How to Build a Stock Thesis That Stands Up to Reality

Stock Picking with Fexingo: Individual Equities, Research, and Building a Concentrated Portfolio · Oct 1, 2026 · 8m · transcript

Most stock pickers write their investment thesis once and then ignore it until earnings season. This episode explores the discipline of updating your thesis in real-time, using Alphabet as a case study for how AI infrastructure spending changes the fundamental math of cloud margins. We look at why static models fail when capital expenditure cycles shift, and how Lucas and Luna use a simple three-question framework to test if a company’s growth story still holds water. With the S&P 500 down over one percent this week and tech valuations under scrutiny, learning to revise your assumptions…