Right place right time is something my dog
has proven to me time and time again
You create your own luck
Joe Kaye - VALUE Quality Growth Investor retweeted
The Cayman fund is finally coming together! ☺️
It’s been a huge amount of work figuring out the right providers, jurisdiction and structure, but I’m really happy with where I’ve landed.
Meeting my largest client on Wednesday. If all goes well, full steam ahead! 🤞
Exciting times!
The Cayman fund is finally coming together! ☺️
It’s been a huge amount of work figuring out the right providers, jurisdiction and structure, but I’m really happy with where I’ve landed.
Meeting my largest client on Wednesday. If all goes well, full steam ahead! 🤞
Exciting times!
It’s an interesting point
Playing into human biases / narratives and the greater fool
And if you can find opportunities that combine good fundamentals with a trend that you think will / is do well
I had that with Santec Holdings (AI / data centres) trading at 6.5x EBIT last year - now in the optics trade
And think I have it with a few others including Tobila Systems in cyber security ( < 7x FCF and growing quickly)
I think of them as strong industry tailwinds combined with strong fundamentals etc
But tend to agree that the narrative probably matters more than I’d like to admit, being a fundamentals driven investor
Ppl think investing is about fundamentals. Sticking to the facts while ppl lose their minds
There are some flavor of investing that is actually like this. Special sits etc
But a huge - and increasing part of it comes down to which hallucination about the future is the most believable by the majority.
💯
Thanks for the shout-out! 🙏
I love 🇯🇵 micros- this unique combo of great businesses and local retail investors only looking at p/e 🥰. That’s why huge parts of the best investors here (@dsmoak98 @EightTrack180 @JonCukierwar @Kreuzmann13 @david_katunaric @gezzogero @JoeValue) fish there-and so should you!
Thank you Xeno!
Will continue to keep the updates coming
Always nice to get management insights on a company you own, even if you can't speak to them yourself.
$4441.T is a solid business with great management. Emphasizing buybacks is important, as well as making investors aware of the disconnect between FCF and profit.
Joe Kaye - VALUE Quality Growth Investor retweeted
I met with Tobila Systems CEO last week to discuss:
Capital allocation, future growth and several recent developments.
Here are the key takeaways
Joe Kaye - VALUE Quality Growth Investor retweeted
【本物かどうか、見分けようとしない🙅】
情報漏洩後は、補償や確認手続きを装った連絡にも注意が必要です。
届いたメールやSMS、電話をそのまま信用せず、自分から公式サイトや公式アプリへアクセスして確認を。
当社セキュリティリサーチャー柘植が解説👇
diamond.jp/articles/-/400951
I met with Tobila Systems CEO last week to discuss:
Capital allocation, future growth and several recent developments.
Here are the key takeaways
Link to article:
specialsituationsglobalequit…
Slop art is the same as Impressionism
Both derided when first made
Clearly new forms of art emerging and it’s pretty good IMO
i was talking 4 days with Claude for this song
Berlin rave meets opera.
Human-made Slopcore.
Unpromptable.
55,000 lines of code
282 clips generated.
99 chosen.
Music? Art? A cultural movement?
We wil find out eventually...
I'M YOUR SLOP (I'M YOUR ART) 🎨
btw, thanks for all the messages. im not use have notifications. bit overwhelmed 💀
Yes, I’ll be writing up something for Substack and a good chunk will be for free subs.
Will have to get compliance review it first so probably end of next week.
But in summary a great call with one or two new insights
Replying to @JoeValue
Are you planning on posting your conversation either on X or Substack? I would be very interested in hearing their commentary.
Joe Kaye - VALUE Quality Growth Investor retweeted
bill ackman on why large, boring companies now drop 25% in a day, something he says almost never happened when he started:
"a quarter of every american business, plus or minus, is owned by some combination of vanguard, state street and northern trust. when you shrink the float of a public company, the marginal buyer and seller is going to have more impact on the stock price."
"the marginal buyer and seller today is a citadel or a millennium. they operate with a large amount of leverage, very large gross books, and they're increasingly short-term."
"most investors are very short-term focused because they're compensated that way. they won't invest in a company unless they're confident the price is going to be higher on december 31st."
passive owns the float, pods set the price, and both are structurally unable to hold through a bad quarter. that inability is the opportunity.
















