Durable Investments 

The one I'm most proud of. $AAPL really digged a deeper and wider most for $META.

@buccocapital @evrgn11112231

@retaox @evrgn11112231 Cause marketing is fake and dumb and a commodity and the customer record is durable and the source of truth

Purely vibes based driven by how people on here are talking about the company and stock… And because I hate money and I love pain… But… $ADBE looks kind of interesting?? Talk me off the cliff…

@buccocapital @evrgn11112231 I understand $WDAY. But how's $CRM that much better than $ADBE? CRM manages workflow for sales, while ADBE does marketing. Similar switching costs and blast radius I'd imagine at an enterprise level no?

@evrgn11112231 Buy CRM or WDAY instead. There is zero reason to buy Adobe. Any reason you would think Adobe is undervalued would lead you to buy a more durable business that is similarly punished

@SayNoToTrading What are you loading up on lately? So many 52w lows lately.

Yeah, I’m definitely smashing a six pack tonight, but will have to downgrade given portfolio today.

A chaotic day calls for some Malibu rum. At least that’s what I like to pretend.

@pernasresearch I'm puzzles about 8, 9 and 10. Have any examples?

These are a list of negative biases that have served us very well over the course of our careers: (in order from strongest to less-strong) 1. share donors 2. conglomerates 3. rollups 4. early-stage turnarounds 5. heavily indebted companies 6. melting ice cube industries 7. companies trading higher than 5x EV/Sales 8. CEOs whose primary skill is being a deal maker or salesman 9. family-run businesses 10. 20+ year CEOs 11. buybacks-at-any-price Cos

Alright I've seen this tape play out once before with $BTI. Until the fast growing segment becomes at least one third of the business the stock won't re-rate. But this gives a good opportunity to buy on lower and lower prices. I'm a buyer here, will double down even more at $50s.

So this implies that the rest of the business stays flat for the next 3 years.

It's amazing that $EEFT has consistently grown 10% for decades despite operating in the seemingly shrinking business of ATMs, prepaid cards and retail remittance.

@jszhang0912 I've not seen a single post about $EEFT in my feed about their investor day other than this. Such a shame. What are your thoughts on their new disclosures on "accelerator" revenues?

First ever investor day for $EEFT . Have known Mike for years, didn’t know he was close to Steve Jobs. Not surprising though given how he started his career selling softwares in the early 80’s and took the company public in his 20’s. Force of nature for sure!

In medieval times, within the arms race of ever more demonic torture devices, some sadistic genius came up with the idea of the Little Ease. This was a prison cell built so small in every dimension that a grown man could not stand upright in it nor lie down at full length nor properly sit. The pain is relentless and without relief and inflicted by one's own body. Prisoners were known to go insane within a few days. A stay at the Little Ease was considered even more cruel than the rack, the thumbscrew, and the other ghoulish machinery of the Tower of London. A breeding pig will spend her whole life in a version of that box. These are social, roaming creatures (more intelligent than dogs) who will never leave this corset of steel. They have been selectively bred to be bigger than their frames can support. Yet we put them in cells so confined that they cannot comfortably sit, and their attempts to do so (for example, by sneaking their limbs into adjacent stalls) reliably lead to fractures and sprains. They cannot sweat, yet have nothing to roll around in to cool themselves off. Except their own manure, which (contrary to the common misconception) they are so averse to (thanks to their strong sense of smell) that new sows will often suffer from constipation to avoid soiling the space from which they eat and sleep. Here is how the writer Matthew Scully described what saw at one of Smithfield’s “gestation barn”: > “Sores, tumors, ulcers, pus pockets, lesions, cysts, bruises, torn ears, swollen legs everywhere. Roaring, groaning, tail biting, fighting, and other “Vices,” as they’re called in the industry. Frenzied chewing on bars and chains, stereotypical “vacuum” chewing on nothing at all, stereotypical rooting and nest building with imaginary straw. And “social defeat,” lots of it, in every third or fourth stall some completely broken being you know is alive only because she blinks and stares up at you … creatures beyond the power of pity to help or indifference to make more miserable, dead to the world except as heaps of flesh into which the [insemination] rod may be stuck once more and more flesh reproduced.” — The Save Our Bacon Act is trying to unroll the few state protections we have against this barbaric cruelty - for example California’s Prop 12 - which banned the sale of pork from pigs kept in gestation crates. It’s incredibly important we don’t end up with this sort of federal preemption. SOB will not only kill the most important animal welfare related laws in the US of the past decade, but more importantly, it will also restrict ALL future legislative progress (aka how the animal welfare movement has gotten its biggest wins). The Senate is currently deciding whether to add the SOB Act to the Farm Bill. With relatively little money now, we can discourage the most pivotal senators in the Ag committee from backing this amendment. Defeating this bill is even more important given the amount of philanthropic funding I expect to come online in the next year or two. It will plausibly be over 10x more expensive to repeal SOB than to prevent it from passing in the first place. All that money that could be spent transforming our society's relationship to mass animal suffering will instead have to be spent just getting us back to where we are right now. That's why money spent now fighting this bill (and I mean right NOW) is so effective. If you’re in a position to donate six figures, please DM me.

Do you ever feel like you’re trying your best but your best isn’t good enough?

yea a decent sbd total and a barely (debatable) respectable hobby jogger 5k is cool but have you tried preacher curls multiple times a week?

I've had my fair share of losses with $CHTR; plenty of battle scars to prove it. So psychologically long $CHTR this time around. Invincible wifi may prove to have a real product market fit.

Still true 24 years later. x.com/i/status/18722…

@SayNoToTrading this is cue for you to showoff some pretty looking cost basis screenshots.

Roller coaster of a ride, but managed to secure the absolute low cost basis for $CNC $ELV and $UNH sold the rest for better than break even. Remember: Trust in the resilience of US Health insurance oligopoly. They will always bounce back the next year.

@JerryCap As a rule of thumb, when you stop spending money on stupid shit the equity automatically raises. I'll walk myself out.

$META doesn't need to do an equity raise they could simply stop spending money on stupid shit