EBITDA is not Cash Flow

Never trust or invest with anyone who attends Davos.

[EBITDA is not Cash Flow @Fan02Cow]

@AlbertBridgeCap Private Equity doesn't pay the implicit tax of being public:

No 10-Q, 8-K requirements
No Conflict Minerals Attestation
No Say-on-Pay votes
No ISS/Glass-Lewis lackey opining on ESG disclosures
No Sarbanes Oxley
No PR firm to respond to annual "top paid CEO's" story

[EBITDA is not Cash Flow @Fan02Cow]

@dilanesper Hypo: You are contracting for someone to prepare for a complicated lawsuit. Depositions, filings, hearings, trial In 18 months.

The most qualified applicant mentions she is trying to get pregnant (you didn't ask, she volunteered).

Do you hire her? If not, is it unlawful?

[EBITDA is not Cash Flow @Fan02Cow]

@HenryForLA @moseskagan If costs rise by more than the LARSO allows for rent increases, what do you suggest a landlord does?

[EBITDA is not Cash Flow @Fan02Cow]

@jetfairuk @flightradar24 Don't you have some ambulance to chase?

[EBITDA is not Cash Flow @Fan02Cow]

@arpitrage No bike lanes either, then?

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@arpitrage @Itsjoeco "I'd be fine banning...and mandating..."

Color me shocked.

[EBITDA is not Cash Flow @Fan02Cow]

@jess_ann_pin @KajFjorthur @MostlyMonkey Lotta words to say "oops, got this one wrong"

[EBITDA is not Cash Flow @Fan02Cow]

@austin_rief @MaxNPalmer Pitbullish signal.

[EBITDA is not Cash Flow @Fan02Cow]

@bobbyfijan @ADeermount Castro was smart. Mao was smart. Stalin was smart.

Evil values, evil ideas, evil actions. But definitely smart.

[EBITDA is not Cash Flow @Fan02Cow]

@MeasureTwiceMNY The benefit of all that conservatism is that it keeps assets in the portfolio. Which makes more money for the AUM business model.

Even as a fiduciary, the financial incentives to hoard assets are hard to ignore.

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@moseskagan Leaving *is* fighting. The other side won't be reasoned out of their anti-capitalist positions. They will only change policies if they lose the money funding their ambitions.

[EBITDA is not Cash Flow @Fan02Cow]

@robbiehendricks @RobertMSterling About 18 months ago.

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@johnarnold I think all public charities -- private foundations, DAFs, whatever -- should be required to distribute 10% of assets each year.

Having foundations that last forever and have inevitable mission drift over time isn't good.

[EBITDA is not Cash Flow @Fan02Cow]

@besttrousers @gbenga_ajilore @JosephPolitano @IrvingSwisher The ending of DEI across the country.

Ending mandates & subsidies (virtue signals rather than $$) leads to fewer non-economic purchases. Same reason EV sales went down after subsidies ended.

[EBITDA is not Cash Flow @Fan02Cow]

@Noahpinion When do you think they will win without subsidies and mandates?

[EBITDA is not Cash Flow @Fan02Cow]

@HarryStebbings @DavidGeorge83 Staying private avoids the implicit public company taxes:

10-Q, 8-K's
Conflict Minerals Attestation
CD&A and Say-on-Pay
ISS/Glass-Lewis lackey opining on ESG disclosures
Sarbanes Oxley
PR firm to respond to annual "top paid CEO's" story

[EBITDA is not Cash Flow @Fan02Cow]

@owenslindsay1 @DellAnnaLuca Progressive income tax rates.

[EBITDA is not Cash Flow @Fan02Cow]

@profplum99 gets it. His latest essay (blog post? substack? I never know what to call them) should be required reading for anyone more interested in solutions rather than just arguing.

https://t.co/bb5DkA5uNW

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@dilanesper Although I agree, it doesn't even hit the Top 50 humiliating things that have happened to Levine.

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@sgibbles @katiebiber @whignewtons The shadow docket doesn't decide cases. It merely decides what the status quo will be while lower courts adjudicate the case.

There are more shadow docket cases because of more challenges to Trump's actions, due to his legally-aggressive (and illegal) actions.

[EBITDA is not Cash Flow @Fan02Cow]

@StephenFleming @AnthonyMKreis Luckily, the framers put in a process for dealing with societal and technological changes. We can amend the Constitution. But for now, it is what it is.