Michael Linvest

[James Chanos @RealJimChanos]

The Digital Realty ($DLR) purchase of legacy data centers announced last night is interesting for three reasons: First, at the disclosed 6.5% cap rate, the deal values $DLR’s equity at below $100!

[Bill Ackman @BillAckman]

An important read on the hyperscalers and why we are bullish.

[Bespoke @bespokeinvest]

Publicly-traded private equity and private credit stocks have pulled back again as rate hike expectations have increased and software stocks struggle. $CG has been one of the weakest recently, making 52-week lows. Apollo $APO still up 25% from March low.

[Bill Gurley @bgurley]

https://t.co/X3MLBWJNMo

[Bill Ackman @BillAckman]

This is the slide deck for our 10am EDT/4pm CET @UMG presentation.

https://t.co/2tGwag3NKd

[Blackstone @blackstone]

At an annual meeting with top financial advisors, $BX's Jon Gray explains why the math doesn’t add up on some of the predictions around private credit. Watch:

[Shane Parrish @shaneparrish]

Connor Teskey is one of the least-known people in asset management.

And yet, at 38, he just took over as CEO of Brookfield Asset Management from Bruce Flatt and is now responsible for managing over 1 trillion in assets.

Few people have as wide a view of the global economy and what's happening in it as Connor.

We discuss:

- The lessons he learned working with Bruce Flatt (and where they differ)
- His meteoric rise in a highly competitive firm
- What's not changing in the global economy
- How he isolates variables to de-risk decisions
- Why waiting for perfect information is futile
- Betting against the crowd and being right
- Using AI to increase value, not cut people

And so much more.

This is Connor's first-ever podcast (and long-form interview for that matter).

It's time to listen and Learn.

[Daniel Mahncke @MnkeDaniel]

https://t.co/H4YOJbq519

[Brookfield @Brookfield]

#ICYMI we released our 2026 Investment Outlook. It lays out the structural shifts reshaping the global economy—and why they’re setting the stage for one of the most pivotal investment environments in years.

We share what this means for long-term investors and where we see compelling opportunities emerging across sectors.

Read the full outlook: https://t.co/9yBB6oFj3T

[Brookfield @Brookfield]

As we look ahead to the New Year, we’re excited to share our 2026 Investment Outlook— a view of the forces reshaping the global economy and why they’re creating one of the most defining investment periods in decades.

We break down what that shift means for long-term, disciplined investors and where we see opportunity across sectors.

Read the full piece here: https://t.co/4OsvO86FZX

[Restructuring__ @Restructuring__]

Houlihan Lokey’s negative view on current credit cycle

Credits market may look calm, but Tuck Hardie, a managing director in Houlihan Lokey’s Financial Restructuring Group, argues that they are sitting on top of years of can kicking. Since the pandemic, extensions and policy volatility are colliding with a weak U.S. consumer.
In this podcast, Tuck Hardie explains why this credit cycle is more fragile than it looks
1) Late cycle calm with classic end-of-cycle stress signals
2) Post-pandemic is maturing into restructurings
3) A more fragile US consumer
4) First Brands as a cockroach moment
5) Capital glut, LME 2.0, and a tougher holdout landscape
6) Cross-border tools and capital solutions 🧵

[Ryan Schulten @ryan_schulten]

Driven Brands is selling its U.S. car wash business for $385M, just 3.3x EBITDA. No real estate, just OpCo. Follows Zip’s bankruptcy, this highlights the brutal reality of the express wash market and challenging landscape.

[Culper @CulperResearch]

1) We are short AppLovin $APP, an AdTech platform for mobile games. Having peaked at $173 billion in market cap, we believe AppLovin could go down as the single largest stock promotion unraveling since at least the GFC. Our full report is now available on our website, https://t.co/RE8Wi3tuti

[Joseph Carlson @joecarlsonshow]

Anyone buying this dip? It's only trading at 97x sales.

I think it's a steal if you can get it under 100x sales.

[3:10 Value @310Value]

$BN SOTP is $103 per share. Just the value of the four publicly traded entities alone are worth $$55.40 vs today's current price of $60.44. That means you are picking up the GP investments in the funds, its annuities business, a lot of carry, and a lot of real estate for free.

[Restructuring__ @Restructuring__]

Bill Ackman just dropped one of the most comprehensive portfolio updates and new investment overview in years covering 👇

New Investments: Uber

Portfolio Update: Universal Music, Google, Brookfield, Restaurant Brands, Chipotle, Nike, Hilton, Howard Hughes, Canadian Pacific, Fannie Mae and Freddie Mac

1/n 🧵

[Oliver | MMMT Wealth (CPA) @MMMTwealth]

Here's why Bill Ackman is correct in purchasing $2.5B worth of $UBER 👇

[Bill Ackman @BillAckman]

Beginning in early January, we began acquiring a position in @Uber. Today, we own 30.3 million shares.

I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days. I was also fortunate to be a day-one investor in the company through a small investment in a venture fund.

While a great business, Uber suffered from erratic management. Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine.

We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company.

We will have more to share about our thinking on the company shortly.

[Autism Capital 🧩 @AutismCapital]

@sama deepseek's r1 is an impressive model, particularly around what they're able to deliver for the price.