 20 were 38% of the index at the dot-com peak, over 50% now
📈 Ten bull and bear cycles, and why you should stay in the game regardless
🦍 Monkey's four AI data-center stocks, $IREN, $DGXX, $CIFR and $SLNH - which one is he selling?
🛑 $NU: the Monzo rumor, the sell Badger skipped, and why you have more time than you think
🛡️ $CRWD at $275B: why Badger trimmed
🤝 You owe it to your friends to teach them the power of long-term investing

SEGMENTS
00:00 Cold open and intro
02:29 Bill Gates on AI and education vs Monkey's classroom
07:27 The bear essay, half one: AI spend vs AI revenue
09:59 Luke's pushback: the labs have no moat, the hardware does
11:28 The bear essay, half two: 2008-style debt
15:03 S&P 500 concentration: top 20 at the dot-com peak vs now
17:08 Monkey's own exposure: $IREN, Anthropic and the domino risk
19:17 The S&P top 10 is one correlated trade
22:03 Ten bull and bear cycles: why you stay in the game regardless
24:00 Monkey's conundrum: four AI data-center stocks, sell $CIFR?
28:54 The laziness factor and number one vs number two
32:50 Where the money goes, and Monkey talks himself into selling
36:15 $NU: the Monzo rumor and the impulse sell Badger skipped
39:48 $CRWD: five years in, a $275B name, trimmed to 3%
44:07 Selling winners: earnings-call hours as goodwill
45:50 Bull or bear? Maybe it doesn't matter
47:57 King of the Jungle year four approaches
49:45 $ASTS: the one stock both portfolios share
53:09 Luke's brother launches a 120-day investing initiative for friends
55:26 The mission statement: point a friend to the show
56:41 Fiscal.ai and sign-off

**********
If you want to see our furry faces, this podcast is also available on YouTube at ⁠youtube.com/@WallStreetWildlife?sub_confirmation=1⁠
**********
SUPPORT THE SHOW AND BECOME A PATREON:
wallstreetwildlife.com
**********
Follow us at:
⁠⁠x.com/7LukeHallard
⁠x.com/7FlyingPlatypus
**********
Fiscal.AI is the Complete Stock Research Platform for fundamental investors. With its beautiful design and institutional-quality data, Fiscal AI is incredibly powerful and easy to use.
Get 15% off any premium plan with:
fiscal.ai/wildlife
**********
Monkey’s “Zen, Nietzsche, How to Live” Substack:
firephilosophy.substack.com
**********
To use the same portfolio tracking tool as Luke, check-out:
portseido.com/?fpr=lukehallard
**********
Disclosure: Wall Street Wildlife hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation
**********
Fed up with the stock market giving you a hard time?
- Invest like seasoned pros with over 40 years in the game
- Discover the world's leading companies
- Sharpen your best investing practices and ditch the worst
- Learn how to start investing
- Essential investing principles to boost your returns