Most moats are overrated, and the most durable moats are found in industries where chance of technological disruption is minimal (rails, airports), regulatory hurdles are insurmountable (tobacco), & growth is so low it doesn't attract competition (old industrials)

Reminder that making jumbo jets is extremely difficult, and Airbus is not exempt from this reality https://t.co/YOTUp44TfN

Dow outperforming Nasdaq? Staples & healthcare > tech? Low vol > high beta?

The first Nestlé factory in the United States was in Fulton, NY, chosen for its proximity to dairy farms. Very excited to read this history of that factory and the community that grew up around it for 100 years.

What's the best thing to read on the history of Cargill?

"Where do you see yourself in ten years?" Me: (Original post) https://t.co/TenIydyBXU

Crazy stat: "Google raised just $26M (~$60M in today’s terms) before becoming profitable, while Meta raised about $480M (~$800M today).33,34 By comparison, OpenAI is projected to burn through a staggering $115B before it even hopes to reach free cash flow profitability in

"The unit economics of LLM providers do not seem to align with the high-margin, scalable models of successful Software-as-a-Service (SaaS) and marketplace companies. Unlike a SaaS model, the cost of adding a new LLM customer is not zero because the cost of compute for LLMs scales

Part II: "The uncomfortable truth is that this technology is running into hard constraints: the reservoir of high-quality human data is finite, returns to scale are slowing, and a recursive reliance on synthetic data risks degrading the signal. As a result, products like ChatGPT

People at a pool in Las Vegas watching the mushroom cloud from an atomic test just 75 miles away in 1953.

As @lhamtil likes to remind me and @DevinLaSarre , everything is chemistry 🧪⚗️

The discussion on insulin here is very interesting. It was out of patent protection, but nobody entered the market because it wouldn't justify the investment needed. Price kept going up due to more middle men, but net to producers stayed roughly the same.

Missoula, Montana 📍 Stadium backdrop is unbelievable

@bennpeifert Honestly this seems very surprising from you. The way I’m reading your view is: - if you run a gambling company who sells retail flow to market makers but you call it “investing” or “trading” then that’s bad. - if you run a gambling company who sells retail flow to market

The latest @Pfdshares episode is a discussion with David Gearhart of Wilmington Holdings Corp, a private holding company of several insurance businesses. My favorite takeaway: not all growth is good growth! https://t.co/gqTfRlPTRF

The oldest cohorts of the population own ~70% of the wealth in the US, and it seems under-appreciated the massive tailwind that will provide to certain hobbies and pastimes as they spend it.

The latest @Pfdshares episode is a discussion with David Gearhart of Wilmington Holdings Corp, a private holding company of several insurance businesses. My favorite takeaway: not all growth is good growth! https://t.co/gqTfRlPTRF

This is the kind of moto people need

Interesting language from both $cvx and $tpl on datacenters in West Texas. Both talk about being close to announcing a project.

"It was in that moment that I realized the ayatollah and I weren't so different after all"

Neighborhood fox playing in the snow while I listen to Ballroom Blitz