We have been hard at work in preparation of launching our independent research firm, Willett Investment Partners. A brief explanation of the service can be found below. We are incredibly excited to pursue this new opportunity and the reception so far has been remarkable. I hope everyone had a safe and enjoyable 4th with the ones you hold most dear. Regards, Dalton open.substack.com/pub/100xco…

Imagine the smell?

If you follow European and western unaffordability broadly back to its root source this is a direct relation to the Chinese decision to peg the rmb to the US dollar. No one agreed to this system. No one would have either if you would have explained it. But 94 China started pegging and 01 they entered the WTO. Clinton was sharp enough to see the writing on the wall as early as 98 but no political capital could be mustered to solve the issue plus, the system was working well in the beginning ala cheap goods to the west. That system has long gone as has its place in the world. The ground is shifting beneath our feet and a new system of trade and how we settle it is a must.

When conservative leadership in Europe begins overwhelmingly winning the other side will cry racism when in reality it’s a response to open boarders with the 3rd world simply being a non starter for natives. Hopefully Europe can be salvaged

0 words for this. Just wow.

Based on the fact foreign flags are flying in the so called Student Protest I must conclude this is more of an invasion and attack on France rather than some protest to make the masses discontent with the state of things know - meanwhile there is no commonality in the countries politics and no one to clean this up until April election. “De l’audace, encore de l’audace, et toujours de l’audace, et la France est sauvée!”

J-6 vibe

Something felt off about life and annuity and there were rumblings. I had no idea how bad the situation actually was. My attempt at getting the word out. $KKR $APO $PRU 100xcompounding.substack.com…

Anyone else feeling a little pre market close tension? Perhaps we aren’t waiting for midterms after all

$ACIC US Spec P&C 1.9-2.0x book ACIC currently sub 1.5x At YE assuming they retain $1 p/s of earnings, book value for ACIC is $8.20 w/ upside from new growth in E&S a healthy special dividend and what is shaping up to be a significant % of the company being repurchased annually. ACIC is small, so perhaps 2x is aggressive but is 1.6-1.7 crazy for such a niche high quality underwriter with a near 20 year track record for profitablity? $15 p/t in the shorter term but think the earnings power and growth could justify over $20 a share long term

Do banks still lead markets or is it different this time too? $BAC $JPM $GS $XLF $MS

$ACIC In case you missed it, ACIC received its reg approvals in Arizona for its new E&S business American Coastal E&S "ACES". Excited to see these new lines adding to earnings power while debt is refinanced in 2027, putting the business in a sub 20% debt/cap ratio. Looking forward to the earnings call on 10/29

Dizzies jazz at Lincoln center - Lew Tabackin as the headliner

Bldr is a $12-15 FCF ps biz

Tis bullish oil

Didn’t you get sold??

I have been to a lot of useless conferences in my investing career. Grants was as good as they come. Incredibly key notes and the net working opportunity is top tier. Highly suggest you consider attending next year