接下来，我们有绿色L，即多邻国，位于第12位。这是一个35,000美元的仓位，占2.4%的权重，并且有11,200美元的亏损。所以，自从买入以来，这只股票是迄今为止最大的输家。
多邻国曾经增长非常迅速。他们减速并收紧了增长。此外，许多投资者对他们的营销努力以及他们能变得多病毒式传播感到非常担忧。然后，今天多邻国最大的担忧显然是围绕人工智能和人工智能辅助学习。
许多人相信ChatGPT或Claude或Gemini将接管人工智能学习，而这正是多邻国所做的。我不认同那个空头论点。我不认为多邻国会发生这种情况。我认为他们将继续增长用户、参与度和学习，因为那是他们专注的全部。
现在，这只股票实际上已经上涨了不少。如果我们看今年迄今为止的股价，它曾达到185美元。它曾低至每股90美元，然后一路艰难攀升到今天的位置。现在，它的交易价格为146美元。而这只股票获得额外10,000美元的买入目标价将是每股90美元。
所以，如果多邻国回落到每股90美元，它将获得额外的10,000美元。现在，再次强调，这似乎不太可能，因为那几乎是38%的跌幅。对大多数公司来说，这是一个惊人的跌幅，但多邻国不像大多数公司。
而且它在2026年4月还曾达到每股90美元。为了给出一些保守的数字，我们可以看多邻国大约18.5%的每股收益增长。我相信如果他们达到规模，还有更多的上行空间。我认为每股收益增长可能会远高于此。
以27的每股收益倍数或市盈率，我们以每股90美元买入，未来五年将获得14.2%的复合回报。
Next up, we have the Green L, which is Duolingo at position number 12. It's a $35,000 position, which is a 2.4% weighted holding, and it has $11,200 in the red. So, this one has been the biggest loser by far since buying it. Dualingo was growing really rapidly. They decelerated and pulled back on their growth. Plus, a lot of investors became very concerned about their marketing efforts and how viral they can become. And then the biggest concern for Dualingo today is obviously centered around AI and AI assisted learning. Many people believe that ChachiBT or Claude or Gemini will take over AI learning and that's kind of what Dualingo does. I don't share that bare thesis. I don't think that's going to happen with Dualingo. I think that they're going to continue growing in their users and engagement and learning because that's all they focus on. Now with this stock, it has actually traded up quite a bit. If we look at the stock year to date, it was at 185. It traded as low as $90 per share and then it's been a bit of a rough climb all the way back up to where it is today. Right now, it's trading at $146. And the buyin target for this one for the additional $10,000 is going to be at $90 per share. So, if Dolingo goes back down to $90 per share, it'll get an additional $10,000. Now, again, that seems like it could be unlikely because that's nearly a 38% drop. It's a staggering drop for most companies, but Dualingo is not like most companies. And it was at $90 per share as recent as April of 2026. To put some conservative numbers with this, we can look at Duolingo growing around 18.5% earnings per share growth. I believe that there's much more upside if they get to scale. I think we could see the earnings per share growth go much higher than that. At an EPS multiple or a PE ratio of 27 and we buy the stock at $90 per share, we get a 14.2% compounded return over the next 5 years.