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One of the most amazing stories I've ever heard, Dinakar Singh telling the story of starting TPG-Axon to fund discovery of a drug to save his daughters life from a rare neurological disease. This speech he gave to his daughters pre-school is incredible. joincolossus.com/episode/a-fath…

Jay Hoag on ILTB said: In a strange way, I wish the AI enthusiasm hadn't distracted everybody... there hasn't been a day of reckoning" Bill Gurley recently made the same point: "You never had a full correction here because AI came along and everyone got so excited"

It felt like: Amazon - Shipping, quantity over quality. PMs wanted to just ship the new announcement at Reinvent. Microsoft - Revenue. They wanted to make money. Everyone does but Microsoft really highlighted it. Google - Technology. We wasted so much time circling about

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We would love to sell” our L.A. hotels, said Jon Bortz, chief executive of Pebblebrook Hotel Trust, which owns two hotels in the city and seven more in the L.A. area. “But nobody will buy them.”

What really stood out is the risk-on nature of the rally. Low Quality stocks vs High Quality stocks outpacing previous 6 cases. 2/6

The big winner has been large-cap Growth. The NDR Large-Cap Growth/Value ratio is up 25% since April 8, torching 2nd place 2018's 5%. We use NDR data b/c it has more daily history, but the Russell 1000 G/V ratio's 13% gain still ranks 1st out of 5 cases since 1998. 4/6

The flip side is small-caps. The Russell 2000/1000 ratio is -0.6% since April 8, ranking 5th out of 7. Small/large couldn't even muster a bounce at a favorable point in the cycle, at least not yet. Note the only time S/L never managed to rally was in 1998 (.com bubble). 5/6

Gotta just tweet through it

I like how all of Costar's public comments at this point are basically Andy Florance challenging Dan Loeb to a duel: "leaving the door open for possible increases in investments in 2026"

144K out of 147K jobs added were Government, Leisure and hospitality and Private education and Healthcare services.

YTD out of 782K jobs added, 613K are Government, Leisure and hospitality and Private education and healthcare. More cyclical industries are averaging 28K new jobs a month and added 3K in June.