Ari Sass

I like adjusted, pro forma, fully synergized, constant currency, non-GAAP EBITDA and MF DOOM.

[Ari Sass @FullySynergized]

Probably an unpopular view but a lot of CEOs are too active in the conference circuit. Would much rather see them focused on their business than investor communication where the marginal value dwindles rapidly after the first fireside.

[Ari Sass @FullySynergized]

@bucketshopcap Feels like geopolitical risk-induced degrossing on crowded pairs

[Ari Sass @FullySynergized]

exuberance: proforma non-GAAP EPS, adjusted FCF, price/sales

fear: trough GAAP EPS, FCF minus SBC, price/book minus intangibles

[Ari Sass @FullySynergized]

@pmje73 💯. I’m saying I’ve observed many times where PM’s “loving their book” was largely a function of how it recently performed which is dangerous.

[Ari Sass @FullySynergized]

@modestproposal1 Is this from Jason Clinton?

[Ari Sass @FullySynergized]

Don't get me wrong I really like $CLH, but if any software company guided the way they did, it would've been met with bloodshed. One of those rare market moments where being an asset-intensive, manufacturing-sensitive industrial is actually the place to hide.

[Ari Sass @FullySynergized]

I’m sure tons of junior programmers are feeling anxious right now. But millions of SMBs with no engineers will need dedicated technical help to harness AI. This isn’t just displacement, it’s a new necessity for many.

[Ari Sass @FullySynergized]

If AI makes coding cheap and features copyable overnight, isn’t this actually a good setup for fast-following incumbents with high switching costs, regulatory moats, and products deeply embedded in mission-critical workflows?

[Ari Sass @FullySynergized]

@ZissouCapital 15% move on jobs report would be a first

[Ari Sass @FullySynergized]

Did a new AI real estate service company launch today or something? $CBRE $JLL etc

[Ari Sass @FullySynergized]

$CHRW a pretty good early case study on an enterprise w/ troves of data using AI to gain market share and generate operational efficiencies/margin expansion.

[Ari Sass @FullySynergized]

@TMTMoats @UpslopeCapital @lhamtil 🙏

[Ari Sass @FullySynergized]

I don’t know who actually reads our quarterly letters front to back but I’m highly confident that I get the greatest value from writing them. It forces me to revisit prior beliefs, provides structure and coherence to months of random and incomplete thoughts, and enables the team to better understand ideas and concerns that I may have poorly communicated previously in more informal settings.

[Ari Sass @FullySynergized]

@UpslopeCapital @lhamtil Right back at ya

[Ari Sass @FullySynergized]

@lhamtil Thanks pal. 🙏

[Ari Sass @FullySynergized]

@spudheadcapital I could only attach four screenshots :)

[Ari Sass @FullySynergized]

Or maybe this is why

[Thomas Chua @SteadyCompound]

Fundsmith is on track for its 5th year of underperformance.

In a recent interview, Terry Smith explains the reasons why—and what he thinks is wrong with the market today.

Key insights: 🧵

[Ari Sass @FullySynergized]

@michaeljburry Your framing is inconsistent. You can’t effectively mark SBC dilution to market but value share repurchases (at far lower prices) at historical cost.

[Ari Sass @FullySynergized]

@TihoBrkan No one owns these stocks based on 2010s-era theses anymore. The opportunity set has evolved dramatically and the TAM they’re pursuing is vastly larger. Nothing wrong with an evolving thesis as the facts change.