Newsletter series (not an individual)
3 dated public stances tracked since 2026-03-03, most recently 2026-05-30. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Averaging Up's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Averaging Up is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2026-05-30 | long V / long MA / long SPGI / long MCO (+1 legs) | basket | +9.7% | — | — |
| 2026-03-03 | long MCO / long SPGI | basket | -1.5% | +6.7% | — |
| 2026-03-03 | MSCI | bullish | +14.2% | +1.6% | — |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| MSCI | 1 | | 1 bullish | 2026-03-03 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-05-30
long V / long MA / long SPGI / long MCO (+1 legs)
basket
Chris Hohn · video
Fixed-cost 'free surfer' businesses capture volume growth, explicit pricing power, and inflation pass-through at zero marginal cost, so the fixed-cost fulcrum amplifies all three into profit growth faster than revenue — a geometric architecture sell-side…
“persistently undervalued by traditional models”
90d +9.7%
What Chris Hohn Sees: The Geometry of Zero-Cost Growth | Averaging Up
2026-03-03
long MCO / long SPGI
basket
Chris Hohn · video
Bond issuers must pay both Moody's AND S&P Global for ratings by institutional-investor mandate, making them a cooperative toll booth rather than competitors — holding both captures the full mandatory dual-fee regardless of any market-share shift between them
“It's not a competitive market. It's a cooperative toll booth where both players get to collect a mandatory fee”
90d -1.5% · 180d +6.7%
Three 13Fs, One Direction: How Chris Hohn Climbs the Hierarchy of Tollbooths | Averaging Up
2026-03-03
MSCI
bullish
Chris Hohn · video
MSCI is a pure-play toll booth on global equity indexing with zero cost of growth, and its smaller market cap creates a structural access advantage for individual investors that large concentrated funds like TCI cannot exploit
“You can own the same world-class companies Hohn owns, plus the amazing ones that he simply can't touch”
90d +14.2% · 180d +1.6%
Three 13Fs, One Direction: How Chris Hohn Climbs the Hierarchy of Tollbooths | Averaging Up
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