#68 - The Cost of the Frontier

Growth Comes With Arrows

The frontier isn’t glamorous. It’s isolating. There’s no map, no cheering section, and definitely no applause. The arrows are real. Criticism, setbacks, loneliness, and slow traction. They come before any victory. But here’s the truth: if you want uncommon rewards, you have to be willing to face uncommon resistance. What it may look like in your life:

• Career/Business - If you grow in your career, expect criticism to come with it. The more you level up, the more others will question your qualifications, downplay your progress, or assume you got lucky. But the arrows usually say more about their comfort than your capability. Rising growth often looks like a threat to those standing still. Others will be more likely to point out your shortcomings and ignore your progressions.

• Investing - Being an early investor isn’t just risky, it’s lonely. You might buy into a beaten down sector before it rebounds. Or double down on a conviction when headlines say you're wrong. Buy a property that keeps you up at night. The frontier is putting your hard earned money into an investment when things are very uncertain. It’s holding through Bitcoin dips, or sticking to a dividend strategy that feels slow while others chase trends. The arrows are drawdowns, doubt, and time. But the payoff belongs to the ones who stay planted and roll with the punches.

• Health/Fitness - The frontier starts with being honest. This is going to hurt. Not just your muscles, but your ego. You’ll show up to the gym and feel weak. You’ll lift lighter than you thought. Feel like your heart is beating out of your chest just running a single mile. You’ll meal prep when friends are out drinking. You’ll miss goals, stall out, question your plan. But every rep, every early morning, every “no thanks,” that’s an arrow. And every arrow you take makes you harder to stop.

• Life/Relationships - Maybe your frontier is walking away from a high-paying job to pursue meaning. Maybe it’s saying no to vices and yes to virtues. Maybe it’s starting a family, starting a business, or going on a side quest outside the norm. You’ll be misunderstood. People will project their fears onto you. You’ll feel moments of doubt. But the alternative is living in the land of comfort and complacency that will slowly bury your potential. The arrows prove you’re alive, building something real.

Ultimately the frontier gives you: criticism when you're trying, confusion when you pivot, and crickets when you finally get it right. The praise usually comes long after the pain.

If you want uncommon rewards, you have to be willing to stand in the open and take the arrows. That’s the tax on being first. And most people aren’t willing to pay it. Are you?

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Market & Freedom Fund Recap

This week the market saw the S&P 500 and Nasdaq hit record highs midweek from strong Q2 GDP data, a wave of earnings beats, and a significant U.S./EU trade deal. Gains were led by tech giants like Microsoft $MSFT ( ▼ 0.13% ) and Meta $META ( ▼ 1.15% ) on the back of strong results, optimism was tempered by the Fed’s continued stance on rates. By Thursday, markets retreated leaving the S&P 500 down 0.8%, the Dow off 1.7%, and the Nasdaq nearly flat for the week.

• July 2025 Freedom Fund Recap

  • Total Value: $33,154.10

  • Total Return Since Inception (with Dividends): 44.39%

  • July Dividends: $32.94

  • Currently outpacing the S&P, DOW, NASDAQ, and Russell YTD

This week I added to my current $APLE ( ▼ 0.08% ), $OUST ( ▲ 0.54% ), and $CHWY ( ▼ 1.93% ) positions. The month of July was fueled by gains from a number of positions primarily $GOOGL ( ▲ 0.22% ), $OUST ( ▲ 0.54% ), $SOFI ( ▲ 3.6% ), and $EVLV ( ▼ 1.88% ). SoFi $SOFI ( ▲ 3.6% ) lead the charge ticking up 24% over the past month. The U.S. Army on Thursday said it was consolidating dozens of contracts into a single enterprise deal with Palantir $PLTR ( ▲ 0.11% ) giving it volume-based discounts and the option to purchase up to $10 billion from the software provider over 10 years.

Huge earnings on deck next week for the Freedom Fund. Palantir $PLTR ( ▲ 0.11% ) kicks off the week on Monday as we look to see if the company maintains 40%+ revenue growth. Wednesday Shopify $SHOP ( ▼ 0.44% ), Realty Income $O ( ▼ 0.53% ), and Apple Hospitality $APLE ( ▼ 0.08% ) report. And a big Thursday followed by Cheniere Energy $LNG ( ▲ 1.95% ), Modiv Industrial $MDV ( ▼ 0.86% ), and Ouster $OUST ( ▲ 0.54% ). I will be all hands on deck with my $OUST ( ▲ 0.54% ) position. If the companies share price drops into the teens I may start to sell off my $LNG ( ▲ 1.95% ) position to purchase more shares.

Portfolio News:

• Waste Management $WM ( ▼ 0.18% ) - Q2 Earnings

  • Revenue at $6.43B, up 19% YOY; adjusted EPS of $1.92 beat estimates.

  • Operating EBITDA margin held strong at ~30%, with a solid contribution from WM Healthcare Solutions.

  • Free cash flow rose to $818M (from $530M last year) operating cash up 33%.

  • Raised FY25 free cash flow guidance to $2.8–$2.9B.

• Welltower $WELL ( ▲ 0.57% ) - Q2 Earnings

  • Revenue came in at $2.55 billion topping expectations, and normalized FFO/share rose to $1.28 (+~22% YOY).

  • Net income per diluted share was $0.45, up from $0.42 in Q2 2024.

  • The board declared a 10.4% dividend increase to $0.74/share.

  • Full‑year 2025 guidance increased FFO of $5.06–$5.14/share and net income of $1.86–$1.94/share.

• SoFi $SOFI ( ▲ 3.6% ) - Q2 Earnings

  • Delivered adjusted net revenue up 44% YOY to $858 million, and EPS beating estimates at $0.08.

  • Loan originations hit a record $8.8 billion, led by 66% growth in personal loans and 92% growth in home loans.

  • Added 850,000 new members, bringing total membership to 11.7 million. Total products growth climbed to 17.1 million (+34% YOY).

  • Fee-based revenue surged 72% driven by growth in its loan platform and financial services arms.

  • Announced a public offering of $1.5 billion in common stock. The company priced 71,942,450 shares at $20.85 per share. The offering closed on July 31, 2025. SoFi plans to use the proceeds for general corporate purposes, including working capital and business opportunities. 

Freedom Fund Background: I launched the Freedom Fund in October 2022 as a public brokerage account to show that anyone—with just a bank account and Social Security number—can start investing, even with a couple hundred dollars a week. I started from $0 to make the journey real and relatable. Each week, I share transparent updates on purchases, sales, dividends, and growth on X (@GrahamSchroeder) so you can follow along in real time. The hardest part of investing is getting started—so I did, publicly, to help others do the same.