Tom

@markstephenson2 @SallyJones143 @KieranMaguire Also selling players and bringing in others on cheaper wages so maybe the cut isn't quite as large

@Haltonn @SallyJones143 @KieranMaguire Yep wages would be cut 20 to 30 per cent prob after relegation from Prem. Income is down about 50 per cent but players wouldn't sign a contract with that big a clause.

Luton Town submit 24/25 accounts, a season where it joined the select band of clubs relegated from the Championship despite receiving parachute payments from the Premier League after the grin and bank it season in the top flight 🔑 figures ⚽️Revenue £66m ⬇️50% ⚽️Wages £39.5m⬇️30% ⚽️Wages 60% of revenue ⚽️Underlying loss £0.1m (2024 profit £47.6m ⚽️Player sale profits £17.2m ⚽️Pre tax profits £17.9m ⚽️Player purchases £27.6m

@SallyJones143 @KieranMaguire I mean wages are down? So it's most likely true?

@KieranMaguire Income ⬇️ £65m Wages ⬇️ £17.3m This is the reality, and confirms that the "players have relegation clauses" line is just trotted out to keep fans onside. Football needs to consider fixing wages against income.

“we use bloomberg here, potter. not yahoo finance like your friends the weasleys. they’ve probably never even seen a terminal”

@DustinGouker This is already done for horses

News? About sports betting? In Oregon? I was made for this moment. DraftKings launched DK Replay, which is betting on historical MLB games. More states may follow. closingline.substack.com/p/draftkings-l…

@HighyieldHarry I enjoyed it a lot

IMDb inflation is no joke... I haven't seen this yet but I highly doubt this is a 8.5

@gnufs @TheREALMADriD94 Hopefully get the first one, doubt you'll get the other two.

@TheREALMADriD94 Very nice proposals, sir 👏👏👏

$EVO is such a mysterious company. No dividend for 2025.

@siv_s7 @gnoble79 From what I've seen they only ever wanted to raise single digit float amount though

Quick correction to this thread. The 5x multiplier - net of the rule it replaced (10% minimum float) - actually reduces passive exposure into a SpaceX listing. Nasdaq currently weights by total market cap with no float adjustment. Under the old rule, SpaceX couldn't list with 5% float, but had it listed at 10%+, it would've received the full $1.75T weight. Under the new rule: 5% float × 5x = 25%, it would get a $437.5B effective weight. Also, this isn't a SpaceX specific carve-out. There's a wave of AI/tech companies staying private for longer (Anthropic, OpenAI) due to the abundance of private capital. Sure, low float is an incentive as it limits dilution and potentially helps insiders exit more profitably, but I think that incentive is a reasonable tradeoff to get these companies into public markets for the transparency and eventual societal benefits that will come from better access to capital. $SPCE $NDAQ $QQQ

This is the most SHAMELESS structural manipulation of a major index I've ever seen. SpaceX is preparing what could be the largest IPO in history. Target valuation: $1.75 trillion. That would make it the sixth-largest company in America on day one. And Nasdaq wants the listing so badly they're literally CHANGING how the Nasdaq-100 works. In February, Nasdaq published a "consultation" proposing sweeping changes to how companies enter the index. The timing is pure coincidence, of course. Just like it's pure coincidence that SpaceX has reportedly made fast index inclusion a CONDITION of listing on Nasdaq. Here's what they're proposing: A new "Fast Entry" rule would let any newly listed company whose market cap ranks in the top 40 of current Nasdaq-100 members get added to the index after just 15 trading days. No seasoning period. No liquidity requirements. Completely exempt from the standards every other company had to meet. Currently, new public companies typically wait up to a year before they're eligible for major index inclusion. That waiting period exists for a reason. It lets the market establish real price discovery. It protects passive investors from being forced into untested, illiquid stocks. And Nasdaq wants to throw all of that out. For ONE listing. But the Fast Entry rule isn't even the worst part... The real scandal is the 5x float multiplier. Right now, the S&P 500 uses a free-float adjusted methodology. If only 5% of a company's shares are available for public trading, the index weights you at 5% of total market cap. That's common sense. You weight a company based on what investors can actually buy. Nasdaq's current methodology already uses total market cap rather than free-float for weighting. But for very low-float stocks, they at least had a 10% minimum float threshold. Under the new proposal, that threshold DISAPPEARS entirely. Instead, any stock with less than 20% free float gets weighted at FIVE TIMES its actual float percentage, capped at 100%. Do the math on SpaceX: If SpaceX IPOs at $1.75 trillion and floats 5% of its shares, there would be roughly $87.5 billion worth of stock available for public trading. Under Nasdaq's proposed 5x multiplier, the index would weight SpaceX at 25% of its total market cap. That means passive funds would be forced to buy as if SpaceX were a $437.5 billion company. But only $87.5 billion of stock actually exists in the market. You are forcing hundreds of billions in passive buying into a $87.5 billion float. QQQ alone manages nearly $400 billion. The total Nasdaq-100 ecosystem represents over $1.4 trillion in exposure across ETFs, mutual funds, structured notes, and derivatives. Every single passive vehicle tracking this index would be REQUIRED to buy SpaceX at whatever price the market dictates. On Day 15. With zero price discovery. Zero track record as a public company. And a float so thin you could read through it. So what this actually does is it creates a structural wealth transfer mechanism. The passive bid from index funds pushes the stock price higher. That higher price benefits exactly one group of people: the insiders and early investors who own the other 95% of the shares. And when lock-up periods expire 90 to 180 days later? Those insiders sell into the artificially inflated passive bid. Your 401(k) is the exit liquidity. This is the fundamental corruption of indexing. Indexing used to be brilliant. Low cost. Efficient. You were free-riding on the price discovery done by active managers. The index reflected the market. Now the index IS the market. Trillions of dollars flow blindly into whatever the index tells them to buy. And the people who control the index methodology are changing the rules to serve the interests of a single IPO candidate. The S&P 500 requires companies to have at least 50% of shares available for public trading. It requires 6 to 12 months of seasoning. It uses free-float adjusted weighting so passive investors aren't buying phantom liquidity. Nasdaq is doing the exact opposite. 15 days. No float requirement. 5x multiplier on insider-held shares. Every passive investor in QQQ, QQQM, and every fund benchmarked to the Nasdaq-100 should understand what's about to happen: The rules are being rewritten to benefit IPO issuers and early-stage insiders, and your capital is the tool being USED to enrich them. 45 years in this business and I've watched Wall Street find creative new ways to separate retail investors from their money in every cycle. But usually they at least try to be subtle about it. This one they put in a PDF and called it a "consultation." What's your take?

@Arkalos77 @QualityInvest5 Came to say this

@QualityInvest5 Need to do more homework on the tobacco businesses 🤭

I don't care how bad the issues of a company are, no business that is growing AT ALL, should be trading at an 8% FCF yield Evo will likely have over 10% revenue growth from here on out and should not be valued like a declining tobacco business Ridiculous, $EVO $EVVTY $EVO.ST

@weary_centurion You can't just discount debt because its at 0% and redeemable for shares

I have sold all other positions $ODD is now my only holding I will be slowly scaling in with my remaining cash The company is now trading below its cash balance at a market cap of around $680M It has enough liquidity to buy back all shares It has $776M cash and a $350M revolving credit facility (undrawn) This is a long term hold I will be holding for 10 years+ and happy to wait a long time The company is profitable and has repeat rates of 70% They have: • IL MAKIAGE • SpoiledChild • METHODIQ • Oddity Labs • Full AI tech stack • 72% gross margins All of which is worth 0 according to the market This is not an emotional decision I have been thinking about it constantly since Wednesday 2026 is likely a write off year but at below cash value, with their financial profile I honestly don’t care anymore There are people who will call me irresponsible for this All I will say is that I am common shares only with a long time horizon I don’t care about paper losses anymore because the company is now below liquidation value I have never seen anything as ridiculous as this in all my life The image below shows what they achieved in 2025 I am acutely aware of the risks here I am not telling anyone to buy this stock nor do I encourage anyone to follow what I’m doing Please do you your own due diligence before making any investment decisions and do not copy a random guy on the internet Not financial advice

@realDonaldTrump I have it on good authority that Troy Deeney, Joey Barton, Xabi Alonso, Ben Foster, and Elon John are only days away from creating a nuclear weapon

Claude to literally every business model on the planet

@KieranMaguire Just looks to me like they're spending more on players to try shift up the leagues

My Companies House update alarm has just pinged at 2am. The frightening increase in losses in lower league football continues. Burton Albion, historically one of the best run clubs in the EFL historically, has gone from a £1.3m loss to a £8.3m loss after acquisition by Nordic Football Group in June 2024. The club finished 20th in League One. 🔑 figures ⚽️Revenue £6.4m (no change) ⚽️Wages £8.2m ⬆️ 53% ⚽️Wages £122 for every £100 revenue (2024 £84) ⚽️Employees 315 ⬆️ 73 ⚽️Management charge from owners £1.3m (2024 Nil) ⚽️Amortisation £727k (⬆️ 385%) ⚽️Loss £8.3m ⚽️Player purchases £1.18m ⚽️Player sales £267k ⚽️Borrowings £10m (⬆️ 525%) Loans are from owner who wrote off £8.7m of the loan late in 2025

😂 ffs.

@upparfc Tbf I remember a lot of people talking about Italy needing to go for Georgia when they were getting whacked every game

Only 5 years ago. What goes around comes around. Tough times, but we’ll be back. Where were the English pundits calling for relegation in 2021, jokers! 🏴󠁧󠁢󠁷󠁬󠁳󠁿

@cje1874 @2147mill

@2147mill 20k investment is from after tax money. 7% interest is ridiculous and £1,400 over 20 years is £28k. I wish i ignored your tweet.

The £20K ISA allowance is wild when you think about it: £20K at 7% = £1,400/year Do that for 20 years = £820K Tax free. That's £4,800/month passive income. Most people will ignore this tweet.

@mshag77 @LucasHoule @agenzlabs @BamaBonds Actually the biggest issue is cooling

@LucasHoule @agenzlabs @BamaBonds Solar is already twice as efficient in space vs in atmosphere. It won’t be 1 big data center floating around he will build the cluster same way star-link works. Power won’t be the issue. Space debris will be the biggest issue with this.

Elon rug-pulling SpaceX shareholders by diluting them out with $2 trillion plus of Tesla/Twitter funny money all while making himself the worlds first trillionaire via executive stock options is the greatest ever achievement in the the history of financial engineering.

@atelicinvest @Investor_NICK_ He told it not to make mistakes, dw

@Investor_NICK_ He asked llama how to increase revenue and it said just increase as load Half a trillion well spent

$META is absolutely stuffing IG with more and more ads (pretty obvious to anyone who uses IG) … but I do think their “AI” is driving engagement. They’re pulling some levers to drive these great metrics. Executing well.

@Data_Junkie_ @agtradertalk @JerodMcDaniel What happened to Brightoncap? I've been seeing his chart on layer hen recoveries and it would've been good to see the surrounding commentary

@agtradertalk @JerodMcDaniel i feel like many of us just kinda left. this place is mostly clickbate, politics, and influencer trash whitewheat gone brightoncap gone southtrader kinda gone i can keep going, but the OG ag twit was fun

Herd mentality, no one has original thoughts any more

dating in NYC is wildddd matched with a guy he works in finance i asked for some insider trading tips he gave me the name of a company that was about to announce a major management change he failed the test i blocked and reported him only looking for a guy who takes compliance seriously

@anistotle_ @MagicRatSF I beg your pardon hahahahah

@MagicRatSF Joe, in all your PM evaluations did you ever track if elite ones disproportionately date goth/alt women? I wrote on derivatives & divination as parallel systems & gathered fascinating primary source data via traders. The correlation is pointing somewhere notyourtypicalfinancebro.com/p/divination-a…

During a career that has allowed me to evaluate hundreds of PMs, I have never encountered a more talented PM - in terms of repeatable skills - than Alex Silverstein. In terms of how far his skill readings were above the mean, he is one of one.