Morrow Strand

Where the tide takes you

[Morrow Strand @Morrow_Strand]

He was the joke on the desk. The UF kid in a pile of Wharton and MIT. Fifteen years later he'd taken a company public at $2.7B with no flying aircraft and built a $39B robotics company without a sale. This is Brett Adcock's meteoric rise. Enjoy! https://t.co/NCHVLbvV3Z

[Morrow Strand @Morrow_Strand]

@rich_toad Got pitched by this guy why the rock being involved in acorns made for a great investment. We’re all suckers for something.

[Morrow Strand @Morrow_Strand]

@internpierre

[Morrow Strand @Morrow_Strand]

@mhmhmgood @NegativeAlp Is the decel in the room with us? Unfortunately it is and now I wanna kms 😔

[Morrow Strand @Morrow_Strand]

@qcapital2020 Mindset is you’re a daddy’s boy and your whole life has been fueled by OPM

[Morrow Strand @Morrow_Strand]

@NegativeAlp Sorry to break the fourth wall but this is all sarcasm. Except CCC. That’s a value trap shitco and we stand by our research on the name.

[Morrow Strand @Morrow_Strand]

@NegativeAlp As for our positions, we have only discussed our CCC short and Figure AI SPV 🐐. You can start your fade there.

[Morrow Strand @Morrow_Strand]

"Jump autonomously"

The goat.

[Brett Adcock @adcock_brett]

Here are some of the behind the scenes for the F.02 Decommission

To be clear: we actually trained our robots to jump autonomously, shipped them to Finland, and had them leap into a vat of molten steel

[Morrow Strand @Morrow_Strand]

Happy to see our writeup mentioned on VIC.

If anyone knows specialk992, please let us know in DM.

[Morrow Strand @Morrow_Strand]

He was the joke on the desk. The UF kid in a pile of Wharton and MIT. Fifteen years later he'd taken a company public at $2.7B with no flying aircraft and built a $39B robotics company without a sale. This is Brett Adcock's meteoric rise. Enjoy! https://t.co/NCHVLbvV3Z

[Morrow Strand @Morrow_Strand]

Expect anything different?

Marketing masterpiece.

[Figure @Figure_robot]

F.02 Decommission

[Morrow Strand @Morrow_Strand]

$GETY Bummer Chinh Chu stepped down as Board member last month. So many of these legendary PE guys just stuck in a previous world. Reminds me of being on a call with Michael Klein getting pitched $SKIL when it was an obvious value trap then. Different world.

[Bloomberg @business]

Getty Images is holding confidential talks with lenders about injecting new money into the cash-strapped company, potentially through a debtor-in-possession loan, according to people familiar with the situation. https://t.co/lYaeevj3Bi

[Morrow Strand @Morrow_Strand]

Shay Capital? The venture firm?

[Varda Space Industries @VardaSpace]

Today, we’re announcing Varda’s $250M Series D raise, bringing the total amount of capital raised to $598 million with a $1.6B valuation.

This funding will help us build more vehicles, grow pharmaceutical partnerships, and advance toward the first medicine manufactured in space for patients on Earth.

[Morrow Strand @Morrow_Strand]

$CCC sale process now at 82 days vs 39 days before the 2023 process was pulled over price.

[Morrow Strand @Morrow_Strand]

That's only one leg of the terminal value at risk story, too. We think the "interested PE parties" are simply only interested because of CCC's glory days. Githesh tried with sloppy M&A in a different vertical, then tried with financial engineering... A quick look under the hood will turn any potential buyer away.
https://t.co/4TVlGMVuKV

[Morrow Strand @Morrow_Strand]

Seven sunsets since $CPRT captured $ACVA. Thirty since Bloomberg whispered of a sail for $CCC. Conference bells ring unanswered; shares drift lower. I lie on wax and foam beyond the breakers. Perhaps the buyer was only a trick of the light.

[Morrow Strand @Morrow_Strand]

@Investor_NICK_ @Crussian17 Panic selling would be selling after gta comes out, it does fine, and then everyone panics over the future of Rockstar, the development process of AAA games, and if GTA6 is the last before the industry gets flipped on its head. The social arbitrage traders aren’t positioned 😉

[Jared Kubin @JaredKubin]

this is the OP with a long thread... @0xFaust12 really nailed a lot of great points here that battle scarred practitioners spend careers thinking about...

If I had to TLDR his articulate thread simply.... it would be something like this... "discretionary fundamental stock picking is being eaten alive by latent factor exposures, execution slippage, and systematic scale... more concentration is not the answer and the data proves it"

whicked smaht

ALTHOUGH....I think the implied conclusion of where it all leads is different than how I am thinking about it... X above... therefore Y.. "only the pod bois and massive prop firms with custom C++ optimization stacks can survive”

what we are seeing in other industries is... AI WILL democratize the quant stack.. piece by piece... we are seeing it now. If you following along my MID FREQUENCY WARZONE journey.. you are watching it play out in real time... QUANTS have their own issues to figure out, which are very hard problems in dynamic systems, more on that later

you don't need to build AWS to launch a software startup.... you won't need a $50M internal C++ quant team to execute systematic, risk bounded fundamental alpha in 2028...

the pod bois won the last decade because they owned the compute, the data pipes, and the solvers.... agentic tech & intelligence on tap like energy flips everything on its head

I REFUSE TO BELIEVE the future is a world where fundamental managers die an extinction event (come on)....of course ones that refuse to adapt will slowly bleed out like all tech revolutions (basic history)... the ones that adapt.. well, it’s a world where the entire quant, risk, and execution stack is unbundled into headless, plug and platy intelligence... where they get to focus 100% on what makes their forecasts unique and interesting vs the market...

the future is EXCITING! buckle up

[Morrow Strand @Morrow_Strand]

Update: One board cut loose. We are no longer long $QXO after Michael Burry disclosed his long position. We don’t associate with losers.

Still aboard $RRX and $RKT. Two boards lashed together, waiting for the tide to turn.

[Morrow Strand @Morrow_Strand]

Three boards lashed together, waiting for yields to ebb: $RRX, $RKT, $QXO.

The tourists from Kerrisdale's voyage have abandoned RRX.

RKT rides the swell; UWMC’s bones lie on the seabed.

QXO drifts below book, 59% beneath its yearly crest, the weight of too many secondaries finally pulling it under.

I own all three. Now we wait for the wind to turn.

[Morrow Strand @Morrow_Strand]

Three boards lashed together, waiting for yields to ebb: $RRX, $RKT, $QXO.

The tourists from Kerrisdale's voyage have abandoned RRX.

RKT rides the swell; UWMC’s bones lie on the seabed.

QXO drifts below book, 59% beneath its yearly crest, the weight of too many secondaries finally pulling it under.

I own all three. Now we wait for the wind to turn.