Leveraged Recap

Canadian 🇨🇦 based investor providing perspectives on real estate, industrials, and technology stocks | open to DMs

[Leveraged Recap @LeveragedRecap]

@BradoCapital Why?

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@Canes @grok who is this?

[Senator Thom Tillis @SenThomTillis]

America is grateful for every nation that answered the call after we were attacked on 9/11 and served with our forces on the frontlines in Afghanistan. Their sacrifices should never be forgotten.

UK 457
Canada 159
France 90
Germany 62
Italy 53
Poland 44
Denmark 43
Australia 41
Spain 35
Georgia 32
Romania 27
Netherlands 25
Turkey 15
Czech Republic 14
New Zealand 10
Norway 10
Estonia 9
Hungary 7
Sweden 5
Latvia 4
Slovakia 3
Finland 2
Jordan 2
Portugal 2
South Korea 2
Albania 2
Belgium 1
Bulgaria 1
Croatia 1
Lithuania 1
Montenegro 1

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@Raindropsmedia1 @grok - is the toddler ok?

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@MLB Horrible decision. So many good Canadian artists to choose from. Very disappointed in this decision.

[Mitch Bannon @MitchBannon]

Quite a next few days for Buffalo Bisons, #BlueJays' AAA affiliate:

Wednesday: Alek Manoah
Thursday: Trey Yesavage
Friday: Shane Bieber

[Thomas George @thomasg_grizzle]

Should frame this, history in the making 🚢 LNG Canada

LFG 🔥 Nat Gas is the country’s future, there is NO second best

[Aaron Levie @levie]

Coming off of meeting a couple dozen enterprises around the future of their AI strategies, here are a few notes on the state of AI in the enterprise right now.

1. The AI-first enterprise is emerging. Given AI increasingly is starting to be used across coding, customer support, marketing content creation, risk management, client onboarding, contract management, and more, it’s clear AI will touch almost every department in some way. Companies are starting to think through how entire functions get reimagined in a world of AI.

2. Enterprises want choice in their AI stack. The past couple of years have proven out that there are going to be models that perform different tasks in different ways, and enterprises increasingly want to flexibility in what they use. Further, the rate of innovation coming from the frontier model labs is so incredible that companies want to be in a position to leverage the latest breakthroughs from these players and not be stuck on a single architecture.

3. We will need more interoperability in AI. Especially as AI Agents emerge, and your software has to complete entire tasks for you just like a person would, increasingly there’s going to be a need for AI Agents from disparate systems to talk to each other. As an AI industry, we’re only in the earliest of stages of figuring out standards around this, but it’s going to have major implications on enterprise adoption.

4. Your AI stack will define who you can hire. Employees of the future are going to simply expect that the company they work for is going to enable them to be as productive as possible, and AI is going to be a core part of that. This is going to become more acute as the next generation enters the workforce. Having used AI in high school or college for years, the way they research, collaborate, and generate work product is going to be totally different. You won’t join a company that makes you work 40 hours to get 20 hours done when there’s another company that lets you get 80 hours worth of work done. This will define employee choices in the future.

5. The role of IT is continuing to change tremendously. Jensen called this out in his CES keynote, but we’re seeing a reshaping of what the IT organization will do in the future. In the past, IT has been responsible for deploying and maintaining software that enables the workforce; in a world of AI Agents, IT will increasingly be responsible for actually getting the work itself done. This has massive implications around how strategic IT becomes, and how this org more tightly coordinates with the company.

6. We’re still insanely early. What’s remarkable is that while we’ve seen a tremendous amount of growth in consumer AI, datacenter growth, GPU sales, and many initial breakthrough AI use-cases, we’re still very early. This feels eerily similar to the the first few years of cloud, where adoption is starting with the first movers inside an organization (IT teams, creative employees, etc.) and then expanding from there. Unlike the cloud, however, it’s perceived to be inevitable that every enterprise will be transformed by AI. The main hurdles to getting there are generally ones of AI quality, change management, privacy and compliance work — but not fundamental philosophy challenges, like we saw in cloud.

Overall, this is the most energized I’ve seen enterprises in nearly two decades of being in enterprise software. There’s a palpable sense that we’re on the cusp of major changes to how business and work happens in the future, and it’s unbelievably exciting.

[Leveraged Recap @LeveragedRecap]

the IT department of every company is going to be the HT department of AI agents in the future” - Jensen Huang

[Pierre Poilievre @PierrePoilievre]

Shopify is not only the most spectacular entrepreneurial Canadian success story in this century, its leaders Tobias Lütke & Kaz Nejatian have the backbone to stand up and fight for all entrepreneurs.

Corporate Canada needs to learn from them in every way.

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@JohnnyKreativE @ShiDavidi @Joelsherman1 @ArdenZwelling He wants to lower the luxury tax. We’re about 10mm off from not paying the tax.

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@BarrySchwartzBW What’s your read on this? Do you think it’s positive for TFI? Or are they overpaying?

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@ChapTwelveCap What about eddify?

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@ChapTwelveCap Is onesoft solutions a good takeout target for a company like Shawcor?

[Chamath Palihapitiya @chamath]

There are now more players in the NBA making $30M+ per year than there are CEOs of S&P500 companies who make that much…

✊🏽

[Chamath Palihapitiya @chamath]

There was a lot of ink spilled and dollars wasted over the past few months betting on the likelihood of a “hard landing” for the US economy in 2023.

As we’ve been saying on @theallinpod, however, the more likely outcome would be the opposite: a soft landing. A soft landing is one in which US growth slows (but doesn’t crater), endures a few more rate hikes in 2023, a market that finishes the bottoming process that it started in Nov-21 and sets itself up for a sustained forward looking rally and a 2024 where rates can slowly be cut and the capital markets re-open.

In other words, the next few quarters are probably the last few innings of our process of unwinding ZIRP for the foreseeable future - resetting terminal rates higher and resetting liquidity much lower.

Anyways, it looks like the hard-landing crowd has begun to capitulate and is now seeing the world similarly to how the soft landing crowd sees it (see below).

So what will this all mean?

Well, market sentiment is never an absolute argument but a relative argument. Meaning, most professional money people need to be mostly invested, most of the time somewhere in the world - so when they hate one market, they are usually forced to find another they may hate a little bit less.

And with China entering a turbulent period where they will try to stimulate their economy and Europe slowing and likely in a recession (if they aren’t already), it leaves the US pretty much standing alone.

All of this considered, the setup for US equity markets seems pretty good. Especially as we look past 2023/2024 and focus on the US economy and earnings in 2025/2026 and start to like what we see…

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@d_demelis Sushi kaji in Etobicoke is hands down the best sushi restaurant in Toronto! One of canadas top 100 restaurants for 20 plus years

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@JulianKlymochko What was the gain?

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@Tablesalt13 Your calcs Dont include the benefit of leverage. Buy a 500k house, put down 100k, house goes to $740k after 10 years, interest is $160k, you doubled your investment in 10 years.

[Leveraged Recap @LeveragedRecap]

@JulianKlymochko Isn’t https://t.co/cenQ8cwHKg at 10x forward revenue? When it’s closest peer cellebrite is at sub 4x?