{"podcast":{"title":"Hims House","slug":"hims-house-7026583","podcast_index_feed_id":7026583,"rss_url":"https://anchor.fm/s/10e9c0874/podcast/rss","website_url":"https://himshouse.substack.com/podcast","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/45300741/1466fea8bed61dc7.jpg","author":"Jonathan Stern","episode_count":73,"summary":"Hims House is the ultimate podcast for Hims & Hers investors. Hosted by Jonathan Stern and Patrick Lester, Hims House breaks down all the key questions shaping $HIMS — from telehealth and pharma to GLP-1s, compounding, and the future of healthcare. New episodes every week. himshouse.substack.com","last_synced_at":"2026-07-08T00:20:15.279819+00:00","page_url":"https://stenobird.com/podcast/hims-house-7026583"},"episode":{"title":"Hedge fund manager Imran Khan bought more Hims at its most hated moment -- here's why","slug":"hedge-fund-manager-imran-khan-bought-more-hims-at-its-most-hated-moment-here-s-why","published_at":"2026-06-16T12:00:00+00:00","page_url":"https://stenobird.com/podcast/hims-house-7026583/hedge-fund-manager-imran-khan-bought-more-hims-at-its-most-hated-moment-here-s-why","show_page_url":"https://stenobird.com/podcast/hims-house-7026583","url":"https://podcasters.spotify.com/pod/show/jonathan-stern1/episodes/Hedge-fund-manager-Imran-Khan-bought-more-Hims-at-its-most-hated-moment----heres-why-e3kr7db","audio_url":"https://anchor.fm/s/10e9c0874/podcast/play/121527147/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-15%2F426209571-44100-2-0010d51228dd6.mp3","summary":"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' 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's IPO, software vs semis in the AI capex cycle, Duolingo as a "learning social network," buybacks and insider buying, and the dangers of excessive leverage and round-the-clock markets. 00:00 - Sponsor: Superpower 02:07 - Conviction to double down on Hims 04:32 - How being an operator reshaped his investing 06:51 - Inside the Proem portfolio 09:38 - The bull case for Hims 14:15 - Why founder focus matters 15:45 - Execution is the whole bear case 17:45 - The LTV and CAC flywheel 21:56 - The risk of hiring big-company execs 27:03 - Is the pace of product development too slow? 29:51 - Let the numbers speak 31:10 - Gross margins heading the wrong way? 32:59 - What SpaceX's IPO does to markets 35:33 - Software versus semis in the AI cycle 38:51 - Duolingo as a learning social network 42:45 - Buybacks and why insider buys don't excite him 44:28 - Why memory names may go higher 45:23 - The value of sell-side research 48:31 - Why he lov…","meta_description":"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 (1…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3230,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/hims-house-7026583/episodes/hedge-fund-manager-imran-khan-bought-more-hims-at-its-most-hated-moment-here-s-why/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/hims-house-7026583/hedge-fund-manager-imran-khan-bought-more-hims-at-its-most-hated-moment-here-s-why.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}