The Inflection Economy

Without further ado: The Logos LP X is now The Inflection Economy. Same high-conviction framework. New focus on structural breaks. Our first deep dive drops this weekend: “The Structural Case for Post-Acute & Managed Care”. Subscribe below: theinflectioneconomy.substack.com

Fair point. A spinout would probably unlock value faster. But the setup is interesting precisely because it’s still trapped in the conglomerate discount while Sony is already simplifying the structure. The question is whether I&SS gets reclassified before the market gets a clean spinout.

@inflectionecon Imaging and sensing is only 25% of profit though. I wish they would spin it out, then there would be a real value unlock. Until then it’s trapped in a conglomerate

$SONY the eyes of physical AI is at the precipice of something spectacular like $NOK and $BB. Time to evaluate 👇 theinflectioneconomy.substack.com/p/sony-the-eye…

From JPM, "Semiconductors are the second most crowded they’ve ever been in history, only BRIEFLY exceeded by the 2000 Top." Impressive. Very nice. $SOXX

$RIC.to - Well, well, well. Kernwood Ltd (Edward Kernaghan) is now a 10%+ security holder of Richards Group. Source: newswire.ca/news-releases/…

"Sanders and AOC introduced a bill to pause ALL AI data center construction. 300+ local bills filed. Half of planned 2026 data centers facing delays or cancellation. Each one brings billions to local economies." This should surprise no one.

@hkuppy There he is! Welcome to the “AI bottleneck” dark side 😉

I feel like $JOE should get a datacenter premium once investors realize how many they can build on their 165,000 acres. An oceanfront datacenter is probably a premium valuation too…

@UVAFootballFan @buccocapital agree. I think the Fed knows this. Raise cost of capital materially and layoffs would accelerate to a place where the social fabric would rapidly decay.

@inflectionecon @buccocapital You're correct. And this "K shape" discourse doesn't truly capture how wide inequality is in America. The bottom 50% are becoming completely detached, disengaged, and, increasingly dysfunctional. Significant hikes really would detonate societal fragility.

Thought these were two helpful/interesting reads on the market Basically everyone long AI stocks and short everything else because they have to be. Some try to rationalize it, some try to accept it, others do it out of disgust But here we are

@qcapital2020 The pain is real. Seeing many classical fund managers no longer talking about performance but rather full focus on “prudent investing” and “diversification and patience”. Not easy out there.

Golden era $INTC $NOK $BB $ERIC $SONY

@peter_mantas Not a proper beta bubble until biotech joins innit

I think we go into a proper biotech bubble that will create shock and awe. It’s time to buy discovery, not recovery. I’ll leave it there. $XBI

@atelicinvest @chrisbarber I knew it!

@inflectionecon @chrisbarber hi it's me, mark

Yesterday I talked with Unemployed Capital Allocator (@atelicinvest) about where AI is and isn’t eating SaaS. Highlights: - Portfolio is ~85% software, 5M-500M mcap, mostly outside the US - Playbook is to buy software at 0.5x to 1.5x ARR, companies that the market expects to die in 2-3 years, that he doesn’t expect to die - “Software” is too broad of a term, need to go higher resolution than that - Likes protected niches, software for the real world economy, often with late adopter customers - Sees real risks from AI with increased competition, software execs making dumb AI capex, and some workflows collapsing - Built his own software to help him with his investing process Edited transcript below:

@atelicinvest $CSU.TO is hiring 😉

Oh look - some human slop. (Chris somehow convinced me to be interviewed) Have a gander and you can troll me in the comments about how mid and confusing my opinions are.

$NOK brigade assembling.

@epictrades1 I’m in tears laughing. 🤣

Jensen packing for China 🤣🤣🤣🤣

@nicksortor @SweatyEquities Bears here.

BREAKING: President Trump has STEPPED OFF Air Force One with Elon Musk in BEIJING, receiving an INCREDIBLY warm welcome from the Chinese 300 Chinese students waved American and Chinese flags, and 47 was presented with gifts This is the FIRST Presidential visit to China in almost 10 years, when President Trump last visited.

@buccocapital How many more of these do we get in software?

Wix purchased 30% of its shares at $92 merely 6 weeks ago and the stock is already down ~45%. Whoops!

@jbulltard1 "And when it comes to economic growth under this leadership, we will see tremendous growth with numbers no one has ever seen before.”

well PPI was not good, inflation is coming. I guess the plan is to have stocks outpace inflation and tell the people how good thing are. Im ok with that and have been since covid.