LOGO Quicktakes

The Energy Opportunity: Oil & LNG

Eric Clark, LOGO Investor — Mon, 01 Jun 2026 22:01:07 +0000

The Energy Floor Has Moved and its making higher highs and higher lows. In stock-land, thats a bullish development. Here's the energy quicktake. The investment world has spent the last decade debating peak oil demand. That debate is temporarily irrelevant. More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace, with more than 14 million barrels per day now shut in — an unprecedented supply shock. To put that number in context: the shortfall represents roughly 20% of global oil supply. Estimates vary but the International Energy Agency estimates the Rough cumulative oil supply lost over the last few months is between 850 million to well over 1 billion barrels. To put that into context, during the 1973 Arab Oil Embargo, losses were roughly 4–5 million barrels per day. In the 1979 Iranian Revolution, roughly 5–6 million came offline, and in the 1990 Golf War, it was roughly 4 million bpd. So the current Hormuz disruption is being described by multiple analysts as potentially the largest oil supply disruption in modern history, both in daily volume and cumulative barrels affected. Oxy and LNG are the first adds we like here on this dip.
Note: This is NOT financial advice. This is for educational and informational purposes only. Please do your own research. The Middle East situation can change in both directions at any time and the algos and fast money will swing these stocks around violently and without warning.

Heico: WOW Earnings

Eric Clark, LOGO Investor — Sat, 30 May 2026 16:40:00 +0000

Heico stock has lagged, a very rare thing. That was the opportunity. Here's a quick summary of the wow quarter and the guidance. The business is on solid footing and the stock is wildly under-owned. There's alot more to like than just crowded AI stocks. HEI is one. This is NOT financial advice, this is for educational and informational purposes only. Please do your own research.

Lilly: It Just Gets Better Over Time

Eric Clark, LOGO Investor — Sun, 24 May 2026 21:02:43 +0000

The powerful forward story is the pipeline built to answer the only real bear concern—concentration. The first answer is Foundayo, the newly approved oral GLP-1 pill, the only one dosable anytime without food or water. A pill is a step-change in scalability: no cold chain, no injection, far cheaper to manufacture, and the key to unlocking hundreds of millions of patients globally and in primary care—early uptake shows ~80% of scripts going to new-to-class patients. The second is retatrutide, a triple hormone agonist that delivered ~28% weight loss over 18 months in Phase 3, approaching surgical outcomes. Behind them sits a 42-program Phase 3 engine, spanning expanding indications (sleep apnea, heart failure, MASH-a dangerous form of fatty liver disease where fat builds up in the liver and eventually causes inflammation and liver damage.) And then theres, Alzheimer’s, oncology, and immunology. There's So much in Lilly's pipeline to like.

Shopify: Another Compounder on Sale

Eric Clark, LOGO Investor — Sun, 24 May 2026 20:42:54 +0000

What makes Shopify special begins with a cultural transformation that is widely underappreciated. After its 2022 reset, Shopify sold its capital-intensive logistics arm, narrowed focus to its core platform, and embraced radical operating discipline—CEO Tobi Lütke’s mandate that teams prove a job cannot be done with AI before requesting new headcount. The result is three consecutive years of flat-to-declining headcount while revenue grew ~30%+ annually, with operating expenses falling to 37% of revenue. This is a company spending less on people while shipping faster, and it is the engine behind the swing from cash-burning growth to ~$2 billion of annual free cash flow and a new $2 billion buyback.

AVAV: Drones & More Drones

Eric Clark, LOGO Investor — Sun, 24 May 2026 20:27:54 +0000

What makes AeroVironment special is the breadth it assembled at exactly the right moment. Its Switchblade family—the 300, for personnel and light targets, the 600, as a man-portable “tank killer”—is among the only loitering-munition lines with real combat history and an active U.S. Army production pipeline, including a recent ~$186 million order for next-generation Block variants. This is the recurring “razor-and-blade” model defense has long lacked: AI-guided munitions consumed in volume and reordered continuously. A-V also fields the workhorse Puma and JUMP-20 drones with deep installed bases across allied militaries. The company became globally important because of Switchblade loitering munitions. These are essentially: drone + missile hybrids. They fly, scout, identify targets, then strike directly. This changed modern warfare because they are much cheaper than traditional missiles, highly mobile, portable, and extremely effective. Ukraine made Switchblade famous globally.

The transformational move was the May 2025 acquisition of BlueHalo, which extended A-V from a small-drone maker into a multi-domain autonomy platform spanning directed energy, space communications, cyber, and electronic warfare. Few competitors can offer the full kill chain—detect, track, and defeat—across both drones and counter-drones from a single vendor.

Kratos Defense: As timely as it gets

Eric Clark, LOGO Investor — Sun, 24 May 2026 19:57:14 +0000

In hypersonics—arguably the single most urgent gap in U.S. deterrence—Kratos is a prime contractor on the Pentagon’s MACH-TB 2.0 flight-test program and is expanding ground-test capacity. Whoever owns the testing infrastructure for an entire weapons class owns a recurring, capacity-constrained toll road, and Kratos is building exactly that. Add a fast-growing space and satellite business (a 3-to-1 book-to-bill quarter and a $446.8 million Space Systems Command award), microwave electronics, and directed energy, and the company becomes a diversified arsenal of next-generation capability rather than a single-product bet.

The financial trajectory confirms the thesis is converting. First-quarter 2026 revenue grew 22.6% to $371 million; backlog hit a record $2.0 billion on a 1.6-to-1 book-to-bill; and the opportunity pipeline swelled to roughly $14 billion. The growth ahead is a conversion story: turning that pipeline into full-rate production. As generational programs move from development to volume, fixed-cost absorption should lift today’s thin ~2% net margins meaningfully—on 20%+ revenue growth, even modest margin expansion compounds into outsized earnings power.

BLDR: Builders FirstSource

Eric Clark, LOGO Investor — Mon, 18 May 2026 15:27:53 +0000

In the spirit of being a contrarian, we cant ignore a huge, important industry like homebuilding without looking at some tremendous value opportunities. Yes rates are important and home affordability dynamics need to improve but when we see dreadful sentiment, high quality brands on sale, builders first source is down 65% from the cycle highs, and a differentiated, highly valuable business model that’s also an interesting potential acquisition for a bigger company, we get excited and we have patience because the margin of safety appears to be in our favor.

Service Now - Contrarian stock - Asymmetric opportunities

Eric Clark, LOGO Investor — Mon, 18 May 2026 15:01:33 +0000

ServiceNow's position for the next decade should be even more important than its importance over the last decade. The stock is down, insiders are buying, stock based comp is getting contained and the ai engine is getting warmed up. Currently, Revenue is growing at 20-plus percent annually with best-in-class net retention rates — meaning existing customers spend more each year without ServiceNow adding a single new customer. By 2030, ServiceNow has guided to being a 30-plus-billion-dollar revenue company with operating margins above 30 percent as AI agents become the standard method of enterprise workflow execution. That’s strong earnings, free cash flow and revenue growth, and none of that possibility is priced in the stock today. The company that owns the workflow layer of the enterprise owns the platform on which AI agents will operate for a generation. ServiceNow owns that layer.

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Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at LogoETF.com. Read the prospectus carefully before investing.

Costco: Boring Is Beautiful

Eric Clark, LOGO Investor — Sat, 16 May 2026 22:36:35 +0000

Costco's management built a genuine obsession with the member, a willingness to sacrifice margins to deliver value & loyalty, and a long-term orientation that makes quarterly guidance feel like noise. The balance sheet is pristine. Returns on invested capital are consistently above 20 percent. The store base is young in international markets. The membership fee increase cycle has just been initiated and it offers a sneaky inflation hedge over time. And the demographic tailwind — as millennials in their prime household spending years join Costco in record numbers — is only beginning. In a structurally inflationary world where every household is scrutinizing every dollar, the value proposition of a place that guarantees the lowest price on a broad selection of high-quality products is not cyclical. It is permanent. Costco is not a retail stock. It is one of the few consumer businesses that genuinely compounds intrinsic value over every economic cycle.

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Blackstone: Out of favor, great price

Eric Clark, LOGO Investor — Sat, 16 May 2026 22:16:55 +0000

Blackstone stock has been a massive outperformer since the March 2009 bottom, after a difficult IPO in late 2008 just before the financial crisis. The price of admission when investing in this group is occasional cyclical downswings and some big drawdowns even when the actual businesses aren't nearly as cyclical as the 1980s LBO era. Those have all been wonderful buying opportunities and we think this pullback will prove no different. Important: This stock and industry is NOT for the get-rich-quick crowd, there are plenty of private credit headlines today, but investors get paid an attractive dividend of roughly 4%, that has solid dividend growth as the business fully recovers. This giant is resting, even while gathering a staggering amount of assets every 90 days. All of these assets will one day generate fees when the capital is deployed. The longer the stock stays stagnant while assets under management swell, the bigger the recovery period in the stock will be.

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Applovin: This chart is ready

Eric Clark, LOGO Investor — Sat, 16 May 2026 20:46:53 +0000

AppLovin's financial profile is one of the most compelling in technology: gross margins above 80 percent, operating margins expanding through 70 percent and we think they are sustainable and can expand even further. It gets better, free cash flow conversion is incredibly high, revenue per employee is over $4 million per person (almost unheard of), and we expect revenue to keep growing above 30 percent annually with no signs of deceleration on the horizon. Important: every single company grows differently and with a different cadence over time, high & linear growth without any hiccups is rare but any temporary slowdown we view as a wonderful opportunity to aggressively acquire more shares. The growth runway is staggering, and the stock has been held back this year due to the hatred of anything related to software. Right now, the stock is down 25% YTD and we think theres at least 20% upside near term. Technically, the stock looks ready to resume its uptrend so don’t sleep on this stock, particularly right now. We also think the loathing of software stocks will one day turn to a love affair as the broad, automatic disruption of the best software stocks narrative gets turned on its head. Theres some exception values in software today, its impossible to know when the markets will care, but to date, generally theres been virtually zero evidence of any ai-disruption in most business models.

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Taiwan Semi: TSM - The Durable Compounder

Eric Clark, LOGO Investor — Sat, 16 May 2026 20:17:51 +0000

Our work indicates, TSMC, at current valuations is one of the highest-quality businesses in the world still trading at a discount to its intrinsic value, primarily because investors demand a geopolitical discount for Taiwan risk. Meanwhile, looking backward, TSM stock has annualized at 31% for the last 5 years so the stock hasn't cared about the geopolitical risk other than in short periods of heightened geopolitical risk. That discount creates the opportunity. As Arizona production scales, as Japan and Europe fabs come online, and as TSMC's manufacturing geography diversifies over the next five years, that discount will compress. Meanwhile, revenue & earnings should grow at 20%+ annually over the next 3 years at a minimum as AI chip demand compounds. TSMC’s management has been executing with remarkable consistency and capital discipline. In an inflationary world where physical things — factories, equipment, infrastructure — cost more to build, TSMC's already-built, impossible-to-replicate manufacturing base becomes more valuable, not less. Owning TSMC is owning the cornerstone of the AI economy — the single company without which none of the rest of the story can be told.

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Google: The Big Picture

Eric Clark, LOGO Investor — Sat, 16 May 2026 19:41:44 +0000

Every single day, four billion people type a question into Google expecting an answer. That behavior — the reflexive turn to Google when you do not know something — is one of the most deeply ingrained habits in human history, built over twenty-five years of consistent, reliable answers. The narrative that AI will destroy Google's search business misunderstands why people use Google in the first place. They use it to get answers, not to see ten blue links. When Google delivers AI Overviews — a direct, synthesized answer powered by Gemini — it is not losing the search business. It is evolving it. The company that built the index of the entire internet, that has the world's most sophisticated natural language models, and that processes more queries per day than any other entity in history is not going to be defeated by a chatbot. It is going to absorb the chatbot revolution into its own moat.

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Spotify: Buy em When They're Down

Eric Clark, LOGO Investor — Thu, 14 May 2026 06:26:40 +0000

Spotify has evolved from a music streaming platform into one of the world’s most powerful global audio ecosystems, sitting at the intersection of music, podcasts, audiobooks, advertising, and AI-driven content discovery. With hundreds of millions of users worldwide and deep engagement across daily listening habits, Spotify increasingly resembles a recurring-consumption platform with significant pricing power and expanding monetization opportunities. The company benefits from enormous scale advantages, personalized recommendation algorithms, and a growing ecosystem that becomes more valuable as creators, advertisers, and listeners all deepen their participation. After years of prioritizing growth over profitability, Spotify is now entering a phase of meaningful operating leverage, margin expansion, and improving free cash flow generation as subscription pricing rises and advertising infrastructure matures. Podcasts, creator tools, and audiobooks provide additional long-term growth vectors that can expand Spotify far beyond traditional music streaming economics. Despite concerns about competition and content costs, Spotify’s global brand, user engagement, and data-driven personalization create a powerful moat that becomes harder to replicate as the platform scales. For long-term portfolios, Spotify represents a unique digital media compounder tied to the secular growth of global streaming consumption, recurring subscriptions, and the ongoing shift toward personalized on-demand audio entertainment.

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CME & CBOE The House Always Wins.

Eric Clark, LOGO Investor — Thu, 14 May 2026 05:46:06 +0000

CME Group and Cboe Global Markets represent the financial market equivalent of toll roads, collecting fees every time investors, institutions, hedge funds, or corporations trade, hedge, or speculate across global markets. These businesses sit at the center of rising volatility, growing derivatives usage, and the increasing complexity of global finance, benefiting whether markets rise, fall, or simply become more active. CME dominates futures and interest-rate trading globally, making it a major beneficiary of inflation volatility, shifting Federal Reserve expectations, commodity swings, and macro uncertainty. Cboe owns some of the most important options exchanges in the world, including the VIX ecosystem, and benefits from the structural growth in retail options trading, institutional hedging, and volatility products. Both companies possess extraordinary competitive moats because liquidity tends to concentrate on dominant exchanges, creating network effects that are incredibly difficult to replicate. Recent market pullbacks and concerns around slowing trading activity may be obscuring the larger long-term trend that modern markets are becoming more hedged, more algorithmic, more volatile, and increasingly dependent on derivatives infrastructure. For long-term portfolios, CME and Cboe offer a rare combination of recurring fee-based revenue, high margins, strong free cash flow, and durable participation in the continued financialization of the global economy.

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GE-Heico-Transdigm - On Sale Now

Eric Clark, LOGO Investor — Thu, 14 May 2026 05:13:34 +0000

GE Aerospace, HEICO, and TransDigm Group represent one of the most powerful long-term aerospace duopolies and aftermarket ecosystems in the global economy. Together, they sit at the center of a multi-decade commercial aviation cycle driven by rising global travel demand, constrained aircraft production, and aging fleets requiring constant maintenance and replacement parts. GE Aerospace owns one of the world’s largest installed engine bases, creating decades of recurring high-margin service revenue tied to every additional hour flown. HEICO and TransDigm operate like aerospace toll booths, supplying thousands of mission-critical FAA-approved parts with enormous switching costs and exceptional pricing power. The recent geopolitical and oil-driven selloff has temporarily pressured these stocks despite little change to their long-term structural advantages, creating what many investors view as a rare opportunity to buy elite aerospace franchises “on sale.” Unlike cyclical industrial companies, these businesses increasingly resemble recurring-revenue infrastructure platforms supported by long-duration aftermarket cash flows and global aviation dependency. For portfolios seeking durable compounders tied to global mobility, aerospace scarcity, and rising installed-base economics, this trio remains one of the highest-quality industrial ecosystems in the market today.

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BABA & TenCent - Asia AI Leaders & Undervalued

Eric Clark, LOGO Investor — Wed, 13 May 2026 18:15:47 +0000

Alibaba & Tencent: The Next Decade is Asias. These Ai Leaders are Just gearing up.The AI Race Has Two Sides. America did not win the AI race. The race is still being run. China's AI development has accelerated dramatically and the evidence showed up in both companies' results today, May 13th 2026. Alibaba's Cloud Intelligence Group posted 38 percent revenue growth, with AI-related products now comprising 30 percent of all cloud revenue — and this marks the eleventh consecutive quarter of triple-digit annual growth in AI product revenue. Eleven quarters. That is not a trend. That is a compounding engine that has been running quietly while Western investors looked elsewhere. Alibaba is not chasing AWS and Microsoft Azure. It is competing with them directly across Asia, and winning meaningful ground every quarter.

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Visa & Mastercard: Set & forget Brands

Eric Clark, LOGO Investor — Wed, 13 May 2026 17:11:25 +0000

Profitability That Sets These mega brands Apart. This is where Visa and Mastercard move from great businesses to genuinely rare ones. Visa generated $21.6 billion in free cash flow in 2025. Mastercard generated $16.4 billion, up 21 percent year over year. Visa converts roughly 55 cents of every dollar of revenue directly into free cash flow — an operating margin of 61.8 percent. Mastercard runs at 55.8 percent. To put that in plain language: more than half of every dollar these companies bring in drops straight to the bottom line as cash. Both fully fund their buybacks and dividends from free cash flow alone — no financial engineering required. If either chose to pay all that cash out as a dividend instead of buybacks, each would yield approximately 3 percent today. In a world of rising rates, geopolitical uncertainty, and volatile earnings across most of the market, that kind of consistency is genuinely rare — and genuinely valuable.

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Apple: Just Waiting for the Epic Siri Refresh Cycle

Eric Clark, LOGO Investor — Wed, 13 May 2026 05:45:30 +0000

Apple's Quiet Revolution: Why The Next Five Years Could Redefine The World's Most Valuable Company

For the better part of three years, Apple has been the most dismissed name in mega-cap tech. The narrative was easy. Apple "missed AI." Apple "fell behind." Apple "doesn't innovate" while Microsoft, Google, and Nvidia ran the table. The stock spent two years trading sideways while the rest of the Magnificent Seven sprinted. Headlines about Vision Pro disappointments, Siri embarrassments, and stalled foldables piled up. To be clear, while we think Apple is the greatest consumer staple brand ever created we agree they have become a company that moves slow, over-thinks everything, and needs fresh thinking and new leadership. Well, we are getting it soon and we couldn't be more excited about the future of Apple. What's coming next in Cupertino is the most consequential transition in the company's modern history — bigger than the iPhone 4, bigger than the Apple Watch, bigger than AirPods. The stock has been a solid performer of late, sitting at all time highs and we think it has plenty of room to run from here, even as the stock looks optically expensive.

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Nvidia: Still Lovin It

Eric Clark, LOGO Investor — Wed, 13 May 2026 04:47:37 +0000

Quick take on Nvidia and why we continue to like the story and leadership position while also admitting there will be wicked corrections in the whole group along the way. In 2023, the world generated a few trillion tokens. In 2024, hundreds of trillions. In 2025, quadrillions. The hyperscalers reported token throughput growing at 5x, 10x, even 20x year over year — and they're still capacity-constrained. Yes, much of this growth happens at the inference layer, where competition is real — AMD, Google's TPU's, AWS Trainium, and custom silicon from Meta and Microsoft are all chasing share. But Nvidia owns the highest-value real estate in the AI economy: frontier model training, where there is essentially no substitute. Every new foundation model — from OpenAI, Anthropic, Google, Meta, xAI, Mistral — is trained on Nvidia.

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MELI: Talk About a Mega Sale Opportunity

Eric Clark, LOGO Investor — Tue, 12 May 2026 22:01:06 +0000

Whats the story with MELI + MercadoLibre's Q1 2026 financial results, highlighting a period of exceptional top-line expansion contrasted by significant margin pressure. While the company achieved a massive revenue beat of $8.8 billion, net income fell to $417 million as management prioritized aggressive investments in logistics infrastructure, free shipping subsidies, and credit expansion. Experts compare this strategy to the "Amazon playbook," where short-term profitability is sacrificed to solidify a dominant ecosystem moat across Latin America. Despite a negative market reaction to declining margins, the underlying metrics show robust growth in unique active users, advertising revenue, and fintech engagement via Mercado Pago. Ultimately, the reports suggest that while investor patience is being tested, the business remains operationally strong and is successfully capturing market share in an underpenetrated digital economy.

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QXO: Out of Favor, Wildly Compelling Story.

Eric Clark, LOGO Investor — Tue, 12 May 2026 18:46:55 +0000

QXO, Inc. represents the latest venture from Brad Jacobs, a renowned entrepreneur with a history of building multi-billion-dollar companies through aggressive consolidation. The company aims to dominate the fragmented building products distribution industry by acquiring smaller regional players and scaling to a $50 billion revenue goal. Central to this strategy is a sophisticated AI-first technology stack designed to modernize analog operations and improve profit margins. While the business faces risks from housing market volatility and the complexity of merging several large acquisitions simultaneously, its leadership maintains a massive equity stake to ensure alignment with investors. Ultimately, the text characterizes the firm as a high-conviction long-term investment driven by a proven playbook of operational rigor and digital transformation.

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Amazon: $1T Revenue in 2028?

Eric Clark, LOGO Investor — Tue, 12 May 2026 00:57:52 +0000

This is not financial advice. This is for educational and informational purposes only. Please do your own research. These are opinions only and may or may not be achieved over time. The opinions here are subject too change at any time and without warning as new data emerges.

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Netflix: The Wide Lens Opportunity

Eric Clark, LOGO Investor — Tue, 12 May 2026 00:07:38 +0000

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UBER Quick Note on the Value here

Eric Clark, LOGO Investor — Mon, 11 May 2026 17:18:44 +0000

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The LOGO ETF Has Arrived. Episode 1

Eric Clark, LOGO Investor — Mon, 23 Jun 2025 19:25:58 +0000

Welcome to the first episode of our new podcast called LOGO Quick Takes. In this episode I discuss why we created LOGO for investors and why it's important to consider having some dedication to the $60+ trillion annual theme of global household spending and business innovation spending through the leading brands dominating these spending industries.

I talk about our investment process for LOGO, how we weight the stocks, how we risk manage the portfolio through the boom and bust parts of the economic cycle and finally, I talk about our holdings currently and what spending thematics we have access to today and what our views on overall consumer spending trends are.

Virtually every portfolio is chronically underweight the consumer stocks because they are overweight tech and the sectors brands live are under-represented in indexes and the active funds that benchmark hug, which is most active strategies.

LOGO by design, looks very different than the indexes which makes it a great diversifier to passive strategies. The best part, you own many of the most admired brands around the world and in a risk-managed way via LOGO.

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