Kerry Sun

@bowtiedstocks Finish Uni — 10 yr career gap — Firmus CEO 🚀

I’ve been reading up on the Firmus planned IPO Wowzers this thing has a few red flags Here are a few I’ve picked up already (I’m sure there’s more too): 🚩 5 years ago this thing was a bitcoin miner 🚩Then pivoted to the ‘hot trend’ thematic of AI 🚩What the business does and the business model is not straightforward to understand 🚩90% of its total contracted value purportedly comes from just two customers, NVDA and an American tech giant 🚩Nvidia is apparently a supplier, investor and a customer of Firmus (circle jerk economy) 🚩Lead Manager is none other than Qld chop shop Morgans 🚩 Neither of the two co-founders have technical expertise 🚩Co-founder Tim Rosenfield’s prior role was running a small loss making French lingerie retailer 🚩Co-founder Oliver Curtis is a convicted insider trading criminal, a crime involving putting his own personal financial gain ahead of the integrity of financial markets laws Yeah good luck to the mug retail bag holders going for this one 🥴

$COH analyst famous last words

@respeculator Implied ~90% 2H26 crude hedges will add A$65m to pre-tax costs, but unhedged crack spreads will add ~A$250m to pre-tax costs (Macquarie)

Qantas $QAN.AX joins Air NZ in informing the market they can hedge crude prices but not crack spreads/Jet Fuel... refiners still making good margins..

@respeculator Not like this boilingcold.com.au/santos-shuts-d…

Big battle at $8 over the years… this time is different tho right 😉 $STO.AX

Gold just had its worst week since 1983 and absolutely nobody is lining up at ABC Bullion. Turns out buyers only show up when prices are at all-time highs 😅

@88888sAccount The last thing you see before everything goes pitch black

@RBASHAGGER All in a days work

Our strategy

Not sure who made this, but it's hilarious 😂 A camel can carry 1–2 barrels of oil. The Strait of Hormuz moves ~20 million barrels a day. That's 13–14 billion camels. Daily.

Oil hits $90 and the servo guy shows up like this

Battered tech stocks like $PME $WTC $SEK $XRO emerging as safe havens amid this Iran war was not on my bingo card

@jack @blocks Office mood:

we're making @blocks smaller today. here's my note to the company. #### today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone. first off, if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you're being asked to leave, entering consultation, or asked to stay. we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly. i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures. a decision at this scale carries risk. but so does standing still. we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we've built in flexibility to account for that, and do the right thing for our customers. we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold. to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that's a fact that i'll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward. to those staying…i made this decision, and i'll own it. what i'm asking of you is to build with me. we're going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we're going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that's what i'm focused on now. expect a note from me tomorrow. jack

Coles $COL smashed on a relatively in-line result. Though its first-even weeks trading update has sales growth at 3.7% % vs. Woolies at 5.8%. Nature is starting to heal, with the WOW/COL ratio starting to tick back towards historical levels of ~2

Bapcor $BAP shareholders visualised Stock down 61% in the last twelve months, and now a $200m raise at a 65% discount to last close. Absolute max pain

@bowtiedstocks Darn another hot inflation print Australians:

More ‘cost of living relief’ But we’re not going to slow down on importing infinity immigrants Hope you got a good wheelbarrow™️

Takeaways from UBS China lithium analyst Sky Han: > UBS supply ests below consensus, supply disruption in Jiangxi beyond CATL, underappreciated supply chain lag to demand, CATL Jianxiawo restart uncertain > Inventory overall is low > Reasonable price range of 120-180k RMB

Bloody Woolworths $WOW about to cut it close for the largest one-day rally on record > 29-Oct-97: +12.17% > 17-Mar-20: +9.72% > 30-Mar-20: +9.60% > 25-Jul-16: +8.24% Currently up 11.4%, funny how any modern-day move does come close. Wild times

$DLI always piques my interest when lithium rallies >$175m market cap > $54m cash (31-Jan-26) > $133m in Ballard Mining (2-Feb-26)

Woolworths $WOW very clean result, pretty much all metrics 5-8% ahead of ests. FY26 EBIT growth now upper end of mid-to-high single digits. Ripping from the open (opened 4.9% vs. 9.1% now). Trailing 40x is a bit frothy and probs gets downgraded by everyone tomorrow.

Judging by the level of depression among the sector, I suppose we gonna hit new low with WTC and EOL results. I will be grateful enough if they just hold on and not go lower but sellers still in full control and it’s only accelerating day by day. It is what it is, it’s been fun interacting with you all. If I stop posting, you know what happens. 🫡