Stephen Buehler

Founder of Astra (alternative multi-asset investment firm), Fmr @Blackstone (all opinions are my own and are not investment advice)

[Stephen Buehler @stephen_buehler]

Water usage by data centers draws protests. But should we protest leaking toilets instead?

Leaky pipes and toilets waste roughly 3,000 billion gallons per year in the US. That is 172x times the amount of water used by all of the data center in the US (2023 data).

Should we ignore water usage in data centers? No. But two things can be true. We should focus on efficient usage of water in data centers. And anger and protests are being directed at the wrong uses of water (as discussed on @theallinpod).

[Stephen Buehler @stephen_buehler]

The Lakers just traded at a reported record valuation of $12.5B.

Let's compare this to the magnitude of AI investment.

The 4 largest hyperscalers guided to $725B in capital spend for 2026. If they decided to become sports investors instead, they could purchase every team across all 5 major US sports leagues (NFL, NBA, MLB, NHL and MLS)....and still have leftover capital to build a new stadium for all 32 NFL teams (at $3B each) and to buy 6 private jets for each of the 154 teams ($50M per jet for a Gulfstream G600).

Welcome to the new era of Showtime!

[Stephen Buehler @stephen_buehler]

@SMB_Attorney @smblawgroup Yes please. Ty

[Stephen Buehler @stephen_buehler]

@SteveMiran Congrats @SteveMiran

[Stephen Buehler @stephen_buehler]

@TKopelman Is an LLC electing to be taxed as a C Corp eligible assuming other conditions met? Or does it have to be a C Corp (Inc.) proper?

[Stephen Buehler @stephen_buehler]

@SteveMiran “consensus without conviction”

Intuitively we suspect what should happen..but market/trends defy logic longer than one expects. I find this is often observed before significant turning points

[Stephen Buehler @stephen_buehler]

@Claudia_Sahm @opinion Did you test this hypothesis by extending the analysis globally? If Covid is the key factor, many other countries should have a similar divergence of sentiment vs actual.

[Stephen Buehler @stephen_buehler]

@XavierHelgesen @XavierHelgesen do you know if the QSBS tax shield applies if the exit is structured as an asset sale? Or only if an equity sale?

[Stephen Buehler @stephen_buehler]

@BobEUnlimited @UnlimitedFnds Congrats on the raise @BobEUnlimited

[Stephen Buehler @stephen_buehler]

@SteveMiran Im definitely stocking up on toilet paper…

[Stephen Buehler @stephen_buehler]

@josephwang @mgyahoo1 Do they provide any color on their future lending standards? Credit conditions will dictate the path forward

[Ed Lalanne @EdLalanne]

Central banks are rightly terrified of macro speculators. Huge profits this year means traders have the firepower to push prices around. Inconsistent policies in places like Japan and Europe are fertile grounds for pushing against fragile equilibriums. Japan’s policy is 1/6

[Ed Lalanne @EdLalanne]

Today's action shows stocks are finally sensitive to Fed policy. Yields up sharply and stocks fall sharply. Makes sense. You'd be forgiven for thinking equities exhibited similar behavior in recent months as the U.S. 2-year yield rose 200 basis points YTD. But you'd be wrong

1/3

[Ed Lalanne @EdLalanne]

The February U.S. CPI report today shows energy, rents, and food driving inflation, with energy contributing almost one-third of the headline's +0.8% m/m increase, rents almost a quarter, and food almost one-sixth. The three together contribute over 70% of the m/m increase 1/

[Ed Lalanne @EdLalanne]

Inflation is the most important item to track in 2022. But there is so much more to inflation than just the headline number. To understand what is driving inflation, you have to understand the source (supply side vs. demand side) as well as its component parts. 1/7

[Ed Lalanne @EdLalanne]

Today’s CPI report confirms Powell’s testimony last week. Inflation is no longer transitory. Persistent price increases are evident in housing costs. Rents are on a path to rise 7% or more over the next year. Could be higher if home prices keep rising

[Ed Lalanne @EdLalanne]

By far the most surprising thing about 3Q earnings season is the resilience of corporate margins in the face of supply chain issues and rising input costs. The profit margin of the S&P 500 excluding financial companies is coming in at 12.7%! tied with last quarter's record high

[Ed Lalanne @EdLalanne]

1. New cases look to be plateauing. Let's hope this proves true. We're up against the opening of schools, winter's approach, boosters shot down by the FDA, and the waning effectiveness of vaccines administered several months back

[Ed Lalanne @EdLalanne]

It’s one for the record books this earnings season. With reports winding down, an outstanding 84% of the S&P 500 beat already optimistic expectations for sales in the 2Q