Adam Steverson

@iam_smx But did it work? That's a real, non-rhetorical question. Most believe Twitter is worse (I agree), and a lot of the community moved to another platform that seems to be on the rise. But, if Twitter now has sustainable profits, maybe you could say it worked.

One Man, Elon Musk paid $44 billion for Twitter, walked in carrying a sink, and fired 75% of the staff within a week, yet the company kept running He renamed it 𝕏, rewrote its content rules, and reinstated 65,000 banned accounts in 30 days No one had a plan It worked anyway

@jamierkennedy @TheMasters The few days before every big tourney, I always search for YouTube golfers playing the course. I learn the course so much better from YouTube single hand-helds! Please networks, stop using towers. These images are amazing.

Give us more 🙏 Praying and hoping @TheMasters continue to give us more hand-held views of the course (specifically the greens) this year. Augusta has arguably the best green complexes in the world. Show them to us.

@DataGolf When does Bridgeman call Joe Mayo and Si Woo call Phil Kenyon?

Here's the top 25 in 2026 adjusted strokes-gained:

@jamierkennedy If Si Woo was an average putter, he would be 4th in the world!?? Putting is less stable, he may actually go on a crazy run here soon.

Top 10 players in the world, since August. What stands out?

@Jera_Value Real shot at doing $15-$16 EPS in 2026 if they can get down to 47MM shares as the weighted avg (ending the yr w 44MM shares outstanding). A depressed price is such a gift for these gigantic buybacks.

$CROX está muy interesante a estos precios. Con el rango bajo del guidance para 2026, y a estos precios, el yield es del 17%, con un PER de 6x. Si además tienes en cuenta que debería estar cotizando por lo menos a 10x beneficios, y que el guidance no incluye buybacks (y que el año pasado se recompraron el 10% de la empresa), el resultado es interesante. O descuentas que la empresa va a decrecer mucho… o la valoración es ridícula

@buccocapital This is an excellent summary of the state of the market

Unfortunately I think we'll see meaningful layoffs in software this year. And I want to explain why it's just air cover to call them "AI-driven layoffs", even though every company will do so. Yes, AI makes companies more efficient. Developers and marketers can do more. CSMs can have a wider span of control. You can answer 70% of your tier 1 support cases with AI. But that's not really what's going on. But two things are more elemental to the situation, and the actual driver: 1. Valuations have reset, with a totally valid and reasonable focus on free cash flow minus stock compensation. And the math simply doesn't math. 2. Many of these companies staffed up during COVID and never actually took their medicine and got fit. They thought demand would come back and it mostly hasn't. Not in the same way. Illustrative example, to pick on two companies, Atlassian and HubSpot, that I actually really admire: - Age: Atlassian is 24 years old. HubSpot is 19 years old - # of employees: Atlassian has 14k employees at $22B market cap. HubSpot has 9k employees at $15B market cap - SBC-Adjusted FCF: Basically ZERO That's right. After 20 years, the actual cash generated and available to shareholders is ZERO I do think the owners of these businesses understand that is no longer tenable. But they have two issues now: 1. The actual technical talent needs to get paid 2. Their stocks are down 60-70% from recent highs So here's the situation: They need to start making actual money, they have to pay their tech talent, their dollar grants are going to have serious dilution consequences, and their cost structures are completely bloated for their current market cap, especially compared to more nimble competitors. If they keep paying all of these people in stock, their dilution will continue and the stocks will continue to be punished. If they pay them all in cash, they will have no fcf. TL;DR Layoffs are unfortunately the only true answer. They are coming. They will be credited to AI, and that will be air cover for the real problem.

Golf fandom thought: I love following golf, thankful for high quality journalism in golf, but YouTube golf is > TGL. Golf is my escape from screens, my chance to “touch grass” or enjoy others playing. No way I want to watch pros hit into screens.

@KVanValkenburg Haven’t thought about the “Sunday Conversation” in a long, long time. Such a great part of sports fandom from my early days. Love it!

I’m excited for this to come out tonight! We tried to channel the old Sunday Conversation ethos. Hopefully thoughtful and insightful. Come check it out on our YouTube channel at 8 pm EST.

@fiscal_ai There’s definitely a chance it doesn’t work if: 1) HeyDude =0, 2) Decline in earnings is not due to the consumer recession but instead bc the brand is dying, 3) Growth internationally stalls But … the probability of not outperforming w CROX is very very low

Crocs is currently trading at a P/E of 6. Why wouldn't this work from here? $CROX

@EarningsB4Hugs What's the FCF yield like?

Another quarter gone and not a single chatter on $LNF.TO even though adj EPS is up 16%. Sigh

@teedee292929 I am. In Chicagoland, the restaurants do the same amount of business that CFAs do in the South. So, Houston may be more of an outlier. But, they have to exhibit more wisdom in expanding going forward.

Anyone in $PTLO? I can’t imagine is doing well but it up 24% YTD. They opened a bunch of locations in Houston all large and barely have any people.

I like seeing Li Lu buying $CROX sometime in Q4, 2025. Tiny 1.5% position for Himalaya Capital, but I'll take it.

@PanopticonCap The opportunity exists because it is literally impossible to write up the investment thesis without mentioning how ugly and faddish the shoes are, and how incredibly stupid the HeyDude acquisition was … truly psychological warfare!

Holding $CROX while everyone asks if ugly shoes are dead is a special kind of psychological warfare. Meanwhile the company is #1 footwear on TikTok Shop, has a LEGO collab, and 61% gross margins. At some point "ugly but profitable" becomes just... profitable. Are we there yet?

@SamRo Bing!

It’s Groundhog Day? Again?

$CROX Dindu nuffin since August. Lets go.

@evantindell Do you believe $AAF.L follows through on spinning out Mobile Money mid-year?

Someone didn't show up for a meeting. AMA

@SamMonsonNFL Who is wanting to watch Stephen A? So crazy that there are humans that want him on their tv

Imagine being a real analyst who gets bumped because ESPN decides for playoff time they need to parachute that gobshite into your chair.

I can't tell you how much I do not.

@XYang2023 @YouTube I hope he still owns a huge tranche of $INTC shares. When Pat was hired, investors wanted a fabless strategy. But now, the difficult path of IFS is showing some fruits.

Ex-Intel CEO: US CAN’T AFFORD TO LOSE chip manufacturing race youtu.be/9gFvH_FXUek?si… via @YouTube

@MilesTaylorUSA What’s the appeal of Greenland?

“We listened to his private rants about [Greenland]…but we weren’t willing to carry out a takeover of an allied nation on his behalf. That’s not the case anymore. Trump’s surrounded by people prepared to end the West…as long as it pleases the boss.” defiance.news/p/why-i-warned…

I warned about this five years ago. Why? Because Trump is always "joking" before he's not. One of the stupidest ideas he ever pitched us in private -- taking over Greenland -- has become official U.S. policy... and could destroy NATO. Now the "joke" is on us.

@Abdullah12 @MoveTheSticks Seriously, why would you ever intentionally design it this way?

@MoveTheSticks Literally feels like a penalty on every play

That blinking yellow on the score bug is messing me up.