Laputa

the patsy

[Laputa @fcfyplusg]

@walkingonsunsh Lmao

[Laputa @fcfyplusg]

Bro

[Laputa @fcfyplusg]

Open to feedback, interesting discussion!

Related article that I thought was great-

https://t.co/6oaxnilat2

[Laputa @fcfyplusg]

It is interesting how little economic value has been created over time by deep red southern states despite an ostensibly biz-friendly environment. To invert- what do successful biz hubs look like across the US?

[Laputa @fcfyplusg]

The above points lean liberal but don’t seem overreaching- they improve conditions for labor.

Counterintuitively, taxes & regulation are lower on the list & are rather inelastic. They matter over time & for retaining industry/the wealthy, but they don’t seem to be a key driver.

[Laputa @fcfyplusg]

I remind myself of this at least weekly

[Laputa @fcfyplusg]

I think Gen A, Z and Millennials might have a social renaissance w in next decade. Social media use declining, dating app use declining, more in-person adaptions of 3rd places post-covid (clubs), less WFH, etc

People want to be around people & off their phone, it just takes time

[Laputa @fcfyplusg]

@viggy_krishnan @JohnHuber72 @pmul1234 Conservatives pre-Trump would be nauseous w these equity attempts. Founding fathers rolling in their graves. How quickly the world changes

[Laputa @fcfyplusg]

@Minnvestor 🤝🫡

[Laputa @fcfyplusg]

@Minnvestor Lmfao

[Laputa @fcfyplusg]

@umamivalue It is always shockingly beautiful how amazing and creative Claude is at certain things and completely beyond stupid at others lol

[Laputa @fcfyplusg]

Utilizing behavioral biases/incentives, market structure, pattern recognition & competitive positioning to consistently outperform is *so much* easier than doing super deep idio work or hoping to retain some fleeting info. edge

Counterintuitive & harder to sell to LPs I guess 🤷

[Laputa @fcfyplusg]

Said differently, in today’s market structure I think there’s a lot of alpha on the table from people overreacting to speculative competitive positioning regarding fallen darlings

[Laputa @fcfyplusg]

I really don’t love sw but $crm 15x real fcf buying back 8% of s/o per year and growing earnings +10%. Taking mkt share, openai is customer, AI revenue comping 200% and getting material

Seems extremely compelling

[Laputa @fcfyplusg]

I’m all for the Chris Hohn multi-decade deep moat businesses, but if you limit yourself to those it’s quite hard* to pencil out 20% IRRs

*it’s possible I suppose, but you have to be early and a lot of people are aware of those businesses today