Trigram

Buying stocks is buying a piece of business. Mr. Market is to serve you, not instruct you. Always have a margin of safety. Nothing here is investment advice.

[Trigram @TrigramPartners]

@davidein @jamesfishback Congratulations on justice being served and hopefully these distractions are behind you finally.

[Trigram @TrigramPartners]

Anyone kind enough to enlighten me that without issuing massive amount of shares, how CoreWeave plans to fund their CapEx? Their current book value can sustain 2 quarters of loss like this. They need issuing new debt at 15% or they need to raise tons of equity. Or they ask their customers to prepaid the CapEx?

[zerohedge @zerohedge]

CRWV's Michael Intrator, when asked why he doesn't buyback his deeply distressed bonds trading at a 15% yield: "I can deploy the capital at a higher rate of return"

Cramer: "You can generate a higher than 16% rate of return?"

[Trigram @TrigramPartners]

Warren Buffett to a room of MBA students, 1998:
“98 or 99% of people who invest should extensively diversify and not trade.”
Everyone in that room assumed he meant someone else.
I’ve managed money for 16 years. Every year I still have to prove he didn’t mean me.

[Trigram @TrigramPartners]

It is a qualitative factor but it has real meanings. You know a great culture when you see one. And those companies have higher chances of success. Take Berkshire as an example. And you also can tell a bad culture when you see one. The only downside of “culture” is that it is hard to put into spreadsheet and formulas, it is hard for consultants to monetize. That’s why it is talked about so little before there no point wasting time on something you can’t sell (said some consultants)

[Trigram @TrigramPartners]

@MikeFritzell @brettgardner_10 Let’s look at FICO as a counter example on why even monopolies can’t sustain indefinitely if the culture is not right

[Trigram @TrigramPartners]

The beauty of stocks is that they do sell at silly prices from time to time.

That’s how Buffett and Munger got rich. Mr. Market is a psychotic drunk who makes lots of mistakes.

Your job is not to become him — it’s to take advantage of him when he does.

Buy and sell based on what the business is actually worth.

Stick to what you can value.

The rules are stacked in your favor if you don’t flip them upside down.

What’s the silliest price you’ve seen a good business trade at recently?

[Trigram @TrigramPartners]

https://t.co/ARLdjp4AfW

[Trigram @TrigramPartners]

@berkshire’s third quarter report showing ISCAR growing huge numbers year over year (20%+), what’s your take? @brettgardner_10 (I have my theory on this…)

[Trigram @TrigramPartners]

@JensenHuang’s memo. Published on @nvidia official website

[Trigram @TrigramPartners]

Although AI are not yet handling tax filings, federal and state payroll tasks, but these fields are fertile for AI disruption. I predict by 2027 this time, we will see some major AI systems challenging @Intuit and @Paychex in their own turf.

[Trigram @TrigramPartners]

@PeterBerezinBCA Most hedge funds don’t earn their keep and should not exist. They excel in marketing and sales

[Trigram @TrigramPartners]

Hmmmmm

[Financial Times @FT]

Nvidia’s Huang admits to affair after allegations of relationship with Chinese spy https://t.co/PsQ8okIzb2

[Trigram @TrigramPartners]

@elonmusk You won’t cancel X Money in future, right? I love my X Card. It has reached the status of Amex Platinum in my wallet

[Trigram @TrigramPartners]

What’s in your wallet?
After 2+ weeks with X Money, I’m fully converted. Capital One’s old line hits different now.
My wallet: cash, ID, and these two cards. Both metal. Both make swiping feel like more than just paying — it feels like signaling who you are.
Buffett held Amex for 40 years because he saw that. Pull out Amex and you look like Buffett. Pull out the X Card and you look like @elonmusk
Buffett + Elon. Hard to beat.
X Money quietly nails the details most banks miss: • 4–6% APY (vs ~0.1% at banks) • Free ATM withdrawals • 3% cashback on everything (beats 99% of credit cards)
No international wires, no credit line, no business accounts. That’s it. The lack of borrowing might actually be a feature — it encourages responsible spending.
Only real worry: the product is too good. Can it stay profitable?
(Not a SpaceX or Tesla shareholder. Just chatting.) @X #Xmoney

[Trigram @TrigramPartners]

“SuperInvestors” Returns. These were hand-typed into the table in my 2025 annual fund letter to investors. Footnotes were mine. It is important to learn some lessons here: 1. Even the brightest will have some years of underperformance (but not too many of them). 2. The ones with higher leverages may find them in trouble in difficult years (Munger, Guerin). 3. The sequence of these returns does not matter mathematically. 4. But you need to be able to finish the sequence on your own terms. What’s your thoughts on these?

[Trigram @TrigramPartners]

US AI buildout won’t and shouldn’t slow down. It is like in a race to make the first Atomic Bomb and some politicians suggest everyone stop.

[Trigram @TrigramPartners]

Good read

[Jake @iamjakestream]

https://t.co/wEXjbi36qY

[Trigram @TrigramPartners]

@WolfofMStreet Most turnaround won’t turn. Only best reason to buy such cigar butts are liquidating. Best of luck!

[Trigram @TrigramPartners]

footnotes and disclaimers:
Options involve risk and are not suitable for every investor. A seller of a put can lose up to the strike price less the premium received if the shares fall to zero. See “Characteristics and Risks of Standardized Options”.

Sources: Sable Offshore Q1 and Q2 2026 Forms 10-Q, Q2 results and call (August 10, 2026), operational update (September 28, 2026) and investor presentation with reserve table (June 2026); federal court ruling of August 19, 2026 (Santa Barbara Independent, Bloomberg); The Motley Fool and CNBC on CoreWeave bond yields (October 2026); SOC closing price of November 5, 2026; Fortune and Yahoo Finance (Brent, November 3–5, 2026).
Disclaimer: This article is for information only and is not investment advice or an offer or solicitation to buy or sell any security. The author and affiliated accounts have long economic exposure to SOC through written put options, including SOC January 2028 $5 puts, which are similar to the contracts discussed above, and may buy or sell SOC securities at any time without notice. Figures come from public sources and have not been independently verified. Estimates, scenarios and the target price are the author’s judgment and may not be realized.

[Trigram @TrigramPartners]

https://t.co/KOnsA9VMDo
Our thoughts on $SOC, not investment advice. For discussion only. (5-Part Serie)

[Trigram @TrigramPartners]

5. Execution
We recommend selling January 2029 put options at a $2 or $5 strike, whichever offers the better execution, meaning the higher premium relative to the cash set aside. The mindset is that of a pure equity investment with a delayed purchase. You are paid up front. If put holders exercise and deliver the shares to you, you have bought SOC at the strike less the premium you already received. On November 5, the January 19, 2029 $5 put sold for $3.35, or 67% of the cash set aside. If the shares are put to you, your cost is $1.65, 9% below today’s price. The $2 put sold for $1.17, or 59% of the cash set aside. If the shares are put to you, your cost is $0.83, 54% below today’s price. If SOC finishes above the strike when the puts expire in about 26 months, you keep the whole premium. Set aside cash equal to the strike for every put sold, and do not use margin.
For readers with spare cash, owning the shares outright at this price is also worth considering. Once you have bought them, there is no need to look at the quotations every day.