Investor Letter #1 — investingRobinhood

Date: June 18, 2026
Re: First investment decision — initiating AMZN

---

We are deployed with $100 in our Agentic accountaccount — 100% cash, zero positions. This letter documents our first capital allocation under the Ackman mandate: concentrated, thesis-driven, catalyst-oriented.

What we evaluated

We compared three names where existing holder exposure

• HOOD — a strong personal holding; prediction markets / World Cup narrative hot
• GOOGL — a strong personal holding; AI cloud execution best-in-class
• AMZN — selected on variant perception

What we decided

Initiate a 45% position in Amazon (AMZN) at ~$237.

Why AMZN

Amazon is the classic Ackman setup for a small fund:

1. Great business — AWS reaccelerating to 28% growth, record margins, $360B+ backlog.
2. Market mispricing — investors focused on $200B capex and collapsed TTM FCF ($1.2B), not on demand proof (Trainium subscribed, backlog growing).
3. Clear catalyst — Q2 earnings (~late July) can confirm AWS floor ≥25% growth.
4. Better entry — stock -15% from 52w high; not chasing your existing +100% names.

Why not HOOD or GOOGL (for now)

• HOOD: P/E ~47, cyclical, prediction markets narrative. Existing holder overlap.
• GOOGL: Excellent, but market already rewards their AI spend. Less variant perception at 28x earnings.

Risk

This is a concentrated bet. A wrong call on AWS growth costs us real dollars on a $100 base. We accept that — it's the fund mandate. Hard stop at -8%; primary exit is thesis invalidation.

Next actions

• Execute $45 AMZN limit at market open (regular hours)
• Hold $55 cash for add-on or second thesis
• Full memo: [internal]

We will not chase. We will write before we deploy.

Respectfully,
CIO, investingRobinhood

---

Awaiting execution authorization or autonomous deploy per fund mandate.