Gibbodive

@AlanJSmit @LiamHalligan This is so straightforward. However lateral my thinking, I cannot comprehend how the those in government either do not understand the simple economics or permit ideology to totally over rule it ??

@MrMBrown And perhaps a gold carriage clock for standing up to extraordinary pressure from Trump ?

💯

@MarkDampier @PensionsMonkey Perhaps her best to date, an excellent delivery. Charismatic, engaging, on point. The Labour front bench watching, perhaps wishing their leader had the ability to present at this level ?

@PensionsMonkey It was. Very sharp.

Just brilliant

@FinanceTiger GM JW. I thought the same when Reeves was/is encouraging people to do the same. Politically unwise in the current market that will create horrendous long term headlines if the market corrects.

📉 It’s ironic that Martin is advising on stock market investments at the height of a major bubble. His voice suggests he’s not particularly suited to the stock market so it’s pleasing that he enlisted the expertise of professionals like JP Morgan for commentary.

@DanNeidle Very nice work as usual Dan. One question. Would the acting solicitors not have been expected to insist upon further advice before completion either to assure absolute compliance or indeed professional liability/integrity ? Thank you

The Guardian is reporting Angela Rayner has now paid £40,000 of extra stamp duty, but HMRC accepted she wasn't "careless" and so she didn't pay a penalty. On the public facts, that’s hard to understand. Here’s why:

@StuartMaggs I am very well aware of costs but if one is to enter into complex arrangements, these should be expected/accepted ? HMRC compliance/exceptional or the norm ? Willfully ignoring advice ? My opinion disregards politics. I am sorry Stuart, I don't "get it" Thank you

@StuartMaggs Honestly, not really ? If this is the case convention appears quite sanguine in this area. Disregarding pro advice will excuse errors that permit leniency ? But that is fine as it is not unusual ? Where does this end, where do we draw the line ? 1/n

This decision by HMRC does not surprise me. Angela Rayner got caught in an obscure part of the legislation and the fact that no penalty was levied indicates that HMRC agrees. It shows that people can correct their tax affairs without upset when they have done no wrong. Sometimes tax is complicated.

@FinanceTiger She appears to have upped her game a lot in the last couple of months. Has she got enough good people around her though ?

🇬🇧 I’m starting to like her, but can they actually deliver? The Conservatives have been in power for 15 years, and the country feels like it’s been on a downward path the whole time. What makes this time any different?

@weary_centurion Big institutional owners and Fundsmith bought in last year own 4%, BG 17% Thank you

@weary_centurion Sorry, distracted, switched off after HIMS. WIX tragic ! ODD, unknown to me but just had a quick look and interesting. Looks like a struggle for a year and 582M dry powder ? Will read further and also through your extensive looking timeline.

$ODD A LESSON IN CAPITAL ALLOCATION Looking at the buyback programs of other companies confirmed for me just how elite Oddity Tech’s capital allocation has been HIMS & HERS $HIMS stock was trading at $13-$15 just a couple of months ago. They did not repurchase a single share They did however, waste their aggression on buybacks at $45+ This was done primarily to “show confidence” and “offset dilution” whilst the stock was trading significantly higher than it is now There is absolutely no better way to offset dilution and demonstrate confidence in a stock than to buy back aggressively at low levels. Imagine if they had held off and deployed the money at $13 instead of $50? Not only would it offset more dilution but it could also return some capital to shareholders too in the form of increased equity Before anyone says, yes I know, they’ve had a rough year and they have done acquisitions…but that’s still no excuse. They have a $225M buyback program authorised. To not deploy that at $13 is a mistake imo. Better to suspend the program than to have it authorised and not use it at the best possible time They basically overpaid for buybacks at the worst possible time and now seem powerless (or unwilling) to act when the stock is actually attractively priced WIX $WIX had a howler of an earnings report today and the stock has cratered towards $50 The company deployed billions at $92 per share. They were so aggressive that they even took on dilution and credit to fund the repurchases They then proceeded to have a shocking quarter and the stock got cut in half. Had they waited or been more disciplined, that money could have been put to far better use at these price levels. They could have retired substantially more shares and would have been looking at a far superior ROI They essentially bought the local top right before a crash and deprived shareholders of a truly exceptional opportunity to delete far more shares at half the price ODDITY TECH $ODD had a $150M buyback program authorised in 2025 They stated their intent to “opportunistically return capital to shareholders” and that is exactly what they have been doing They did steadily deploy some of the buybacks to offset dilution substantially higher at price points of $40-$50, but the deployment was disciplined and steady when prices were higher As of Q4 2025 they still had $103M remaining of that $150M program On their Q4 earnings call they stated that current price levels look attractive for buybacks (when it was trading at $25-$30) The stock then proceed to tank -60% on Feb 25th down to $10.80 and they took the following action: • $50M of 2025 buyback program deployed in the couple of weeks following at $11-$13 • CEO bought $10M (1.8% of the OS) • $200M new buyback program initiated on March 12th. They deployed $5M on the first day That is the last info we have But to me, they have already proven that they will do what they say they will do Their buybacks increased in speed and aggression when the price hit all time lows and the CEO bought a decent chuck shares This is elite capital allocation The CEO sold a decent amount of shares at $75 pretty much at the top and then loaded shares at the bottom He is a former accountant The CFO is a Goldman Sachs veteran I have no doubt that together, they know exactly how to take advantage of the fact the stock is trading at its cash & investments on the balance sheet There is literally no better way to allocate capital when your stock becomes that cheap This is the sort of shrewd capital allocation that can really make a big difference in future returns It installs confidence and shows management are aligned with shareholders This is largely way I feel so confident here having $ODD as my only investment The valuation makes the risk vs reward truly asymmetric This is not financial advice Do your own due diligence and do not copy people off the internet

@weary_centurion Ahh yes apologies. HIMS !

@gibbodive Which stock are you referring to? Iv talked about 3

@LBC @lewis_goodall He might bind the party but not the country... ?

‘He would bind and unite the party!’ @lewis_goodall makes the case for Ed Miliband as Keir Starmer's successor.

@weary_centurion Ps. I trust you are well....

@weary_centurion Agree WC... This will not be popular ! Could this be management attempting to show support for the deteriorating share price in Nov 25, incompetence, exuberance or are they expecting another drop ?! Disenchanted almost ex holder !

$HIMS Genuine question for bulls because I haven’t seen anyone address this yet… Why on earth did the company not deploy any of its $225M buyback program when the stock was trading at $13-15? If management thought the stock was cheap, would this not be a good indicator?

@robin_j_brooks It is interesting that China, Thailand, Singapore, Japan, Taiwan have low rates. The smaller EU countries slightly more, but the largest western economies are suffering the most ? Thank you

The rise in UK yields is in the news, but France looks no better. 10y10y forward yield (red) is at the highest level in many years, so what's going on in the UK is a broader phenomenon across much of Europe. The global debt overhang is taking its toll... robinjbrooks.substack.com/p/a-world-of-d…

@WhatNowDoc Same experience on many occasions...

So I walk in to Royal Marsden Haematology and instantly I’ve made my decision. I’m here to see the head honcho for the lowdown on my AML. Obviously he’ll need my latest blood results for information/consideration. Receptionist: “Because you’re a new patient (six years under the care of the NATIONAL health service for the same condition at a hospital ten miles away) you’re to see the doctor “for a review” before you have a blood test in TWO HOURS time.” “Why can’t we do the blood test now, so the doctor has the information to review me, properly?” “That’s not the way it works for new patients” What the fuck is the point of talking to a consultant about the state of my blood when he has no blood results to look at? And then you want me to hang around for two hours for a blood test I can get done anywhere. They have the staff, they have the facilities, the expertise and the resources but they couldn’t organise a piss up in a brewery if their lives depended on it. EG If all you’re going to do is talk to me hypothetically and don’t need what’s inside my body to facilitate that, try picking up the fucking telephone and save me half an increasingly precious day of grief and let the doctor get a lot more work done. 🤬 I have to go private, this isn’t good for my health. 🙈

@ShaunLintern Indeed. I feel the UK needs a mindset reset whereby the efficiency baseline is min 95%, proper "in office" 5 day weeks, sickness pay only for those who genuinely cannot work, vol work for unemployment benefits, accountability, decent management etc.

This is a great primer by Ed looking at all the reasons why any Prime Minister from any party would find governing pretty dififcult. Hemmed in on all sides, the UK faces major challenges irrespective of who is in No.10.