Cojones Rock

Me gusta saber como funciona el dinero, eso lo explica todo. Anti-woke

[Santiago Calvo @SantiCalvo_Eco]

Del "Made in China" al "Hecho por China": Pekín exporta fábricas y la nueva Ruta de la Seda industrial empieza en España.

Bruselas pone aranceles de hasta el 45% al coche eléctrico chino y el efecto es el contrario al buscado: los fabricantes montan planta dentro de Europa, de MG en Ferrol a CATL en Zaragoza. La respuesta que ya se prepara es otra capa de regulación: exigir contenido europeo, transferencia tecnológica y contratación local.

Parche sobre parche que encarece el producto para el consumidor. La competitividad se gana bajando costes regulatorios y energéticos, y Europa lleva años yendo en dirección contraria.

Por @Lucasdelacal.

https://t.co/8lxROP85iT

[Gustavo Martínez @GustavoBolsa]

Italia endurece su legislación contra la okupación: penas de 2 a 7 años para quien ocupe una vivienda ajena.
Además, se agiliza la restitución del inmueble al propietario, con intervención urgente y control judicial.

En Italia se protege a la víctima, en España al delincuente.

[Cojones Rock @TInvertir]

@JulenBollain En la mayoría de países europeos el desalojo es cuestión de días o semanas (a veces con apoyo policial directo), mientras en España el proceso judicial lo alarga mucho, el problema en España es real, pero estadísticamente bajo en proporción al total de viviendas.

[Psyche Wizard @PsycheWizard]

4 Pictures with Deep Meaning:

1.

[Cojones Rock @TInvertir]

@felixbolanosg Q puto sinvergüenzada, tendrá valor de poner esta barrabasada. No sé cómo podéis dormir por las noches.

[The Rabbit Hole @TheRabbitHole]

90% of hate speech targets Men and Whites

[SydneySiren` @SydneySiren]

Dear Australians

It’s no longer about Left versus Right.

It’s about massively high-spending, high-taxing governments versus the people who pay for it all.

Australians have had enough. We’re galvanised like never before — across suburbs, cities, and regions.

We’re done with lies, waste, fraud, endless taxes, and policies which punish hard work and investment in our amazing country.

We’re looking for real leadership. Someone who puts Australian families, workers, and businesses first. Someone who actually represents our interests, not the interests of the themselves, bureaucracy, globalists, or ideology.

ALBO MUST GO ! Call an election @AlboMP and let Australians have our say. If your policies are as popular as you say then you have nothing to fear.

[Inevitable West @Inevitablewest]

He wasn't a career criminal. He was a Russel group university student.

State authorities assisted a foreigner in stabbing him to death.

This is 100x worse than George Floyd.

[Financial Dystopia @financedystop]

Everything feels like a scam now. Restaurants adding mandatory service charges that “aren’t the tip,” stores asking you to round up for "charity" at checkout, iPads asking for 25% tips on takeout orders… people are getting exhausted by the constant nickel-and-diming

[Cojones Rock @TInvertir]

Creo que es el podcast de inversión más didáctico desde el punto de vista del razonamiento de una inversión. @AccionEAFI Resultados: Spotify, Alphabet, Amazon, Microsoft, Momentum y Tradeweb | ... https://t.co/59UjXdqRe0 vía @YouTubeMusic

[Bill Ackman @BillAckman]

As two of the largest forces in equity markets -- growing index ownership and increasing amounts of capital controlled by extremely short-term-oriented, leveraged, volatility-intolerant investors -- converge, we have found occasional opportunities to acquire some of the most dominant long-term compounding franchises at attractive valuations.

For example, we acquired Alphabet $GOOG when the stock declined substantially on the release of ChatGPT in late 2022, Amazon $AMZN in the weeks following Liberation Day, and $META more recently on the market's response to the company's unexpectedly large cap ex guidance and expenditures.

In our 13F which we will file later today, we will disclose a new position in Microsoft, a company we have followed for many years now offered at a highly compelling valuation. While $PSUS will not be filing a 13F tomorrow, it has also recently made $MFST a core holding.

Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company's overall profits: M365 and Azure.

M365, the company's productivity suite, is the dominant operating platform for knowledge work, with over 450 million workers using Word, Excel, PowerPoint, Outlook, and Teams on a daily basis.

Azure is the world's second-largest hyperscaler cloud platform and, like AWS in our Amazon investment, is a direct beneficiary of the multi-decade migration of enterprise IT workloads to the cloud, which is now further accelerated by surging demand for AI inference workloads.

Both M365 and Azure are underpinned by Microsoft's unparalleled enterprise distribution and the security, compliance, and identity infrastructure it has built and refined over decades.

Beyond these core franchises, Microsoft also owns a portfolio of other leading businesses, including LinkedIn (the world's largest professional network with 1.3 billion members), its gaming platform (Xbox and Activision Blizzard), and search and news advertising (Bing and the Edge browser).

We began building our position in MSFT in February following a meaningful share price decline after the company reported its fiscal Q2 2026 results. We were able to establish our position at a valuation of 21 times forward earnings, broadly in line with the market multiple and well below Microsoft's trading average over the last few years.

Notably, MSFT's headline multiple does not reflect the value of Microsoft's approximately 27% economic interest in OpenAI, which would represent approximately $200 billion, or 7% of Microsoft's market capitalization, at OpenAI's most recent funding round valuation.

We believe Microsoft's recent share price decline has been principally driven by investor concerns around two key issues: i) the competitive positioning of M365 against increasingly capable AI lab offerings (notably Anthropic's Claude Cowork), and ii) the durability of Azure's growth, especially in light of Microsoft's evolving relationship with OpenAI.

In our view, investors underestimate the resilience of the M365 franchise given its deeply embedded role across enterprises and highly attractive price-value proposition. Unlike point software solutions, which may be vulnerable to disintermediation by better-performing AI alternatives, M365 is tightly integrated into the daily workflow of nearly every large enterprise and is supported by Microsoft's identity, security, compliance, and data governance infrastructure, which would be nearly impossible to replicate.

Attractive bundle economics further reinforce Microsoft's advantage, with monthly average revenue per user on the M365 suite at approximately $20, less than half of what customers would pay to purchase the underlying applications individually from different vendors.

Moreover, we are encouraged to see Microsoft prioritizing its R&D efforts and investment in Copilot, its own AI agent embedded across M365, with direct involvement from CEO Satya Nadella. We believe these efforts will translate into improved product velocity and greater customer adoption over time.

Alongside Copilot's rollout, the company has also begun shifting its pricing model from pure per-seat licensing to a hybrid model of seats plus metered consumption, which helps expand the company’s revenue opportunity as AI agents drive incremental usage that a seat-only structure would not capture. These initiatives should help sustain M365’s strong underlying growth momentum, which was already evident in the business unit’s 15% revenue growth (in constant currency) last quarter.

We believe concerns regarding Azure's growth trajectory are similarly misplaced, particularly in light of the franchise's exceptional recent performance. Azure revenue grew 39% in constant currency last quarter, with company guiding to modest acceleration through the second half of the year.

We view Microsoft's recent decision to restructure its OpenAI partnership not as a concession but as part of a deliberate pivot toward a more open, multi-model architecture that better serves enterprise customers, who increasingly seek optionality across model providers.

Microsoft recently disclosed that over 10,000 enterprise customers have used more than one model on Azure Foundry, the company’s modular AI model marketplace. This model-agnostic approach also strengthens Copilot, which can auto-route queries across multiple models to deliver the optimal output for a given task.

To support Azure's rapid growth amid persistent supply constraints, Microsoft has raised its calendar year 2026 capex budget to approximately $190 billion. Consistent with what we have observed at hyperscaler peers Amazon and Google, we view this spend as growth capex that should drive future revenue generation. This is particularly true for Microsoft, given that roughly two-thirds of its capex budget is allocated to server and networking equipment that correlates directly with near-term revenue.

Like our purchases of $GOOG, $AMZN, and $META, we believe that $MSFT offers analogous and compelling long-term value at today's valuation.

[Drew Pavlou 🇦🇺🇺🇸🇺🇦🇹🇼 @DrewPavlou]

New Labor Party tax changes are absolutely brutal for anybody who aspires to be productive.

If you start a successful business and sell it for $20 million, you pay 47% in tax - $9.4 million.

But if you win $20 million in the lottery, it’s tax free.

So the message is: Don’t build.

Gamble instead.

How does this work? Can somebody explain how we are supposed to make Australia a productive, first world society when we directly punish investment and productivity while encouraging people to incinerate their money in pokies and gambling?

The entire budget is bullshit. It’s supposedly all about “generational equity” and helping young people, yet they’re only eliminating negative gearing for young people.

If you already have ten negatively geared investment properties, you’re sweet because the changes are being grandfathered in.

So how does that help me as a young person? You ask me to pay more tax while preserving tax concessions for older generations.

You say that if I start a new business and work hard at it for years building something productive for society, half must go to the government in tax to be shoveled into the furnace of NDIS fraud.

The budget is all about penalising productive people.

Australia is on track to be a full command economy by 2040.

[MΛRC VIDΛL @marcvidal]

🔴 LIVE - Se está emitiendo en directo un equipo de robots humanoides ejecutando un turno completo de 8 horas a niveles de rendimiento humano. Son completamente autónomos y ejecutados por Helix-02.

Hasta ahora, la compañía había mostrado esta tarea ejecutándose durante apenas una hora, pero ahora está llevando el sistema a operar durante 8 horas continuas, con altas probabilidades de que aparezcan fallos.

El caso de uso es el clasificado de paquetes pequeños: F.03 debe detectar el código de barras, recoger el paquete y reorientarlo correctamente sobre la cinta transportadora razonando únicamente a partir de los píxeles captados por sus cámaras. Un operario humano promedio tarda unos 3 segundos por paquete y el robot ya está muy cerca de alcanzar esa paridad.

Lo más relevante es que los robots operan de forma completamente autónoma utilizando Helix-02, la red neuronal interna de la empresa, ejecutada íntegramente a bordo del propio F.03. Toda la inferencia de IA ocurre en el dispositivo, sin depender de la nube. Además, múltiples humanoides están conectados en red y coordinándose entre sí para maximizar el tiempo operativo de la cinta transportadora y mantener el sistema funcionando 24/7.

Aquí aparece el verdadero salto tecnológico: ya no se trata solo de automatización industrial, sino de coordinación multi-robot con tolerancia autónoma a fallos. Cuando un robot detecta que su batería está baja (~3-4 horas), solicita automáticamente el relevo de otro humanoide para minimizar el tiempo de inactividad.

Y si detecta una avería, se autodiagnostica, abandona la línea de trabajo por sí mismo y solicita un reemplazo de la flota. Todo ello sin intervención humana directa.

_
Enlace del directo: https://t.co/Vo3PKtUqMD

[Tarric Brooker aka Avid Commentator 🇦🇺 @AvidCommentator]

This budget takes the idea of inter-generational fairness and blows it to pieces...

Young people slugged a minimum 30% tax on capital gains, even low income earners, while pensioners are entirely immune.

That is the complete opposite.

[Cojones Rock @TInvertir]

@AlboMP If this is about housing, why double capital gains taxes on stocks? I’m working hard and investing to buy my first home for my family. How does increasing taxes help young people?

[Cojones Rock @TInvertir]

@lar1777998 @DiegoLittleLion @elmundoes Para nada les corresponde, no digo eso. Pero no creo que sean "el enemigo". Pero se necesitan reformas estructurales a largo plazo (eso de largo plazo no esta en el diccionario de estos miserables que nos gobiernan).

[George Free @RealGeorgeFree]

@AlboMP Everything you do makes things worse - throwing fuel on the fire!

If only you would learn to leave the free market to operate freely, without your socialist-style interference which is like 'death by a thousand cuts'.

And stop importing terrorists!

[Cristo @cristo_xyz]

Genuine question, how does increasing long term capital gains tax on shares (which are productive assets) to the highest marginal rate in the OECD countries assist with "intergenerational equity"? Isn't this just another big tax increase which reduces the path to upwards mobility for those looking to get ahead by working hard and thoughtfully investing (particularly as the young tend to favour growth investments which are higher risk but target larger real gains)?

[Rational Aussie @rationalaussie]

Been offline for a few days.

A few comments:

1. The Australian government is digging their own grave with these CGT discount changes.

2. The One Nation by-election win is a harbinger of a trend just finally beginning in Australia.

It's the beginning of 'the big one' - when ordinary Australians finally decide they have had enough of both corrupt, slimy slides of 'mainstream politics' (as Albo calls them) and kick them to the curb where they belong.

3. 1 will propel 2, because business interests in this country have largely been silent on mass migration due to the stigma associated with publicly being against it, but they will not remain silent when the thing they care about most is jeopardised: money

Australia punches above its weight intellectually.

We are a small population but we do genuinely have some smart people here.

It's just that they largely all leave and go to America, where they are not treated like shit and don't have their wealth stolen from them by a corrupt government who then allocates the stolen capital into things that benefit themselves.

It is incumbent on all Australians to call out just how corrupt this government is - and really now, every Australian government for the past two decades.

We are long past the point of platitudes and friendly suggestions.

These people must be removed from office.

They are incompetent, they lack integrity, they have no right to be telling hardworking Australians how to live their lives, and they certainly have no right to steal 50% of your money for starting a successful business - only to then allocate that capital into fraudulent schemes like the NDIS.

The audacity of this government to say that removing the CGT discount is about intergenerational equity is disgusting.

Yeah @AlboMP please explain to everyone how removing the discounts your boomer generation voted for and used to pump the living shit out of your non-productive property portfolios, and which now the next generation can't even use to be incentivised to start a BUSINESS (not even buying/selling property or shares), is 'equitable'. What a lying retard this bloke is.

He has zero understanding of economics.

The absolute audacity to do this, after using taxpayer's funds to subsidise demand into the housing market to inflate their dogshit properties supposedly worth millions of Pacific Pesos, is insane.

It's the type of immoral shit that could only possibly be dished out by a bloke who has taken from the public his entire life. Not a single private sector role. Truly pathetic shit.

We need a referendum to exclude any person who has not served a decade in the private sector from public office.

These people could not be entrusted to run a local pie shop let alone a country.

The funny thing about all of this is the boomers have sewn the seeds for a truly radical person a decade from now to literally just steal all their shit. That's the mood they have created. No one will give a shit. They will remember who stole from them.

'You steal my opportunity? Okay, I will remember that a decade from now when we have power, and steal every last cent back' - this is the political environment we are heading towards over the next several years. Things are going to get very extreme... Best analogy is Germany 1930s.

Australians deserve better, and One Nation is the beginning of that, not the end.