HimJongUn

@BillAckman Keep pumping all these names Bill

As two of the largest forces in equity markets -- growing index ownership and increasing amounts of capital controlled by extremely short-term-oriented, leveraged, volatility-intolerant investors -- converge, we have found occasional opportunities to acquire some of the most dominant long-term compounding franchises at attractive valuations. For example, we acquired Alphabet $GOOG when the stock declined substantially on the release of ChatGPT in late 2022, Amazon $AMZN in the weeks following Liberation Day, and $META more recently on the market's response to the company's unexpectedly large cap ex guidance and expenditures. In our 13F which we will file later today, we will disclose a new position in Microsoft, a company we have followed for many years now offered at a highly compelling valuation. While $PSUS will not be filing a 13F tomorrow, it has also recently made $MFST a core holding. Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company's overall profits: M365 and Azure. M365, the company's productivity suite, is the dominant operating platform for knowledge work, with over 450 million workers using Word, Excel, PowerPoint, Outlook, and Teams on a daily basis. Azure is the world's second-largest hyperscaler cloud platform and, like AWS in our Amazon investment, is a direct beneficiary of the multi-decade migration of enterprise IT workloads to the cloud, which is now further accelerated by surging demand for AI inference workloads. Both M365 and Azure are underpinned by Microsoft's unparalleled enterprise distribution and the security, compliance, and identity infrastructure it has built and refined over decades. Beyond these core franchises, Microsoft also owns a portfolio of other leading businesses, including LinkedIn (the world's largest professional network with 1.3 billion members), its gaming platform (Xbox and Activision Blizzard), and search and news advertising (Bing and the Edge browser). We began building our position in MSFT in February following a meaningful share price decline after the company reported its fiscal Q2 2026 results. We were able to establish our position at a valuation of 21 times forward earnings, broadly in line with the market multiple and well below Microsoft's trading average over the last few years. Notably, MSFT's headline multiple does not reflect the value of Microsoft's approximately 27% economic interest in OpenAI, which would represent approximately $200 billion, or 7% of Microsoft's market capitalization, at OpenAI's most recent funding round valuation. We believe Microsoft's recent share price decline has been principally driven by investor concerns around two key issues: i) the competitive positioning of M365 against increasingly capable AI lab offerings (notably Anthropic's Claude Cowork), and ii) the durability of Azure's growth, especially in light of Microsoft's evolving relationship with OpenAI. In our view, investors underestimate the resilience of the M365 franchise given its deeply embedded role across enterprises and highly attractive price-value proposition. Unlike point software solutions, which may be vulnerable to disintermediation by better-performing AI alternatives, M365 is tightly integrated into the daily workflow of nearly every large enterprise and is supported by Microsoft's identity, security, compliance, and data governance infrastructure, which would be nearly impossible to replicate. Attractive bundle economics further reinforce Microsoft's advantage, with monthly average revenue per user on the M365 suite at approximately $20, less than half of what customers would pay to purchase the underlying applications individually from different vendors. Moreover, we are encouraged to see Microsoft prioritizing its R&D efforts and investment in Copilot, its own AI agent embedded across M365, with direct involvement from CEO Satya Nadella. We believe these efforts will translate into improved product velocity and greater customer adoption over time. Alongside Copilot's rollout, the company has also begun shifting its pricing model from pure per-seat licensing to a hybrid model of seats plus metered consumption, which helps expand the company’s revenue opportunity as AI agents drive incremental usage that a seat-only structure would not capture. These initiatives should help sustain M365’s strong underlying growth momentum, which was already evident in the business unit’s 15% revenue growth (in constant currency) last quarter. We believe concerns regarding Azure's growth trajectory are similarly misplaced, particularly in light of the franchise's exceptional recent performance. Azure revenue grew 39% in constant currency last quarter, with company guiding to modest acceleration through the second half of the year. We view Microsoft's recent decision to restructure its OpenAI partnership not as a concession but as part of a deliberate pivot toward a more open, multi-model architecture that better serves enterprise customers, who increasingly seek optionality across model providers. Microsoft recently disclosed that over 10,000 enterprise customers have used more than one model on Azure Foundry, the company’s modular AI model marketplace. This model-agnostic approach also strengthens Copilot, which can auto-route queries across multiple models to deliver the optimal output for a given task. To support Azure's rapid growth amid persistent supply constraints, Microsoft has raised its calendar year 2026 capex budget to approximately $190 billion. Consistent with what we have observed at hyperscaler peers Amazon and Google, we view this spend as growth capex that should drive future revenue generation. This is particularly true for Microsoft, given that roughly two-thirds of its capex budget is allocated to server and networking equipment that correlates directly with near-term revenue. Like our purchases of $GOOG, $AMZN, and $META, we believe that $MSFT offers analogous and compelling long-term value at today's valuation.

@SaraEisen This is my Queen 👸

Congratulations on kicking the can down the road. The Mayor’s deficit closing relies primarily on a huge bailout from Albany ($8b over 2 years) and delayed payments like pension costs which just get stretched farther into the future

@CBSSports @AdamFinkelstein @retardfinder get a load of this guy.

"Cameron Boozer should not only be the pick at No. 3, I think he should be in the mix at No. 1" @AdamFinkelstein explains why Cameron Boozer should be valued more than Caleb Wilson 👀

@TXJuner @apart_blown @RapidResponse47 @POTUS Obama didn’t name it Obamacare…the republicans did and its website address is Healthcare.gov moron

@apart_blown @RapidResponse47 @POTUS Obamacare

.@POTUS: "Beginning at the start of next year, every American will be able to go to TrumpIRA.Gov and open a new, low-cost IRA account. You'll then be able to access the same type of retirement accounts that federal employees enjoy... which are incredible."

@HornetsReddit @BillSimmons There is no world where boozer is better prospect than Caleb Wilson.

If @BillSimmons were NBA Commissioner and could rig the 2026 NBA Draft Lottery, he'd have the Charlotte Hornets jump to #3 to pick Cameron Boozer. 👀 1. Wizards — AJ Dybantsa 2. Pacers — Darryn Peterson 3. Hornets — Cameron Boozer 4. Warriors — Caleb Wilson

@60Minutes This dude should be president

“I think we have really thin, shallow community right now… I think our national political dysfunction is an echo of larger problems,” says former Nebraska Sen. Ben Sasse. cbsn.ws/4tCFKWX

@JohnrayJ @Panthers @budlight lol

@Panthers @budlight Bryce Young will be in the MVP conversation this year. This offense is loaded

Adding some Brazzell dazzle @budlight | #NFLDRAFT

@CatCraveBlog Shoulda traded up for Ty Simpson

Monroe Freeling?

@RapidResponse47 @POTUS Imagine believing anything that comes out of this man’s mouth. Lol

.@POTUS: "I did post it, and I thought it was me as a doctor, and had to do with Red Cross, as a Red Cross worker there, which we support... It’s supposed to be me as a doctor, making people better."

@BarryOnHere @ClayTravis No he’s just a regular retard

@ClayTravis Clay r u gonna send your sons off to war? Or are you an anti-semite?

Iran has accepted the two week ceasefire deal. The price of oil and gas is collapsing. Down $15 in minutes. Stocks will soar tomorrow. Once again, it pays to not be a moron on Twitter.

@jeffborzello College basketball is dead. They ruined it. It’s over

Seven North Carolina players have entered the transfer portal or announced their intentions to enter so far today: Derek Dixon (6.5 PPG) Jonathan Powell (4.8 PPG) Kyan Evans (4.0 PPG) Zayden High (3.4 PPG) Isaiah Denis (1.9 PPG) Jaydon Young (1.8 PPG) James Brown (1.2 PPG)

@ClayTravis Great tweet Clay. Now only 4000 pts below where it was before the imbecile President decided to bomb Iran.

The stock market is now up roughly a 1000 points on the Dow. MSNBC and CNN, which run a stock price ticker every time it drops under Trump, currently have no acknowledgment of the stock market surge.

@pax_jorgenson @DickieV @UNC_Basketball @VCU_Hoops @UNCKirschner Bro you got pronouns in your bio. Sit this one out kid.

@DickieV @UNC_Basketball @VCU_Hoops @UNCKirschner People are only saying it because he’s Black

Please all those saying @UNC_Basketball coach should be fired after last night’s loss to @VCU_Hoops . That talk is WACKY look at what he has done in his 5 yrs at his alma mater. Also late in season lost one of the top 5 PTPERS in the nation(Caleb Wilson) @UNCKirschner

@DeItaone 4D Chess! 🔥🔥🔥🔥

*TRUMP ON KHARG: I MAY HAVE A PLAN OR I MAY NOT

@DemsAreSubhuman @RealAlexJones What a total moron

@RealAlexJones This is not President Trump‘s war, this is America’s war to keep YOU from getting blown up by a nuke!

"The Consequences Of This Are Going To Be Industries Shutting Down- A Global Depression- And The Entire World Will Know Who To Blame!" Matt Bracken Issues a Dire Warning About The Consequences Of Trump's “War of Choice” »WATCH/SHARE THE LIVE X STREAM NOW: x.com/i/broadcasts/1…

@grahamferguson1 @PGATOUR I’d beat the brakes off you Graham and that’s me probably giving you 7 strokes

@brandontunc @PGATOUR Just like your reply then boring, you probably haven't played a game of golf apart from video games.

"Generally you're not going to get a ton out of me, but it doesn't mean that I'm not very, very happy to be sitting here with this." A vulnerable Cameron Young breaks the fourth wall after winning #THEPLAYERS

@JoeBrunoWSOC9 @wsoctv The poor woman got horrible PR advice.

Sycamore Brewing rebrands as Club West, new owner takes over after founder’s arrest wsoctv.com/news/local/syc…

@Polymarket Yeah I’m not gonna pay my federal taxes

BREAKING: Pentagon reveals special military operation in Iran cost $11,300,000,000.00 in the first six days alone.

@TimBuckleyWX Greensboring sucks as a venue

Move it back to Greensboro cowards