Michael A. Blum

President @Hedgeye @Hedgeyeam, Original @Firefly_Space Co-Founder.
Tweet about Markets, NewSpace/Moon/Mars & the threat posed by the CCP.

[Michael A. Blum @mablum]

https://t.co/88XohaM3DR

[Michael A. Blum @mablum]

The fastest-growing AI customer doesn't sleep, doesn't churn and isn't human.

Agents passed people in token usage in February. Now it's not close. The question is who captures that spend. @HedgeyeComm takes on Anthropic Monday.

[Hedgeye @Hedgeye]

AI agents now consume far more tokens than humans

[Michael A. Blum @mablum]

Every AI bubble eventually becomes a cash flow chart.

@HedgeyeDJ just posted CoreWeave's free cash flow for the last 8 quarters. Revenue is the story. Free cash flow is the receipt.

[Jonesy @HedgeyeDJ]

CoreWeave free cash flow last 8 quarters.

[Michael A. Blum @mablum]

@HedgeyeDJ 😂

[Michael A. Blum @mablum]

@SPACEdotcom Raising Neutron's price to $70M before first flight is the real signal: customers fear no ride more than a higher bill.

[Michael A. Blum @mablum]

@SpaceNews_Inc ESPA is the most underrated piece of hardware in the industry. A ring that turned spare mass into a business model. Every smallsat company owes it.

[Michael A. Blum @mablum]

@HedgeyeDJ @perplexity_ai @HedgeyeComm Agents already burn more tokens than people. For the stocks, the question is still the price you pay.

[Michael A. Blum @mablum]

@external_idea @ulalaunch @AmazonLeo Agreed. Demand isn't the constraint anymore. Lift is. That's why Neutron is raising prices before it flies and AST wants its own rocket.

[Michael A. Blum @mablum]

Best compliment in research: a PM who could buy anything and pays for one thing.

@DougKass on why @Hedgeye is the only outside research his fund subscribes to. As a co-founder, that's the review that matters.

[Dougie Kass @DougKass]

Chip:

In this tweet I will briefly explain why my hedge fund @seabreezelp has only one outside research subscription - and that is to @hedgeye lengthy suite of products.

I will also defend and explain my strong support of @KeithMcCullough and his (hockey) tough, hard hitting approach to marketing and delivering Hedgeye's recommendations and points of view.

I graduated with an MBA from Wharton where I learned how to model companies and be a fundamental security analyst. I became Kidder Peabody's housing analyst where I perfected my analytical craft. From there I moved to Putnam where I followed financials and ultimately was an Economist.

In the above capacities I differentiated (I was always far from the herd) myself by avoiding "group stink" and offering a contrarian view (my first research report at Kidder was a sell recommendation on a very hot mobile home industry sector). My negative industry analysis on Fleetwood, Skyline and Champion homes was 65 pages long. (Later on in my career I appeared in Alan Abelson's Barrons column more than 50 times, delivering contrarian and often bearish analysis. I wrote five editorials for Barrons and was featured on the cover as well as writing editorials in The Financial Times- almost always of a non consensus bent.

The common denominator at the two jobs (Kidder and Putnam) was hard hitting and differentiated research.

At Putnam in the 1970s, it was an era of "stock pickers" led by Fidelity Magellan's Peter Lynch and my boss Putnam's Jerry "The Chief" Jordan.

Over time (and decades later), active management lost favor and passive investment management took over. Peter Lynch and Jerry Jordan's funds were replaced by Index funds (ETFs, Quant Funds and Pods) that worshipped not on fundamental analysis but at the altar of price momentum.

Company spread sheets (modelling) were partiallly replaced by algorithms and machines - who know everything about price but nothing about value.

I recognized the metamorphosis of the investment business and needed and sought a way to introduce quantitative measurements to complement my fundamental security analysis.

I discovered fractals and, in time, the best practitioner for integrating fractals and quantitative analysis into my fundamental Stock Market equation - @KeithMcCullough at @hedgeye.

Earlier I referenced Hedgeye's suite of products. I also actively utilize their fundamental research product which is differentiated and often contrary. ($MTP, an investment short at our fund, was brought to my attention by Hedgey's research, there have been many others). They don't follow the institutional script.

As to Keith's delivery - it reflects what he is up against, an institutional community of research which is non differentiated and conflicted... and panelists and guests on business media that are generally perma bullish, non rigorous, inconsistent in process, don't time stamp, takes no ownership of oft repeated losers and (invariably) leads retail investors to large drawdowns in every single cycle "when the tide goes out" (in part because they have no risk management discipline). They are generally "talking heads" who polish their images (for free) in @CNBC and elsewhere - regardless of contribution or degree of value.

Let me make it clear Chip - going up against the establishment is a difficult endeavour. Succeeding in the manner in which @hedgeye had done is next to impossible. Whereas @DivesTech @fundstrat and sell side research firms like Goldman Sachs and Bankamerica "pay for play" and are invited daily on FIN TV, a contrarian shop is not. They don't have access as they piss off the establishment. And in the case of @hedgeye they dont want to go on Fin TV.

Let me give you a metaphor. My sister Deb Kass is an extraordinary famous artist. She started out competing in an all male art world in the late 1970s. She and other female artists had virtually no or limited access to gallery shows which mainly exhibited male body of work. As such she faced near insurmountable hurdles. But she persevered and produced brave, outspoken and unique product and has become a legendary figure in the art world - her next retrospective will be at The Barnes Museum in Philly next year. (She taught at Yale for many years, Keith graduated Yale - something also in common).

And like @KeithMcCullough she fought hard, is tough and was her best salesperson.

Oy yo, baby! (I am referencing her famous Oy Yo sculpture which resides on the front lawn of the Brooklyn Museum of Art, in the front of the Jewish Museum in Philadelphia and at the Iris Cantor Cultural Center at Stanford University. @DeborahKaty

Chip, you tweeted that in supporting Keith I am complicit. I have no clue what you even mean.

Nonetheless, I hope you now understand my subscription and defense of @hedgeye @RPKInvestor @HedgeyeDJ - and why I totally disagree with your characterization of Hedgeye and myself.

The difference between you and me - on this subject -is that you deliver fifteen words of view whereas I expand my explanation so you and other people fully understand my position.

[Michael A. Blum @mablum]

The PLA Air Force just joined X. Ordinary people in China still can't.

Free speech for the jets. The Great Firewall for everyone else.

[Global Times @globaltimesnews]

Tuesday marked the 77th anniversary of the founding of the People's Liberation Army (#PLA) Air Force. To mark the occasion, at 11:11 am, the PLA #AirForce announced that it had opened official accounts on four major overseas social media platforms. #PLAAF #SOARTOGUARDPEACE #CHINAAIRFORCE
https://t.co/iC75HNNCT1

[Hedgeye @Hedgeye]

🚨 WE'RE GIVING AWAY $51,605 IN HEDGEYE RESEARCH. SIX WINNERS

🥇 1 Pro Risk Manager ($15,000)
🥈 2 Macro Pro ($10,000 each)
🥉 3 Premium Pass ($5,535 each)

How has Hedgeye made you a better investor?

Tell us below. Best replies win. Winners announced on Wednesday 11/18!

[Hedgeye Asset Management @HedgeyeAM]

“Adaptability, flexibility, and above all, humility, are necessary to survive and prosper when investing.”

— Sam Rahman @Hedgeye_HGRO, Early Look 11/6/26

[Michael A. Blum @mablum]

Source: https://t.co/NFRrEqOkux

[Michael A. Blum @mablum]

SpaceX isn't buying airwaves. It's buying the inside of your house.

The FCC just opened review of its 546-license 800 MHz deal. Low-band reaches inside buildings, the weak spot of satellite-to-phone. The carriers' moat was never towers. It was spectrum.

[Michael A. Blum @mablum]

@Reuters Every Western brand learns the same lesson in China: the market is open right up until a local champion can replace you.

[Michael A. Blum @mablum]

@Reuters @lauriechenwords Megaspeed is the story that made export controls bipartisan. Watch the cloud resellers, not just the chip shipments.

[Michael A. Blum @mablum]

@NASASpaceflight STS-5 carried the first commercial satellites on the Shuttle. 44 years later, commercial isn't the cargo anymore. It's the whole industry.

[Keith McCullough @KeithMcCullough]

The ROC Report

[Michael A. Blum @mablum]

@joshrogin Let's hope so!

[Josh Rogin @joshrogin]

Congressional momentum for passing strict restrictions and oversight on chip exports to China has never been higher. This is the opposite of what Nvidia and the Chinese Communist Party wanted. Seems like their operation backfired spectacularly.