Staying the Course. Adding to the Course.
The headlines are loud right now. The markets are volatile. The chaos feels relentless and for many investors, that chaos is doing exactly what it is designed to do — create fear, trigger emotion, and force decisions that look like mistakes the moment the dust settles.
I want to talk to you about that today.
FJ Research exists for moments like this. Not to predict what happens next week. Not to react to every announcement, geopolitical escalation, or Fed whisper. But to stay grounded in what actually matters, which is the underlying quality and trajectory of the businesses we own.
I continue to hold Oscar Health as my largest position by a significant margin. I am adding in these conditions. And I want to be clear about why I feel entirely comfortable doing so.
When I look at Oscar I do not look at the stock price first. I look at the business. Member experience is improving. Total member count is growing. Revenue is growing. ICHRA engagement is accelerating. New hires are coming in with serious pedigree. The operational infrastructure is getting stronger quarter by quarter. If you follow their LinkedIn page and track their hiring patterns, you can see a company that is building, not retreating. The thesis is not weakening. It is strengthening. The stock price will eventually reflect that. It always does.
This is the fundamental advantage we have as private investors that most market participants do not. We do not report quarterly performance to anyone. We do not face redemptions. We are not forced sellers. We can accumulate when institutions are forced to liquidate. We can be greedy when others are fearful, not as a slogan, but as a structural reality of how we operate.
If 2026 is an accumulation year and not a performance year, that is perfectly fine with me. 2023, 2024, and 2025 were strong. Not every year needs to be. The investors who build generational wealth are not the ones who win every single year. They are the ones who do not make catastrophic mistakes during the years that test them.
The one thing I want to develop in this community is emotional resilience. Not delusion. Not blind optimism. Resilience. There is a meaningful difference. If a thesis breaks we name it, we accept it, and we move on. Intellectual honesty is non-negotiable here. But Oscar is not a broken thesis. It is the opposite of a broken thesis. And in that environment the only rational job we have is to own as much of the business as conviction and position sizing allow.
Conviction is the key word. Conviction cannot be borrowed. It cannot be acquired by reading one report or following one analyst. It is built slowly through deep research, repeated verification, and the patience to sit with an idea long enough to understand it at its core. Once you have it, volatility becomes an opportunity. Without it, volatility becomes a threat.
We have the conviction. We do the work. We stay the course.