MD

I’m 20% concentrated in $PESI purely based on Jay’s coverage these past few weeks. Last time I’ve been this bullish was on US transformers / grid transmission buildout. Great work. Will owe you a king’s feast very soon.

say it with me: Data centers can actually lower consumer bills bc utilities have HUGE fixed costs (ie transmission) that don’t change with usage adding a massive new demand from data centers spreads those fixed costs across far more total kw/h sold, which reduces the price per unit for everyone

Here is an OpenAI document submitted one week ago where they advocate for including datacenter spend within the “American manufacturing” umbrella There they specifically advocate For Federal loan guarantees Sam Lied to everyone, Again

Men ages 18 to 25 should NOT be “financially comfy.” They should not “play it safe” or “index and chill.” They should go way off the reservation, buy garbage stocks, read 10-Ks until 3 AM, lose money, and get humbled by Mr. Market. The best deep value investors I know all went through that brutal apprenticeship. Some blew up their first portfolio in cigar butts, some spent months stalking micro-caps no one’s heard of, some lived on ramen while refreshing OTC filings, some dumpster-dived for net-nets in post-industrial towns. Others took Greyhounds to shareholder meetings in hotel basements or spent entire summers cold-calling IR departments for annual reports that never came. If a young investor doesn’t go through that “hard years” phase where he’s uncomfortable, confused, and convinced he’s the next Buffett until reality crushes him, he’s ruined. He becomes “soft,” dependent on screens and narratives, allergic to pain. And that softness calcifies into a lifetime of mediocrity: passive, overdiversified, and spiritually indexed. Anyone mentoring a young investor MUST push him toward his “Benjamin Graham moment.” It doesn’t matter how he does it. Maybe he buys a 0.3× book value steel mill, maybe he gets rugged in a liquidation, maybe he finds religion in the footnotes, but he needs that year or two of being definitively uncomfortable. Only then does he earn the right to call himself a value investor.