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The chart below is featured in our piece "Tackling Technology’s “Earnings Elephant”" and shows that the Tech sector's share of total Capex has risen to a historic 25%. Reminder: all this Capex is sitting on these tech companies’ balance sheets. kailashconcepts.com/white-papers/t…

Is it possible tech’s profits are now immune to cyclical shocks? Sure. Do we think it is likely? No. Is it possible that the tsunami of money pouring into new AI technologies could actually undermine tech’s current margins? It seems very possible to us. kailashconcepts.com/white-papers/a…

Our new piece "Could Cisco Systems, Inc (CSCO) Soar Over 100%?" highlights how CSCO is quietly becoming an AI powerhouse. Despite $13B in FCF and a growing role in data centers, CSCO trades at a steep discount to peers. We see room for 100%+ upside. kailashconcepts.com/white-papers/c…

The chart below is featured in our piece "Tackling Technology's Earnings Elephant" ↓ kailashconcepts.com/white-papers/t… It shows that Tech margins are hovering near record levels, well above long-term norms. Paired with elevated multiples, history suggests a pullback may be inevitable.

Why is the world’s largest offshore driller still trading like an afterthought? Our piece, “Memes & Other Financial Dreams,” makes the case that Valaris Limited (VAL) is deeply mispriced, despite strong tailwinds. kailashconcepts.com/white-papers/v…

The chart below is featured in our piece "Could Cisco Systems, Inc (CSCO) Soar Over 100%?" kailashconcepts.com/white-papers/c… It shows Cisco's massive $575B total addressable market opportunity by 2027, with expansion markets ($205B) growing at a 16% annual pace.

Our piece "Accountability with KCR: Our Views on Tech Since Our Founding" breaks down why our models have pivoted sharply on Tech - from enthusiasm to caution - as fundamentals reassert themselves over hype and speculation. kailashconcepts.com/white-papers/a…

The chart below is featured in our piece "Accountability with KCR: Our Views on Tech Since Our Founding" and shows our dramatic bearish shift on Tech within our SMID Portfolio - with just 5% of our long book currently in Tech. kailashconcepts.com/white-papers/a…

Our piece "The Power of Price & the Case for GIII Apparel Group Ltd (GIII)" makes the bullish case for this unloved apparel stock. We believe the worst-case scenario is priced in and and growth in owned brands may drive a revaluation into the low $30s. kailashconcepts.com/white-papers/g…

In Bank of America's latest fund manager survey, 57% of respondents said "private equity/private credit" is the most likely source of a systemic credit event, the highest conviction on the source of such a disruption since 2022.

The trillion dollar question: How will we generate enough energy to power all of these AI deals? The US Department of Energy says US data centers will use 325,000–580,000 GWh of power per year by 2028. That’s equivalent to the power used by ~40 million homes, all on JUST data

The chart below is featured in our piece "Tackling Technology’s “Earnings Elephant” – the Great Grift Continues" ↓ kailashconcepts.com/white-papers/t… It shows that Tech's share of corporate earnings is ~30%, which we believe represents a potentially precarious level of concentration.