Bullseye explores, celebrates and invests in American Ingenuity, managing a portfolio of 35-50 publicly-traded US equities with significant runway for growth. These are dynamic, US companies propelling the world forward across multiple industries. Frequent focus sectors include Energy, Health and Technology. Every pick shares three defining attributes: great story, compelling data, timely catalyst.
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Adam Johnson

Adam Johnson anchored several business programs at Bloomberg Television over five years, interviewing CEOs, heads of state, and Nobel laureates. His daily video investment blog, Insight and Action was sponsored by a major U.S. lender. Previously he managed global risk assets for ING Furman Selz and Louis Dreyfus, trading oil futures, listed equities and equity options. Adam began his career at Merrill Lynch with a degree in economics at Princeton.


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Right Place… Right Time

Raising Three AI Infrastructure Targets
  • Companies building data centers and communications networks are key enablers of accelerating AI use
  • Earnings growth is topping triple-digits in some cases and double-digit earnings beats are now standard
  • Three long-time Bullseye holdings could still see accelerating growth and I am raising targets accordingly

Sweet Spot – Three of our AI infrastructure holdings are hitting price targets simultaneously, reflecting their appeal as picks-and-shovels alternatives to semiconductors and Mag-7 hyperscalers. We have owned these dynamic, well-positioned companies for at least a year, and we will continue to own them. On average, they have risen nearly 300%, so selling a small portion to honor discipline makes sense… so does maintaining exposure, justified by new price targets suggesting additional upside. Today’s note reiterates the sector’s investment thesis and clarifies how I derive my new targets. If these holding are new additions to your portfolio, keep them… there’s no need to do anything. If you’ve already made a multiple of your money (2-3x), sell a portion and hold the balance. This approach honors discipline, keeps the portfolio dynamic, and allows winners to keep running.

March 06, 2026

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Eyes Wide Shut

AI Expensive But Worth It
  • Many companies potentially displaced by AI have seen their stocks fall 30-50% in the past month
  • Not all tech stocks face a threat from AI as some clearly benefit from the need for greater bandwidth
  • Networking equipment providers are seeing accelerating orders due to surging data transmission needs

Safe Haven? – Fear that AI will upend business models and even sideline entire sectors has created significant selling across much of the market… with one exception: networking infrastructure. Companies which make the equipment essential to transmitting all of that new data are likely to see their businesses benefit from AI. Cisco and Data Dog come to mind, so does another company consistently growing earnings by double-digits… 2026 could top 40%. It’s not cheap, but the company is in the sweet spot right now.

March 06, 2026

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Robot Took My Job… Not

In Defense of Software vs AI

  • Morgan Stanley’s Software Index has fallen 50 percentage points in a year versus the NASDAQ QQQs
  • Software stocks face concerns that AI will replicate proprietary code and replace established franchises
  • Even software leaders have been decimated by “AI fear” even though many are AI use-cases not casualties

AI Angst – Software stocks have nosedived on concern that AI will figure out how to replicate companies’ proprietary code and write new programs autonomously. Privately held Anthropic, whose valuation has doubled in the past four months, is introducing AI-enabled software called Claude Code, which some believe could make human programmers obsolete. While I appreciate the concern, businesses still need visionaries to identify needs, propose solutions, and manage processes. With software stocks down 50% versus the NASDAQ over the past year, I’m stepping in as a buyer of one leader in particular. Robots may take some jobs in coming years, but not all jobs.

March 06, 2026

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As in electricity prices are up 6% YoY as data centers siphon away power for computing.
#WhyWeOwnGEV

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As in Waymo’s autonomous robo-taxi service is now available in ten US cities, including Dallas and Houston.
#ButLikelyNeverInNewYorkPerTheGovernor

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As in Anthropic’s Claude AI agent is on track to generate $20B in revenue this year, a 122% increase vs. 2025.
#Monetization

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“My ideal investing is stuff that looks a little crazy now and in 3-5 years is obvious.”
– LinkedIn Co-founder Reid Hoffman
#AmericanIngenuity

“When you give companies the option to disclose clearly or make it fuzzy, they often choose fuzzy.”
– RG Research President Jack Ciesielski
#NotInMyWorld

“You need to be LLM-agnostic so you can pivot, because you never know who’s going to be on the naughty list.”
– Lockheed Martin General Counsel Kevin O’Connor
#ChatGPTvsClaudevsGemini