Halftime Report The Market Pushes to New Highs 12/9/25
Dec 9, 2025
Josh Brown, CEO of Ritholtz Wealth Management, dives into Carvana’s resurgence and highlights ServiceTitan’s potential driven by AI. Fellow committee member Stephanie Link champions consumer strength while investing in Capital One. Brian Belsky outlines his portfolio tweaks, selling Deckers for focused buys in banking stocks. Joe Terranova connects macro trends with sector movements, praising broad market shifts. Together, they discuss the implications of Fed meetings, valuations of AI stocks, and the resilience of travel demand as they strategize for future investments.
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Vertical Software Can Become Category Kings
- Josh Brown sees ServiceTitan as a potential category-killer in vertical software serving trades and subscription ARR growth.
- He cites 25% revenue growth, 80%+ gross margins, and PE-backed customers as stickiness drivers.
Tracked ServiceTitan From IPO Floor
- Josh Brown watched ServiceTitan come public on the NYSE floor and tracked it for a year before buying.
- He joked his landscaper should evaluate the product, underscoring real-world utility.
Buy Early In Dominant Vertical SaaS
- Consider investing early in high-growth vertical SaaS even before profitability if market share and gross margins are strong.
- Use valuation (e.g., ~10x forward sales) and growth runway to size positions and expect volatility.