I See the Risks. I’m Still All In on Hims.
Let’s get one thing out of the way:
This is not a risk-free investment.
It never was. And it still isn’t.
But that’s exactly why I’m here.
Because when something has 10x potential, it shouldn’t look perfect. It should look controversial. It should raise eyebrows. It should make people uncomfortable. That’s what creates the opportunity.
So yes—let’s talk about the risks.
Let’s go through them one by one.
And then I’ll tell you why, despite seeing them crystal clear, I remain fully invested, all in, and betting big on Hims & Hers.
Risk #1: The GLP-1 Overhang
The market sees Hims as a GLP-1 story now. But that’s not the full picture.
Yes, GLP-1s are the hot topic. Yes, there’s hype. But Hims entered this space cautiously—offering compounded semaglutide during a shortage. Now, with the FDA removing that shortage status, compounded versions are no longer permitted. That’s created fear. The stock got punished.
But here’s what matters: GLP-1 is not Hims’ business model—it’s just one component.
Even if it disappears entirely, Hims is still growing at a healthy clip. Their core is stronger than ever.
But perception matters. And the risk is clear:
If the market continues to reduce Hims to a “GLP-1 play,” it could keep the valuation artificially depressed—despite strong fundamentals.
Risk #2: Regulatory Whiplash
Digital health is still a moving target.
Telemedicine is a relatively new regulatory frontier, and as laws evolve, companies like Hims must adapt—fast.
Any shift in how online prescriptions are handled, or tighter rules around compounded meds or cross-state care, can cause temporary chaos. Execution has to be flawless under pressure.
But I’m not betting on calm seas.
I’m betting on a crew that can sail through them.
Risk #3: Margins, Scale, and Fulfillment
The Hims business is not a high-margin software product. It’s operationally complex. There are providers. Pharmacies. Supply chains. Packaging. Shipping. Support. It’s not an easy business to run at scale.
And as Hims expands, that complexity grows.
Margins aren’t “perfect”—yet.
Fulfillment missteps could dent trust.
Scaling too quickly could create cracks in quality.
These are real risks. And they require discipline.
But again, that’s what makes this a build—not a hype cycle.
Risk #4: It’s Not Alone Anymore
The early days of digital health were quiet. Now? Not so much.
Amazon is circling.
Ro is active.
Walmart Health is experimenting.
Countless startups are funded and aggressive.
This is no longer a sleepy corner of the healthcare market.
Hims needs to win not just with products, but with brand, trust, UX, and retention.
The good news? They’ve already proven they can.
The risk? Competitors will keep trying to copy the model, and some may undercut on price or flood the ad channels.
In short: the moat is real—but it will be tested.
So Why Am I Still All In?
Because I know what I’m betting on.
I’m not betting on short-term earnings.
I’m not betting on compounded semaglutide.
I’m betting on a platform.
A brand. A trust engine. A company that delivers medicine in a way people love—discreet, direct, personal. A company that reinvents how care is accessed and paid for. A company that understands behavior, not just biology.
My Philosophy
I don’t want 7% returns. I want wealth.
Not at 70—but now. In this decade.
So I make concentrated bets.
One or two per year. Sometimes just one.
I only invest in companies that:
Serve essential human needs (like healthcare)
Are early in their disruption curve
Have a brand or moat that feels emotionally durable
Are misunderstood by the market
Offer asymmetric upside
Hims fits all of that.
This Is the Moment
If you want safety, you won’t find it here.
You’ll find volatility. Opinion. Narrative distortion. Fear.
But behind that fog is a company quietly doing the work.
Revenue is growing. Subscribers are compounding.
Cash flow is improving. Brand affinity is real.
And yet—it still trades like a question mark.
That’s why I’m here.
That’s why I’m not diversifying.
That’s why I’m all in.
Because when you see the risk—and choose to stay in anyway—
that’s when conviction matters.