Matt Frankel

But it is possible that I would build a thesis that is a little bit more dependent on the economy.

I hate to single out a single company by name, but I think a company like Polaris, this is ticker symbol PII, they make four-wheelers and stuff like that.

Listen, it can struggle in a recession.

This is a company that is dependent on product sales, really requires a strong consumer with plenty of discretionary income.

There is a scenario where

this net debt company could go through a prolonged economic downturn and really, really struggle.

But there is a scenario where Polaris could be a very cheap stock, maybe we're towards the bottom of the economic cycle, and maybe I could make a case for investing in it at that time for the next three years or something like that as the economy heats up.

But normally, I would build an investment thesis that is not dependent on an economic cycle.

I'm going to go with GoDaddy, ticker G-D-D-Y.

This business is not new.

It's a company that allows you to buy a domain name, host a website, and implement some e-commerce tools.

There are aspects of this business that I do think would be replaceable with AI in theory, particularly the e-commerce tools.

But then there are other aspects of the business that really aren't.

For example, web hosting.

GoDaddy provides its own web hosting with its own data centers.

There's something physical here.

It's not just software.

That does give GoDaddy something defensible, in my opinion.

You look at the business growing by double digits.

It's getting more profitable as it's embraced AI in its own workflows.