Chris De Sousa 🇨🇦

Portfolio Manager at MPWC

Marnoa Private Wealth Counsel Ltd. or I may own stocks mentioned in tweets. Nothing here is advice. Do your own due diligence.

[Chris De Sousa 🇨🇦 @ChrisMPWC]

I was recently featured in Investment Executive, where I shared my thoughts on:

1. Balance-sheet risk appearing in unexpected places
2. #Inflation uncertainty
3. #Volatility increasingly clustered around narratives, not fundamentals

Read here: https://t.co/nTKAnbwNGu

[Sidecar Investor @sidecarcap]

Each year, I come across just two or three ideas that move the needle. This was one.

[WTCM @WTCM3]

Capital tech analyst Sugi Widjaja on engaging with Nintendo in 2012 $7974

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Did the latest antitrust ruling weaken Google's data moat that previously protected it from meaningful competition?

Read my views on the antitrust ruling here: https://t.co/OIGAZysfUM

#GoogleSearch #TechPolicy #Antitrust #Regulation #BigTech #DataSharing

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Google's recent antitrust ruling turned out more favorable than expected. But several risks remain. $GOOGL $AAPL

Read my views on the antitrust ruling here: https://t.co/OIGAZysfUM

#GoogleSearch #TechPolicy #Antitrust #Regulation #BigTech #DataSharing

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Volatility is the #tradeoff for long-term returns. While the S&P 500 has averaged strong annual gains, nearly every year has come with meaningful #drawdowns along the way.

Read my latest article here: https://t.co/uiP3F7yEK7

#marketvolatility #longterminvesting

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Google $GOOGL pays Apple $AAPL an est. $20B/yr to keep Google Search as the default on Safari. But the court ruling opens the door for rivals to outbid. With annual resets, Google’s TAC could see greater volatility than previous years.

Read my views here: https://t.co/OIGAZysfUM

[Rihard Jarc @RihardJarc]

A very insightful interview with an $NVDA employee (also a former $GOOGL employee) on the $NVDA/ASIC topic:

1. He doesn't think the split between $NVDA and ASICs in the next 5 years will be 50/50, but more like 80/20 or 70/30 in favor of $NVDA. He does think that $GOOGL TPUs bring cost savings, but doesn't think they are as performant as $NVDA GPUs. He mentions that on a token-per-second basis, a TPU is around 1500-2000 tokens per second, while an H100 is at 2000-3500 tokens per second in the optimized setting.

2. He gives examples of when TPUs or GPUs are good for usage. If you ran ChatGPT5 inference for simple queries like picture drawing, he thinks TPUs would be more cost-effective. He also mentions that they are seeing that $GOOGL is offering significant discounts to clients to use TPUs.

3. He mentions that in his view, Elon's xAI is building up a tremendous salesforce and making a massive disruption, and that their goal is to sell compute and become $ORCL.

4. He says that $NVDA in some cases is putting in new GPUs/accelerators and buying back old ones from clients: »If a customer has A100s and they want to go to H100s, we'll buy back the servers and the chips and then resell them overseas.«

5. He hints that he believes that $CRWV will be an »absolute monster« in the next 3-5 years as they are getting prioritization from $NVDA. He also hints at some significant announcements at the next GTC in October, specifically on the U.S. manufacturing side.

found on @AlphaSenseInc

[Chris De Sousa 🇨🇦 @ChrisMPWC]

We stay focused on investing in high-quality, competitively advantaged businesses exposed to secular growth trends and expanding addressable markets.

Read my latest article here: https://t.co/uiP3F7yEK7

#longterminvesting #longtermgrowth #wealthbuilding #investingwisdom

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Volatility is just the market’s way of shaking the table. True investment risk isn’t the ups and downs, it’s the chance of losing money for good.

Read my latest post here: https://t.co/uiP3F7yEK7

#marketvolatility #longtermgrowth #longterminvesting

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Investors who orient decisions around the next few weeks, months, or even days tend to become highly vulnerable to market noise.

Read my latest post here: https://t.co/uiP3F7yEK7

#MarketVolatility #LongTermThinking #LongTermInvesting

[Chris De Sousa 🇨🇦 @ChrisMPWC]

California does not recognize your Canadian retirement accounts as tax deferred. You must report all earned income & realized gains annually on your California tax return. 

Learn more here: https://t.co/Df2GXBjY3z

#CanadiansinCalifornia #CaliforniaLiving #RRSP #CaliforniaTax

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Marnoa Private Wealth Counsel Ltd. provides investment management and financial planning services to HNW individuals, families, and organizations across multiple Canadian Provinces and the U.S.

Learn how our services can grow and preserve your wealth. 

https://t.co/KAkrM84zYW

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Staying invested through the market’s wild swings improves your chances of achieving your long-term financial goals

$10,000 invested in the S&P 500 $SPY from 1995-2024 would have grown to ~$115,669

But missing the 10 best days in the market, that would turned into only ~$53,048

[Chris De Sousa 🇨🇦 @ChrisMPWC]

We stick to our principles and ask questions: Does this business have a durable competitive advantage? Is the mgmt team capable of allocating capital at attractive relative returns?

Read article here: https://t.co/R3cRrHx1J2

Companies mentioned: $LVMUY $DHR $AMZN $CTAS

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Stay invested in quality businesses in volatile times.

#MarketVolatility can be unsettling. Avoid making impulsive decisions like pulling your money out of the market. History reminds us that turbulent periods are temporary.

Read article here: https://t.co/qgcqVF5sqG

[Chris De Sousa 🇨🇦 @ChrisMPWC]

According to PitchBook, a provider of private market data, global private capital AUM is expected to grow from $18.7 trillion in 2024 to $24.1 trillion by 2029—an estimated annualized growth rate of 5.2%

$BN $BX $APO $KKR $CG $OWL $BLK

Read article here: https://t.co/39yDuHKWIB

[Chris De Sousa 🇨🇦 @ChrisMPWC]

Rather than dividing the market into arbitrary value versus growth classifications, we focus on buying exceptional businesses at a reasonable price with durable competitive advantages while avoiding those with weaker fundamentals.

[Chris De Sousa 🇨🇦 @ChrisMPWC]

We believe banks & acquirers, not payment networks, face the most risk. Payment networks Visa $V & Mastercard $MA appear to be winners in our view as #stablecoins infrastructure offers them new revenue opportunities.

Read article here: https://t.co/EHc66VfPbd

[Chris De Sousa 🇨🇦 @ChrisMPWC]

@ftreric @benfritz @viggy_krishnan @nealmohan @aleximm Thanks for the mention Eric. My other write-ups can be found here: https://t.co/XuG90DcyUp