James Sullivan

A great breakdown of 10 highlights from the Sky Harbour quarterly conference call. Link in the comments below. $SKYH

Very interesting new deep-dive on $SKYH over on Reddit. This post breaks down the hidden FAA arbitrage that legally requires airports to charge Sky Harbour below-market ground rent. This is one of $SKYH's biggest structural moats, and very few in the market have picked up on it yet. Link in comments below

Just finished the $SKYH Q4 earnings call transcript and it hit me: the market is completely missing a massive strategic pivot. They are shifting to capture the last available land at their top-tier locations to maximize NOI. 🧵👇 Not financial advice. I may buy or sell at anytime.

Robert Mueller died last night. He was 81 years old. He had a wife who loved him for sixty years. He had two daughters, one of whom he met for the first time in Hawaii, in 1969, on a few hours of military leave, before he got back on the plane and returned to Vietnam. He had grandchildren. He had a faith he practiced quietly, without performance. He had, in the way of men who have seen real things and survived them, a quality that is increasingly rare and increasingly mocked in the country he spent his life serving. He had integrity. And tonight the President of the United States said good! I have been sitting with that word for hours now. Good. One syllable. The thing you say when the coffee is hot or the traffic is moving. The thing a man who has never had to bury anyone, never had to sit in the specific silence of a room where someone is newly absent, reaches for when he wants the world to know he is satisfied. Good. The daughters are crying and the wife is alone in the house and good. I want to speak directly to the Americans reading this. Not the political Americans. Just the human ones. The ones who have lost a father. The ones who know what it is to be in that first hour, when you keep forgetting and then remembering again, when ordinary objects become unbearable, when the world outside the window seems obscene in its indifference. I want to ask you, simply, to hold that feeling for a moment, and then to understand that the man you elected looked at it and typed a single word. Good. This is not a country having a bad day. I need you to understand that. Countries have bad days. Elections go wrong. Leaders disappoint. Institutions bend. But there is a different thing, a rarer and more terrible thing, that happens when the moral center of a place simply gives way. Not dramatically. Not with a single catastrophic event. But quietly, in increments, until one evening a president celebrates the death of an old man whose family is still warm with grief, and enough people find it acceptable that it becomes the weather. Just the weather. That is what is happening. That is what has happened. The world knows. From Tokyo to Oslo, from London to Buenos Aires, people are not angry at America tonight. Anger would mean there was still something to fight for, some remaining faith to be betrayed. What I see, in the reactions from everywhere that is not here, is something older and sadder than anger. It is the look people get when they have waited a long time for someone they love to find their way back, and have finally understood that they are not coming. America is being grieved. Past tense, almost. The idea of it. The thing it represented to people who had nothing else to believe in, who came here with everything they owned in a single bag because they had heard, somehow, across an ocean, that this was the place where decency was written into the walls. That idea is not resting. It is not suspended. It is being buried, in real time, with 7,450 likes before dinner. And the church said nothing. Seventy million people have decided that this man, this specific man who has cheated everyone he has ever made a promise to, who has mocked the disabled and the dead and the grieving, who celebrated tonight while a family wept, is an instrument of God. The pastors who made that bargain did not just trade away their credibility. They traded away the thing that made them worth listening to in the first place. The cross they carry now is a costume. The faith they preach is a loyalty oath with scripture attached. When the history of American Christianity is written, this will be the chapter they skip at seminary. Now I want to talk about the men who stand next to him. Because this is the part that actually breaks my heart. JD Vance is not a bad man. I have to say that, because it is true, and because the truth matters even now, especially now. Marco Rubio is not a bad man. Lindsey Graham is not a bad man. They are idiots, but not bad, as in BAD! These are men with mothers who raised them and children who love them and friends who remember who they were before all of this. They are not monsters. Monsters are simple. Monsters do not cost you anything emotionally because there is nothing in them to mourn. These men are something more painful than monsters. They are men who knew better, and know better still, and will get up tomorrow and do it again. Every small compromise they made had a reason. Every moment they looked the other way had a justification that sounded, at the time, almost reasonable. And now they have arrived here, at a place where a president celebrates the death of an old man and they will find a way, on television, to say nothing that means anything, and they will go home to houses where children who carry their name are waiting, and they will say goodnight, and they will say nothing. Their oldest friends are watching. The ones who knew Rubio when he still believed in something. Who knew Graham when he said, out loud, on the record, that this exact man would destroy the Republican Party and deserve it. Who sat next to Vance and thought here is someone worth knowing. Those friends are not angry tonight. They moved through anger a long time ago. What they feel now is the quiet, irrecoverable sadness of watching someone disappear while still being present. Of watching a person they loved choose, again and again, to become less. That is what cowardice costs. Not the coward. The people who loved him. And in the comments tonight, the followers celebrate. People who ten years ago brought casseroles to grieving neighbours. Who stood in the rain at gravesides and meant the words they said. Who told their children that we do not speak ill of the dead because the dead were someone's beloved. Those people are tonight typing gleeful things about a man whose daughters are not yet done crying. And they feel clean doing it. Righteous. Because somewhere along the way the thing they were given in exchange for their decency was the feeling of belonging to something, and that feeling is very hard to give up even when you can no longer remember what you gave for it. When Trump is gone, they will still be here. Standing in the silence where the noise used to be. Without the permission the crowd gave them. Without the pastor who told them their cruelty was holy. They will be alone with what they said and what they cheered and what they chose to become, and there will be no one left to tell them it was righteous. That morning is coming. Robert Mueller flew across the Pacific on military leave to hold his newborn daughter for a few hours before returning to the war. He came home. He buried his dead with honour. He served presidents of both parties because he understood that the institution was larger than any one man. He told his grandchildren that a lie is the worst thing a person can do, that a reputation once lost cannot be recovered, and he lived that, every day, in the quiet and unglamorous way of people who actually believe what they say. He was the kind of American the world used to point to when it needed to believe the story was true. He died last night. His wife is alone in their house in Georgetown. His daughters are learning what the world is without him in it. And somewhere in the particular hush that falls over a family in the first hours of loss, the most powerful man and the biggest loser on earth sent a message to say he was glad. The world that loved what America was supposed to be is grieving tonight. Not for Robert Mueller only. For the country that produced him and then became this. For the distance between what was promised and what was delivered. For the suspicion, growing quieter and more certain with each passing month, that the America people believed in was always partly a story, and the story is over now, and there is nothing yet to replace it. That is all it needed to be. A man died. His family is broken open with grief. That is all it needed to be. Instead the President said good. And the country that once stood for something looked away 🇺🇸 Gandalv / @Microinteracti1

@Herring_NBA Congrats Chris. Well deserved.

Some professional news: Thrilled to have accepted an offer to join Northwestern's Medill School of Journalism full time as a senior lecturer. Am so excited to be back with the program more fully. Have always gotten the most fulfillment out of seeing my students succeed.

@BenRitholtzNBA @JonesOnTheNBA 's favorite* move.

For those who dk

Anfernee Hartaway.

@Hoopss Curry Jordan Durant GA Wemby or Curry Jordan Tatum Durant Jokic

You got $15 to spend

@DKThomp This is tremendous (dad of ~3 year and ~6 month boys).

New newsletter: THREE REASONS TO BE A PARENT

@BackAftaThis This wasn't subtle.

Does anyone think there was actually a chance that Christafuh was pondering, even briefly, going into witness protection with Ade before he saw Mullet Dad and his shitty car and realized he would end up as an ordinary schnook? Chase didn't include this scene for no reason.

River Oaks Capital H2 2025 Letter: drive.google.com/file/d/1hduRdo…

@KCapMngmnt Someone is posting some really high quality research on that $SKYH Subreddit: reddit.com/r/SkyHarbour/c…

It looks like we now have a place/community to discuss all things Sky Harbour ! $SKYH r/SkyHarbour reddit.com/r/SkyHarbour/

Berkshire Hathaway director Chris Davis draws an interesting parallel while discussing the conglomerate's post-Buffett future. "I would challenge either of you to name the second CEO of Standard Oil ... The key with Standard Oil was you had long-lived assets and you had a very strong culture. You don't need to be able to name the second CEO to have this operating mindset and the ability to execute and protect that culture." "Berkshire has very long-lived assets and a really spectacular culture."

@awealthofcs I think of “personal risk free rate” from @MichaelKitces. Great guar return. BUT, paying down is not a desirable outcome until you can pay off the mortgage. Better to put the cash into a separate account sleeve. High yield savings etc. Pay off when can and preserve optionality.

A 30-year-old owes $470,000 on his house with a 6.375% mortgage rate. Should he make early mortgage payments or continue investing in the stock market? awealthofcommonsense.com/2026/02/early-…

Important data point from the most recent sell side report from BTIG on Sky Harbour $SKYH: "Construction Has Ramped (and Costs are Down). SKYH's efforts to decrease​ development timelines and reduce construction budgets appear to be paying off. While​ a small sample size, management noted that the three sites under active construction are all on time and on budget, a stark contrast to the company's previous projects (DVT I, ADS I, and APA I). Management noted that recent guaranteed maximum price (GMP) contracts on active projects have averaged ~$253/SF (vs. ~$390/SF for the three most recent completions), and there are still opportunities for further efficiencies in the future. Improving costs and development timelines will be critical for the company's plans to start 7-8 new development phases per year, which equates to ~$250M of annual capex spend."

@realEstateTrent Should be first item in overhead second under seat. If you pay for/have no checked luggage you should be able to put your backpack up top.

Explain this: Today, instead of bringing a carryon suitcase onto the flight, I chose to bring a small backpack. This should save space in the overhead bins, benefiting everyone, right? Wrong. Instead of encouraging more people to do this, Delta is doing the opposite. They're penalizing us by requiring that our backpacks be kept on the floor in front of us, rather than allowing us to stow them in the overhead bins. So, even though we're freeing up overhead space for everyone, we're not allowed to use it ourselves. Make it make sense.

@coldcallsniper @DannyBKelly @craighorlbeck @Danny_Heifetz

Of course, that’s your contention. You’re a first year looksmaxxer who just got into mogging. Just finished watching some Clav clip, probably when he got brutally mogged by ASU frat president, and so naturally that’s what you will believe until next month, when you figure out jestermaxxing is actually the meta to rizz foids. That will last until you discover frame mogging and retardmaxxing. Then you’ll be in here regurgitating the HH in the club until your cortisol levels spike

The next 2 years will be eventful for Sky Harbour $SKYH. Here’s the current development pipeline for new hangar campuses/phases expected to open: 2026 Openings • OPF (Miami) Phase II → Q2 2026 (3 hangars, ~112k sq ft) • BDL (Hartford) Phase I → Q4 2026 (3 hangars, ~107k sq ft) 2027 Openings • ADS (Dallas) Phase II → Q1 2027 (4 hangars, ~108k sq ft) • SLC (Salt Lake City) Phase I → Q1 2027 (4 hangars, ~172k sq ft) • DVT (Phoenix) Phase II → Q2 2027 (6 hangars, ~133k sq ft) • ORL (Orlando) Phase I → Q2 2027 (3 hangars, ~134k sq ft) • IAD (Dulles) Phase I → Q3 2027 (4 hangars, ~172k sq ft) • POU (Hudson Valley) Phase I → Q3 2027 (2 hangars, ~86k sq ft) • PWK (Chicago) Phase I → Q3 2027 (4 hangars, ~172k sq ft) • HIO (Portland) Phase I → Q4 2027 (3 hangars, ~107k sq ft) Total expected new capacity (2026–2027): 10 phases • 36+ hangars • ~1.3 million rentable sq ft All figures from Sky Harbour’s Q3 2025 10-Q.

[looking at my half-done aluminum plant that I built with the understanding that there would be protections from foreign imports] sigh, he got me again

Sky Harbour $SKYH just locked down $450M in capital ($150M in Series 2026 Bonds and the $300M JPM facility) at a weighted all-in rate of 5.15%. Once deployed at a ~13%+ yield, that generates $59M in annual NOI. At a conservative 6% cap, that’s $975M in value. Subtract the debt, and you’ve got $525M in value creation—roughly $6+ per share. The market’s reaction? Dead silence. It’s wild.