Martin B.

Formerly high-fee LT LO beta-riding deep-DD concentrated 1000-row DCF galaxy brain. Current casino owner, x-border logistics, family foundation.

[Alex | The Profit Zone @TheAlphaThought]

💀

[Trung Phan @TrungTPhan]

Marco Rubio finding out he’s the new CEO of Intel

[Negligible Capital @negligible_cap]

QQQs only like 8% off all time highs and still up 15% YTD
SOXX still up 65% YTD

There's a whole lot of air below

[Stan Druckenmiller @standuquesne]

@VigilantFox Low key savage💪💪💪

[Jensen's Bicep @BillyTheKid_59]

they are trying to run the elon playbook.
there appears to be an airpocket here with funding availability and capability to warrant $1.5T+ of investment for as far as the eye can see.
put out huge targets to keep the market from freaking out and 'cant say its over when you have to give some probability to this'
elon's done this for the last 5 years basically with tesla. keep the carrot of the right tail and keeps bottom from falling out, is the idea

[Negligible Capital @negligible_cap]

Google down 13%

[jbulltard @jbulltard1]

$AMZN is not going to show a loss bc of blocking agents shopping for people bc only nerds use agents to shop and thats .1% of society, most normal people who have sex on a regular basis, still do not use agents to shop for them and won't.

[Negligible Capital @negligible_cap]

*SERVICENOW SHARES SINK 22% IN BIGGEST INTRADAY DROP SINCE 2016
*ALPHABET SHARES FALL 13%, SET TO ERASE $489 BILLION IN VALUE
*CATERPILLAR DROPS 12% AT OPEN, NOW DOWN 40% FROM JUNE RECORD
*FORTINET SHARES PLUNGE 27%, SET FOR WORST DAY ON RECORD

[Jon Wu @jonwu_]

It's confusing why a major multi billion dollar law firm is going bankrupt.

So I talked to a bunch of lawyer friends about why Weil could suddenly be insolvent.

Unintuitively, law firms are basically fixed-cost businesses. Revenue comes from a concentrated core group of rainmakers.

Those rainmakers carry the whole business, while the rest of the business basically drags ass. Junior partners are rainmakers-in-training--they can't yet bring in the huge load-bearing dollars.

Everyone else--associates, back office staff--comprises one gigantic fixed cost center. Not to mention basic overhead like offices, revolver interest (for cashflow timing needs), etc.

The problem with law firms in particular, as opposed to other advisory businesses like banking, consulting, accounting, is that the clients are inherently portable.

So any partner can take their team and clients and leave. Doing so deleverages the rest of the partnership, because a small number of partners carry most of the revenue while leaving behind fixed costs.

Once there's a crisis of confidence, it no longer makes sense for partners to stay, because they're now getting underpaid in profit share relative to their revenue potential.

If they were to leave for a megafirm like Kirkland, they'd be properly compensated for their earning potential instead of being saddled by rising fixed costs as a percent of revenue.

There's also not much IP or brand moat in a law firm. Clients follow partners, and the process of crafting exceptional judgment is mostly in partners' heads (versus for instance more regimented value delivery in consulting and banking, where there can be a branded firm process).

And lastly, the partners ARE the equity in the firm. Law firms have no terminal value, so when partners leave it's as if a huge chunk of the firm equity walks out the door.

tl;dr law firm bankruptcy is basically a crisis of partner confidence, and the resulting departure spiral saddles anyone remaining with the gigantic fixed overheads of running a billion-dollar business.

[High Yield Harry @HighyieldHarry]

Permabears seeing Anthropic generate FCF

[Le Shrub🌳 @agnostoxxx]

Meme Summary of the Anthropic S-1 🥹🌳🙏

[ Q-Cap  @qcapital2020]

PREPARE YOUR BUY BUTTON

[Bullfight Cap @BullfightCap]

META shareholders getting diluted for voting control:

[Negligible Capital @negligible_cap]

Damn they move quick

[UnstructuredCap @UnstructuredCap]

“GAAP, non-GAAP, adjusted, pro-forma, annualized, run rated, it’s all a fugazi, fugazy, its a whazzy its a whoozy. It’s fairy dust. It doesn’t exist.”

[Regynald @negroprogrammer]

OPENAI to EMPLOYEES: You got no bitches before. Maybe you should question why that would change?

[ Q-Cap  @qcapital2020]

CPI excluding fuels is -19%

S&P 500 minus AI Enablers is -34%

US GDP excluding AI is Haiti

My marriage excluding arguments is my mistress

The Titanic excluding the iceberg had a pretty good trip

[Pythia Cap: Partially Conductive @PythiaR]

This is it, this is the moment. We find out today whether Anthropic's annualized run rate revenue is a lot or even more a lot or less a lot than we thought but still a lot.