Most investors obsess over what to buy. Very few have a clear, repeatable plan for when to sell.

In this episode of Stock Spotlight, I break down the risk-aware and thesis-driven selling framework I use to protect capital early, avoid deep losses and continuously upgrade portfolio quality over time. Selling is not about calling tops. It is about defining your downside before emotion sets in, managing uncertainty when conviction is still forming and only staying invested when the business continues to validate the original thesis.

I walk through how I set downside boundaries during the first 0-90 days of ownership, why thesis drift becomes the most important long-term sell signal and how I use KPIs to keep the decision grounded in evidence instead of narrative. You’ll hear exactly how this played out in two real examples from my own portfolio, including Duolingo and e.l.f. Beauty, where the “why” behind the sell mattered as much as the timing.

I finish by sharing the five questions I now ask before exiting any position. If you’re a long-term investor who wants a structured way to sell with discipline instead of regret, this episode lays out the full framework.

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00:00 Opening

01:12 Why Selling Matters

02:31 Early Risk Management

05:13 Thesis-Driven Selling

09:05 Reallocating Capital & Improving Quality

10:58 Case Study - $DUOL

14:18 Case Study - $ELF

17:17 5 Questions to Ask Before Selling

17:57 Closing

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://X.com/invest091

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode, Michael takes a close look at Toast, one of the fastest growing names in restaurant technology. Toast has delivered a 50% 5-YR revenue CAGR, 80% 5-YR gross profit CAGR, 110%+ net retention and its first year of positive SBC adjusted free cash flow. Despite that momentum, the company is still early in its profitability journey. SaaS quality is improving, but the payments heavy revenue mix continues to distort gross margins and complicate valuation work.

The path from high growth to a durable compounder remains open. If Toast executes consistently, today’s valuation may offer intriguing opportunity, but if it stumbles, the outcome range widens quickly. Michael breaks down why the fair value estimate spans $28 to $43 and highlights the KPIs that matter most, including SaaS gross profit contribution and ARR per location. For quality focused investors, Toast is not yet a core compounder, but it may be a compelling optionality position at the current price of $35.

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00:00 Intro

00:37 Investment Checklist & Database

01:25 Business Overview

12:18 Industry Overview

18:41 Quality Growth Profile

19:36 Financial Statement Overview

24:38 Leadership & Incentives

27:37 KPIs to Track

28:55 Valuation & Technical Analysis

33:05 Verdict

35:20 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: ⁠⁠https://x.com/invest091⁠

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this special episode of Stock Spotlight, host Michael steps back from individual company deep dives to unpack the core framework behind his entire investing process — the 15 metrics that truly matter. From returns on capital to reinvestment discipline, from free cash flow conversion to innovation efficiency, these are the numbers that separate durable compounders from fragile growth stories.

Michael explains what each metric reveals, how to calculate it and why it deserves a place in every investor’s toolkit. By the end, you’ll understand how to connect the dots between a company’s quality, its compounding rate and its long-term value creation.

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00:00 Intro

01:33 Value Creation

08:28 Cash Flow Quality

10:45 Business Model & Management

17:35 Innovation Efficiency

20:14 Solvency

24:53 Closing

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://X.com/invest091

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

On this episode of Stock Spotlight, Michael shines the light on Cintas Corporation ($CTAS) — the quiet giant that keeps America’s workplaces running. From uniforms and first aid to safety and facility services, Cintas powers over one million business locations with an unmatched blend of scale, efficiency and recurring revenue.

Michael walks through why Cintas scored an impressive 82% on his Quality Checklist (94th percentile overall), its durable moat built on route density and switching costs and how decades of disciplined leadership and decentralized culture have created a lean, compounding machine. He also explains why valuation — despite strength in margins, ROIIC and FCF conversion — remains the single biggest hurdle.

Hear how Cintas’ 30%+ ROIIC, 100% FCF conversion and 12% value compounding rate position it as a long-term quality compounder and why Michael’s base case TSR forecast of 11% per year makes this one worth watching closely, especially if shares revisit the $160–$170 support zone.

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00:00 Intro

00:40 Investment Checklist & Database

01:22 Business Overview

08:08 Industry Overview

13:06 Quality Growth Profile

16:27 Financial Statement Overview

22:22 Leadership & Incentives

26:36 KPIs to Track

28:10 Valuation & Technical Analysis

32:43 Verdict

34:16 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091⁠

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

On this special episode of Stock Spotlight, Michael is joined by Shivam Kashan to shine the spotlight on Copart — the global leader in online salvage vehicle auctions and one of the most quietly dominant marketplaces in the United States. Think of Copart as a vertically integrated marketplace: like eBay economically, but with Amazon-like logistics infrastructure and a scale advantage that’s incredibly hard to replicate.

Michael’s Quality Checklist gives Copart a strong 78% Quality Score, placing it among the highest-ranked industrials he’s analyzed. Together, they explore why Copart is at a 52-week low, its fee-driven revenue model, duopoly position with IAA and how its land ownership strategy underpins its moat.

If you’re drawn to durable business models, network-effect marketplaces or understanding what gives Copart its Amazon-like scale and moat, this is an episode you won’t want to miss.

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00:00 Intro

01:45 Shivam’s Background & Why Copart

06:21 Copart's Business Model

12:07 Industry Dynamics

16:46 Industry & Business Trends

20:51 Financials

23:31 KPIs to Track

25:32 Risk Factors

30:58 Valuation

33:33 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://x.com/invest091

Follow Shivam on X: https://x.com/shivamkashan

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

On this episode of Stock Spotlight, Michael shines the spotlight on Tyler Technologies ($TYL), the largest pure-play provider of public sector software. Think of Tyler as the “operating system of state & local governments” — powering tax collection, court systems, payroll, permitting, and digital citizen services across 13,000+ client sites. With 98% retention and 85% recurring revenue, it’s a mission-critical business that governments simply can’t run without.

Michael breaks down why Tyler scored a modest 53% on his Quality Checklist and a decent 6/9 on the Quality Growth Profile, how SaaS migration and payments (via its NIC acquisition) provide secular tailwinds, and why its 2030 roadmap — 90%+ recurring revenue and margin expansion — may prove both ambitious and achievable. He also walks through key KPIs to track, from SaaS mix to adjusted ROIC and explains why valuation remains the biggest sticking point: a $520 share price vs. ~$320 fair value in his DCF. Hear why Tyler stays on the watch list for now and why the $450–$480 technical support zone could provide a more attractive entry.

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00:00 Intro

00:38 Investment Checklist & Database

01:41 Business Overview

12:30 Industry Overview

17:42 Quality Growth Profile

20:39 Financial Statement Overview

28:08 Leadership & Incentives

35:00 KPIs to Track

36:39 Valuation & Technical Analysis

42:17 Verdict

44:12 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://twitter.com/invest091

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

On this episode of Stock Spotlight, Michael shines the spotlight on Badger Meter ($BMI), the hidden powerhouse behind smart water management. Think of BMI’s meters as the cash registers of utilities: essential, sticky, and increasingly digital. With secular tailwinds in conservation, regulation, and infrastructure investment, the company sits at the intersection of necessity and innovation.

Michael breaks down why Badger Meter scored a strong 81% on his Quality Checklist, how SaaS revenue and international expansion could fuel the next leg of growth, and where valuation leaves room — or risk. With a fair value range of ~$129–$216 and technical support in the $160s, BMI offers a compelling picks-and-shovels play on one of the world’s most vital resources. Hear why Michael has initiated a position and what would make him trim or sell.

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00:00 Intro

00:37 Investment Checklist & Database

01:17 Business Overview

11:51 Industry Overview

16:37 Quality Growth Profile

20:25 Financial Statement Overview

27:02 Management & Ownership Structure

32:16 KPIs to Track

33:12 Valuation & Technical Analysis

38:27 Verdict

40:35 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://twitter.com/invest091

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

On this episode of Stock Spotlight, Michael pulls back the curtain on how he personally invests with factors. Instead of spotlighting one company, he explains how he layers factor ETFs on top of his core index exposure - building what he calls a 3-layer cake portfolio: S&P 500 base, factor tilts for extra flavor, stock picks on top for fun.

You’ll learn about the major factors (size, value, momentum and more), why they’ve delivered long-term premiums and how Michael blends them into his own portfolio construction. He also covers the hard part: the patience and discipline it takes to stick with factors when they underperform for years at a time.

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00:00 Intro

00:45 What is Factor Investing

03:00 The 8 Factors Explained

13:57 What I Actually Own

17:52 Why Factor Investing Is Harder Than It Sounds

19:42 Practical Takeaways

23:47 Outro

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Intro Music: Andrey Rossi – Seize the Day

Outro Music: Ra – Prospect

*Music provided by Uppbeat Premium

Follow me on X: https://twitter.com/invest091

Subscribe to my YouTube channel: https://www.youtube.com/@stockspotlightpodcast

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Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.