Brandon P Adams

@blueprintsmb22 I was lead on the SUSS/SUSP name at our shop. Great investment.

I lied. I originally said I didn’t hedge my raw material exposure in my plastic bags manufacturing business, but now I realize a personal investment over a decade ago has been a solid hedge => SUSS ticker - Susser Holdings. Currently a 200k railcar of generic FDA resin has gone from 0.50 per pound to over $1.00 per pound already this year putting significantly margin pressure on the plastics industry. My run rate resin costs will go from $400k a year to close to $1mm as business has grown and resin has gone up. The good news is that over a decade ago I was part of a small team running a consumer book for a billionaire that had launched a multi strategy firm but ultimately transitioned to become a family office which mean trading restrictions were meaningfully lifted. While I was searching for new stock ideas John Lawrence at Stephens pitched me SUSS. He liked management, the stock was cheap at 4x EBITDA and he felt it was misunderstood. I sprinted to do work on the name with a model, got OPIS data to track gas margins and did a call w Mary Sullivan (CFO and IR). I learned about their unit growth plans, how they also had a wholesale gas distribution business while their Laredo Tacos inside their Stripes stores were made fresh daily. We eventually made SUSS our biggest holding as we became close w the CEO Sam Susser, the CFO Mary and Rocky who ran the wholesale distribution business. In 2012, SUSS spun off the whole sale gas distribution business into SUSP as MLPs were trading at 11-15x at the time vs SUSS in the 5-6x EBITDA range. It was a great investment and I personally bought some SUSP given the double digit dividend growth prospects. SUSS was eventually acquired by Energy Transfer Partners while SUSP was later rebranded to SUN. I have held it SUN for a long time and currently own 7,633 shares of SUN that currently pays me $3.96 dividend per share or over $30k a year. The stock is also up over $17 per share this year which is $130k of gains this year. So meeting Sam Susser and his team over a decade ago before their spin of their wholesale gas biz (SUSP now SUN) has been a nice hedge to every railcar now costing $100k more than they did in December. Better to be lucky than good. Also OPEN THE FAKING STRAIT!

It’s crazy I literally gave this speech verbatim this morning to my team at the factory, and they just wanted to know if they are getting Good Friday off (they are) x.com/NYCMayor/statu…

Springtime Americana

Your ancestors were not evil

In 1783, King George III asked an American painter what George Washington would do now that he had virtually won the war. The painter replied that the General intended to return to his farm in Virginia. The King was stunned. He reportedly said, "If he does that, he will be the greatest man in the world." Throughout history, victorious generals almost always seized the throne. From Caesar to Cromwell, military success usually meant political dictatorship. The concept of voluntarily walking away from absolute power was practically unheard of. But George Washington wasn't like other men. By December 4, 1783, the British surrender at Yorktown was past, and peace was finally assured. Washington commanded a powerful, seasoned army that adored him. Conversely, many of his officers were unpaid and angry at the inefficient Congress. They had the guns, the manpower, and the loyalty to install a new monarch. He could have been King George I of America. Instead, on this day in history, Washington walked into the Long Room at Fraunces Tavern in lower Manhattan. The room was filled with his most loyal officers—men like Henry Knox and Baron von Steuben—who had frozen with him at Valley Forge and bled with him for eight long years. The atmosphere wasn't celebratory. It was heavy with inevitable separation. Washington, usually stoic and commercially reserved, poured a glass of wine and looked at his brothers-in-arms with visible emotion. "With a heart full of love and gratitude, I now take leave of you," he said, his voice shaking. "I most devoutly wish that your latter days may be as prosperous and happy as your former ones have been glorious and honorable." He didn't order them. He didn't demand their allegiance. He hugged them. One by one, the hardened soldiers wept openly. Washington embraced each man in silence. There was no pomp, no ceremony, and no speeches about future conquests. It was just a quiet goodbye between warriors who had done the impossible. Immediately after leaving the tavern, Washington didn't march on Congress to demand payment or power. He rode to Annapolis, Maryland, resigned his commission, and went home to Mount Vernon to plant crops. He did the impossible. He refused the crown. He trusted the people. By stepping down, he ensured that the United States would be a republic ruled by laws, not a kingdom ruled by force. He proved that the military serves the people, not the other way around. It was the final, and perhaps greatest, victory of the Revolution. The world watched in awe as the American Cincinnatus returned his sword to its sheath, proving that character is the strongest constitution of all." #archaeohistories

Aristotle explains how mass immigration, lack of virtue, and differences between the rural and urban populations can all lead to revolution

Fired up to meet all the helicopter experts today

@RobertMSterling @drantbradley Thanks Rob. This is something I’ve been mulling over for a few years now and trying to think of ways to contribute to the solution - ie starting a new version of the Boy Scouts, a new format of all-male primary school, etc. I’ll listen to @drantbradley and learn a little.

If you’re a man—especially if you’re a dad, especially if you have boys—you need to follow @drantbradley. One of the wisest voices on this app when it comes to the challenges men and boys face in our society, and the failures of our institutions to acknowledge and address them.

America of, by, and for Americans. PATRIOTISM, NOT GLOBALISM.

Give this a read.

Teddy Roosevelt, his blueprint for conquering fear when weak

Marines practice dead-gunner drills. Gotta keep the gun up at all times.

Winter Nationalism 🇺🇸❄️🇺🇸 During the Battle of Chosin Reservoir in 1950: US Marines & soldiers faced 120,000 Chinese in -30°F cold. Outnumbered 4:1, they fought a heroic 17-day strategic retreat, saving the division. American, remember who you're descended from.

How do you prepare against such an adversary???

@Jklunden If the censorship vaccine works like the COVID vaccine then free speech should be fine!

EU is done. Finished.

Christmas Americana 🇺🇸🎄🇺🇸

I have watched 18-19 year old kids work 14-16 hour days for months on end. No rest, abysmal sleep quality, hot food a luxury, living conditions atrocious. Under working conditions that would cause OSHA to burst an aneurysm and subject any civilian employer to civil litigation and criminal prosecution. You could quadruple the base pay of every service member below the GO/FO ranks and it might approach what they're worth based on what they give to the armed services. Watching people find ways to get mad at them getting just under $1800 for Christmas not only boggles my mind, it genuinely enrages me.