Introducing the Ignition Portfolio

My personal portfolio, updated every Saturday.

Today, I’m releasing the Ignition Portfolio!

Every position carries a thesis I can defend in a deep dive. It’s the benchmark for everything Flashpoint publishes going forward — and, full disclosure, my personal portfolio.

Below: the reasoning behind the portfolio, the holdings themselves, and what subscribers get every Saturday from here forward.

1. Reasoning

Why publish a portfolio at all?

Every deep dive I've published pointed here. Karman. Dave. NuScale. Pagaya. The nuclear energy mega deep dive. Each stands on its own. Together, they're a portfolio.

And this is the next step. The deep dives and asymmetric ideas will keep coming. What's new is that every one of them now accompanies a portfolio with a running scorecard.

I'm up well over 87% YTD as of writing — not because I got lucky on one ripping name, and not because I bet the whole portfolio on the single theme that happened to work this year. The gains are spread across power, semis, ad-tech, consumer fintech, space, and AI. Every theme pulled its own weight. That's the portfolio doing its job: no single position is doing all the lifting, and no single position can take it down.

Why these thirteen names?

The AI buildout doesn’t happen in a vacuum. It needs power to run, memory to compute, neoclouds to serve, uranium and rare earths to fuel and build, launch capacity to put sensors overhead, and payments infrastructure to move the money once it starts printing at scale. The Ignition Portfolio is a bet on that entire stack — bought at the second and third derivatives, where consensus hasn’t yet priced the compounding.

There is no mega-cap AI exposure on this sheet on purpose. If you want Google and Meta, you don't need me for that. I trade one layer below — where the winners don't depend on picking which model or platform ends up eating the market. They just need the buildout to keep happening. Which it will, at least for the foreseeable future.

In addition, there is a huge world outside of AI. Nuclear energy is being rebuilt at scale after decades of stasis. Space and defense are in parallel gold rushes that predate the AI trade and will likely outlast it. Consumer credit is being rerated in real time by algorithmic underwriting. Drug discovery is undergoing a rebuild from the cell up. Each of those is a decade-long runway that runs independently of the AI trade.

Why concentrated?

Conviction expressed at 2% isn’t conviction. Every position earned its weight. The top three — $GEV, $MU, $NBIS — carry 39% because I can defend that weight in a deep dive each. The lesser positions ($SMR, $RXRX, $HGRAF) sit at 2% or below because asymmetry only needs presence, not size. Nothing on the sheet is any kind of filler. I believe in each and every one of these companies.

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2. The Holdings

Now, the fun part.

The free view is below. Portfolio weights are rough — the value of each position moves daily.

These are the holdings. What each one is doing on the sheet and how much lives with paid subscribers.

Paid subscribers, you will receive a link to the in-depth Ignition Portfolio this Saturday for update #2.

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3. What To Expect

Every Saturday, without fail, I will publish an article with the following:

→ Every change to the portfolio — buys, sells, weight adjustments, etc.

→ Live performance tracking against the S&P 500, Nasdaq 100, and the ARK Innovation ETF

→ A defended thesis for every position — my reasoning as to why I own the company and why I believe in its growth prospects.

→ Direct access to the portfolio — current weights, cost basis, cash position, watchlist

Free subscribers will see what companies make up the portfolio. Paid subscribers will see the methodology, reasoning, changes, and returns.

Free deep dives will continue to publish every week for everyone. The portfolio is the compounding piece — the reason to go paid in addition to the macro and sector deep dives.

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