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☕️ Why I can't imagine not owning Costco, now more than ever

Sep 26, 2025

Howdy! 👋

It’s official.

Core PCE is still 2.9%, well above the Fed’s 2% target. Meanwhile, GDP just printed 3.8% and jobless claims are falling.

Translation in plain English?

A more resilient economy and a Fed that is less inclined to cut for all the reasons we talk about regularly.

I could rehash all that but in the interest of not making your eyeballs glaze over, I won’t.

Simply remember.

Rates are for traders and profits are for investors… so concentrate on the latter.

Your portfolio will thank you.

Here’s my playbook.

1 – Why I still can't imagine not owning Costco

Costco just reported earnings and, once again, the company hit the ball outta the proverbial park. (Read)

Revenue: $84.4B in Q4 (+8% YoY); $269.9B for the year (+8.1% YoY)
E-commerce: +13.6% in Q4; +15.6% for the year
Membership fees: $1.724B in Q4 (+14% YoY); $5.323B for the year (+10.2% YoY)
Net income: $2.61B in Q4; $8.099B for the year

Remember when the “experts” scoffed that Costco was late to the digital party?

So much for that prognostication.

Costco is clocking double-digit online growth at scale, exactly as I suggested it would.

Meanwhile, the membership machine keeps humming — up more than 10% year over year. U.S./Canada retention is 92.3% and climbing. Some $5.8B a year in revenue alone.

If you’re an OBAer, chances are good you’re grinning like a Cheshire cat.

Costco has returned 123.30% since I brought it to the OBA Family’s attention, compared to 49.12% from the S&P 500. That’s a ~2.5X performance advantage and not too shabby for a day’s work as the old expression goes.

I can’t imagine not owning it, now more than ever.

2 – Dan Ives joins me at $600 - Tesla

My friend and colleague, the super smart Dan Ives (Wedbush) has raised his Tesla price target to $600. (Read)

Excellent – it’s nice to have company!

Having Dan in the same neighborhood so to speak is powerful confirmation that we’re on the right track and have been for some time now.

In fact, I first updated my price target to $600 for the One Bar Ahead® Family on December 16th, 2024, when Team Musk looked ready for a breakout. Then again, this past June, I mentioned that publicly during a conversation with the super-savvy Stuart Varney on Fox Business Network. (Watch)

Smart investors who used the dip to their advantage – as I repeatedly encourage OBAers to do – have enjoyed an incredible opportunity to mint a few bucks.

In fact, Tesla shares have returned nearly 80% since April 7th when it bottomed at $214 and change.

I hope you’re on board.

The ride to $600 won’t be smooth but there is no doubt in my mind that it’s just the beginning of Tesla’s next chapter. 😀

3 – Google’s robotics aspirations pale in comparison to Tesla’s

Okay, hang with me.

Google’s DeepMind just rolled out Gemini Robotics 1.5. (Read)

It’s supposed to let robots “see, plan, think, and act.” One model plays the brain, another the hands and eyes.

Super impressive on paper.

I'll continue to bet on the company that’s already putting robots to work, not the one still polishing blog posts.

Google is still playing catch up while Tesla’s got a path to scale.

MyPOV: Make no bones about it, robots that can think, adapt, and learn across environments are coming — factories, warehouses, hospitals, even homes. Odds are you won’t lose your job to AI but to somebody who knows how to use it.

Which brings me to…

4 – Accenture: reskill or you’re out

I’ve long made the case that AI isn’t optional.

You’ve heard me mention on TV and right here dozens of times that “every business on the planet will adapt, adopt or die.”

Accenture is doing just that… adapting.

CEO Julie Sweet says employees who can’t reskill on AI will be “exited” as part of a $865 million restructuring plan. The consulting giant has already retrained 550,000 workers on generative AI, doubled its AI/data talent pool to 77,000 data and AI professionals since 2023, and still plans to expand hiring next year. (Read)

This isn’t about trimming headcount like the spreadsheet crowd thinks to save pennies but a move to pivot from old-school business practices to future-facing skills.

Accenture expects over $1 billion in savings from this strategy, which it says it will plow right back into growth.

Here’s the thing, though.

I don’t give a rip about Accenture itself – it’s an okay stock.

I want GREAT stocks.

The bigger issue – and the one you want to concentrate on as an investor – is one we’ve been talking about here for some time now.

A fundamental reshaping of the workforce.

Painful at the human level, no doubt — but as investors, it’s an unmistakable “tell” and one of the biggest investing opportunities in recorded history.

It’s important your portfolio reflects that certainty.

Many investors tell me “great, Keith, but I have no idea what to do or which companies to buy”.

You’re definitely not alone – I get it.

But it doesn’t have to be that way.

You can do this if you’re willing to learn and understand where the world is heading. Or, you can throw up your hands and continue to fight for Wall Street’s table scraps.

In fact, I created One Bar Ahead® to help investors “future proof” their investing.

Point being, if you’d like some help or simply for confidence in today’s complicated markets, I’ll be here. People all over the world tell me regularly that what they’ve learned as an OBAer has changed their life and their financial future. I’d be honoured to welcome you to the Family if that’s of interest.

And if you’ve got this covered, awesome! 💯

5 – TikTok’s not over till Xi sings

US President Donald Trump signed the paperwork yesterday to keep TikTok alive in the U.S. — Oracle, Silver Lake, and friends take the wheel with a roughly 45% share while ByteDance drops below 20%, according to CNBC. (Read)

China’s gone radio silent.

No fiery op-eds. No chest-thumping. No posturing.

I think the silence speaks volumes and I say that based on decades of first-hand experience in the Pacific Rim.

Beijing has a long history of operating by strategic deception.

I think Xi’s gone quiet for one of four reasons:

Face-saving – Xi doesn’t want to look like he got outmaneuvered by Washington. Staying quiet lets him frame the narrative at home later without showing his hand.
Patience as power – Beijing plays the long game. Instead of blowing up now, they wait until leverage improves — maybe trade talks, rare earths, or tariffs.
Market calculus – TikTok is a global cash machine. Xi knows that burning bridges with U.S. regulators or investors could hurt valuation, IPO plans, and Chinese tech credibility. It also damages his ability to skim data and utilize reverse social engineering.
Testing U.S. resolve – Few things are more unnerving to Western deal makers than silence. Xi’s keeping the White House unbalanced and guessing whether the real counterpunch is coming next week… or next year.

Keith’s Investing Tip: Never mistake silence for surrender, a common Western cultural perception. In China, the smartest, shrewdest negotiators don’t shout out; they wait for the moment everybody else at the table isn’t “ready” for whatever comes next.

Oracle.