Low‑Cost Indexing Builds Wealth, But Concentration Threatens Preservation
Low cost indexing is almost a mathematical certainty to be the ideal way to accumulate wealth, but given index concentration now it may not be the ideal way to preserve it
Homebuilding Struggles to Achieve True Economies of Scale
This by @_brianpotter is very good: Where Are the Economies of Scale in Homebuilding? https://t.co/pn5v6uJmib https://t.co/8lZEHdHBds
True Compounding Requires Holding Investments for 7‑plus Years
I don't have an opinion on this trade, but I am reminded of the late Murray Stahl's observation that most investors have too short a holding period for true compounding to occur; that can happen only over periods longer than...
Gas Tax Frozen Since 1993 Still Funds Highways
This is one of the few times you'll see me objecting to a tax cut of some kind: "The federal gas tax has been set at 18.4 cents per gallon of gasoline since 1993, and it remains the primary...
Capital Gains Exemption
I know South Korea has been on fire with the memory-related trade, but I wonder how much of an impact the capital gains exemption has had for citizens selling foreign stocks & reinvesting in SoKo stocks. https://t.co/EacvTscwxw
Six‑Week Gain Hits Unprecedented 30.5%, Surpassing 25% Benchmark
via @SPDJIndices: "Across both live and hypothetical history, the index has never clocked a six-week performance as large as the current +30.5%. In fact, prior to last year, it never rose more than 25% over a 6-week period."...
Young Americans Skip Homes, Bet on Apps Instead
"Americans are marrying and buying homes later than prior cohorts. Due in part to the decline in housing affordability, young adults who once would have devoted savings to down payments and mortgage amortization have increasingly routed surplus cash into app-based...
Greif: 150‑Year‑Old Cleveland Giant Behind Most Steel Drums
If you see a 55-gallon steel drum, there's a good chance it was made by Greif, a ~150yo company out of Cleveland. It was at one point the world's largest cooperage, and is still a leader in specialty packagin. https://t.co/DJGkzMXDQ5 https://t.co/0tVckKQMUV
U.S. Steel Supply Chain: Cleveland Cliffs Dominates Specialty Steel
The Frontier Map substack has a lot of great stuff on infrastructure, such as this post on 'the steel that runs the grid'. Cleveland Cliffs is the sole domestic supplier of the specialty steel; Hitachi, Vernova, and Siemens make...
Crushed Hybrid Challenge: 330 Squats and 10K Run
Big mood in the Larry house today with a hybrid challenge unlocked. 330 pause squat yesterday afternoon, then completed a 10k this morning. I blame @gs072887 & @ImpliedFunding for getting me into this https://t.co/Aszib7PwdK
Industrial Picks & Shovels Stocks Surge Beyond Magnificent 7
People talk about the Magnificent 7 but we need something for the crazy moves in industrial picks & shovels. Argan, Quanta, Comfort Systems, SPX, and several others https://t.co/tdvhGUBJUF
Eaton Targets Legacy Powerlines and Aging Aircraft
A lot of the Eaton thesis can be summed up as, "old powerlines and old airplanes". From their 2025 investor day https://t.co/yb1aLoFU4n
Royalties and Strong Teams Drive Resource Asset Value
This was a great interview with James Davolos of Horizon Kinetics. He talks a lot about the virtues of royalties on irreplaceable assets, what makes good management teams in resource industries, and much else. https://t.co/lsvUUEMDz9 https://t.co/R821x7dNMS
Invest in Long‑Term Global Demand, Not Market Guesswork
People sometimes ask what I think about 'the market,' & my typical reply is that I have no clue, but I do feel pretty strongly that over the next 5-10 years, the world will consume more electricity, have more commercial...
FIX Hits $66B Market Cap in Under Four Years
Not even four years later, $FIX now has an implied market cap of over $66 billion. One of the crazier moves I've seen