Leven

The game's the game.

Creating at

[Lewis Robinson @ExpectingValue]

A lot of truth in this and terrible for the market. Whole sectors widely written off as uninvestable as they have the Sword of Governmental Damocles hanging over them

[Casino Capital @CasinoCapital]

If you ever liked the Milton Friedman video on the pencil and the free market, you might enjoy this:

[Dirtcheapstocks @dirtcheapstocks]

Over the last 15 years, you could buy a basket of cheap, profitable, debt-free stocks with a controlling shareholder and rest easy knowing that PE buyers would buy a chunk of your basket at 10% above FMV.

I think we're nearing the end of that run. PE funds have longer lives and lower returns.

The PE game got so crowded because returns were good and rates were 0%.

Investors will always favor herding over first-principles thinking. It's the nature of humans.

Makes me wonder what will happen to the index fund investor.

They're in a really tough spot because most of them probably aren't even aware of the lofty valuations they're paying to buy stocks.

Those that are aware of valuations, are also aware that active money management is a largely a grift. They'd rather potentially overpay, than almost certainly underperform. Can't blame em, really.

These people can't manage their own money intelligently either.

I see a lot of future problems caused by today's high prices. And I don't see a good way to fix it.

Just gonna have to absorb some pain.

[Sidecar Investor @sidecarcap]

To own a big winner, the best thing an investor can do is remind themselves that it won’t be all roses.

There will be recessions, earnings misses, painful stock declines, and even real (but not fatal) management mistakes.

Holding through those things is the price you must pay.

[Leven @Leven954]

@Bkclaims Too much friction but could be unlocked by tokenised equities 24/7?

[Jesse Livermore @Jesse_Livermore]

A website for trading fake money is a net negative.

[Compound248 💰 @compound248]

Patrick Degorce is a f*cking hero.

He literally GAVE (not invested) Moderna the money it needed to start its cancer research.

Say his name.

[HRouge @hareng_rouge]

UK fund manager magic touch award winner: Terry Smith 🥂🎉

[Compound248 💰 @compound248]

When I was coming up in the business, the canonical example of the DANGER of short selling was:

"Always be careful with sizing - if you're too big in a short, and they cure cancer, it can end you."

Welp, $MRNA +175% on...checks notes...curing cancer.

[Kevin Gee @kevg1412]

Peter Darling on the qualities of an outstanding investor

[Mike Kytka (MoneyFlow Research) @moneyflowinvest]

Malaysia PayNet is live. 9 live direct connections for $WSE now, up from only 4 in 2023.

This is where the compounding keeps happening and nobody talks about it. Each one strips an intermediary out permanently, reducing transfer costs and increasing speed (Wise is currently at 77% under 20s and 0.5% take rate)

Also hilarious that 9 payment system regulators have said yes to direct access while the US (The banking mafia) has said no.

$WISE $WSE

[Leven @Leven954]

@willis_cap @grok how have these stocks performed since?

[Compound248 💰 @compound248]

Tremendous response by LVMH’s Bernard Arnault, following Le Monde’s six-part serial on him and the supposed intrigue of his family.

You’ll enjoy reading it.

(I’ve included the English translation of Arnault’s 3-page letter)

[Leven @Leven954]

An excellent piece 🎯

I took two positives from yesterday’s news i) it reiterates the difficulty of what they’re doing ii) they get to buyback more shares 😂

I bought more myself

Ps if they could take on Stripe in card payments it would be huge, I keep reading how expensive they are. Few businesses have the infrastructure to challenge them but Wise does.

[Rene Sellmann @ReneSellmann]

Read it here: https://t.co/SmGkAWojKw

[yanhaijin @yanhaijin]

Revenue related to cards and platforms continues to show the most impressive growth rate.

[Leven @Leven954]

@ReneSellmann 🤷‍♂️

[Patrick Collison @patrickc]

It's been interesting and puzzling to witness the problems with accuracy in UK economic statistics over the past few years. (See the links in the next tweet for more.) It seems that the Office for National Statistics, ONS, now struggles to effectively measure basic figures such as employment, trade, and inflation. This resulted in a quite scathing government report published last summer, where Robert Devereux, a former permanent secretary, concluded that "most of the well-publicised problems with core economic statistics are the consequence of ONS’s own performance."

There's a lot of discussion about the travails facing the UK these days (including this big piece in The Atlantic a few weeks ago[1]), and the problems with the ONS feel like an unsettling microcosm of diffuse decline in broader institutional competence.

Anyhow: at Stripe, we became curious about the UK's published entrepreneurship data. While we observe a boom in many parts of the world, official figures don't show a similar increase in the UK. In the latest Stripe Economics post, we dug into the data, and, as far as we can tell, the official figures are probably misleading. The good and the bad news (mostly good, I think!) is that the UK is almost certainly witnessing an unmeasured boom in entrepreneurship: https://t.co/R7oTZNmxc6

UK-specific issues aside, I suspect that this measurement question is illustrative of forthcoming econometric challenges. Keeping the world's macro indicators up-to-date in response to the faster-than-usual changes wrought by AI will be both increasingly difficult and increasingly important in the coming years.

[1] https://t.co/OAnwRmpyON

[Vyza @Vyzadotdev]

https://t.co/Zoz0P4OAbX — Sunshine, Tax Rates & Cost of Living by Location @georank

Love this - I think country/city comparison tools are going to become popular as an increasingly mobile workforce looks for better places to live with lower taxes

[Willis Cap @willis_cap]

Solid list of potential new longs just dropped