Mark Beveridge

Always thinking about Financial Markets, Self Managed Super and Personal Investments

[Mark Beveridge @marks_thinking]

@GeoffWilsonWAM @WilsonAssetMgmt I have selectively recommended LICs including some from Geoffs stable. However I also remember the absurd times when the Platinum LIC traded at a 20%+ premium to NTA when you could have bought the Managed fund at par. Later on that flipped to discount.

[Mark Beveridge @marks_thinking]

@DrChrisCaton I’ll bet he knows where he is.

[Mark Beveridge @marks_thinking]

You wouldn’t know it today, but someone else is also quietly launching low cost rockets for satellite deployment.

[Mitsubishi Heavy Industries @MHI_Group]

🚀 The H3 Launch Vehicle No. 6 (H3-30S) was successfully launched from the Tanegashima Space Center this morning –marking another milestone in our contribution to space utilization. The launch reflects our end-to-end capabilities in launch vehicle manufacturing and services, and our continued role in supporting reliable access to space.
Together, we returned to the sky. Together, we will continue our journey toward the space.

For more: https://t.co/Wo2ya9x38J

#MHIGroup #MoveTheWorldForward

[George Noble @gnoble79]

What's happening right now in our capital markets is going to DESTROY the retirement savings of millions of Americans.

Anyone of good conscience needs to rise up and say enough. This must be stopped.

I don't say that lightly. I've been doing this for 45 years, and what's happening right now to the integrity of our capital markets is unlike anything I have ever seen.

This is not about Elon Musk or Donald Trump. This is not about whether you like rockets or hate rockets.

This is about the systematic CORRUPTION of the financial system that every American depends on for their retirement.

In the entirety of its existence, Tesla has generated approximately $36 billion in cumulative profit. That includes over $20 billion in government emission credits and tax subsidies. The company is valued at $1.7 trillion and its CEO is the richest man on the planet.

I'm not talking about the stock price. I know the stock has made people money.

That's the popularity contest.

I'm talking about whether this company creates enough economic value to JUSTIFY the capital invested in it. And it doesn't.

The returns on invested capital have been chronically below what any serious investor would demand. That's not wealth creation.

So the product here isn't the car. The product is the STOCK PRICE.

Elon Musk is selling hopium and an entire generation of investors is buying it without even knowing what a PE ratio is.

I posted two pieces recently on Tesla and SpaceX. Each got over 1.5 million impressions. Thousands of hate replies but NOT ONE response with an actual argument. Not one.

It was all "Libtard" and "Elon derangement syndrome." You would not get past a first-round interview at Fidelity thinking this way.

But Tesla is just the opening act...

SpaceX just filed for a $1.75 TRILLION IPO. $15 billion in revenue but no profit in sight.

The private valuation was walked up from $200 billion to $400 billion to $800 billion to $1.75 trillion in two years. And Reuters has confirmed that SpaceX made early inclusion in the Nasdaq-100 a necessary condition for listing on the exchange. Nasdaq obliged by adopting a "Fast Entry" rule in March that lets mega-cap IPOs join the index after just 15 trading days, completely exempt from the normal seasoning and liquidity requirements every other company had to meet.

And this matters because over $600 billion in passive funds track the Nasdaq-100. Unlike the S&P 500, which still requires months of seasoning and stricter float thresholds, the Nasdaq-100 is now a 15-day on-ramp for trillion-dollar IPOs.

Every ETF and mutual fund benchmarked to that index will be FORCED to buy SpaceX within weeks of it going public regardless of whether the valuation makes any sense.

Your 401(k) is literally the exit liquidity. You don't even get a choice.

The structure of the market makes you a participant whether you want to be or not.

That's what makes this different from every other bubble in history...

You can't opt out.

And the agencies that were supposed to protect you from exactly this? They're doing NOTHING.

Peter Lynch would always say the product is not the stock and the stock is not the product.

Show me one Hall of Fame investor who ever made his fortune chasing hype.

Lynch, Druckenmiller, Soros, Buffett, Griffin, Cohen. Not one of them managed money this way. It's only the cult on X who thinks momentum and greater fool is an investment strategy.

As Buffett said, in the short run the market is a popularity contest. In the long run it's a weighing machine.

This popularity contest has gone on longer than any I've witnessed in my career. But gravity always wins. And when it does, the people who forced your pension fund into a money-losing rocket company at 120x revenue will have a lot of explaining to do.

This must stop. And it WILL stop.

The only question is how much damage gets done first.

Are you listening?

[Mark Beveridge @marks_thinking]

@TaxPawspective @michael_timbs Spot on. The 30% tax on the trust distributions is non refundable and may exceed the MTR of the beneficiary. Distribution of franking credits that were previously refundable get converted to non refundable.

[Mark Beveridge @marks_thinking]

https://t.co/wqUr68haMZ

[Mark Beveridge @marks_thinking]

Good listening here about AI and investment markets with Rob Arnott. https://t.co/ETEPVjOsRW

[Mark Beveridge @marks_thinking]

@BenKaplan @puppyeh1 Same. Can’t trade other asx listed securities that are available on other brokerage platforms.

[Mark Beveridge @marks_thinking]

@thechartist I see what you did there.
If you went full WB you would never have had all those juicy gains from TSLA.

[Mark Beveridge @marks_thinking]

@TMFScottP @DrChrisCaton Why are you guys not using Wise? Surely the Amex lounge is not that great?

[Mark Beveridge @marks_thinking]

Tell me you’ve never sunk your own capital into building a long term asset without telling me you’ve never sunk your own capital into building a long term asset…

[Australia Institute @TheAusInstitute]

New Australia Institute polling shows more than three in five Australians support a flat 25% tax on gas exports!

"We have got corporations making windfall war profits while people's energy prices are going up. It is indefensible."
- Senator @stephhodginsmay
#auspol

[Mark Beveridge @marks_thinking]

@freedomrules21 @TruthFairy131 @FarCanall Engagement posters don’t let fact get in the way of a good story

[Mark Beveridge @marks_thinking]

@Typhoonblue1 @MickamiousG They didn’t commit the fraud. They were defrauded.
Certain posters want you to think it’s the banks defrauding others.

[Mark Beveridge @marks_thinking]

@AdamDTurk @bowtiedstocks I think are thinking 1.2 x revenue. @bowtiedstocks is talking actual ebitda of 3 to 5 x

[Mark Beveridge @marks_thinking]

@GmaiElizabeth @DonaMcqueen Returned, but not with interest. In fact the new rules allow the facility to deduct 2% p.a. up to max of 10% total. And don’t forget the means tested extra fees.

[Mark Beveridge @marks_thinking]

Seems like this gold move is about the Fed becoming a branch of the Trump empire. Run it HOT. 🔥

[Sold At The Top @soldatthetop]

@KobeissiLetter Apparently, Gold likes a Fed that has halted cutting or its sniffing out an abrupt end of the Powell era and Fed independence in general. We are getting an even more profligate Fed Chair no matter what playes out today.

[Mark Beveridge @marks_thinking]

Buy physical they said. Don’t buy paper they said. Meanwhile eat this 20% spread.

[Special Situations 🌐 Research Newsletter (Jay) @SpecialSitsNews]

$SLV very difficult to sell silver eagles at spot prices...
https://t.co/yfWJeZ5752

[Mark Beveridge @marks_thinking]

@aus_fella Looks like someone who arrived on the First Fleet, not someone who was on the shore.

[Mark Beveridge @marks_thinking]

@paulswaney3 Thank you! Very valuable.

[Paul W. Swaney III @paulswaney3]

Why would you pay 3Gs for that

Here’s my pdf copy for free

Just comment and repost and I’ll send you a copy