Mr. DCC

@charles17187887 @fivepointscap Ted was there

@fivepointscap Todd is gone ! Was Ted at the annual meeting ?

$BRK.B $BRK.A Starting to think that Berkshire might be stronger with Abel as CEO. Buffett is the greatest investor of all time, and he’s my personal investing hero. I have the utmost respect for him. But he’s 95 years old. Just imagine if a 95 year old was running a different trillion dollar company. It would be insane. I know Abel was already in charge of the operating companies, but he might have more autonomy to make bigger decisions now that he’s CEO. I wouldn’t be surprised if we started seeing more growth in the OpCos due to better use of technology and other improvements Abel can now make. On the investment side, unleashing Todd and Ted will expand Berkshire’s investable universe. Especially in a world where the S&P is increasingly dominated by tech companies, it’s necessary for Berkshire to expand their opportunity set if they ever want to actually put the $400B to work. Abel could be Berkshire’s Tim Cook. Not the visionary, not the legendary talent. But an extremely efficient operator that will produce huge shareholder value.

Woah!!! Who is taking $PBI private??? No wonder they are hiring advisors!! Pitney Bowes sees sale interest as review contiunes - report seekingalpha.com/news/4587260-p…

@Junior102515457 @DOMOCAPITAL 143ish

@DOMOCAPITAL With the 17.2 million shares Year-to-Date purchased, does that mean they have about 130 million shares outstanding?

$PBI is absolutely killing it!!!! Repurchased 17.2 Million Shares for $186 Million Year-to-Date Through May 1, 2026 AND increased the dividend again!! Cant wait for Stage 2 of the Strategic Review that will be announced this quarter! finance.yahoo.com/markets/stocks…

@StevenShadduck I don't understand how anyone can think this was good PR. Don't even take the interview if you're going to waste people's time

Is Cohen doing this his first day out of rehab? Insane interview.

@FredLoifa @DOMOCAPITAL Largely a sales PR. Should be useful a few quarters from now is my expectation

@DOMOCAPITAL Yeah I thought that should have been bullish yesterday and there was no reaction at all from the market

Probably useful to be the only company in this product category in the world to have this designation... $PBI finance.yahoo.com/sectors/techno…

@huewylewis @crowdturtle

@crowdturtle Interested in being added to the PBI chat if that's still a thing.

i want to create a twitter chat of $ADBE holders so we can discuss developments, strategy, bear case daily. similar to the $PBI chat, chats are immensely useful for whoever has deep engagement on the topic. comment here and i'll add you to the chat. follow me so i can add

@huewylewis @crowdturtle X says you need to upgrade your chat before I can add you

@fuelinggood Thank you!

The OSFM is holding back E15 because Stage II Vapor Recovery does not have UL listing. We are asking them to use enforcement discretion & manufacturer’s statements of compatibility since this equipment is not used anywhere else. All vehicles approved for E15 also have ORVR. They use this authority we are suggesting for Stage I. It is also used by nearly every other state for E15. It is NOT that the equipment wasn’t tested for E15 and proven safe, because it was, it is just a listing issue.

Yesterday I was at annual trade show of the American Petroleum & Convenience Store Association (APCA) in California. They represent over 25% of all gas stations in the state. With $6 gasoline, frustration level that the fire marshal is holding back E15 is high! We’ll resolve soon & floodgate will open. #ethanol

@huewylewis @ArletteSager Yep, shows you the pace that PBI is repurchasing. It's forcing the larger holders to basically sell their shares to PBI. Would be amazing if these sales are happening off exchange

@ArletteSager Passive funds are actually decreasing their share positions in order to stay below the 10% mark as PBI buys back shares. Looks more like BlackRock sold shares.

Is that a new position for Blackrock in Pitney Bowes $PBI

@huewylewis @ArletteSager The buybacks are making significant progress. It's great they can keep repurchasing shares at these levels

Pitney Bowes does not disappoint! Up in the morning, now down. someone put it out of its misery. A buyout would be nice. $PBI

@MattJMcClintock I was referencing the need to sell assets to pay off the debt

@MattJMcClintock Of course, didn't mean to imply that. I've been in RH for four years now

$RH: Putting “Hard” In Hardware, “Ouch” In Couch As promised, here is the highly unique/interesting data point from Restoration Hardware yesterday: Now the collective sell-side has published their only Restoration Hardware report until they put out an earnings preview in three month’s time, will explain what was super interesting to me about 4Q25. Not trying to make too much of a little thing but…the company made absolutely no adjustments to above the line operating income (EBIT). This was the first quarter that has happened since 3Q14 so certainly a rare event for most investors today. When you dig deeper, it’s the first time they haven’t adjusted SG&A since 1Q17. Super interesting coincidence as we explain further below. Let me set the stage for you. The date is December 31st, 2016. RH’ stock just blew up on 3Q16 earnings where Gary Friedman (Chairman and CEO) uncharacteristically (up to that moment) showed a lack of confidence towards near-term trends but kept using a vague “trust me” defense towards the longer-term story. It was a huge deal because in the prior few years they had launched massive long-term investments in the following: 1) RH Modern, 2) next generation stores, 3) transition away from promotions to RH Members program, 4) restaurants, 5) interior design services, and 6) revamped supply chain. None of those investments had a meaningful chance to payoff yet. In the first few months of 2017, the stock reached its all-time low as a public company. Meanwhile Gary started buying back stock in a major way for the first time as a public company during fiscal 1Q17 (which was calendar February to April 2017). So just a month or two later he clearly wasn’t as downtrodden as before. Trends weren’t great in 4Q16 but by the time they reported the quarter on March 28th the entire business had already meaningfully accelerated. At that point the stock was off to the races as all the revenue from those long-term initiatives began to kick in (the 8.8% decline in 4Q16 became a 23.4% increase in 1Q17). Ever the gambler, Gary started taking on debt to do a leveraged recap beginning in 2Q17. One of the most genius feats of financial engineering we have ever seen as Gary bought the stock at a bargain because the Street was simply too slow in realizing the inflection point at the company had already occurred. This is why 1Q17 will always be the most intriguing quarter in this company’s entire history and why the lack of operating adjustments in 4Q25 are so interesting. The company’s renewed interest in doing quarterly videos is also interesting. Not sure most people know the back story here: RH used to do quarterly videos up until 4Q16. Isn’t that also somewhat funny how it ties into the inflection timeline above? The problem with the videos back then is they became a lightning rod for all criticism from bears. Wall Street used to “make fun” of them relentlessly, always focusing on immaterial and unimportant aspects such as the number of bracelets that Gary would wear back then. This culminated in a parody video from Todd Fernandez at Forensic Research Group that famously made the rounds across the entire Street (I will respond to this post with a link to the video). We wrote all this before we even listened to the 4Q25 call (was on Nike last night instead and didn’t get a chance to circle back until today). A couple of points to make about similarities to that early 2017 time period: -Gary keeps talking about the need to have a longer-term view while the current period is unpredictable with an eerily similar tone as back then. -RH Estates is a “significant launch and a significant bet” similar to what RH Modern was. -“Retail malls are a graveyard for short-lived ideas” – Gary Friedman in 4Q25 AND in 2017. -“Peak cost structure both from capital and an expense perspective” which is a similar situation as to where the company was in early 2017. The intent of this note is just to call out the similarity that we currently see to that early 2017 time period. As always, we will write a much deeper investigation into topics raised during the quarter at some point in the coming weeks. For now, will just say we find it most interesting that the tone set by Gary was highly similar to the disastrous 3Q16 and at the same time he felt no need for SG&A adjustments plus decided to add back the heavily criticized videos from the past. Clearly, he is not doing it for share repurchase reasons like before (i.e. to buy the stock cheaper) but perhaps there is another reason to the madness? Gary proactively bringing up the fact he recently bought stock at $216 certainly can make the mind wonder towards what those reasons could be. Have likely been one of the loudest skeptical voices on this name over the years but simply don’t see it at risk of bankruptcy. As an aside, distinctly remember looking at the stock in mid $20 levels during early 2017 and mentioning to my associate that we needed to upgrade RH (was neutral at the time). Unfortunately, was too new to US Retail Hardlines to get around to it before the stock took off and thought that I “missed it”. What I really ended up missing was a 10-bagger in just two year’s time. That is not to say the same thing will happen this time around, but Wall Street should probably think twice before “making fun” of Gary’s 2030 targets ($5.4-$5.8 billion sales with adjusted EBITDA of 25-28%). We certainly will dig into those and while my current bias is to also waive them off, my former experience tells me something entirely different. We currently have coverage of 17 consumer/retail companies and will always provide all work on Nike and Restoration Hardware for free. See our website for more information. You can find the link in our profile or in our response to this post (please make sure the response comes from us and not a scammer).

@MattJMcClintock I think it's reasons like this that people see bankruptcy risk and rates aren't likely to go down with Iran situation

@DeskCalc They don't have any money or ability to add more debt. They are selling $500 mm of assets just to pay down debt.

@p1stocks There will be more opportunities :D

@DeskCalc Ah you're right. Missed opportunity 😂

$PBI just keep chugging you little engine

@ElvisAjdarpasic @kejca *Abel

@kejca Buffett quietly doing what he always does, buying quality at a discount including his own company

Berkshire Hathaway just released its annual proxy statement — and with it an updated share count as of March 4, 2026. 1,437,914 Class A equivalents are now outstanding. If my back-of-the-napkin math is correct, that means Berkshire repurchased 309 A-equivalents for ~$225 million on the first day of its restarted buyback program.

@Bullstkpicks $7.40 price target, let's go!

$ALTO - seekingalpha.com/article/487939…

@zerohedge Shape of this graphic looks like the stock chart since mid-December

Lululemon Founder Blasts Board Again Amid Stock Collapse zerohedge.com/markets/lulule…