Steven Kalter

Bobby Witt Jr. has a 200 IQ

@DadInvest @ActuallyFinance @zugmanfabio The slow, almost non-existing grind allowed them to buyback a ton of stock at very attractive levels - ultimately creating more upside for when the market came their way. No grind, no 4-bagger.

@ActuallyFinance @zugmanfabio Not investing advice, just personal diary. I preferred the slow grind of value creation not this pop of multiple expansion.

Ok I sold 40% of my stake. 17x this year’s earnings? I was here when it was 5x but this is too rich for my blood.

This is so unbelievably cool.

@Nate93658762 He did say he doesn't want to sell while his friend Ted Turner is still alive. But then again, that could just be talk. Let's see.

Saw this on Facebook. This is how I hope it went down. #BravesCountry

At some point in 1987, I came home from middle school and watched Braves baseball on TBS. John Sterling was the announcer. Ted Turner owned the team & station the game was on. Bobby Cox was the Braves GM. 40 years later we lose them all in the same week. Each one an icon.

At the top of the dot-com bubble, a Berkshire shareholder asked Buffett and Munger to “just speculate” 10% in tech. Their answer aged perfectly. April 29, 2000.

This is crazy: They have a new 2x SK Hynix ETF in Hong Kong (7709 HK) and it is already the 4th biggest ETF in that market commanding 5% of all the aum. That would be like if a 2x stock ETF growing to $750b in the US (biggest one here is $6b and its 4yrs old). The degen gene is strong in Asia. This product doesn't exist yet in US but issuers have filed multiple and are chomping at bit to launch.

$wolf enjoy.. Wolfspeed: The Cheapest Real-Asset Trade in AI Datacenter the-razors-edge.ghost.io/wolfspeed-the-…

CEO of $ON (Hassane El Khoury (Onsemi CEO)) comments clear read thru to $WOLF (very positive)

A Blue Jays fan caught an Aaron Judge home run ball, and gave it to a young Yankees fan wearing a Judge shirt 🥹 What a guy 👏

This is who you are up against: I estimate that roughly 42% of the S&P500 consists of AI stocks (I define loosely as that being the dominant accelerant in their business / stock impact). $SPY (Not including businesses like $FERG that have benefitted from AI but DCs are a MSD % of the business, and not including $AAPL).

Nothing to see here. Move along. via @HoustonChron

Nick Sleep posed two questions that every investor should sit with: To the “value investor”: what is it about your approach that would have stopped you owning K-Mart for much of the last twenty years? Cheap on price-to-book. Dreadful investment. To the “growth investor”: what is it about your approach that would have stopped you selling Wal-Mart? 𝐁𝐨𝐭𝐡 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐨𝐬𝐞 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐛𝐥𝐢𝐧𝐝 𝐬𝐩𝐨𝐭 — 𝐞𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐧𝐠 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐲 𝐢𝐭𝐬 𝐨𝐮𝐭𝐩𝐮𝐭𝐬 𝐫𝐚𝐭𝐡𝐞𝐫 𝐭𝐡𝐚𝐧 𝐢𝐭𝐬 𝐞𝐧𝐠𝐢𝐧𝐞. K-Mart looked cheap by conventional metrics. But the underlying business was deteriorating. The competitive position was eroding. The moat was shrinking. A low multiple on a broken engine is not a value investment. It’s a value trap. Wal-Mart, on the other hand, looked expensive for years. Investors who sold because the multiple felt stretched missed one of the greatest compounding machines in the history of retail. The engine kept improving. The moat kept widening. The price eventually reflected what the business always was. This is Sleep’s core point — and it’s one of the most important distinctions in investing. You must see a business not as a static balance sheet, but as an evolving, compounding machine. The question is never just “what is this worth today?” Rather, it’s “what is the engine doing — and which direction is it heading?” A great business at a fair price will almost always be a better investment than a cheap business with a deteriorating engine. $WMT

Pork is a substitute to beef. Oil has storage that can be drawn. Both attributes dampen volatility. There are only a few commodities that have both highly inelastic supply and demand as well as limited storage. Eggs are one (electricity, too) and that translates to significant volatility. Eggs didn't hit $8 because producers manipulated the market. Nor are they at 21 cents now because of some nefarious action. Eggs are perishable, don't have good consumer substitutes, and supply can’t be ramped up quickly. That combination means very large price moves can be required to change consumer or producer behavior when the market is out of balance. The price swings can be hard to manage but they are inevitable for commodities with these characteristics.

Posting for two reasons: 1 being if any of you can help this guy out. 2 being to remind everyone that if AI can shorten (even by a little) the time it takes to get drugs like these to the people that need them, then the trillions on compute will have been well spent.

$WOLF is sitting at one of the biggst bottlenecks in the entire AI-Infrastructure buildout. I believe this could easily 3x until EOY. Yet nobody is talking about it. AI data centers use enormous amounts of electricity. The main limit is no longer just computing power — it is delivering power efficiently, managing heat, and fitting everything into smaller spaces. Silicon carbide (SiC) helps solve this, and Wolfspeed is the global leader in this technology. Why silicon carbide matters: - It is up to three times more efficient than traditional silicon - It produces far less heat - It supports higher voltages with lower energy losses In March 2026, Wolfspeed presented its foundation for next-generation AI data center packaging based on 300mm silicon carbide technology. This builds on its breakthrough 300mm SiC wafer in January 2026 and could significantly improve performance and cost in the future. Current situation (April 2026): - After completing its financial restructuring, the company now has a strong balance sheet with reduced debt - Revenue from AI data centers grew 50 % quarter-over-quarter - However, its main factories are not yet running at full capacity, which keeps gross margins negative for now When and why Wolfspeed is expected to benefit: - The real improvement is likely to start in the second half of 2026 and become clearer in 2027. - Factory utilization is expected to rise to 70–80 % - The new 300mm technology will allow more chips per wafer and lower production costs - At the same time, demand from AI data centers, renewable energy, and electric vehicles continues to grow This combination should lead to higher revenues and significantly better profitability. In summary: Wolfspeed is positioned at an important structural bottleneck in the AI industry — the efficient supply of power. It does not have a monopoly, but it holds clear technological and manufacturing advantages.

This might be the most impressive first pitch ever.

This is wonderful. Will buy all of these this week. 60-90% off their highs. Perfect opp. Anyone who thinks the average company is going to waste time recreating all this software and hosting it and maintaining it are high on their own supply. The golden rule of investing is buy when there's blood in the water. Some of these companies will not survive but so what? Others will adapt and thrive and have the cash and vision to make the pivot.

In August 2020, Exxon was removed from the Dow and Salesforce was added to the index. Total Returns since... Exxon $XOM: +396% Salesforce $CRM: -39%