HALO Stocks, Spotify Beats, Robinhood Reports

The podcast explores the concept of "HALO" (Heavy Assets, Low Obsolescence) stocks as a dominant investing theme in the post-AI era, contrasting them with disruptible, asset-light businesses. It highlights that HALO stocks aren't confined to traditional value or growth sectors, but rather pass a litmus test of whether their core business can be replicated by AI. Examples include Delta Airlines and Pepsi, deemed HALO due to their physical assets and services. The discussion touches on a Goldman Sachs warning comparing software stocks to newspaper stocks in 2002, suggesting a potential overreaction in the market. The hosts also analyze Robinhood's recent performance, debating the impact of crypto revenue and new ventures like prediction markets on its user base and profitability.