Compounder bros will enjoy the interview with Valley Forge in this weekends Barron’s

Maybe he wasn’t comfortable with one non-controlling position approaching $200B, and 6x bigger than the next largest holding, especially when he preaches margin safety and protecting his shareholders investable assets. Right thing to do.

Whatever the motivations for the Apple trim, the fact that he held it to a 40% weight give or take all this time is God mode.

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We talk about home country investing bias, the new capital gains taxes and Ernest Wong recaps Q1 earnings.

$189B

When rates come down Buffett will dividend.

Live Nation seeing no consumer weakness. $LYV

If you are mad that a stock you don’t own goes up. Please go for coffee

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$TFII on the Daseke acquisition

'We believe we're buying at a very reasonable price in a very depressed market... the probability of going down a bit is way less than the probability to go up like crazy over the next 2-3 years'

Tourmaline looks on track to pay $2 a share of special dividends in 2024 plus $1.32 base dividend for a total of $3.32. On current pricing, $TOU.TO can probably pay $2.5-2.60 in special dividends and a small increase in the base which gets you to $4 a share in divvies in 2025.

$CNQ should deliver 3% production growth in 2024 and 6% growth in 2025. Under current pricing, we should see $6B of buybacks in 2024 and over $8B of buybacks in 25. I assume if energy prices are higher than current CNQ will special dividend out any excess free cash.

Moody’s ratings biz had an incredible quarter. $MCO

85% of global IT spending remains on premises. Is this true? And what could it eventually flip to?

Even with $65B of capex this year, Amazon should bank $45B of cash in 2024. The 2026 Amazon could generate $100B of free cash flow. Saddle up. $AMZN

Tourmaline raises its base dividend 7% and declares another special dividend of half a loonie. $TOU.TO

Stryker with bionic double digit organic revenue growth. Market yawns for some reason. $SYK

Garmin with an incredible quarter. $GRMN

Popeyes +6% comp vs KFC -7%.
Burger King traffic flat vs negative for McDonald's.
Tim Hortons mid-single digit traffic growth vs Starbucks -7%.

$QSR plan is working.