This is 100% true - next letter will be about this topic

Equal weighted tech is only up 2.1% ytd while the spx1500 is up 2.5%

Amen

And that folks, was the top

🤔 Many college kids seek refuge in their fraternities or clubs (when Icahn tells it, "sorority" is conspicuously omitted) for a friendly face. Without fail, the president of the club, who never seems to open a book, is there to cheer them up. He's a nice and friendly guy, the

front month VIX future: 7 day rate of change now down -46.4% … largest vol collapse on record … prior record was -34% in Feb '18 post volmaggedon

Men only want one thing (a cabin in the woods with a fully stocked library)

Very clear in data

Agreed

Looking forward to hosting a convo with Eli Lilly and Company AVP of Medical Development for Obesity, where we will discuss how GLP-1s have revolutionized intervention for metabolic diseases. Register now: ow.ly/ihlr50Umbly

Wow

Hosting a convo with Rick Smith, CEO and Founder of Axon Enterprise. We'll be discussing how AI and VR are changing the game for public safety agencies. Register here: ow.ly/4SKM50V9K6s

Excited to sit down with Chad Zamarin, incoming CEO of The Williams Companies, on July 1. We'll explore the evolving energy landscape and how Williams is addressing the surge in clean energy demand fueled by AI-powered data infrastructure. Register here: ow.ly/vSwL50WeWjc

We're getting extremely close to the day when America spends more money to build data centers than office buildings Only 5 years ago, office construction spending was 7x data center spending!

Wow

Thanks Conch Shell Capital, we worked hard on this quarter’s letter! artisanpartners.com/content/dam/do…

AI is scaling fast—and so is the infrastructure behind it. With agentic AI driving exponential growth, silicon, energy, and data infrastructure are becoming critical investment themes. Our latest Peak Insights white paper explores this and more. Dive in. bit.ly/3KcDIuA

Hosting a convo with Brad Jacobs, CEO of QXO. We’ll dive into Brad’s remarkable entrepreneurial journey & his bold vision to transform the highly fragmented building products sector. Brad is a renowned leader in the M&A space. You won’t want to miss this. bit.ly/4nEhC2N

Despite the S&P 500 hitting highs, underlying market divergence makes selective stock picking especially crucial. Via Worth Charting LLC. As of 10/29/25. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.

I recently hosted Darren Farber of Albion River to discuss long-term ownership in the defense industrial base and how his government and private ownership experience drives execution and capital discipline for mission-critical defense tech. Watch now: tinyurl.com/ywv5hcke