Senior Equity Analyst at ByteTree | CFA Charterholder | Focused on quality investing | Views my own, not investment advice.
London, England
Joined March 2019
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“A great business at a fair price is superior to a fair business at a great price… The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple." - Charlie Munger
@ByteTree Quality is an investment research service which does exactly that.
#Quality #Investing
bytetree.com/bytetree-qualit…
Kit Winder, CFA retweeted
Right now, the biggest risk to financial markets is an oil shock, as it impacts everything. #CrudeOil is heading back towards all-time highs, and US WTI is closing the gap with Brent. The world’s oil problem is becoming a US problem too.
Meanwhile, another concern is market concentration.
📈 The world’s 100 largest companies now account for 43% of the global market cap. That level of concentration is rare and usually appears only at major market peaks.
Eventually, that concentration will reverse. We saw major rotations in 1975, 2003, and 2009, and the latest market rotation may already be underway. This is when the real opportunities kick in.
This and more in our latest update of The Multi-Asset Investor by @AtlasPulse - link in reply 👇
#OilPlay #OilShock #BRENTCRUDE
With all the neocloud spreads exploding, CDS volumes also jumping (front page of FT), the CGT $5.5 trillion capex question, GMO’s note on the IPOs draining market liquidity, Anthropic’s revenue figure disappointing, Korea making new lows, and their hot new IPO flopping last night….
It’s starting to feel like the AI narrative supertanker is finally shifting gears.
Significant if true.
Claims $MSFT don’t appear to have turned all their GPU purchases into actual, completed data centres. Mostly chips sit in warehouses awaiting construction in years to come.
$NVDA revenues boosted by these sales, which are for future projects, not ones that have swiftly come online…
Free newsletter: I estimate that ~50% of AI chip sales - $200bn to $300bn+ - are sitting in warehouses, with NVIDIA selling hundreds of billions of GPUs years in advance. Data centers take way longer to build than hyperscalers are leading us to believe.
wheresyoured.at/wherere-all-…
$UBER says is an employment company, not a taxi company.
This is tough to square with their AV ambitions, but it does play that role currently in Brazil…
Weekend trading on hyperliquid is pretty wild.
It seems Micron $MU got dumped down to $820 on massive volumes (massive on Hyperliquid at least). Is this real? Will it matter?
I honestly have no idea.
Kit Winder, CFA retweeted
Q3 2026 Market Review: Rising Bond Yields & Extreme Market Concentration youtu.be/L8P51tcdbIM?is=PWqn… via @YouTube
Different dynamic to the spikes we’ve being seeing.
Persistent
The macro repricing of energy is now underway. Check out today's move in long dated oil - that's calendar 2027 WTI. When long dated oil moves this strongly in tandem with energy equities making new ATHs, financial markets need to listen. This is not a transient spike in prompt oil. It's far more structural. Get long, buckle your seat belt, and hang on for the ride.
Leveraged into semis?
Long way from home…. $SOXL
Yikes, the VIX printed a number that is also its closest analogue year, wild.
$VIX
Tech ETF $XLK 17-year channel.
Has risen at c. 20%/yr since 2009, but was extended vs trend, and is falling away from the upper bound of the trend...
Another -2% day today as the AI trade goes into reverse.
Tech $XLK (thick red line) is feeding the rest of the market with alpha.
Staples $XLP Healthcare $XLV and Energy $XLE the biggest beneficiaries of this move.
Is this 3x leveraged Korea ETF the $KORU nary in the coal mine?
Making new lows.
-50% MTD.
