Guy Davis

@BiremeCapital Great letter

biremecapital.com/blog/fundament… Tenth anniversary letter! A decade ago we founded Bireme Capital to try to beat the market by exploiting other investors' behavioral mistakes. That consistent approach has driven strong outperformance: FV has compounded at 20.9% net since inception vs the S&P 500 at 15.4%. But the portfolio looks nothing like it used to. We started out long US names with a negligible short book; today we're 90% net long international and -25% net short the US. The strategy hasn't changed -- the market has. What we got right, what we got wrong, and what we're still waiting to see.

@evfcfaddict The math checks out. I'm wary that with names like this I'm anchoring to the crazy high prices they reached recently though.

I usually don`t do stuff that`s over 100B$ but $SAP at 12x 2027e ev/(fcf (-sbc)), likely growing DD for years doesn`t look that bad, no?

@spudheadcapital Traumatic

Mark missed the best part of the article

Getting ready for a straight day of post #Origin podcasts.

@NRL Should have given Selwyn Man of the Match. Outstanding effort.

QUEENSLANDER 🔴

QUEENSLANDER!!! The QLD Maroons have beaten the NSW Blues 44-24 in Game Two of State of Origin, levelling the series. The win came on neutral territory at the MCG in Melbourne, with the decider heading to Suncorp Stadium in Brisbane. Who wins Game three?

Only 200x! What is this, leverage for ANTS?! From Almost Daily Grants today.

@finphysnerd Dotcom stories are looking positively quaint at this point.

Shorted some $VCX yesterday. I try to avoid the memey frothy stuff but I do feel like we are near peak mania for junk stocks so I've got more exposure to that stuff than usual.

I think I need some help with my DCF. It keeps giving a deeply negative number for this fine company.

@MikeFritzell I'm sure they never will.

Retail investors are maxed out on margin debt so stock prices better not decline

Exclusive: I have seen OpenAI's audited financials for 2024 and 2025. In 2025, OpenAI had $13.07 billion in revenue and $34 billion in costs. $867 million of its revenue came from SoftBank, and $303 million came from Microsoft. wheresyoured.at/exclusive-open…

I got blocked but it had to be said.

@forager_gareth Do you think it's a typo?

Bullish UK

$NVDA bonds pricing at only 65bps over Treasury's for tranches up to 30 years is insanity. You're not getting any of the upside and it's a long time for competition/obsolescence to come along.

@AlexFinn This guy knows they're constantly improving these things all the time, right??

If Fable 5 remains America only, it will lead to the largest exodus from Europe in history Anyone who used Fable in the 3 days it was live knows it's the most powerful technology made in the history of our species They know that those with Fable will have unlimited economic power. Those without Fable will be fighting with two hands tied behind their back and their legs frozen in a block of ice Without Fable how could you keep up with someone who has it? How could you beat someone who can build products 50x faster than you. It’s technological steroids. It’s like De’Aaron Fox playing basketball against Michael Jordan. It’s no competition In time Europe will realize all of this regulation was a mistake. They’ll do a massive deal with America to get access. Multi hundreds of billions of dollars How could the current path go any other way? Fable 5 is the greatest leverage a nation has ever had. The beginning of technological government intervention has only begun

$FRAS.L Frasers Group not happy with $AX1.AX announcing a second takeover this month. But who are Frasers? Here's a teaser/taster. (Disc: Long)

Ah man!!

@gnoble79 It's more like the $NOPE investor experience.

POV: Investors watching their SpaceX stock after buying the largest loss-making IPO in history

@MoS_Investing Rowan Atkinson

Who’s going to play him in the next “The Big Short”?

@ReneSellmann @GlobalStockPick @orrdavid Oof, no-nonsense grave dancing.

@GlobalStockPick @orrdavid Which of those are you most bullish on from today‘s level?

The struggle is real lately, feels like I loaded on all factors the market disregards, like small/micro/medtech/Hongkong/payments