Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why

<p>Thanks to our partner:Superpower - https://superpower.com</p><p><br></p><p>In Hims House episode 70, Jonathan Stern sits down with hedge fund manager Imran Khan, founder and CIO of Proem Asset Management and a Hims shareholder (110,000 shares as of March 31). Khan lays out his investment framework -- long-term growth potential, execution track record -- and argues that Hims&#39; core asset is its loyal customer base and its ability to stack new products and services on top of it, with execution as the main bear case. Drawing on his years at Snap as Chief Strategy Officer, he explains why markets overreact in both directions and why investors should follow the numbers rather than the narrative. They dig into the risks of hiring big-company executives, the limited visibility into product progress, and gross margins hitting an all-time low (which Khan sees as non-structural for Hims). The discussion widens to SpaceX&#39;s IPO, software vs semis in the AI capex cycle, Duolingo as a &quot;learning social network,&quot; buybacks and insider buying, and the dangers of excessive leverage and round-the-clock markets.</p><p><br></p><p>00:00 - Sponsor: Superpower </p><p>02:07 - Conviction to double down on Hims</p><p>04:32 - How being an operator reshaped his investing</p><p>06:51 - Inside the Proem portfolio</p><p>09:38 - The bull case for Hims</p><p>14:15 - Why founder focus matters</p><p>15:45 - Execution is the whole bear case</p><p>17:45 - The LTV and CAC flywheel</p><p>21:56 - The risk of hiring big-company execs</p><p>27:03 - Is the pace of product development too slow?</p><p>29:51 - Let the numbers speak</p><p>31:10 - Gross margins heading the wrong way? </p><p>32:59 - What SpaceX&#39;s IPO does to markets</p><p>35:33 - Software versus semis in the AI cycle</p><p>38:51 - Duolingo as a learning social network</p><p>42:45 - Buybacks and why insider buys don&#39;t excite him</p><p>44:28 - Why memory names may go higher</p><p>45:23 - The value of sell-side research</p><p>48:31 - Why he loves being an investor (and spectating) </p><p>50:55 - Managing risk and avoiding leverage</p><p>52:26 - Leverage, 24/7 markets, and closing advice </p><p><br></p><p>Disclaimer: This podcast is for informational and entertainment purposes only. Nothing discussed should be considered financial, investment, or legal advice. Always consult with a qualified professional before making financial decisions. </p>