Issuing capital at nosebleed valuations ironically won't be the competitive advantage that people think
Because again, they're all spending money to chase the same business model
Which means they will fight each other on margin
It's like mighty empires in a nuclear war
Update: still going hard 6 days a week! 6 more weeks to Greece and Italy so lady's be ready! I have never felt better in my life. All about diet mainly then cardio and lifting. Feels sooo good! all 100% natural! people who know me know I wont even take advil if I have pain. ๐
I told a guy at a barbecue last weekend that I had been buying busted small-cap software stocks at 4x free cash flow, and he looked at me with the specific facial expression of a man who has just realized he is trapped in a conversation with someone who voluntarily reads 10-Ks on vacation. He asked, with great gentleness, if I had considered Nvidia. I said I had considered Nvidia in the way one considers jumping off a bridge: briefly, theoretically, and with a clear understanding of the outcome.
I told him I owned a company that sells dental practice management software to 11,000 orthodontists and that the CEO, a 64-year-old man named Greg who has not updated his LinkedIn since 2017, was, in my professional opinion, the single greatest capital allocator alive in North America today, and that I would, if legally permitted, have Gregโs name tattooed on my forearm.
He asked if Greg knew this. I said Greg did not know I existed, and that this was the foundation of our relationship and the source of its strength. He excused himself to go check on his children, who, I observed, were not present at the barbecue. I stood by the grill alone for the next 40 minutes, eating directly from a bag of buns, thinking about Greg, who at that exact moment was, somewhere in suburban Indianapolis, almost certainly buying back stock at prices that will, in 2031, be regarded as the single greatest gift any small-cap CEO has ever given his shareholders, and the hostโs wife came over and asked, with palpable concern, if I needed a ride home, and I said no, I needed nothing, I had Greg, and Greg was enough, and I have not been invited back to that house, and I do not care, because Greg loves me even though Greg does not know I am alive, and the math, as it has always been in every great deep value trade in history, is the only thing in this country that has not lied to me.
The $NVDA $CRWV incest is reaching new extremes.
Giving it away for free is one way to drive sales, especially when "free" comes with a $108.3 million tax write-off.
In just ONE state, 14,000 individuals receiving SNAP benefits were driving LUXURY VEHICLES!
๐ 3 Bentleys
๐ 3 Ferraris
๐ 11 Lamborghinis
๐ 59 Maseratis
๐ 141 Porsches
๐ 244 Alfa Romeos
๐ 306 Land Rovers
๐ 2,098 Teslas
And this is just in ONE STATE. We need to defend our nutrition programs for those most in need, not for scammers gaming the system.
These individuals are taking advantage of the American taxpayer. And together with @VPโs Task Force to Eliminate Fraud, this ends NOW.
4.3M Americans have been moved off of SNAP โ but more work to be done!
In just ONE state, 14,000 individuals receiving SNAP benefits were driving LUXURY VEHICLES!
๐ 3 Bentleys
๐ 3 Ferraris
๐ 11 Lamborghinis
๐ 59 Maseratis
๐ 141 Porsches
๐ 244 Alfa Romeos
๐ 306 Land Rovers
๐ 2,098 Teslas
And this is just in ONE STATE. We need to defend our nutrition programs for those most in need, not for scammers gaming the system.
These individuals are taking advantage of the American taxpayer. And together with @VPโs Task Force to Eliminate Fraud, this ends NOW.
4.3M Americans have been moved off of SNAP โ but more work to be done!
A country is not itโs land.
A country is simply itโs people.
Is Japan the way it is because of the soil?
Is Haiti the way it is because of the soil?
If you picked up all of the Haitians from Haiti and dropped them onto the island of Japan, would the magic soil there change them?
If you picked up all of the Japanese from Japan and dropped them onto the island of Haiti, would the magic soil there change them?
No.
The island of Japan would become Haiti.
The island of Haiti would become Japan.
There is no magic soil.
A nation is simply itโs people.
The financial architecture of the post WW2 world rested on three assumptions:
- US is a benevolent hegemon with an embedded interest in maintaining global trading order
- US controls the worldโs sea lanes
- US treasuries could always be transformed into commodities at a momentโs notice
These assumptions are melting away faster than morals at a bachelor party.
So how do we now position portfolios?
I wrote the following last weekend and a number of clients asked me to unlock it, so here is the paper
https://t.co/PpxYN0UswZ
Goldman says Thursday saw the most selling from long only investors across their trading floor since they began tracking it in 2022. Contrarian or not?
I have no opinion on the situation in Iran. I donโt know whatโs true and what isnโt. The only thing I know for certain is the same people who demanded we get more involved in support of the Ukrainian people are saying we have no business supporting the Iranian people.