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$nflx… because boring and no-AI stuff deserves a premium.

Random thought: $TKO's biz model is the best among "sports" plays. The stars have are created through scripts (on WWE side), short shelf-live, and thus have little pricing power. In contrast, the majority of economics in soccer, F1, baseball etc accrue to the players.

There is nothing quite like finding a stock you think can be a 10X within a reasonable timeframe.

$INTC's financial issues means that $TSM will remain the only foundry play in town for the foreseeable future. This is about as durable a moat as it comes.

Bar feels pretty high now to invest outside of megacap tech now given valuation.

Given $IBM's success consolidating Red Hat and their stock price, it's a matter of time before they or their bankers start vision-casting as to what they can do if they acquire $GTLB.

$TDS preferred. Still think it's got legs but r/r seems fairly balanced now. Been a good run.

More than a decade ago, I spoke to Richard Rainwater's team about Sprint. It's incredibly cheap, I argued, the spectrum assets are at a 50% discount. Not cheap enough, they said. We want 25-30/$. I think of that a lot when I look at asset plays with underperforming mgt.

Not a fan of the $U price change. The reason they imposed the runtime fee is because the number of seats in game dev is shrinking. This trend accelerates with AI. Hiking per-seat fee is a onetime boost. It'll be harder for them to adapt the biz model. Happy with my gains though.

Software M&A will be coming back with a vengeance.

Things that were once impossible are now very possible. That's what regime change is all about.

My thesis for 2025 is that US companies start trading more and more like companies in emerging markets. ROW companies start getting traditional US multiples. So far so good.

Republican Sen. Rand Paul: "The first Trump administration authorized $28 billion in farmer bailouts to offset financial losses caused by tariffs. Do Americans expect to get hundreds, if not thousands, of dollars back from the government to pay for their increased costs caused by

Runway of Tariffs Made in a single day using: Images – GPT-4o Image Gen Video – Luma AI Global trade has never looked this good.

A month later, the first part of the thesis is panning out. The second part will likely be a WIP for a while.