Tintin Capital

@DaBao_ Love it! 😍 Been exploring Ireland with Mrs Tintin. Off to the UK next week.

@Tintincapital where are you bro?

@capitalatrisk23 Love it 😂

@Tintincapital Awesome to hear, rest well, don’t check IBKR too often, watch some Korean TV series instead if you really need some adrenaline, and come back to us energized

✌🏻❤️

@capitalatrisk23 Just taking a break. Lots of travel/life stuff ahead. Need to limit distractions for a bit.

@Tintincapital What’s up??

@jarad1821 🙌🏻

@Tintincapital Adventure about to begin, take care and have fun sensei ♥️

@KarstResearch Reading this book 20 years ago

What is the worst investment (or worst investing mistake) you have ever made?

@DaBao_ @InvestSpecial They swept my Phillies 😭

@InvestSpecial FWIW the Atlanta Braves is an extremely well-run organization: reached playoffs 8 out of the last 9 seasons, currently sitting at the top of their division. better than @Tintincapital 's team

Padres are reportedly selling at 9x revenue. Slap that multiple on $BATRK, owner of the Atlanta Braves, and there's 100%+ upside. Ex. real estate assets. Honestly, these multiples are irrelevant, sports franchises are collectables for billionaires to have fun. But the Braves must be worth more than the Padres. Problem? Malone isn't selling anytime soon. Could take years to materialize. Super interesting, but needs a catalyst. Don't see one.

@orrdavid Prefer not to be on the business end of your shorts. Glad I got out, haha

@Tintincapital @OfcMarshmallow @ADHD_Capital I have been short. One good thing to do is zoom out and ask, "How can such a recently created company randomly be worth so much?"

$9706.T Japan Airport Terminal (Haneda)

The best on here. Dude never misses.

Ready for SaaS Q1

Sorry meant @cardinalcap12

Update: I'm out. Valuation breaking blunder on my part. Thank you gents for catching my error. @OfcMarshmallow @ADHD_Capital

@cardinalcap12 You are right. Thanks for pointing this out. I was understating shares dramatically.

@Tintincapital Is the share count correct?

@ADHD_Capital You're right. I just did the math to verify. I was def way off on share count. Massive thanks

@Tintincapital They get the same economics as the A's

@ADHD_Capital Are the incentive units issued already? Or just authorized?

@Tintincapital Class A: 665.1 Incentive Units: 903.4 Total Economic Share Count: 1,568.6 (as of mrq)

@ADHD_Capital Thank you. I'm seeing that they are the exact same figure? Assumed they were the same? If it's double then that totally blows up my thesis. Thanks again

@Tintincapital Need to include GP units

@ADHD_Capital 2025 10k states 667mm Class A shares outstanding. I'm assuming it increases to 1,000mm shares out to fund M&A by 2030. (See my note in Excel sheet) I prefer my FCF calculation to what's reported. Open to suggestions.

@Tintincapital share count is off and why 20% FCF margin? its higher

@kashyap286 🙌🏼

PE/PC firms are asset gatherers. Private credit became a thing when regulations slowed bank lending to risky credit. PC firms' LPs borrowed cheap from banks and levered it up. The Fed's aggressive rate hikes in 2022 permanently broke their model. In order to not show credit losses, when a fund's charter expires, they punt the crappy assets at/ just below par to a continuation fund (with a large overlap of LPs), and keep the game going. The continuation funds mark up the assets to par, ensuring a quick paper gain. One fine day, 100c on the dollar becomes zero and scandals like Greensill make the news. Just this month, $BLK marked a vehicle from 100c to zero with no warning. Problem for $OWL is the whole market has gotten wise to their scams. Imo, the GP will cease to exist by 2035 so I wouldn't extrapolate the revenue trend so far. x.com/kashyap286/sta…

@capitalatrisk23 😂

My wife when I tell her I'm buying again EURO VALUE stocks but that this time, it will work.