returnoncapital

Global Macro investor.

[returnoncapital @returnoncaps]

If that ain’t partnership goals, idk what is.

[returnoncapital @returnoncaps]

A crazy easter egg: the photo on the left is AI generated with Charlie on the youtube screen. But if you zoom in, the person on screen looks like a combination of Charlie and Warren.

Likely because AI is trained on seeing the two together, it reproduces them as a combination.

[Dividendology @dividendology]

Bruh.

[returnoncapital @returnoncaps]

@abcampbell $setm and forget sir

[returnoncapital @returnoncaps]

Coateau on the other hand may have had the same idea, but probably got the execution/sizing really wrong to have the returns they do despite the podcast bro maxxing.

[returnoncapital @returnoncaps]

All alpha is finding the best beta, and expressing it right.

Leo was a genius for going all in on AI, and even on leverage. Sure he had a 60% drawdown, but after a 2200% two year run. Still wipes the mud with the other guys.

[Paul Enright @pmje73]

My most strongly held investing belief is the way to make the most money is to capture the best long idea in the best accelerating sectors/categories and the inverse for shorts. Sounds obvious but requires real structure and process.

My joke with LPs, sell side analysts, teammates, basically whoever will listen for almost three decades has been I wish I had a killer application that monitored, real time, all information collected by the best sector experts ingested into a shared brain, compiled and analyzed by what I think is most important and then visualized real time with a color coded labeling system flashing green, yellow or red delivered via a web based app like a Bloomberg screen. I’d call it the CIO Brain. There would be 3 columns. Consensus in print, Consensus in chatter and Inside view.

The cynical response to this is bruh that’s just a revisions visual. But it’s not. Some information moves numbers and some moves multiple. Muse is multiple moving for Meta waaaay before it can be quantified in numbers. Getting in front of the multiple move ahead of the number move is where more money lives nowadays than ever before.

If someone builds this no need to send me royalty checks, just send me sign in credentials.

[returnoncapital @returnoncaps]

Well probably a good thing as the people who ‘used to run it’, basically ran it to the ground…

[TrendingPolitics.ca @TrendPolCa]

Mark Carney has quietly rebuilt how Canada's government actually works, and sidelined almost everyone who used to run it.

A Toronto Star investigation finds cabinet, Parliament, the civil service and the press have all been pushed to the margins in favour of a small circle around the prime minister. 🧵👇 (1/8)

[returnoncapital @returnoncaps]

Hero 🫡

Rarely political, but this is not political. This is what it is to be human, and to be a man.

[Griffin @6ESinger157593]

Had this man not found the courage to fight back after being repeatedly attacked with an axe capable of cutting through metal—while bleeding profusely—and had the presence mind to trigger the hijack/emergency code, initiate the emergency response and open the cockpit door to allow passengers to assist him, the aircraft’s subsequent dive could have had catastrophic consequences.

Had that aircraft not been recovered, the geopolitical consequences for the Middle East could have been profound and potentially irreversible.

Sometimes history turns on the courage, resilience and presence of mind of one person.

Yes. One Indian man.

[returnoncapital @returnoncaps]

@jbulltard1 what was the basis on this. Also congrats sir

[returnoncapital @returnoncaps]

The best there ever was.

Have learnt immensely from Mr. Buffet and Mr. Munger. On markets and life.

Find myself lucky to have started the pilgrimage to Omaha while he was still at the helm.

Far greater value has been created from their example, than their investments🫡

[Geiger Capital @Geiger_Capital]

*WARREN BUFFETT STEPPING DOWN AS CHAIRMAN OF BERKSHIRE HATHAWAY, EFFECTIVE IMMEDIATELY

"To My Fellow Shareholders…

Serving as your Chairman has been the privilege of my life. Father Time always wins. He has, however, been generous with me."

[returnoncapital @returnoncaps]

Zuck’s been doing this with meta, larry and sergey with Goog, and’s bezos with amzn all along.

Figure out cash cow, and then venture bets on yourself all the way

[Aporia @aporia9n]

That's what being a post-money founder looks like.

You stop optimising for money but instead focus on scale / relevance / cultural influence (and maybe eventually status/power).

And weirdly that can make the underlying thing much bigger. Cause you become your own VC, making asymmetric bets with your accumulated capital: you can kill the paywall, maximise network growth and figure monetisation out later.

The big advantage of succeeding with cash-generative businesses (like Peter did) is eventually having enough money to make those venture-style bets yourself, while still keeping 100% of the company (no dilution, no external investors, all the upside still yours if it works).

IMO that's one of the most underrated things money buys ambitious founders. Not retirement, but the ability to build things that don't need to make money immediately.

[returnoncapital @returnoncaps]

Infinite wisdom

[returnoncapital @returnoncaps]

Can’t believe this app is free

[Alex Ognara @AlexAra91768440]

@blondesnmoney A wife

[returnoncapital @returnoncaps]

Wtf is this satire.

Europe and the Saudis have lost the plot so hard. Old money silliness, usually leads to no money outcomes.

[Emmanuel Macron @EmmanuelMacron]

Une annonce hors normes.

Vous connaissez mon intérêt pour les mangas. Vous savez aussi ma détermination à attirer en France les investissements qui créent des emplois et rendent possibles les projets les plus ambitieux.

Avec l’Arabie saoudite, nous faisons une annonce sans précédent.

À Cergy-Pontoise, 3 parcs à thème vont voir le jour.

6 milliards d’euros d’investissements.

22 000 emplois créés.

Du jamais vu depuis Disneyland Paris.

Une nouvelle destination mondiale.

Ici, en France.

Merci à Qiddiya et à l’Arabie saoudite pour leur confiance en notre pays, en nos talents et en notre avenir.

C’est tout le sens de Choose France : aller chercher les projets les plus ambitieux et faire de la France le pays où ils deviennent réalité. Créer des emplois. Faire rayonner la France.

Nous n’avons pas fini de surprendre le monde.

Très fier de cette réussite.

[returnoncapital @returnoncaps]

@negligible_cap Jeff Favuzza is goated ngl

[returnoncapital @returnoncaps]

@astridwilde I say it with u - Life is a Joy Astrid! ���

[returnoncapital @returnoncaps]

@TMTLongShort ASKB is a game changer. Really really good at running backtests and clarifying priors on big picture views too!

[returnoncapital @returnoncaps]

Cc @TMTLongShort curious what you think of this characterization.

[returnoncapital @returnoncaps]

What is wild thought is that the AI spending has created innumerable bottlenecks and market opportunities while the defense sector really has not been a serious trade of the same magnitude. Tell you two things:

[COATUE @coatuemgmt]

Chart of the Day:

Four companies now spend at a staggering scale. Hyperscaler AI capex is on track for ~$733B in 2026, about 87% of the base US defense budget.

[returnoncapital @returnoncaps]

1) it’s the rate of change of spending that matters for markets, not the absolute dollar amounts as much.
2) defense spending truly is very inefficient from a market capital allocation perspective, if it leads to predictable steady state compounders instead of dynamic opps.

[returnoncapital @returnoncaps]

@elonmusk this would be so awesome. Great cities deserve great public places.

[Atelier Missor @AtelierMissor_]

Should we rebuild the Sutro Baths of San Francisco?