Steven Kalter

Investor

[Bloomberg @business]

Nvidia is in discussions to provide a guarantee of about $250 billion to help OpenAI lease computing from a giant data center project, the Wall Street Journal reported, citing people familiar with the matter https://t.co/jiDd4sg7tC

[Nick Nemeth (Mispriced Assets) @NickNemo17]

Mark Walter owns the Dodgers, Lakers and Chelsea. His insurance empire is under federal investigation. After subpoenas, one insurer’s affiliate exposure jumped from 3% to 39%—$17B. A prior lawsuit alleged policyholder money helped fund the Dodgers.

The cash machine, explained.

[Invest In Assets 📈 @InvestInAssets]

The single best one-pager on how to sell:

[The Kobeissi Letter @KobeissiLetter]

We need more power.

Data center power demand in the US is projected to surge +253% from 2026 levels, to a record 194 gigawatts by 2035.

One gigawatt is roughly equivalent to the capacity of a single traditional nuclear reactor.

As a result, data centers are expected to account for ~20% of US electricity consumption by 2035, up from ~6% today.

To put this into perspective, data centers are estimated to consume ~12% of US electricity by 2030.

Much of this growth is concentrated in a handful of grid regions, such as PJM, which serves the District of Columbia and 13 states, including Virginia, Pennsylvania, and Ohio.

Electricity is the next AI bottleneck.

[Bob Robotti @BobRobotti]

Bob Robotti recently joined the @MebFaber Show to discuss why today's volatile, passive-driven markets are creating a favorable environment for stock pickers as well as the industries he finds most compelling right now

https://t.co/I2ReGUCsWD

[junkbondinvestor @junkbondinvest]

This is how to sell a private credit loan "at par" without anyone paying par:

Imagine you're a semi-liquid fund facing redemptions. Your PC loans are marked at 100 annd selling lower would re-rate the portfolio.

So instead, you sell a strip at par to an SPV backed by a secondaries buyer. Let's say $500MM. The headline price shows 100.

But the buyer doesn't wire $500M day 1. They pay $250M now and then $250M in a year. But they collect interest on the full strip from day 1.

Discount the deferred remaining payment and the create px is actually in the low 90s. Everyone else sees par because that's what the seller announced.

Nice and easy.

[Super 70s Sports @Super70sSports]

Cam Newton looks like a rival chocolatier who’s plotting how to drive Willy Wonka out of business …

[Steven Sinofsky @stevesi]

I just never get tired of re-reading this.

[80/20 @8020_LLC]

Data centers generate heat and house sensitive electronics. Standard metal framing can work against you.
80/20 FRP profiles don't conduct heat or electricity — and they don't corrode.
Worth a read 👉 https://t.co/drtDdNlnIV
#DataCenters #FRP #8020

[Gain of Fauci @DschlopesIsBack]

Ok, this pretty cool from the Las Vegas Sphere 🇺🇸

[Trung Phan @TrungTPhan]

Costco CEO Ron Vachris — who started at the company as a forklift driver in 1982 — explains the company’s private label strategy:

▫️caps Kirkland margin to 15% (usually single-digit % for supplier w/ focus on volume)

▫️spend years to develop a product (Costco demands manufacturer make at least one part of offering superior to competing national brand from same manufacturer; he said for a breakfast sandwhich, Costco got “40% more protein” on the bacon)

▫️Costco buyers look for where the market price is rising over time relative to inputs (basically keeps competitors in check for any vertical it enters)

Long been rumoured that Costco taps the top brands themselves to manufacturer (eg. Titleist for golf balls, Grey Goose for vodka…but both have denied).

Vachris says two vertical he wanted Kirkland to do were razors and consumer electronics. Hasn’t cracked yet.

[Charlotte Yang @CharlotteYTYang]

Here is how CSOP's SK Hynix leveraged product rebalances. If you want to read more on how one Leveraged ETF Is reshaping trading in World's top AI memory stock SK Hynix, this is our story: https://t.co/K9x6ZAmMSj

[Mistress Dividend @mistressdivy]

“If you want to hate America, watch the news. If you want to love America, drive through it”

~German World Cup fan

[Steven Kalter @kaltersb]

One of the great all time calls over the last 50 years.

[Fireside Alpha @firesidealpha]

Speaking of spot on. Gavin @GavinSBaker was asked in early Jan'25 his prediction for best performing asset class of the year (as @jason references in latest @theallinpod):

"I think the companies that make high bandwidth memory. Going back to "we're going to run out of compute," it's actually a pretty shocking stat: high bandwidth memory is a bigger part of NVIDIA's COGS on GPUs than Taiwan Semi is. And today there's two companies that can make it, SK Hynix and Micron. We'll see if Samsung gets their act together.

But HBM, it's in NVIDIA GPUs, AMD GPUs, Amazon Trainiums. And particularly in a world of test-time compute and inference being so important, high bandwidth memory is arguably more important than it ever was. And it's been sold out for the last two years. So high bandwidth memory would be my pick."

[Wasteland Capital @ecommerceshares]

I can’t stop thinking about these crazy $AAPL price increases.

We’ve never seen anything like this in consumer electronics, ever. It’s not new products, just current or even very old products.

On top of it, iPhone 18 looking at a $200+ bump.

How this will play out for demand?

[Canadian Dividend Investing @CDInewsletter]

Tractor Supply $TSCO shares are up 64% over the last decade, excluding dividends. In that time:

- Revenue up 129%
- Net income up 151%
- Adj. EPS up 217%
- Dividends up 433%

Valuation went from 25x to 13x today.

Another big disconnect between price and business performance.

[Alex Morris (TSOH Investment Research) @TSOH_Investing]

Good listen if interested in $TSCO

https://t.co/yrUabQyjAe

[Colin King @valuedontlie]

Take it to a printer (online) and get a copy spiral bound

[Roman Puglise, CFP® @RomanPuglise]

A client had $500,000 in a single stock. Cost basis of $62,000.

Selling it meant writing a check for over $130,000 in taxes before reinvesting a dime.

Instead, we used a Donor-Advised Fund, eliminated the entire tax bill and actually grew their personal wealth faster.

Here's how👇

[Illiquid @illyquid]

With Kioxia, Bain Capital has notched up one of the most lucrative private equity deals on record. Kioxia has jumped 700 per cent this year and is now Japan’s most valuable company, worth more than ¥51tn ($318bn) — more than Toyota or SoftBank. Kioxia is also on track to be the best-performing stock on the MSCI World index for two years running.

https://t.co/HkEIyId1I4