Interesting clinical data in the obesity niche. While patients and their physicians want convenience (oral drugs over injectables), the scientific results continue to show that orals come with far greater adverse effects (nausea, vomiting and other gastrointestinal effects).

Gold gets a lot of negative commentary by stock-only investors. Their views aren’t grounded in facts. Charts which appear on social media comparing the US stocks and gold over a century or two are fallacious since gold was pegged to the USD for much of the century, until

This is like the 10th time they’ve restructured their segments over the last half a decade? Trying to hide poor capital allocation and bottom line losses.

CMac Remember when there was a big fuss about the Chinese taking 1-2% shares in their tech giants? Now the US is taking 10% stakes in semis. 😂

Some claim the $VIX is too low, signaling complacency. While they might be right eventually, in the short term the $VIX continues to make new lows and stocks new highs. The issues arise when $VIX starts rising while stocks are still rising. That indicates increasing risk!

I’m very busy destroying bad ideas because I keep having them. — Charlie Munger Charlie was great at fighting inertia, which describes resistance to change and growth.

Taiwanese exports increased by 42% year-over-year in August. Semiconductor boom!

Conforming to social norms, you will listen more to others than to your own voice.

I cannot make a claim that I fully understand anything, let alone the stock market or gold. However, I will share my perspectives, which I am happy to update, or even change my mind regarding, as I continue to learn. Your initial point is a great start to this conversation. Yes,

Regarding semiconductors, imagine what happens (not if) when the boom turns to bust? There is a clear bubble in the AI hyperscalers' CapEx. The second worst action an investor can perform is to buy at the peak of any boom. The worst is probably panic selling after the crash.

It is fascinating to watch the discounting mechanism of the market in real time. Markets have an ability to discount the future, which never ceases to surprise me, no matter how many times I've watched it in real life. "Do not invest in the present. The present is not what moves

Knowledge isn’t the same thing as execution.

Couldn’t have said this better myself.

Assuming you’re investing in developed and somewhat mature businesses, always start with the balance sheet and the potential risks. If your strategy/style is to seek microcaps run by exceptional operators, always start with the management and its track record.

Just a few competent competitors and solid substitutes will be bad for business. People make lists of attributes that quality businesses possess. Peter Lynch just had one: “My idea of a great business is one that has a shortage of competitors.”

Tencent $TCEHY has more than tripled in value since we tweeted this and made it one of our biggest holdings.