Linde's Gas Supply Could Power Future Space Launches
This was a good conversation between @JRogrow and Krzysztof Smalec on Linde. The opportunity in providing gases for space launches is an interesting one. https://t.co/a7vSbYo3cf
Cheap Stocks' Historical Edge Vanishes Post‑GFC
For most of modern history, a cheat code was to own the cheapest 30% of the market based on P/CF; you would have outperformed the most expensive 30% by ~3.6% per year. That has broken down since the GFC, &...
Only 11% Expect AI to Replace SaaS Subscriptions
From Carlyle on AI displacing SaaS: The market may have already overshot. Our proprietary survey of AI integration efforts finds that only 11% of management teams expect AI to replace existing software subscriptions. https://t.co/IUX7R1oxmB https://t.co/xYWyL3OIwk
Timeless Voices: From Tocqueville to Conrad
Alexis de Tocqueville, W. Somerset Maugham, Joseph Conrad, and Ernst Jünger to name a few
Proactive Treatments Keep Lawn Green Despite Crabgrass, Dandelions
This might be as green as it gets this year. Crabgrass and dandelions have been tough the last couple years, so I've tried to be proactive with treatments. https://t.co/J2azxPcKzf
Wichita Firms Fuel Blue Origin, Boosting Kansas Economy
A lot of Wichita companies are suppliers to Blue Origin, and I'm glad that our state is helping with and benefiting from this project. https://t.co/xSmrQrsrD9.
Linde's Kansas Plant Supplies One‑sixth of World Helium
One of the largest helium plants in the world is operated by Linde in Otis, Kansas. It processes fully one-sixth of the global helium supply. https://t.co/B70riv01iY
True Diversification Means Minimizing Overlap, Not Counting Holdings
I respect what they have built over the years, but the portfolio construction always struck me as inferior, with too many overlapping bets. Diversification is achieved through minimizing overlap, not owning a certain number of things.
US Builds First Aluminum Smelter in 50 Years
We are building the first aluminum smelter in the US in over 50 years and you are bearish re-industrialization? The combination of tariffs (Trump), incentives (Biden), and fragile supply chains (China) made it worthwhile. https://t.co/3E0BDNJxHq
Waymo Logs 500,000 Driverless Rides Weekly
This is an interesting conversation with Dmitri Dolgov of Waymo. They are doing something like 500,000 driverless rides per week. https://t.co/ZWz4nwbUGR
Shale Boom Fuels US Investment, AI Lead, Weakens Adversaries
It's difficult to overstate the significance of the shale revolution. The resultant abundance of cheap domestic nat gas and oil has made the US a destination for investment and also an AI superpower, but it also has reduced the leverage...
Victaulic Offers Industrial Shark‑Bite‑style Fittings, Cutting Welding
We've all seen Shark Bites for easy install of plumbing at home, but I didn't know Victaulic makes an industrial type product to reduce if not eliminate the need for welding in industrial settings https://t.co/gmikrNrgZx
Air Travel Costs Have Dramatically Dropped over Decades
I love this slide from Air Lease showing how air travel has become affordable over time https://t.co/5CVdwVTxuu
Services Now Claim 70% of Consumer Spending
Since 1959, consumption of services has grown from 45% of total spend to 69% today; the share of spending related to nondurable goods has been more than halved, from 41% to 20% today. https://t.co/3ZxEaKRIB5
B‑52s Still Soaring After Six Decades of Service
The last B-52 was delivered in October of 1962. It's a testament to the design's versatility that the B-52s being flown are as old as their pilots' parents.
Deal Cash Exceeds McCormick’s $14.2B Market Cap
The cash component of the McCormick-Unilever deal is greater than McCormick's market cap of ~$14.2 billion. Don't see that everyday https://t.co/htFEkz8aBy https://t.co/iWtXnzGFui
DOE Oversees U.S. Nuclear Arsenal, Many Don’t Know
I was not aware that the Department of Energy is one agency in charge of our nuclear arsenal. The more you know, I guess
Nuclear Sector Emerges as New M&A Hotspot for Industrials
No great insight here, but seems like nuclear is rivaling aerospace as the new favored hunting ground for industrials looking to acquire niche, critical suppliers, examples being Crane acquiring Reuter-Stokes, & Enpro mentioning it as a focus.
C‑stores Boost Total Fueling, Mix Electric and Liquid
There are some interesting comments here from Franklin Electric's CEO Joe Ruzynski on their C-store sales. The EV scare seems to have passed for now, and C-store operators are investing more in their total fueling solutions, including both electric &...
Hit 350‑lb Squat, 2× Bodyweight After Losing 10 Lbs
It was a goal of mine to return to squatting 2x body weight after dropping ~10lbs. Happy to check that off the list after hitting 350 today at 174. https://t.co/GEF2I1d4aj
Mediocre Read: Too Many Personal Stories, Not Technical
This book was ok. Maybe a 6.5 or 7 out of ten. Thought it would be more technical. There was some of that, but the 2nd half more about people whose lives had been impacted by various air...
China's Economy Fell From 75% to Under Two‑thirds of US
China's economy peaked in 2021, reaching a level roughly equal to 75% of the US economy. It is now less than 2/3 the size of the US economy. https://t.co/MBi5dqxuZg
Public Matches Extra Space After NSA Acquisition, Consolidation Accelerates
So the National Storage Affiliates acquisition puts Public on par with Extra Space as far as total square footage managed. Industry consolidation continues apace. https://t.co/Ce69lYGYsk https://t.co/Rqz8xdySVZ
Track Upkeep Costs $60k per Mile, Hinting Massive Build Expense
Union Pacific spends ~$2 billion annually on track maintenance, which works out to about $60,000 per mile. If that's just the maintenance cost, imagine what it suggests the cost would be to build another from scratch.
Private Wage Bill Jumps 5.5%, Boosting Real Purchasing Power
"The aggregate wage bill of private employers surveyed in the report rose 5.5% relative to year-ago levels, its largest increase in 16 months. This translates to 3% annual growth in workers’ real purchasing power, an increase of 230 basis points...
ASUR Pursues Hemisphere‑Wide Growth, Echoing Ferrovial Model
Last month, ASUR's management talked about their recent acquisitions in the US and Brazil. It seems like they are attempting to become a kind of Mexican Ferrovial with assets across the hemisphere. https://t.co/gnm07F4rPU
Market Poised for Major Upside Reversal on March 9
Seems sort of fitting that the market would have a major upside reversal on March 9th.
EV Profitability Looks Grim in New Cembalest Study
The new Cembalest energy paper is great. This table about EV profitability is pretty damning. https://t.co/JxcyhriCGB https://t.co/TFTRDotBUT
Dollar Remains Safe Haven Despite Boomer Nostalgia
I guess the dollar is still a safe haven currency despite all the boomers saying its time as king is over
Stocks Are only Cheap During Economic or Business Crises
There are really only two times when stocks become "cheap": collectively, - usually when the health of the economy is in question, - and, more narrowly, when the viability of a business or its industry is in question. You...
Visa's TSR Mirrors Earnings Growth, P/E Stays Flat
Visa total return the last decade or so basically all earnings growth; P/E unchanged while change in EPS estimates roughly equal TSR https://t.co/wYh3Mkz7Aq
Railroads Hit All-Time Highs, AI Disruption Unlikely
No AI disruption worries in railroads, with Union Pacific, CSX, and Norfolk Southern all touching ATHs