Palantir Technologies Inc.

“Palantir is a structurally exceptional business — deep government moats, AIP-driven commercial flywheel, near-100% incremental margins, and a debt-free balance sheet — but at 43x forward revenue and 143x FCF, the entry price has already captured the majority of the 10-year upside, leaving new investors with base-case returns of 2-3x over a decade while bearing meaningful governance risk from founders who hold voting control yet systematically reduce economic exposure through SBC and share sales. The business deserves a position in any long-term portfolio; the price does not deserve a full allocation today.”