Chad Leaman

Vacation. Think some orca whales off the Puget Sound.

@1brandiesel @WrestleIsh

@WrestleIsh Its actually the stupidest gimmick I've ever seen in all of wrestling. Never seen more cringe in my life

CM Punk was reportedly the one who brought Danhausen to WWE, according to the Wrestling Observer Newsletter. Punk pushed for the signing, which led to Danhausen debuting at Elimination Chamber in Chicago. While his initial reveal received a mixed reaction, his recent “curse” on Dominik Mysterio during RAW connected better with the television audience. WWE officials are also said to be encouraged by early merchandise numbers, with Danhausen’s debut shirt already becoming a top seller.

@JGGCDN @grok Seeing how clever this is, "don't make me feel too smart," but now I'm a little less dumb lol.

@JGGCDN Okay @grok make me feel less dumb. Break down this acronym soup. Canada AI Factor – Dual LightGBM + ET Gate CAN ALS:

+6.77% this week while the S&P 500 CAD Hedged bled red, my Portfolio123 live AI Factor strategy stays all green, no bloodbath here in this crazy volatility. Canada AI Factor – Dual LightGBM + ET Gate CAN ALS: • +6.77% last week • +31.91% total return since 11/14/25 (vs. benchmark -1.70%) • 134% annualized return so far • Sharpe 3.14 • Max drawdown only -6.96% Pure AI powered Canadian strategy surviving & thriving. These LightGBM & ensemble gates are doing serious work out of sample. Step by step, adapting, learning.

@JGGCDN @grok How about you @gork up to the challenge?

@BradoCapital Or, at second slowest rate since 2021.

$CSU.TO is growing revenues faster than they did in 2019

@NewcomerInvest @WolfOfOakville Any pitch / info on $ABXX? Looks like a tough YTD but an amazing 1 year chart!

@NewcomerInvest For sure. The $5 million bitcoin is the first "wtf" for me. I'm not opposed to bitcoin, but that much compared to debt, SBC, etc... that took me back as not the best capital decision. Still hold, to our future shared success. 💰😀 Ht @WolfOfOakville for flagging.

Brookfield Corp ( $BN ) has finally been dethroned in my portfolio. No longer #1. $CSU has also entered the top 10!

Iranian drones struck Oman’s largest oil storage facilities at the Port of Salalah in Oman earlier today. $USO $BNO $XLE

@DeepIceValue $gsy.to after today's haircut?

No more cash on my portfolio, I bought more of?? HINT: Its not $NVO or $UNH.. its finance sector.

@yetundiscovered "Blah blah AI good bad??" was about 50%, but also appreciated hearing it especially the PEMS / "holding period is forever"/ buy while others are fearful. The echos of Munger and Buffett.

$CSU.TO Great that they did an earnings call, but the stupidity of the questions from the analysts/investors makes me think that they should not have earnings calls in the future.

@RazorOil Nice swanton, just like the oil price movement.

The craziest part that not too many talking about is the insanely uncorrelated price action between Canadian oil companies and oil price. Oil down -8% today but portfolio green…nevermind the equities front running Iran war news, post the Venezuela fiasco…Absolutely crazy stuff !! I’m jumping in…🫣🪒

@gork @reigns_era Two clips please: One with Edge starting it, and one with Edge being kicked out.

@chadleaman @reigns_era edge started it at wrestlemania with priest then rhea and finn joined and promptly voted him off the island like some bad reality show twist. classic wwe family reunion gone wrong.

The OG Judgment Day is now done. - Edge - Rhea - Priest - Finn Balor

Just heard most recent pod @SteveSaretsky, you might be interested in this @BoardofTrade event with the Musqueam, Squamish and Tsleil-Waututh Nations. boardoftrade.com/events/8069

@TidefallCapital And the "Ideal Holding Time is Forever," Buffett and Munger echos are heard...

$CSU.to is telling us that private market VMS valuations aren't breaking like public market ones hence the quick pivot to buying minority stakes in the open market. They are being greedy when others are fearful.

@realroseceline I just finished the call. I like this PIMS strategy, gives me $BRK $FFH.TO vibes with the "ideal holding time is forever." Would love your perspective on $sabr!

Thoughts on $CSU After going through the $CSU quarter and listening to the new CEO Mark Miller’s comments, a few things stood out to me. Revenue in Q4 grew 18% to about $3.2b, but real organic growth was only ~2% after adjusting for FX, which is ok but not great. Maintenance and recurring revenue continues to grow steadily though, which is really the backbone of the business. Cash generation was strong again. Operating cash flow was about $790m, up 16%, and for the full year it reached roughly $2.7b, up 24%. That’s really the number that matters for a company like this because it determines how much capital they can redeploy into new acquisitions. Net income was down quite a bit year over year, but most of that accounting “noise” and non cash items rather than anything fundamental changing in the business. Capital deployment continues to be the main story. During the quarter they completed about $570m of acquisitions, and after year end they already committed another ~$800m in deals. That pipeline is what drives long term compounding for $CSU. They are also starting something new. Instead of only buying companies outright, they are experimenting with taking minority stakes and working with management to improve the business and capital allocation. Their first investment under this approach is in $SABR. Ironically I know quite a bit about Sabre and the GDS industry from the travel business I’ve been involved with for over 20 years. This idea actually came from Mark Leonard, and he chose $SABR as the first investment. It will be interesting to see how that plays out and whether they start making more investments where they don’t buy the whole company. (You also have to ask yourself why not invest in $SABR?, perhaps I’ll write an article about it…). What I found interesting from the call was how they are approaching AI. They spent most of 2025 training thousands of developers across their companies to use AI assisted coding tools. Productivity gains are already showing up, but management was clear that faster coding will not be the long term advantage because eventually everyone will have access to the same tools. Their edge is still what it has always been. Deep vertical market knowledge, understanding customer workflows, and the data. AI can help those things (and potentially also hurt). And one thing that’s worth mentioning is that not everything about $CSU shows up in the numbers. The culture, discipline, intellect, and track record of this organization are exceptional. These are some of the best capital allocators of our time, and that doesn’t appear in income statements or cash flows. It’s one of the reasons the company has compounded the way it has, and it probably deserves a premium. So overall nothing about the core playbook seems to be changing. $CSU is still doing what it has always done, generate cash from vertical software businesses and redeploy that cash into more acquisitions while improving the products over time. 🌹

@CapexAndChill Gives me $brk $ffh.to vibes. "Ideal holding time is forever." I appreciate them holding a quarterly call, I hope that continues.

$CSU's Q4 earnings call revealed their new capital deployment strategy referred to as "permanent engaged minority shareholder". Instead of buying entire businesses, they will buy minority stakes in public companies, hold the shares forever, and actively help govern them. The first big investment using this strategy is in Sabre. Management promised they are using the exact same return standards for these minority investments as they do for their traditional buyouts. Management also stated their real long-term advantage is their deep customer relationships, exclusive data, and specific market knowledge. The board decided against a stock buyback program because they still see plenty of highly profitable ways to invest their cash, which should be good news.

@CJ0pp3l_Sub @grok Fancy AI says it's Topicus growth. More it values, more it costs to "buy out." Guessing it may be Lumine as well? Listening to call now. 😀