Dragon's Den InvestingSix positions. Every thesis on the record.
Concentrated by design: "safe" compounders paired with volatile high-upside names. Weights and cost bases as of December 31, 2025. Dollar position sizes are shared with paid subscribers only.
The largest position and the highest conviction: distribution wins AI. Meta is the world's largest distribution platform, and it monetizes AI through ads and engagement already — no waiting on AGI timelines. Bought at $93 in the 2022 crash (down from $336). The acknowledged risk is open-ended capex — $600B in data-center commitments — but unlike cloud hyperscalers, Meta can pull back anytime, as the 2023 "year of efficiency" showed.
The favorite thesis in the portfolio. Halozyme leads injectable-drug delivery and is acquiring competitors to extend the franchise. It was called out as a stock that "should be at least $100" — at the end of 2025 it traded at a P/E of just 14 while delivering a "double beat on earnings every quarter." The patent-cliff fear is considered way overblown. This is also the bubble-resilient pick: medicine profits whether AGI arrives in two years or ten.
The post-search internet bet: as agents and LLMs reshape how people find things online, Cloudflare is best positioned for the AI internet. Up 83% in 2025 — "I don't own enough of this stock." Held through the February 2026 software selloff on the view that AI disruption accrues to its platform rather than destroying it. A long-term hold despite the premium valuation.
Called "the largest beneficiary of AI in the market right now" — scale plus distribution plus data, growing revenue 30%+. Bought in November 2024 on the view that biotech, not chatbots, is where AI makes real progress. One of the two biotech picks that beat the ARK Genomics ETF by a wide margin in 2025.
The roller coaster: bought at $28 in late 2022 after the fall from $197 to $15, now a turnaround bet under CEO Matthew Bromberg. Unity's engine reaches some 4 billion monthly users, and the monetization upside is in-game ads — "your margin is my opportunity" against Applovin's 65% net margins. AI making content creation easier means more games, and more games need engines. The stated sell range is $50–$55 (later raised toward $55–$60).
Bought at $46 on a −22% earnings crater in November 2025 — "another roller coaster, much like $U" — then added to in January 2026 with the proceeds from selling Microsoft. The thesis: high margins, huge growth, and the secular shift from coffee to energy drinks. "Invest in what one consumes." The top "cult stock" buy-list pick for 2025. Blended cost basis after the January add: $47.03.
Every buy and sell, back to 2019.
Dated from the newsletter's trade alerts, all the way back to the inception snapshot of November 1, 2023 — plus the founding buys that formed it: the 2019 AMD entry and the three 2022 buys (U, META, NET). "n/s" means the share count was never published to free readers. The exits are listed with the same prominence as the entries, mistakes included.
| Date | Action | Ticker | Size | Price | Note |
|---|---|---|---|---|---|
| The founding buys — 2019 & 2022 (before the newsletter) | |||||
| 2019 | Buy | AMD | ~1,050 sh | $19.05 | Long-term semiconductor bet — the founding holding of the portfolio. |
| Aug 31, 2020 | Sell | AMD | 525 sh | $92.01 | Half trimmed into strength — proceeds $48,306.46 (+383%); the rest was held all the way through inception. |
| Oct 25, 2022 | Buy | U | 1,400 sh | $28.18 | Contrarian buy-the-dip after the fall from $197 to ~$15–28. |
| Nov 1, 2022 | Buy | META | 538 sh | $93.67 | Counter-consensus buy after Q3'22 earnings crashed the stock 19%. |
| Nov 4, 2022 | Buy | NET | 500 sh | $40.08 | Trusted-thesis buy; held ever since. |
| 2023 — portfolio +118.15% | |||||
| Jun 13, 2023 | Sell | NTDOY | 1,200 sh | $11.22 | Proceeds $13,464 (+36.48%; cost basis $8.22). |
| Jun 13, 2023 | Sell | SY | 760 sh | $2.08 | Proceeds $1,580.80 (−84.09%). |
| Nov 1, 2023 | Snapshot | — | — | — | Inception snapshot: ~$400K (~$350K stock + ~$50K cash) — META 538, U 1,400, NET 500, AMD 525, INTC 1,867 (employee stock), VOO 9. |
| 2024 — portfolio +18.4% vs S&P 500 +24.2% | |||||
| Jan 2024 | Buy | OXY | ≈870 sh* | $57.51 | ~$60K; Berkshire-vetted oil/geopolitics bet (announced Jan 22). |
| May 2024 | Buy | INTC | n/s | $30.90 | Added to the employee position — "thought it couldn't possibly go lower." |
| Jun 2024 | Buy | TSM | small | $171.89 | Short-term earnings beat-and-raise bet; planned sale before the election. |
| Aug 2024 | Buy | MSFT | n/s | $408.78 | "Favorite Mag7 outside Meta" after re-analyzing the Magnificent 7. |
| Sep 2024 | Sell | AMD | ~265 sh | $167.71 | Half the position sold; began the exit. It then ran — a published mistake. |
| Late Sep 2024 | Sell | TSM | small | $178.61 | The planned pre-election sale — "should have held as the stock is at $197.49." |
| Nov 15, 2024 | Buy | NTRA | 400 sh | $147.35 | Funded with AMD-sale cash; the AI-in-biotech bet. |
| Dec 2, 2024 | Sell | INTC | full position | $24.95 | Sold on Gelsinger's departure (+5% pop called "irrational"). It then ran — a published mistake. |
| Dec 4, 2024 | Buy | HALO | part 1 | $48.85 | Funded by the AMD sale; the "should be at least $100" thesis. |
| 2025 — portfolio +26.61% vs S&P 500 +16.39% | |||||
| Jan 13, 2025 | Sell | AMD | ~260 sh | $116.66 | The final AMD shares — both sales then ran; published mistakes. |
| Feb 19–20, 2025 | Buy | HALO | doubled | n/s | Added on a 1.5% pullback after a double beat-and-raise; blended basis now $53.26 (2,421 sh). |
| Nov 6, 2025 | Buy | CELH | initial | ~$46 | Bought on a −22% earnings crater — "another roller coaster, much like $U." |
| Nov 2025 | Sell | OXY | ≈870 sh* | $42 | Broken oil thesis — it then ran +54%; a published mistake. |
| 2026 | |||||
| Jan 5, 2026 | Sell | MSFT | ~3% of portfolio | n/s | Impatience with a "mundane" compounder. |
| Jan 5, 2026 | Buy | CELH | add | ~$47 | Funded by the MSFT sale — "catching a falling knife"; blended basis now $47.03. |
| Q3 2026 | — | — | — | — | No trades (confirmed September 18, 2026). |
* OXY share count is derived arithmetically from the disclosed ~$60K position size at $57.51 — never stated directly. "n/s" = not stated in the newsletter's free text (some per-trade counts sit behind the paywall). Dates are the newsletter's trade-alert dates.