Portfolio Manager of Ranmore Global Equity Fund
Woking, South East
Joined December 2011
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“The world's richest man and the world's most powerful man sabotaged an ally's air defense, then each blamed the other, and then they tried to agree on a script.
Innocent people don't need a script.”
Two Cowards and a Kill Switch
@realDonaldTrump & @elonmusk
On the night of October 14, someone reached into a Pentagon-funded military satellite network and crippled Ukraine's air defense in the middle of a war.
Starshield terminals were capped at 100 mph overnight with no warning. Russia's jet-powered Shaheds fly over 250. Ukraine's interceptor drones lost their link the moment they sped up to chase them, then dropped out of the sky. A Ukrainian officer said they lost far more assets than usual. Another compared it to a nuclear strike: all operations on hold. Meanwhile Russia kept launching drones by the hundreds, knocked out power to half a million people, and kept killing civilians.
Then came the cowardice.
Elon Musk, whose company runs the network, went on X and pointed at the President: limits are "decided by the US military and ultimately POTUS."
Donald Trump, the President, said he had "no idea" who did it. Then he added the most revealing sentence of the whole affair: "but I wouldn't tell you if I did."
According to the Wall Street Journal, Musk ordered the throttling himself.
According to the Journal, Trump and Musk discussed it by phone after it became public. One source says they discussed it before the order went out. The Telegraph reported Musk pitched the idea to Trump in the first place.
According to the Journal, SpaceX contacted the White House afterward to line up a joint story.
Read that again. The world's richest man and the world's most powerful man sabotaged an ally's air defense, then each blamed the other, and then they tried to agree on a script.
Innocent people don't need a script.
It gets worse. Trump announced "he put it back." Ukraine's top diplomat in Washington says nothing changed and the limits are still there. Zelensky says they're still there. Soldiers on the front say they're still there. So even the cleanup is a lie told to cover the first lie.
These are not two confused men. One built the kill switch and the other holds the leash. They both know exactly what happened. Neither has the spine to say it out loud, because saying it means owning every downed interceptor and every civilian who died under a sky Ukraine could no longer defend.
So here's what accountability looks like, since they won't volunteer any:
1. Subpoena SpaceX. Every config log, every ticket, every timestamp for the October 14 change. A contractor doesn't get executive privilege.
2. Subpoena the call records between Musk and the White House, before and after.
3. Public hearings under oath. Let Musk repeat "ultimately POTUS" with a perjury statute in the room.
4. Freeze contract money until the answers come in. Rep. Fitzpatrick has already threatened budget cuts. Sen. Tillis and eight colleagues have already asked the Pentagon Inspector General to investigate. Stop threatening and do it.
5. Get Ukraine off a single point of failure owned by a man who just proved he'll flip the switch.
A Pentagon contractor hobbled an American ally in wartime, and the Commander in Chief covered for him. If that carries no consequences, every ally on earth just learned what an American guarantee is worth: one phone call between two men who won't admit they made it.
Imagine the amazing work that could be done if @elonmusk took the words of Paul Tudor Jones to heart @ptj_official “you build prosperity of the heart by what you give”
Elon Musk's foundation is opaque, miserly and self-serving
economist.com/business/2026/…
This man, @ptj_official has been my guru for over 20 years and his generosity to those in need is one of the reasons
We've gotten very good at measuring prosperity by net worth. But what about the prosperity of the heart and soul? That kind of wealth can only be built by what we give, not what we keep.
I talked about the value of giving in an interview today with @andrewrsorkin ahead of the J.P. Morgan–Robin Hood Investors Conference on October 21. Watch the full interview here: cnbc.com/video/2026/10/13/wa…
What a quote, “The danger of following the herd is that you might end up at the abattoir.” 👏 @iancowie
After reviewing the 5 market crashes he’s experienced, @iancowie advises “not getting too carried away in all the excitement about AI or investing too much in financial fashions. The danger of following the herd is that you might end up at the abattoir.”!
thetimes.com/article/f3c9d1e…
Come on @British_Airways I’m flying to South Africa and not a single South African wine on the list! Very disappointing. Our wines are world class so there’s no excuse and it’s an important route for you so don’t alienate us South Africans @SA_wine @WOSA_ZA @winecoza
I agree @michaeljburry . He’s not too old but he seems to lack patience.
What happened to the “be greedy when others are fearful?”
This quoted post is unavailable.
Very funny article which highlights the flaws of @Nigel_Farage policies
😂 @JeremyClarkson has reduced Farage’s latest grand solution to one sentence:
“You can tell ‘send in the navy’ Nigel has never driven a boat.”
🤣 Jeremy Clarkson on Farage’s grandly named “Operation Fortress”:
“While he looks like a weekend sailor, what with the blazer and the cords and so on, there’s no evidence to suggest Nige has ever driven a boat.”
And then the serious bit:
“It is of course politically colourful to conjure up the image of sleek British warships defending the realm. This sort of thing appeals to the Tommy Robinsonites.”
That’s Farage politics nailed.
Give a complicated problem a Nelsonian name, wrap it in a Union Jack and sell the image before anyone asks whether the policy could actually work.
But there’s a serious point underneath the comedy.
In 2016 Farage told us leaving the EU was the answer to immigration. We left. Free movement ended. Westminster took control.
Now that hasn’t produced the promised result, there’s another three-word solution: send in the Navy.
Politics is easy when you never have to make your slogans work in the real world. Brexit should have taught us that by now.
Sean Peche retweeted
BREAKING: A total of 911,500,000 shares of SpaceX, $SPCX, held by employees and early investors, become eligible to trade tomorrow.
That's ~43% more than the 638,900,000 shares issued at IPO.
SpaceX's free float is set to increase from 4.9% to 11.8% of outstanding shares.
Sean Peche retweeted
Hoci Cymru is proud to announce….
Ranmore Fund Management as the Principal Sponsor and Official Shirt Sponsor of the Wales Men’s team for the FIH Hockey World Cup.
Thank you to Ranmore Fund Management for their support and welcome to the team!
🏴 🌍
Sean Peche retweeted
My grandfather had one rule.
If you borrowed money from him, he would never ask for it back.
Everyone thought he was being generous.
They were wrong.
When I turned 21, I finally asked him why.
He smiled and said,
"Because I already got what I needed."
I had no idea what he meant.
A few months later...
I found out.
Sean Peche retweeted
MAGA and Reform have spent years screaming that London is a war-torn no-go hellscape.
London's murder rate is now lower than every single US state and every big US city.
Philadelphia's is 12x higher. Maybe MAGA should sort their own cities out before lecturing ours. 🇬🇧
Sean Peche retweeted
Charlie Munger: "Everybody is willing to hold stocks at higher price-earnings multiples when interest rates are as low as they are now. I don't think it's necessarily crazy that good companies sell at way higher multiples than they used to."
"On the other hand, I didn't get rich by buying stocks at high price-earnings multiples in the midst of crazy speculative booms. And I'm not going to change."
(Daily Journal AGM || 2021)
No surprise - you can’t have 0.5% stamp duty with huge focus on transaction costs and not expect investors to trade elsewhere if they can @TheFCA
Take note @RachelReevesMP @Keir_Starmer @UKLabour
ft.com/content/cd2cb99e-83a2… Flutter to quit London in latest blow to UK market
Sean Peche retweeted
Even toddlers experience the joy of giving.
Evidence: When kids under 2 share a snack with a puppet, they exude enthusiasm. They actually smile bigger and laugh more after giving a treat than getting one for themselves.
Kindness is a fundamental source of happiness.
Sean Peche retweeted
A message to all sane Republicans:
He pardoned 1,600 violent criminals.
You said nothing.
He bulldozed the East Wing.
You said nothing.
He interfered with the release of the Epstein files. You said nothing.
He took over the Kennedy Center and renamed it after himself. You said nothing.
He accepted a $400 million airplane as a personal gift. You said nothing.
He threatened Canada, Cuba, Denmark, Greenland, Venezuela, Colombia, and Brazil. You said nothing.
He tariffed just about everyone but Russia, causing inflation and instability worldwide. You said nothing.
He attacked a nation during mediated negotiations. You said nothing.
His ill-conceived war killed 175 children on day one. You said nothing.
He alienated and insulted our allies. You said nothing.
His ICE Army terrorized and murdered U.S. citizens. You said nothing.
He committed murder on the high seas. You said nothing.
He co-opted the Justice Department and directed it to prosecute his political enemies. You said nothing.
It’s time to start talking.
Sean Peche retweeted
Paul Tudor Jones just said something the market really doesn't want to hear.
"We're clearly so leveraged in equities in this country. We're 252% of stock market cap to GDP. In 1929, we were at 65%. In 1987, about 85%. In 2000, we got to 170%. And now we're at 252."
Every number he listed, 1929, 1987, 2000 ended the same way.
"If you think about the periodicity of significant bear markets since 1970, we get a mean reversion about every ten years. That would be a 30 to 35% decline. Well, 35% on 250% of GDP is 89% of GDP. The reverse wealth effect, oh my gosh. 10% of our tax revenues are capital gains; they go to zero."
This isn't a perma bear making noise but Paul Tudor Jones called the 1987 crash before it happened and made 200% that year.
When he talks about mean reversion, he's speaking from a track record that almost nobody in finance can match and then he said this:
"If you buy the S&P at this current valuation, the 10-year forward returns are negative when you buy with the S&P P/E of 22. That's what history shows."
He's right, every major study on long-term equity returns shows that starting valuation is the single most predictive variable for 10-year forward performance.
At a P/E of 22, history doesn't give you a great answer.
"The real problem is, if you look at private equity in 2007 and 2008, that was about 7% of institutional portfolios. Now it's about 16%. Real estate's gone up. Infrastructure bets have gone up. We're so much more illiquid than we were in 2008."
In 2008, the crisis was bad because the system was leveraged.
Today the system is leveraged and illiquid, pension funds, endowments, and sovereign wealth funds can't hit a sell button on private equity.
They can't exit real estate in a week, when forced deleveraging starts in a system this illiquid, the exit doors are half the size they were last time.
Jones didn't say a crash is coming tomorrow.
He said the conditions that produce the worst outcomes in financial history are more present right now than at any prior peak he's seen in 50 years of trading.
He said buying the S&P at these levels and expecting the same returns as the past 100 years is math that doesn't work because those 100-year averages include decades when stocks were priced at 6 or 7 times earnings, not 22.
"Valuation matters a lot, and the stock market's really high, and it's going to be really hard to make money from here."
