$TEAD probably ranks among my toughest calls this year. Went hard on it above $2, and yeah, the bags are heavy after it cratered from $20. But here's the thing—I'm not selling. Actually scaling in today.

Being early doesn't always feel good, especially when you didn't see the LLM answer engine wave coming and how brutally it would cannibalize display advertising. That's on me. The thesis got blindsided by macro shifts I underestimated.

That said, I think we've found the floor. The worst is priced in. So instead of nursing regrets, I'm using this dip to add conviction with fresh dry powder.