BULL
Webull Corporation Class A
stock NASDAQ

Wen $BULL pamp?

Not at webull, of BULL stock.

So I'll be journaling my thoughts and sharing with you my full thesis on Doximity. (I've a <$25 cost avg and about 7% of my portfolio in it). This isn't financial advice.
I've detailed previously how various factors like whole product value (offering complementary services under one umbrella), first-party data, network effects and high switching-costs already provide some moat for incumbent SaaS.
But what if we add one more factor? SaaS who MUST adhere to regulatory mandates, comply with federal law and state regulations, and still manage to deliver value to customers in this niche.
# DOCS (Doximity) At a glance
Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.
* Down -63% in past 1 year and now at $4.6B market cap at $25 stock price
* Large net-buys by institutions and hedge funds in Q4 2025 while their average buy price ranges from $45-60. So all institutions are down **big time**, but **still** doubling down on their investment
* 33% net-income margin (crazy high) in Q4'25 and revenue of $185M
* Committed to $500M stock buybacks or 11% of current market cap and sits on +$700M cash.
* The biggest negative factor I see currently, is limited growth. At 85% of clinicians captured, you can either continue to monetize them or you must branch out into an adjacent-segment.
In addition, if pharma spend is restricted especially with the MAHA movement being a headwind, then this may further constrain revenue.
# KPI/Metric Details
* User growth on the platform is at an all-time high: surpassed 3 million registered members, and now have more than 85% of all U.S. physicians on the platform
* Stock-based compensation was 18% of revenue. Reasonable when comparing to: 20% of Docusign, or 15% of Intuit
* Net revenue retention rate, which measures if the same customers are paying more or less than before, resulted in 112% on a trailing twelve-month basis. Their top 20 customers resulted in 117% which tells me that the whole product offering is well-received by customers both large and small
* In Q3'25 they repurchased about $200M worth of stock probably around $40-60 price (vs current $25, so at a loss)Revenue has slowed down. Q4 revenue is expected to be in range of $143.0 to $144.0 million, representing 4% growth at the midpoint
Doximity states that 85% of US physicians are Doximity users.
Guess what that number was 4 years ago?
80%.
Growth has **stalled** because addressable market has been captured and they need a catalyst.
# The bull and bear thesis
**BEAR**
Doximity management blames short-term revenue weakness on pharma clients delaying budgets and deals due to uncertainty from Most Favored Nation agreements.
Most Favored Nation (MFN) policy requires drug makers to sell medicines in the US at prices matching the lowest offered in other developed countries to *"ensure Americans pay prices aligned with the lowest in other developed nations, ending decades of overpayment and delivering immediate relief."* \- President Trump
By early 2026, the administration announced 16 deals with major pharmaceutical manufacturers to provide substantial price relief on numerous products. Companies commit to MFN pricing to avoid tariffs and increase US manufacturing investments.
Ok, let's answer in plain english: So what?
1. MFN policies lower pharma revenues by forcing US drug prices to match the lowest in other developed countries.
2. Pharma companies respond by signing agreements to avoid tariffs, which creates short-term budget uncertainty and delays in marketing spend.
For Doximity, this means reduced upfront commitments from top pharma clients, as seen in their Q3 2025 earnings where 16 of 20 major pharma firms delayed deals amid MFN negotiations.
Long-term, lower pharma profits could cut overall ad budgets but favor cost-effective digital platforms like Doximity over traditional channels. Pharma might optimize spend toward targeted physician networks to maintain sales amid price squeezes.
Final note, growing revenue in a segment where you already capture 85% of physicians, is going to be a non-starter. Too difficult to grow revenue when you’re this dominant already
You need to materially evolve your product offering or launch into a new segment, which then gives us our bull case.
**BULL**
Doximity divides its AI components into DoxGPT, Doximity Scribe, and PeerCheck. DoxGPT serves as the core clinical AI assistant. Physicians use it for evidence-based answers to questions, drug references, guideline access, full journal PDFs, drafting letters, and patient education materials.
*"Doximity GPT is a powerful AI tool that excels in clinical support. It understands clinical queries, provides contextual responses, and summarizes relevant information."*
Over 300,000 prescribers used it in recent quarters, often preferring it over competitors. Doximity Scribe acts as the administrative documentation tool. This ambient AI generates real-time notes from patient visits or calls, capturing key details while integrating with tools like Dialer.
*"Scribe is a HIPAA-compliant, AI-powered clinical documentation tool that automatically generates notes during patient visits."*
PeerCheck provides the trust and validation layer. Over 10,000 physician experts review and verify AI outputs, embedding peer-reviewed accuracy directly into DoxGPT responses.
The data that DOCS has is a goldmine for Frontier AI labs like Anthropic or OpenAI and a **prime acquisition target** even if revenue doesn't grow at a fast pace.
And if an acquisition doesn’t work out, then there is big upside to commercializing DoxGPT that hasn't been baked into forward guidance.

Wen $BULL pamp?

Not at webull, of BULL stock.

So I'll be journaling my thoughts and sharing with you my full thesis on Doximity. (I've a <$25 cost avg and about 7% of my portfolio in it). This isn't financial advice.
I've detailed previously how various factors like whole product value (offering complementary services under one umbrella), first-party data, network effects and high switching-costs already provide some moat for incumbent SaaS.
But what if we add one more factor? SaaS who MUST adhere to regulatory mandates, comply with federal law and state regulations, and still manage to deliver value to customers in this niche.
# DOCS (Doximity) At a glance
Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.
* Down -63% in past 1 year and now at $4.6B market cap at $25 stock price
* Large net-buys by institutions and hedge funds in Q4 2025 while their average buy price ranges from $45-60. So all institutions are down **big time**, but **still** doubling down on their investment
* 33% net-income margin (crazy high) in Q4'25 and revenue of $185M
* Committed to $500M stock buybacks or 11% of current market cap and sits on +$700M cash.
* The biggest negative factor I see currently, is limited growth. At 85% of clinicians captured, you can either continue to monetize them or you must branch out into an adjacent-segment.
In addition, if pharma spend is restricted especially with the MAHA movement being a headwind, then this may further constrain revenue.
# KPI/Metric Details
* User growth on the platform is at an all-time high: surpassed 3 million registered members, and now have more than 85% of all U.S. physicians on the platform
* Stock-based compensation was 18% of revenue. Reasonable when comparing to: 20% of Docusign, or 15% of Intuit
* Net revenue retention rate, which measures if the same customers are paying more or less than before, resulted in 112% on a trailing twelve-month basis. Their top 20 customers resulted in 117% which tells me that the whole product offering is well-received by customers both large and small
* In Q3'25 they repurchased about $200M worth of stock probably around $40-60 price (vs current $25, so at a loss)Revenue has slowed down. Q4 revenue is expected to be in range of $143.0 to $144.0 million, representing 4% growth at the midpoint
Doximity states that 85% of US physicians are Doximity users.
Guess what that number was 4 years ago?
80%.
Growth has **stalled** because addressable market has been captured and they need a catalyst.
# The bull and bear thesis
**BEAR**
Doximity management blames short-term revenue weakness on pharma clients delaying budgets and deals due to uncertainty from Most Favored Nation agreements.
Most Favored Nation (MFN) policy requires drug makers to sell medicines in the US at prices matching the lowest offered in other developed countries to *"ensure Americans pay prices aligned with the lowest in other developed nations, ending decades of overpayment and delivering immediate relief."* \- President Trump
By early 2026, the administration announced 16 deals with major pharmaceutical manufacturers to provide substantial price relief on numerous products. Companies commit to MFN pricing to avoid tariffs and increase US manufacturing investments.
Ok, let's answer in plain english: So what?
1. MFN policies lower pharma revenues by forcing US drug prices to match the lowest in other developed countries.
2. Pharma companies respond by signing agreements to avoid tariffs, which creates short-term budget uncertainty and delays in marketing spend.
For Doximity, this means reduced upfront commitments from top pharma clients, as seen in their Q3 2025 earnings where 16 of 20 major pharma firms delayed deals amid MFN negotiations.
Long-term, lower pharma profits could cut overall ad budgets but favor cost-effective digital platforms like Doximity over traditional channels. Pharma might optimize spend toward targeted physician networks to maintain sales amid price squeezes.
Final note, growing revenue in a segment where you already capture 85% of physicians, is going to be a non-starter. Too difficult to grow revenue when you’re this dominant already
You need to materially evolve your product offering or launch into a new segment, which then gives us our bull case.
**BULL**
Doximity divides its AI components into DoxGPT, Doximity Scribe, and PeerCheck. DoxGPT serves as the core clinical AI assistant. Physicians use it for evidence-based answers to questions, drug references, guideline access, full journal PDFs, drafting letters, and patient education materials.
*"Doximity GPT is a powerful AI tool that excels in clinical support. It understands clinical queries, provides contextual responses, and summarizes relevant information."*
Over 300,000 prescribers used it in recent quarters, often preferring it over competitors. Doximity Scribe acts as the administrative documentation tool. This ambient AI generates real-time notes from patient visits or calls, capturing key details while integrating with tools like Dialer.
*"Scribe is a HIPAA-compliant, AI-powered clinical documentation tool that automatically generates notes during patient visits."*
PeerCheck provides the trust and validation layer. Over 10,000 physician experts review and verify AI outputs, embedding peer-reviewed accuracy directly into DoxGPT responses.
The data that DOCS has is a goldmine for Frontier AI labs like Anthropic or OpenAI and a **prime acquisition target** even if revenue doesn't grow at a fast pace.
And if an acquisition doesn’t work out, then there is big upside to commercializing DoxGPT that hasn't been baked into forward guidance.

When in doubt, just buy SPY and QQQ leaps. Never be impatient, never let missed gains affect you, and never play alternative stocks. People playing BULL were looking for another HOOD miracle, you're years away from BULL pulling a HOOD level run up. If you believe in it, buy leaps. CHWY on the other hand is a stagnant company, no idea why you played it except if you mistaken p&d bots here as real people. Warsh is the only retard who thought rates weren't high enough during the GFC back in 2008, he either sold his soul or he's about to pull off a heist to secure the Fed chair then go back to being a full inflation hawk. Unless you're a ber, pray it's the first one.

250k is insane. Glad those tech calls worked out for you. I was buying calls on the wrong stocks lmao. I’m more of a shares guy now. I try to stay away from options as much as possible. I got destroyed last year on BULL and CHWY calls. Lowkey traumatized ngl lol. Appreciate the reminder tho. I’ll make sure to have enough capital for Q3 and Q4. Let’s see how Warsh does once he is in. Gave you a follow just in case!

AAPL for July and BULL for Jan '27. Averaged both down today. Figure unless the world ends we'll bounce back by then.

BULL being shit as usual, piece of crap China

A few weeks ago I bought into Toast (TOST), at about $25 cost average. And I want to share my thesis openly here for feedback
**WHAT TOAST ACTUALLY DOES**
Running a restaurant is chaos. You've got orders coming in from the front, staff scheduling in the back, payments to process, inventory to track, and payroll to run. Toast is the platform for all the fragmented processes that a cafe or restaurant has (e.g staffing, payments, payroll, inventory, analytics). As an owner, you get to focus on your core value: providing great food and service.
But, it's still a SaaS, is there hope for it?
The core product is their point-of-sale system, which is vertically integrated. Toast handles payments, online ordering, DoorDash and Uber Eats integrations, inventory tracking, staff scheduling, tip distribution, and payroll. As an owner, you stop managing software and start managing your restaurant. This is a multi-million dollar investment even with AI to spin up all these services and catch up to all the edge cases, bug fixes and embedded workflows that Toast has created
**THE PRODUCT IS STICKY & WHY CUSTOMERS STAY**
Once a restaurant is on Toast, leaving is painful. You'd have to retrain every employee, migrate your data, rebuild your integrations, and start over. That friction is intentional and it's Toast's biggest competitive advantage.
The Reddit reviews tell the story better: "*I love Toast... one of the real kickers is all of the extras and integrations."*
And from a multi-location owner: "*I have 2 restaurants on Toast, 1 on Clover, 1 on Lightspeed. Toast is by far the most user friendly."*
The anecdotal evidence is qualitative, now let's move to the quantitative: Toast now sits in 164,000 locations and processed $195B in payments in FY2025. The bigger the network gets, the more data Toast has to train its AI tools:
* predictive analytics
* menu recommendations
* staffing suggestions
This makes the platform more valuable, which attracts more restaurants. That's the flywheel. Toast becomes an ever-present partner during the every day chaos for the restaurant manager and onwer.
**THE NUMBERS**
Toast had a strong 2025.
* Revenue hit $6.2B, up 24% year over year.
* GAAP net income came in at $342M compared to just $19M the year before.
* Adjusted EBITDA more than doubled to $633M.
Growth saw a slight slowdown from 26% to 20-24% (depending on the metric you look at) but the market overly punished it. At $29 a share and a $17B market cap, you're paying \~2x forward Price-to-sales & \~20x Price-to-earnings.
As the great investor Peter Lynch has said: *"Because of compounding, a 20 percent grower with a P/E of 20x is a better investment than a 10 percent grower selling at a P/E of 10x."*
**BULL CASE**
Three policy tailwinds from the current administration are worth watching for Toast specifically. The no-tax-on-tips policy directly improves pay for servers and kitchen staff. In an industry where turnover is brutal and scheduling is a constant headache, anything that improves retention has real operational value for restaurant owners and makes Toast's payroll and scheduling tools more sticky.
Lower energy costs from deregulation matter more for restaurants than most businesses. Kitchens run hot, refrigeration runs constantly, and energy is one of the largest overhead line items. If utility costs fall, margins improve and marginal restaurants stay open instead of closing which protects Toast's existing location base.
Any broad consumer stimulus, whether a tax rebate or direct payment, puts more discretionary dollars in people's pockets. Restaurants are one of the first places that money goes. More dining spend means more GPV flowing through Toast's payment rails, which is a direct revenue driver.
**THE BEAR CASE**
The recession risk is REAL and it's the biggest one. Toast's revenue is tied to restaurant spending, which is tied to consumer confidence. If the economy slows, restaurants close, new locations stop signing, and that 24% growth rate compresses fast. The business is fundamentally CYCLICAL even if the platform is sticky.
Competition is fierce and well-funded. Clover, Square, Lightspeed, and Shift4 are all pitching the same restaurants.
The sunk cost dynamic works in Toast's favor once a restaurant is locked in, but it also works against Toast when a competitor gets there first. Winning the first sale is everything in this market. And at 47x trailing earnings, the market is pricing in continued strong growth. If Toast misses, or guides conservatively, the multiple compresses and the stock gets hit hard even if the underlying business is fine.
**BOTTOM LINE**
If you believe Toast keeps growing at or near 20%, the current valuation is reasonable and the policy tailwinds are a genuine bonus. If growth slows to 15% or below the company becomes expensive fast.
My position is doing great so far, I entered at \~5% of portfolio with <$25 cost-average. If my above core components hold, then I am a long term investor. I'm investing into growth

BULL MASS EXTINCTION EVENT LMAOO

Eye on the prize fellas...This is a BULL market
WW3 started and 🌈bers cant even break the range

What you are doing you will blow your account one day. Only risk a small amount of your account per trade. Have a plan before entering a trade. Don't be one of the sheep that buy and just hope.
For example, if you have 50k you should only be using 5k or less per trade. In the case of BULL, it would be less than 1000 shares. Doing this, and having a set risk per trade, you will limit your losses to smaller amounts.

why did you buy BULL