Hedge funder Ignacio Canto on retail cults, Hims as Costco + Netflix, and why Hims has 10x upside

<p>Thanks to our partner:Superpower - https://superpower.com</p><p><br></p><p>In Hims House episode 71, Jonathan Stern sits down with hedge fund manager Ignacio Canto -- founder &amp; portfolio manager at X-Square Capital, which held over 420k Hims shares as of Q1. Canto traces his interest back years, through personal product discovery and his late father&#39;s perspective as a urologist, and frames Hims as a platform business attacking a broken, expensive, and slow healthcare system. He explains why he never considered selling through the Novo Nordisk lawsuit, then lays out the moats he cares about: network effects, data ownership, proprietary wearables, and a retail following that grants rare access to cheap equity capital. He compares Hims to a mix of Costco + Netflix, makes a Tesla-style case for why the retail cult is itself part of the thesis, and argues geographic expansion widens the TAM and helps surface winning verticals. He flags regulation and competition as the main risks, but sees logarithmic upside that makes any linear price target a trap -- and thinks the stock could eventually command a 10x price-to-sales.</p><p><br></p><p>00:00 - Sponsor: Superpower </p><p>01:38 - Why he never considered selling</p><p>03:41 - Buying the collapse into the teens</p><p>06:29 - Why Hims first caught his eye</p><p>10:37 - Healthcare is broken and overpriced</p><p>12:50 - Why Ignacio has added to his position since 2024</p><p>21:41 - Why price targets aren&#39;t right for Hims</p><p>27:42 - Retail cults</p><p>38:40 - Hims as Costco + Netflix</p><p>41:33 - Why Hims should own the wearable </p><p>44:25 - Regulation as a bear case</p><p>46:09 - Competition: Ro, Amazon, and others</p><p>55:30 - Why Hims could command a 10x P/S ratio </p>