Jan Klein Poelhuis

CIO at FortyTwo Capital | Marathon Runner | Cyclist

[Jan Klein Poelhuis @janklp]

@AsifSuria Yes, quite remarkable although the volatility from the 90’s has long been gone (for the better hehe).

[Jan Klein Poelhuis @janklp]

@richyang1 Yes but as @BrownMarubozu pointed out to me, dividend of Fairfax is excluded which would skew the outperformance probably to Fairfax rather than Markel (who hasn’t paid dividends).

[Jan Klein Poelhuis @janklp]

Did a little work with Claude this morning to compare the Nasdaq with $BRK, $MKL and $FFH. Picked the 1994-2026 period because of the 1994-1999 build up of the Dotcom bubble. Interesting to see that CAGR's are relatively similar although current valuations are hugely different.

[Jan Klein Poelhuis @janklp]

@CanadienFederal Claude Pro with the max plan

[Jan Klein Poelhuis @janklp]

@ntjcroll @ReneSellmann Fully agree. For a company with barely any new product or development, SBC is outrageous.

[Jan Klein Poelhuis @janklp]

No, great comment. With dividends reinvested $FFH.TO would definitely come out on top. Rookie mistake to exclude dividends 🫣.

[Brown @BrownMarubozu]

@janklp Are you including dividends for $FFH.TO?

[Jan Klein Poelhuis @janklp]

@MichaelGielkens Like the second order level thinking!

[Jan Klein Poelhuis @janklp]

@BrownMarubozu Fully agree!

[Jan Klein Poelhuis @janklp]

@BM_Visser De overduidelijke kortzichtigheid van politici blijft een ontstellend fenomeen om vanaf de zijlijn gade te slaan. Er lijkt geen enkele politicus bereid te zijn om nu pijn te nemen om er later stukken beter voor te staan. Investeren komt niet in het woordenboek voor.

[Jan Klein Poelhuis @janklp]

@MikeFritzell @DrewCohenMoney Wait until SpaceX is going to skew the index 🤓😄

[Jan Klein Poelhuis @janklp]

This one is so true!

[Pebbles_Of_Perception @shirishgj]

Check - always check

Ego @Gautam__Baid

[Jan Klein Poelhuis @janklp]

@letuscompound Het is misselijkmakend dat er niet eens geprobeerd wordt dit op een classy manier te doen. Het is zo out in the open, het boeit niemand iets.

[Jan Klein Poelhuis @janklp]

@jon__withers @ShayanFartel @Fai5alAld0sar1 @Hedgeye That’s not to say that it won’t happen in the future. Very few people lost money in Enron, until that suddenly changed….

[Jan Klein Poelhuis @janklp]

@hartzlerja @Fai5alAld0sar1 @Hedgeye Early investors from Madoff are probably not as unhappy as later ones.

[Jan Klein Poelhuis @janklp]

This won’t age well. Feel sorry for the investors who will eventually suffer from flexing index inclusion rules and are going to read this as a case study somewhere in the 2030’s.

[Hedgeye @Hedgeye]

Rule changes for the SpaceX $SPCX IPO:

Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5.

This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations.

Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months.

Russell 1000 and Nasdaq 100 funds will absorb 24%.

The rules built to protect passive investors:

1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived.

2. Nasdaq cut its inclusion window from 90 trading days to 15.

3. FTSE Russell cut its to 5.

All three benchmarks are now structured to buy SpaceX at IPO pricing.

[Peter Mallouk @PeterMallouk]

Not a great enodrsenent for the Bitcoin narrative.

[Jan Klein Poelhuis @janklp]

@DutchInvestors Hehe, that was a fun conversation with amongst others Chris David and Andrew Steginsky. Pity that I had to skip this years’ reunion.

[Jan Klein Poelhuis @janklp]

@BeuvingJordy At least Citizins makes no effort to hide that this piece was written by Claude 😆

[Jan Klein Poelhuis @janklp]

It is quite disappointing how @Garmin is treating its customer with the 27.09 firmware that seems to break a lot of premium watches like the Forerunner 955. It has been this way for months and there is not a single word on a future firmware fix. Might explore @COROSGlobal instead

[Jan Klein Poelhuis @janklp]

@JohnJanJohnson @estherjacobs @KLM Hehe touche!