🏴󠁧󠁢󠁳󠁣󠁴󠁿RH🏴󠁧󠁢󠁳󠁣󠁴󠁿

[Kairos @KairosPraxis]

Amphenol's M&A strategy is Constellation in hard mode:

- 4-5 deals/yr
- Decentralized manufacturing
- Crazy discipline: Waited decades to buy Commscope at 75% discount
- EPS accretive from day 1 + margin catch-up in 1 year

All this with 100K SKUS & 10%+ organic growth

[Durable Value Creators @DurableCreators]

Compounding works best when it's uninterrupted.

Here are the most durable companies when it comes to consecutively growing sales and profits Y/Y, ranked by consistency (not growth or total return).

The performance of the top 4 is extremely impressive. $ORLY $AZO $NVO $ROL

[boaz weinstein @boazweinstein]

Hey @BlackRock, care to educate me on why the police officers, firefighters, nurses, veterans, and teachers you virtue signal in your ads (as seen below) don’t deserve to recoup the millions of dollars of losses YOU caused them (and can recoup) by tendering at NAV or open-ended the funds? You disgraced yourself by breaking the law while wasting millions of $blk dollars on @SkaddenArps fees only to have one of the most distinguished federal judges in America rule in summary judgement that your trustees indeed broke the law. If they had any decency, post this ruling they would immediately resign. Despite an identical Southern District ruling a year ago, your trustees decided to illegally restrict voting in $ECAT. And ECAT is an ESG fund! The irony is staggering. I hope the large ESG and compliance teams at @BlackRock are assessing whether they have regrets about their 2023 behavior and if they were shareholder in such a dumpster fire, would they be forced to sell? Rules for thee but not for me.

[boaz weinstein @boazweinstein]

If you’ve found my opinions about closed-end funds useful, here’s the one I’d most appreciate you retweet.

@BlackRock, for the past two months I’ve highlighted your governance failures on $ECAT, $BIGZ & $BFZ. You set an impossible voting standard for last week’s annual meetings to keep incumbent directors on the board. It required Saba to win 50%+ of all shares, not 50%+ of the votes. Imagine a US election where everyone who stays home and doesn’t vote counts for the incumbent. Hugo Chavez would have been impressed! Disgraceful.

The hypocrisy is stunning because you are violating many of the governance guidelines you publish and expect corporate America to follow. Here is the proof:
$ECAT: https://t.co/i5VY1u9ye1
$BIGZ: https://t.co/raFsOfJToR
$BFZ: https://t.co/8VwVGrWgU9

What also proves that we’re right is that in the significant media attention Saba’s campaign has received, you haven’t challenged ANY of our arguments.
BlackRock, the silence is deafening. All you have said to the media or have written in your mailers is that Saba is a short term investor. Surely, if all the points we made were not facts, you’d have done better than name calling?

$ECAT, an ESG closed end fund with no leverage sits at a $150mm discount to NAV. You have a dozen ESG open end funds that have very similar portfolios that you could merge it into. Every one of the thousands of investors - including your employees who own ECAT - would make back this gargantuan loss. They could stay in the fund or sell - but they would no longer be trapped by a bottom quartile discount, which is a symbol of your failure.

Since you manage $8 trillion of open end funds, I don’t think anyone would believe you are trying to spare investors. You should admit that the ONLY reason you won’t do it is because the stock market values the open end funds you manage at a lower multiple than ‘permanently trapped’ closed end funds.

Often, an activist’s plan involves uncertainty. Closed end activism is certain. Merging with an open end fund is certain to restore it to NAV. It’s a fact. If it weren’t, BlackRock would have offered a counterpoint.

BlackRock’s behavior is aberrant. The boards at @GoldmanSachs and @GuggenheimPtnrs have shown exemplary governance to their closed end fund investors. There’s a reason @PIMCO’s closed end funds trade at a top quartile price to NAV.

BlackRock’s closed end fund board members have failed to fulfill their duty to shareholders, blinded by the $500,000 paycheck they each receive for sitting on 70 boards, even though BlackRock’s guidelines have a limit at 4. YOU CAN’T MAKE THIS STUFF UP.

Shame

[Alessandra Biaggi @Biaggi4NY]

In 2012, I graduated from Fordham Law School with $180,000 is student loan debt.

I’ve been paying loans for 11 years. Even paid two of them off completely.

In 2023, my balance is $206,000.

[Chris Camillo @ChrisCamillo]

WATCH THIS VIDEO @jimcramer @wsbmod @CNBC https://t.co/Kad6tKayNp

[🏴󠁧󠁢󠁳󠁣󠁴󠁿RH🏴󠁧󠁢󠁳󠁣󠁴󠁿 @rayhoben]

@algorithmLevels Definitely - would love to see - enjoyed your work for a long time

[Plan Maestro @PlanMaestro]

Here’s Chartstravaganza!

Because data helps to achieve our goals …

[Bluegrass Capital @BluegrassCap]

BAM's takeout valuation of OAK ($49/share) implies 75% upside for KKR (currently $24/share) https://t.co/hkzGH7c5oG

[Jerry Capital @JerryCap]

The new #1

[Plan Maestro @PlanMaestro]

Chartstravaganza is here … because charts gives us perspective!

[Trelleborg Offshore @OffshoreInsight]

Check out this cool video from @SchmidtOcean on syntactic foam. https://t.co/gEeq2JhXZM

[Trelleborg Offshore @OffshoreInsight]

Looking forward to presenting our Composite Floating Beads paper @SAMPE Long Beach. https://t.co/w1onR8x1cN