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Discord buy alert — CBOE (Cboe Global Markets)

A one-line members-only buy alert: exchanges are "great businesses I've admired but were a little rich"; a big drop hands him a chance to buy Cboe "for the long term." The jul-10 Royalty King interview elaborates the same quality-on-an-exogenous-drop method.

2026-JUL-09 · John Polomny Discord (AIA community) · John Polomny · written post (no timestamps) · ↗ Read on Discord · transcript

In one line: Polomny bought Cboe Global Markets (CBOE) — an exchange he calls a great business he'd long admired but always found a little expensive; a sharp drop (the perpetual-futures / Kalshi legislation that repriced the exchange group) gives him "another chance to buy in for the long term." A long-term quality buy, not a trade.

1. Stocks & names mentioned

Ticker	Name	Research	View	What he said	At
CBOE	Cboe Global Markets	QT · SA · STK · FA	Positive	"Bought shares in (CBOE). These exchanges are great businesses that I have admired for a while but were a little rich. The big drop gives me another chance to buy in for the long term." A quality exchange bought on an exogenous drop that didn't touch the moat — held for the long term (not a trade).	read ↗

Stance is this post's framing only. "read ↗" opens the members-only Discord message.

2. Talking points

Buy a quality exchange on an exogenous drop

Exchanges are "great businesses" he had "admired for a while" but which stayed "a little rich" through the bull market — so he waited rather than overpay.
A "big drop" (the perpetual-futures / Kalshi legislation that repriced the exchange group without changing the underlying franchises) is the entry he was waiting for.
Explicitly framed "for the long term" — a buy-and-hold of a quality compounder, not a trade around the news.

3. In plain English

CBOE — Cboe Global Markets Positive

Cboe runs stock and options exchanges — it collects a small fee on enormous volumes of trading, a toll-booth business with a wide moat and high margins. Polomny had wanted to own it for years but the price was always a bit too high. When new legislation opening up "perpetual futures" (tied to prediction-market operator Kalshi) spooked the whole exchange group and knocked the shares down sharply, nothing actually changed about Cboe's business or its moat — so the drop simply made a company he already liked cheap enough to buy. He bought it "for the long term," meaning he intends to hold and let it compound, not flip it on a bounce.

Built from the members-only Discord buy alert (reproduced in the saved text) — wording is Polomny's own. For personal study — not investment advice.