beau

[beau @beauchao]

@choffstein Yes same, does being fooled by randomness pilled help with investment performance? 🤔

[beau @beauchao]

The point of diversification isn’t to maximize returns, it’s to survive uncertainty.

[beau @beauchao]

Asset allocation isn’t just about stocks vs bonds. Alternative strategies like managed futures can smooth returns when traditional markets are turbulent.

[beau @beauchao]

@BowTiedVitamins how come mg malate instead of glycinate etc.?

[beau @beauchao]

@plantmath1 $RDFN hasn't consistently made money on EBITDA basis yet (except for the extraordinary 2020) - not sure when appetite for unprofitable growth will return

[beau @beauchao]

valuation and financials look attractive - pro-forma EV/2021 EBITDA ~6.5x and adj EBITDA margin YTD 30%

[beau @beauchao]

While MSOs often get the most attention, Schwazze ($SHWZ) is a cannabis operator focused on Colorado (and recently New Mexico) which seems like an interesting investment
Colorado is the second-largest cannabis market in the US (~2.2B), relatively mature, yet still growing

[beau @beauchao]

reform in 2019 enabled out-of-state investment in CO cannabis, and Schwazze is rolling up cannabis operators in the state, with a team experienced in M&A. 7 acquisitions YTD

[beau @beauchao]

@Logos_LP they've probably transitioned from P/S (for hypergrowth) to EV/EBITDA, where ~20-30 seems reasonable (so, ZM is getting there)

[beau @beauchao]

@dailydirtnap @jsmian 🤯

[beau @beauchao]

@buccocapital hyperconnect deal seems underwhelming?

[beau @beauchao]

@J45122 valuation is definitely attractive but their operations don't seem quite as tight as verano/gti (perhaps because their team is very finance-y)

[beau @beauchao]

@adam_grossman1 @aaronvalue @yongecity yea listening to their call, it doesn't sound like their operations are as tight as verano, trulieve, or gti. jon interrupts his team on almost every question. they seem to be more affected by supply chain issues/delays compared to the other top tier msos.

[beau @beauchao]

@ScottW_Grizzle @ycharts also somewhat company specific - they reported earnings on 11/11 and expect headwinds for the next 6 months given exposure to mature markets, whereas the MSOs are more exposed to growing/new markets

[beau @beauchao]

@Investing_Lion I have owned all of these at one point and the only one I still own is $ETSY - e-commerce tailwind with network effect accelerated by covid (perhaps the same hypothesis applies to $FVRR but $ETSY is more proven)

[beau @beauchao]

@richard_chu97 @Atreidesmgmt ah cool!

[beau @beauchao]

@richard_chu97 @Atreidesmgmt didn't see GDRX on https://t.co/jL1M0qWwqI - did you see it somewhere else?

[beau @beauchao]

@plantmath1 traded yesterday at 1.5

[beau @beauchao]

@maybebullish Tencent seems like the most attractive one considering WeChat's indispensable role