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[@GHadjia](/creator/twitter/GHadjia)
"Bristlemoon just published a 16k+ word report on $FICO the credit score monopolist that has increased its mortgage scores prices by XXX% over the last three years. We explore how entrenched FICO is in the US credit ecosystem and whether the company still has pricing power"  
[X Link](https://x.com/GHadjia/status/1966253118276120764) [@GHadjia](/creator/x/GHadjia) 2025-09-11T21:30Z 10.1K followers, 37.2K engagements


"The Bristlemoon Global Fund returned XXX percent for the September 2025 quarter with a XXX percent return for the month of September 2025 net of fees. For the fifteen-month period since inception the Fund has produced a cumulative XXXX percent return net of fees"  
[X Link](https://x.com/GHadjia/status/1976381314262827135) [@GHadjia](/creator/x/GHadjia) 2025-10-09T20:16Z 10.1K followers, 8456 engagements


"We detail the headwinds facing $SNPS in our letter and estimate that they only effect FY25 and FY26 earnings by mid-teens % vs. the -XX% stock price reaction which seemed like a significant overreaction to us"  
[X Link](https://x.com/GHadjia/status/1976381348161245279) [@GHadjia](/creator/x/GHadjia) 2025-10-09T20:16Z 10.1K followers, XXX engagements


"$PAR was a material detractor to our performance in the qtr given the stock fell XX% in the span of X months. We detail why we still believe the future is bright for PAR"  
[X Link](https://x.com/GHadjia/status/1976381350363136197) [@GHadjia](/creator/x/GHadjia) 2025-10-09T20:16Z 10.1K followers, XXX engagements


"The FICO Score very much is not just a number referenced by lenders but is integral to the plumbing of the U.S. mortgage system in a way that makes the score very sticky. This has supported an aggressive pricing strategy that carries wonderful economics"  
[X Link](https://x.com/GHadjia/status/1966253120247443783) [@GHadjia](/creator/x/GHadjia) 2025-09-11T21:30Z 10.1K followers, 2157 engagements


"The new direct licensing program from $FICO is a HUGE change whereby resellers can calculate and distribute FICO Scores directly to customers. Both pricing models announced by FICO represent a price increase. FICO introduced a new performance model whereby it will receive a $XXXX royalty (which is a XX% reduction in average score fees into the tri-merge resellers due to the elimination of the credit bureau markup). In addition there's a funded loan fee of $XX per borrower per score when a FICO-secured loan is closed. It's thus a success-based model whereby FICO is paid a higher fee but only"  
[X Link](https://x.com/GHadjia/status/1973727880514597110) [@GHadjia](/creator/x/GHadjia) 2025-10-02T12:32Z 10.1K followers, 11.1K engagements


"Probably worth reposting this today given the news. We break out the FICO and credit bureau economics for a typical credit report in granular detail. It provides a helpful framework for understanding the implications of the recent $FICO announcement"  
[X Link](https://x.com/GHadjia/status/1973728194063954411) [@GHadjia](/creator/x/GHadjia) 2025-10-02T12:34Z 10.1K followers, 2324 engagements


"$EFX decision to price VantageScore at $XXXX for the next two years is actually bullish for $FICO. It signals that Equifax has limited levers to counter FICOs direct-licensing push. The main risks were"  
[X Link](https://x.com/GHadjia/status/1975705394568962355) [@GHadjia](/creator/x/GHadjia) 2025-10-07T23:30Z 10.1K followers, 9884 engagements


"$EFX is pricing VS only $XXXX less than $FICOs cost under this performance-based model. This wont be nearly enough to drive adoption of VS particularly when given the risk of higher loan losses and/or a risk premium required by MBS mkt when VS-scored loans are securitised"  
[X Link](https://x.com/GHadjia/status/1975705407286124995) [@GHadjia](/creator/x/GHadjia) 2025-10-07T23:30Z 10.1K followers, 1766 engagements


"Overall this looks like a strategically smart move by $FICO that could result in a step function change in growth that the market hasnt fully appreciated yet"  
[X Link](https://x.com/GHadjia/status/1975705409353883854) [@GHadjia](/creator/x/GHadjia) 2025-10-07T23:30Z 10.1K followers, 1678 engagements


"In the letter below we talk about $ASML $GOOGL $SNPS and $PAR"  
[X Link](https://x.com/GHadjia/status/1976381316515103186) [@GHadjia](/creator/x/GHadjia) 2025-10-09T20:16Z 10.1K followers, XXX engagements


"$SNPS is the leading vendor of electronic design automation (EDA) software tools used for integrated circuit design and the #2 licensor of chip design IP. EDA tools are mission critical for anyone who wants to design chips (e.g. $NVDA $AAPL $BABA etc)"  
[X Link](https://x.com/GHadjia/status/1976381343694266493) [@GHadjia](/creator/x/GHadjia) 2025-10-09T20:16Z 10.1K followers, XXX engagements


"Reposting as this disappeared from my profile after posting. Writeups on $ASML $GOOGL $SNPS and $PAR for those interested in our Q3 quarterly letter. Would love to hear thoughts and any pushback"  
[X Link](https://x.com/GHadjia/status/1977656772870787233) [@GHadjia](/creator/x/GHadjia) 2025-10-13T08:44Z 10.1K followers, 4619 engagements