J P

[J P @jaypeasy]

@Mike_kim714 34.5

[Silicon Salvage @SiliconSalvage]

My wife left me last Thursday. She did not, in the end, give me a single reason. She gave me seven, presented in a list, in a manila folder, on the kitchen table, at 6:47 in the morning, while I was eating a piece of toast and reading the 10-K of a vertical SaaS company that sells inventory management software to regional auto parts distributors. The folder was labeled, in her handwriting, "WHY." I read it. She watched me read it. I did not say anything for what was, by her account, "a really long time," and by my account, "approximately the duration of the operating cash flow reconciliation section, which is page 47."

The list, summarized, was the following. One. I had not been emotionally present at our anniversary dinner in March, during which I had, allegedly, spent 22 minutes explaining to her that the dental practice management software industry was structurally underappreciated. Two. I had, in the previous six months, mentioned the phrase "free cash flow yield" 1,400 times, which she had counted, on a small notepad she kept in the drawer of her nightstand, and which she now produced from the folder and placed on the table next to the toast. Three. I had named our second child's college fund account, in the financial planning software we both used, "BUSTED SAAS BASKET," which she had discovered in November and which she had been, in her words, "sitting with" for four months. Four. I had taken her to the wedding of her best friend in San Diego and spent the reception explaining to the bride's father that ServiceNow was, in my opinion, a once-in-a-decade entry point. Five. I had, on Christmas morning of last year, gifted her, in lieu of an actual present, what I had described in the accompanying card as "exposure to a basket of 14 mispriced enterprise software names," which I had purchased in her name, and which she had, very quietly, sold the following Tuesday at a small loss that she had not, until now, mentioned to me. Six. I had, in the previous calendar year, attended exactly four social events with her, all under duress, and had, at each of the four, found a way within the first 40 minutes to begin a conversation about the structural underpricing of profitable mid-cap software companies that had been left for dead in the AI panic. Seven. She no longer recognized the man she had married.

I read the list twice. I closed the folder. I looked at her. She looked at me. I asked, in what I believed to be a calm and reasonable tone, whether she had considered that some of the names I had been discussing were, on a forward free cash flow yield basis, the cheapest the category had traded since 2002. She picked up her keys. She left. The door closed behind her in a way that I cannot, in retrospect, accurately describe, except to say that it sounded final in a register I had not previously known doors could produce.

I sat at the table for some time. Eventually I finished the toast. I returned to the 10-K. I did not, in the end, do anything else for the rest of the day. The 10-K was, on reflection, an excellent 10-K. The company is throwing off 28% of its market cap in free cash flow, has reduced its share count by 31% over the last five years, and is run by a 62-year-old CEO whose daughter is a veterinarian in Denver and has no interest in running an inventory management software business. The stock is up 4% since Thursday. I have added to the position. I have not, as of this writing, called my wife. I do not, in any honest reckoning, know how to.

Almost nobody you know would understand any of this. Almost nobody would understand that the loss of a marriage and the discovery of a misclassified small-cap software company can, in the same week, in the same kitchen, on the same morning, produce two parallel emotional currents that are, in the deepest part of a certain kind of investor's mind, indistinguishable from one another. That inability to distinguish them is, as it has always been, both the entire reason the math works and the entire reason that, every once in a great while, on a Thursday morning, in a kitchen that has just gone quiet, the bill comes due.

[J P @jaypeasy]

@Mike_kim714 Masters!

[Michael S. Kim @Mike_kim714]

Final holiday giveaway!

Tickets to ANY Pgatour event.

Players, WM Phx open, Pebble, you name it, I’ll get you 4 tickets to the event.

You can even caddie for me in the pro am IF you want.

Comment which event you might want to go to (not final), repost, like to enter.

[J P @jaypeasy]

@Mike_kim714 Been here since 10k 😃

[Michael S. Kim @Mike_kim714]

For reaching 200k followers I’m giving away my backup Titleist 11 degree GT2 driver!

MUST be a follower.

Comment, like, repost to enter

[TT3 @TradingThomas3]

LMAO this is a comedy skit

[J P @jaypeasy]

@Mike_kim714 @Binary_Defense @Titleist 🙏

[Michael S. Kim @Mike_kim714]

Masters Giveaway!

Nothing crazy, just a couple golf shirts and some hats from the ANGC pro shop.

(I know it’s super late but I’ve been busy 🤷🏻‍♂️)

Only 1 winner and I’ll be picking today.
I’ll throw in some of my stuff as well like the @Binary_Defense hat and @Titleist prov1X

[J P @jaypeasy]

@JulianKlymochko 😂 so true

[J P @jaypeasy]

@TSNHockey @reporterchris @TheAthleticNHL Please take him

[Toronto Blue Jays @BlueJays]

RT this if you think @DaultonVarsho25 deserves a Gold Glove Award

[J P @jaypeasy]

@choffstein Wow 87 mins and 1900 calories! My mind is blown at the work put in! Inspiring.

[J P @jaypeasy]

@NorthmanTrader That penis formation is up and to the right

[J P @jaypeasy]

@LouStagner If tiger will win or tie (not lose) a hole with 99% probability, not losing 72 in a row becomes a coin flip (0.99^72=0.48).

[J P @jaypeasy]

@choffstein If a line item is terrible how can it be good at the portfolio level?

[J P @jaypeasy]

@Ballislife This guy is a genius

[Kuppy @hkuppy]

Worth a read👇👇

[J P @jaypeasy]

@DennisHongRobot RIP 🙏

[Colin McCarthy @US_Stormwatch]

Tonga's Hunga Tonga volcano just had one of the most violent volcano eruptions ever captured on satellite.