DeniaI Prcnk

I took $MELI's annual reports back to 2021 and plotted their NPLs over time. You can see that $MELI's NPLs are continuing to improve, even as the loan portfolio explodes in size. To me this suggests that their underwriting is working well even as they aggressively grow.

$META's P/OCF is 13.5 today. For perspective, this is the same P/OCF META was trading for on July 10, 2023. The share price was ~$294 at that time. This means that META's performance since then has been entirely driven by fundamentals growing, and not multiple expansion.

I'll say it again. Not all private equity is equal. Fundraising for infrastructure, distressed debt, and real estate, all grew strongly in 2025. $BN / $BAM

I do wonder if $CSU will be up to their neck in deals soon. Sentiment is driving others away from the software market entirely.

Private credit and equity are massive industries. They sound obscure, but they're essentially just lending money and/or investing in businesses that aren't publicly traded. I don't think every PE firm is at risk or operating irrationally. Yes, some are, but not all.

Want to share some thoughts on Canada, as I see so much negativity on here. 🇨🇦 First, I love Canada. It's an amazing country with incredible people. If you treat us with respect, you will receive it. Our economy has been going through significant stress and a transition period after 10 years of poor leadership blocking our potential. I'm cautiously optimistic that's changed and heading in the right direction. This change, like it or not, is being fueled by our largest ally and trading partner leveraging its integration within our economy to get what it wants out of us. Listen, you can debate if you agree with Trump or not. I don't care. What you have to realize is Canada has a massive one-customer concentration risk. In business, that's just simply not ideal. This customer concentration has been leveraged against our economy's best interests. Again, you can agree or disagree if you think Trump is doing the right thing. My question to you is: What happens if a radical left-wing U.S government comes to power, and used this same leverage to push Canada towards communism? Obviously that's a very low-risk event, but the point is, the leverage over our economy could be used by any future U.S administration (not Trump), in any way they please, at any time. As a Canadian, I think this is a huge risk, as it hampers our ability to be a self-guided and governed nation based on our own values. Previously, our integration with the U.S was only viewed as an asset (and it obviously still is). But the sheer reliance we have on their country has been leveraged to become a liability as well. I don't think it's a bad idea for us to diversify and explore getting our assets to new markets. I simply don't see the downside, or how anyone could disagree that this is a good idea. Reduce the customer concentration risk, diversify revenue streams. That's just good business. It will hurt us in the meantime, as we're seeing. But long-term, if we can succeed at reducing our customer concentration risk, get out of our own way, and get our critical assets that the world relies on to market, then we have huge potential ahead of us. I am cautiously optimistic that we're moving in this direction. Sometimes it takes things getting worse to wake people up from complacency, but I do think we're waking up. And by the way, I'm sure many Canadians would agree that we love the U.S and want to have a strong relationship with them. But I don't think having a strong and prosperous relationship with the U.S means we also can't diversify away from them. The two aren't mutually exclusive. I'm not willing to give up on Canada or our future potential yet.

By the way, this is a very, very good sign for $BN / $BAM. It goes directly against the headlines saying private equity is "stuck" holding onto underperforming assets.

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@PronkDaniel My strategy plan $BN $BAM ⬇️ Show more

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