BernardBaruch

Lord Jesus Christ. Son of God. Have mercy on me. A sinner.

[BernardBaruch @BernardBaruch]

Titus 3: 5-7

[BernardBaruch @BernardBaruch]

@Oddhootcapital @MiguelGotz $ARDX is 93% of my portfolio
other 7% is $HHH

[End Wokeness @EndWokeness]

7 Latin American elections since USAID was defunded:

🇨🇱 Chile: "far-right" Kast won
🇧🇴 Bolivia: "far-right" Paz won
🇵🇪 Peru: "far-right" Fujimori won
🇪🇨 Ecuador: "far-right" Noboa won
🇭🇳 Honduras: "far-right" Asfura won
🇨🇴 Colombia: "far-right" Espriella won
🇨🇷 Costa Rica: "far-right" Fernandez won

[BernardBaruch @BernardBaruch]

@crypto_biotech You are in before the active managers. You should do well in the event your thesis pans out.

[Keith Wilson @ikwilson]

Please give our new independence group a follow.

[BernardBaruch @BernardBaruch]

@iqrafatma1278 She is an arrogant twit

[BernardBaruch @BernardBaruch]

@OleTimeHardball Willie Mays

[BernardBaruch @BernardBaruch]

@OleTimeHardball Al Rosen

[Bobby Laughlin @BobbyLaughlin01]

There is an even wider discount to intrinsic value with $HHH. Is $HHH restricted in its ability to authorize a share purchase program because of Pershing’s ownership % restrictions? If so, can you please update us on if you intend to seek to remove this restriction and initiate a buyback program?

[George Noble @gnoble79]

I was 26 years old when Peter Lynch handed me this.

April 28, 1983. I was the auto and retail analyst at Fidelity.

Peter was in his prime, on his way to building the greatest mutual fund track record in history:

29.2% annual returns for 13 YEARS STRAIGHT, growing Magellan from $18 million to $14 billion. The Babe Ruth of investing.

I'm looking at the principles he had typed up on a single sheet of paper that I've kept in my files for 42 years and I believe now is the perfect time to revisit them again.

Let me walk you through a few:

Rule 1B: "You need an edge to make money. Do not rely on a combination of hope and good luck."

Today's retail investor has no edge. He has Reddit, Robinhood, zero-DTE options and a TikTok algorithm pushing him into whatever stock just ripped 200% the day before.

That's hope and good luck wearing a fancy costume.

Rule 1E: "Purchase stocks like one would purchase a business."

Tesla trades at over 360 times earnings on a business deteriorating in real time, Oracle has $206 billion in liabilities against $39 billion in equity, MicroStrategy is a leveraged Bitcoin holding company priced like a software firm, and don't even get me started on SpaceX, that piece of garbage you'll be able to trade tomorrow...

Nobody in their right mind would buy these as actual businesses. They buy them as stories, narratives, and lottery tickets.

Peter would have called it the same way I do - these are not investments. They are speculations. GAMBLING.

Rule 1G: "Study the balance sheet and cash flow statement."

The hyperscalers spent over $380 billion on AI capex in 2025. Goldman says the measurable productivity payoff does not arrive until 2027 at the earliest.

Oracle just reported NEGATIVE $23.7 billion in free cash flow for fiscal 2026 while borrowing at a pace that would make a leveraged buyout firm nervous. The cash flow statements are screaming but nobody is reading them.

Rule 1I: "Avoid the long shot."

This one cuts the deepest.

The entire market has become a long shot.

OpenAI is projected to post roughly $74 billion in operating losses in 2028 ALONE while priced for transformation tomorrow. Bitcoin treasury companies are multiplying off thin air.

The retail investor of 2026 is making one long-shot bet after another and calling it a portfolio.

Rule 3A: "When the fundamentals change, sell your mistakes."

Tesla's fundamentals have changed.

California registrations are down 24% year over year and inventory days went from 10 to 27. Musk himself admitted on the last earnings call that Hardware 3 cannot achieve unsupervised FSD, breaking a promise made to 4 million customers.

The fundamentals have screamed change. But the stock is still at $385.

The mistakes are not being sold. They are literally being doubled down on with leverage.

Rule 3I: "A 30-50% profit in 12 months is great. Mediocre in three years."

Today's retail crowd expects 30-50% in a WEEK. Then they wonder why they get wiped out the second the hype stops.

And my favorite - Rule 3J: "Develop your own style and stick to it."

That is the entire game right there.

I developed mine sitting across the hall from Peter Lynch in 1983, watching him work, reading his notes, getting my own research handed back to me covered in his pencil marks. Then in 1984, my first full year managing money, I ran the #1 mutual fund in America. The Fidelity Overseas Fund was top 2 for the next six years running.

I did not get there by chasing narratives. I got there by following the sheet of paper you are looking at right now.

42 years later, this single page contains more wisdom than every Fintwit thread, CNBC segment, and Wall Street price target combined.

Peter retired in 1990 with the greatest mutual fund record in history. Then he sat down and wrote books explaining exactly how he did it.

Only a few "investors" these days read them.

And almost nobody is reading the balance sheets, the cash flow statements, or studying actual businesses today either.

They are chasing AI, crypto, and whatever pumped yesterday.

The wisdom on this page is timeless and it's more important than ever.

[BernardBaruch @BernardBaruch]

Take a breather. Life is 99% transactional. 1% personal. When it feels/gets personal a lot…step back. Trim your sails and engage much less for a while. More movies. Less politics. Maybe segue away from academy awards to “classic” film for a spell? Just a thought.
Write a book on the ins and outs at the academy pre 2000?
Something like that. A healthy and valuable distraction from political and ideological scrapping with the anarchist rabble?

[BernardBaruch @BernardBaruch]

@DarioCpx WTI trade big loser. AI typo. Proof read your work.

[ThePersistence @ScottPresler]

What in the world is going on?

Why is the @GOP X account suspended?

[End Wokeness @EndWokeness]

Latin America since USAID defunding:

🇨🇱 Kast ("far right") wins in Chile
🇧🇴 Paz ("far right") wins in Bolivia
🇵🇪 Fujimori ("far right") wins in Peru
🇪🇨 Noboa ("far right") wins in Ecuador
🇭🇳 Asfura ("far right") wins in Honduras
🇨🇷 Fernandez ("far right") wins in Costa Rica

Extremely telling development

[BernardBaruch @BernardBaruch]

@1nvestorGadget They’ll need $$ to get to market or to give themselves negotiating leverage with an acquirer. It’s wise to have a robust atm facility.

[BernardBaruch @BernardBaruch]

@DaveLovesMovies The Verdict

[Keith Wilson @ikwilson]

The October referendum should not be reduced to party labels, personalities, or political theatre.

It should be about a practical and serious question: do Albertans have sufficient say over the decisions that affect our jobs, homes, housing, services, and future prosperity?

In 2021, 61.7% of Albertans voted to remove equalization from the Constitution. Premier Kenney asked Ottawa and the other premiers to act. They did not. Nothing changed.

Albertans should understand the difference between symbolic consultation and real leverage. The other referendum questions may express Alberta’s frustration, but they do not create any binding obligation on Ottawa to act. None.

An independence referendum is different. It compels Canada to confront Alberta’s unfair treatment in a way that cannot simply be ignored.

Get informed. Compare the claims. Understand what is actually on the ballot. Then vote.

[BernardBaruch @BernardBaruch]

@thompson_r59116 @Fatherspyridon Amen

[BernardBaruch @BernardBaruch]

@avenaim @joerussotweets U go! Welcome.

[BernardBaruch @BernardBaruch]

@princetongb Well framed thank you.

[BernardBaruch @BernardBaruch]

Good luck. Note finally that if you are risking this opportunity that the company, uniquely and unusually, acts as its own CRO. GLSI acts as its own “independent trial manager”, and amongst other activities provides clinical monitoring and data management on a NON-arms length basis.
Bre-x did the same thing lol. The ore samples that they were providing to world class assay labs were closely “protected” by one individual.
I’m not suggesting malfeasance. I am stating that imo there are no active managers in the ticker (to speak of, apparently) not because of the narrative, which is beguiling to say the least, but because of the unique (and by Wall Street standards) deficient suite of governance and stewardship practices apparent in the set up.
Warren Buffett-“There are no called strikes in this business.” You asked. I’m not on a jihad. I put the line of thought out there for you and others without tagging or promoting it. I call it thinking like an institution (not that thinking like an institution is necessarily a gold standard for investing success). Again, good luck in all of your investing activities. Over and out.