“I’ve been a Democrat my whole life.”
Credit where it’s due: Alex Karp definitely shows boldness.
In an interview with Politico on Wednesday, the unflappable Palantir CEO declared this statement. He then claimed to possess more knowledge about being a progressive than nearly anyone worldwide. He went on to assert that every product Palantir develops is “essentially progressive.”
At one point, Karp repeated the word “progressive” eight times during the conversation, almost as if rehearsing it in front of a mirror.
And that timing? Not even a year after the Republican Congressional Majority collapsed.
A little over a year ago, the same man told shareholders Palantir was “the first company to be completely anti-woke.” In that call, he proudly stated, “We power ICE.” In 2024, he dismissed wokeness as a “thin pagan religion,” and in 2025, he urged his Democratic allies to “grow a spine.”
Seriously.
The Stock I Loved
Back in October 2023, I advised you to invest in Palantir the stock, not Palantir the corporation. PLTR was trading in the teens at that point. As of yesterday, it closed at $172.40. If you invested then and stayed put, your investment has roughly multiplied tenfold.
My reasoning centered on the Cantillon Effect—newly printed government money first lands in a few fortunate sectors. Those areas accumulate wealth ahead of others. Palantir was positioned right at the nexus of Congressional defense and spy budget decisions.
So I’m not mad at Karp; I’m thankful. In fact, I foolishly sold once my shares doubled, missing out on much of the gains.
Yet, he just reinforced my thesis again, all while maintaining a poker face!
The Vicar of Bray
Karp isn’t unique in adopting a new allegiance soon after political shifts.
In 1662, English clergyman Thomas Fuller recounted the tale of the Vicar of Bray. Bray, a small parish near Windsor, had a vicar who supposedly served under four different Tudor monarchs: Henry VIII, Edward VI, Mary, and Elizabeth.
With England’s official religion switching nearly every time the crown changed, the vicar adapted accordingly—Catholic, then Protestant, then Catholic again, then Protestant once more.
Fuller observed that the vicar had witnessed the brutal execution of martyrs just miles away in Windsor and decided that such a fiery fate was too much for him.
When accused of being a turncoat, the vicar defended himself by stating he held just one principle: to remain the Vicar of Bray at all costs.
Though historians now believe the story mixes several individuals, the English adored the narrative enough to write a ballad. Its refrain captured the vow plainly:
Whatever king may reign, I’ll still be the Vicar of Bray.
Losing His Religion
Palantir’s primary client is the U.S. government. According to NPR, the company manages nearly $2 billion in federal contracts. Last quarter alone, the government paid Palantir $953 million. That’s a significant amount to jeopardize over a few controversial statements.
And new leadership arrives this January.
Senator Ron Wyden is set to lead the Senate Finance Committee. He’s already seeking explanations regarding Palantir’s Homeland Security work, with his office warning that compelled testimony may be required if cooperation isn’t forthcoming.
In response, on Monday Palantir brought on former Democratic Senator Jon Tester of Montana as an advisor. Tester spent 18 years in the Senate and was a vocal critic of the Patriot Act, opposing invasive surveillance. Now he’s advising a firm whose tech aided ICE in tracking deportations. Tester told NPR the company “believes in privacy.”
Does anyone have any shame anymore?
Karp also shared with Politico that his political contributions are evenly split between Democrats and Republicans.
Why hold firm beliefs when you can simply hedge your bets?
Why the Vicar Always Wins
Come January, the group controlling Palantir’s finances will change. Any company reliant on government funding must cater to whoever controls the budget.
The vicar didn’t care about religious doctrine—only the income tied to his parish. Similarly, Karp isn’t concerned with being “woke” or “anti-woke.” What matters to him are the contract renewals.
This is the true takeaway from a Cantillon stock: you’re betting on the flow of funds, not the party in power. It makes no difference who controls the tap.
What It Means for Your Shares
For PLTR shareholders, that’s reassuring to a degree. The leadership has shown it will say whatever necessary to maintain government funding—that’s likely the investment thesis from 2023.
Still, the stock price tells another story. PLTR trades at over 100 times its earnings and currently sits about 20% below its 52-week peak of $212.94. A vicar can change churches, but that won’t make the donation box overflow indefinitely.
The biggest threat to PLTR’s stock might actually come from a broad tech selloff, partly fueled by Jensen Huang’s extramarital activities.
PLTR’s Weekly Chart, with our buy call back in October 2023
Recall Richard Maybury’s advice on capturing government funds: identify it, tap into it, don’t count on it lasting forever, and always seek the next opportunity.
Wrap Up
One final Tudor tale before signing off.
Another man who served those same monarchs was Thomas Tallis, a composer and organist at the royal chapel. He created music for both Catholic and Protestant ceremonies but reportedly remained Catholic throughout his life, facing considerable risk.
Over 400 years later, choirs continue to perform Tallis’s works, while the vicar survives only as a joke.
That said, you don’t need to admire the vicar to profit from the parish.
Have a great day ahead.
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