Reverse DCF Enjoyer

Think for yourself, no one else is

[Reverse DCF Enjoyer @zero_sum42]

@kristinnsms Terminal value questions from AVs, insurers diverting incremental share to IAA, Chinese EVs flooding the market at cheaper replacement value internationally

[Reverse DCF Enjoyer @zero_sum42]

@fawzan_ah @SixSigmaCapital $TTD is so cooked

[Reverse DCF Enjoyer @zero_sum42]

@sidecarcap Margin of safety doesn’t just apply to valuation. Exceptional CEOs handle challenges, navigate disruptions, and adapt better than average ones, giving their businesses more optionality and the chance to continue to compound

[Reverse DCF Enjoyer @zero_sum42]

@WallStRollup aggregators should trade at a lower multiple than advertisers?

[Reverse DCF Enjoyer @zero_sum42]

@rhunterh people acting like single manager funds riding some factor for a few years before winding down has never been a thing before

[Reverse DCF Enjoyer @zero_sum42]

@TMTLongShort $LAZ $EVR $MC

[Reverse DCF Enjoyer @zero_sum42]

@TMTLongShort Get on test prop. 200 mg/week ain’t the move. 3x a week for less hormonal variability

[Reverse DCF Enjoyer @zero_sum42]

@BoringBiz_ Unfortunately there’s a lot of apathy among students towards school and future career prospects, ironically, as a result of AI. Would expect college degrees to continue to decline in value as the default 4 yr degree path makes less sense.

[Reverse DCF Enjoyer @zero_sum42]

@quantian1 The bear/bull debate thus hinges on capex intensity post-2028. Same story as telecom/railroads, does steady-state FCF justify the buildout-era valuations?

[Reverse DCF Enjoyer @zero_sum42]

@curtismakes @BoringBiz_ But then labor and resources are allocated to the growing companies where engineering output is the constraint. Things will get moved around, but productivity increases aren’t wasted. Intelligence demand is infinite at a macro level.

[Reverse DCF Enjoyer @zero_sum42]

@atelicinvest You know how technically we can make cars go at like 20mph but it costs a fuck ton of money and it requires like top 10 mechanics in the world to keep it running so only rich people drive them and everyone else uses horses

it’s the same thing with ‘agentic workflows’

[Reverse DCF Enjoyer @zero_sum42]

@ATabarrok @SuperRareKeegan McDonald’s doesn’t calculate how many hamburgers they can sell profitably or guess the number of burgers each person will eat to try to only serve them to skinny people. Each marginal hamburger for McDonald’s is profit, but each marginal hamburger for the insurer is pure loss

[Reverse DCF Enjoyer @zero_sum42]

@gregoryblotnick Reputation broadcasting is super important in L/S. Building in public, posting on X, using your real name, forming a track record…that’s how you can meaningfully increase your number of “steel beams” and create more opportunities for yourself without changing your character

[Reverse DCF Enjoyer @zero_sum42]

@gregoryblotnick Strong piece but I think you’re conflating two different things under “reputation focus,” those being reputation falsification (divergence from character, agree this is poison) and reputation broadcasting (letting more people accurately see who you are).

[Reverse DCF Enjoyer @zero_sum42]

@NickNemo17 @pmarca @pmarca I would name my first born after you for 10 bps of Databricks

[Reverse DCF Enjoyer @zero_sum42]

@FundamentEdge @ilikecalamari Why can’t AI agents also train junior analysts? It seems like they are being framed as just a burden when they clearly have positive ROI for firms. Also, why would it stop at Juniors? Are you not concerned about seniors & PMs being abstracted away as well?

[Reverse DCF Enjoyer @zero_sum42]

@FundamentEdge @convertiblecap After participating in the Perplexity Computer stock pitch competition, I feel more confident that such tools will NOT replace actual junior talent. It made pure slop. The slop was plausible and often directionally accurate, yes, but I found very little real use for Computer.

[Reverse DCF Enjoyer @zero_sum42]

@levie I like the final point about implementation being very technical. Makes me think we can expect more SWE seats in the future as agents are implemented and maintained across enterprises—much different than seat-based compression narrative of the previous two years

[Reverse DCF Enjoyer @zero_sum42]

@hedgie007 @FundamentEdge Not necessarily, I think he argues that AI speeds up the commodity process of ramping on companies and industries to free up more time for proprietary work

[Reverse DCF Enjoyer @zero_sum42]

@FundamentEdge Even if OpenAI catches up, what happens in a few weeks/months when Anthropic releases Claude 5 (which we know is supposedly very good)? Does the gap not widen?