Howard Marks, the master marketer. Makes a provocative statement to grab headlines, “equities are expensive, early stages of a bubble, reminds me of 1990s,” while not making a call so that he can’t be faulted for being wrong: “it might be time to exercise caution, but stocks.

Guys who own $SNOW telling me $WDAY is expensive on GAAP. Oh rly?.

Have to tip the cap to $GOOG execution in last 6mo.

People are really trying too hard to be thought leaders predicting the way distant future based on an emerging technology where it isn’t yet clear what the ultimate capabilities or limitations will be, what ultimate architectures will define the adoption of the technology, or.

$ORLY is an 8-bagger since it (and other retailers) were considered “uninvestible” as a category bc $AMZN bought Whole Foods and there was an undisprovable bear thesis that all brick and mortar business were zeros. America was over retailed. Some of that was right - malls died.

"industry leader OpenAI, which also allows people to access its ChatGPT for free, takes a different approach. It includes the cost of running its models for both paid and free users under the cost of revenue, which lowered OpenAI’s gross margin to 40% last year. (The company.

Appreciate the clarification.

This also highlights why investors shouldn’t base their entire investment philosophy on mean reversion to avg trading multiples (or worse CAPE) back to the mid 1800s.

Replit CEO: . “companies were subsidizing the cost of AI, paying more money to Anthropic and OpenAI than they were making”. Host: “Is that was you were doing?”. “Uh… on v1 no, on v2 yes, bc our pricing was (is?) out of whack” (so yes). Conversations abt AI startups “eating the.

Great answer here: . "Over the last couple of decades, PE did seem to focus a bit more on the smaller public firms: in my own PubCo M&A data (2000-2024), about 28.6% of firms valued under $1B were acquired by PE, vs. 20.2% for the whole sample." wow.

What are the best arguments for why the Value Factor and Small Factor *should* outperform + remain mispriced in perpetuity?. Has Private Equity absorbed some of the alpha these factors previously gave to public markets (sniping out cheap beaten down small companies near lows and.

Why tech stocks are expensive.

Some more good ones: .Earnings breadth is improving since '23 - 1Q24 when only Mag7 were driving earnings growth

70% of S&P 500 companies have reported for 2Q, and so far earnings growth looks healthy, with +9% yoy growth even while lapping +11% EPS growth in 2Q24. 63% of S&P 500 companies are beating earnings forecasts, while only 10% are missing, which is the BEST ratio seen since 2000,

$AMZN call update

People in family group chat sending “pop this into GPT” with a prompt instead of answering actual questions or making educated guesses. Feel like I need to balance evolving w/ times + not being left behind, while also not outsourcing every bit of day to day basic cognition to a.

RT @NateHindenburg: @TuckerCarlson I am Nate Anderson, the founder of Hindenburg Research referenced repeatedly in this bizarre and fantast….

This expressed view is most directly an attack on $CSU of public SW companies. Curious to hear bulls push back (I have a view but I’d be curious to hear others). Sub 10M ARR VMS cos are squarely in the “easiest to vibe code a replacement” category w/o huge.