⁠Hidden Value Gems
A great day ahead! https://t.co/vvqqCNEMrM
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⁠Hidden Value Gems
A good reminder of why stock picking is so hard:

- 80% of companies underperform their benchmark over 5 years.

- Just 2% of US stocks have generated half of the wealth in the past 90 years. https://t.co/sFmot0Uf4Q
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⁠Antonio Linares
The truth is that for long term investors of truly excellent companies, CPI doesn't matter.

These companies will simply continue innovating and will increase FCF/share levels considerably over the long term, with stock prices tagging along.
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⁠Hidden Value Gems
Daily Investment Wisdom #3 https://t.co/fuckY9qO90
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⁠Antonio Linares
As an investor, getting time to be your friend requires a lot of work.

But as Warren Buffet says, "fools do at the end what wise people do at the beginning."

Eery minute of work you skip while doing due diligence will come back to bite.
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⁠Antonio Linares
Valuation doesn't matter as much as picking the right company.
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⁠Antonio Linares
Change my mind. https://t.co/QcK9X57496

Valuation doesn't matter as much as picking the right company. - Antonio Linares
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⁠Antonio Linares
The truth is, folks that spend their time doing DCF analyses are simply missing the point.

There’s a reason for which Warren Buffet pivoted to buying excellent companies at reasonable prices.

Change my mind. https://t.co/QcK9X57496 - Antonio Linares
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⁠Brandon Beylo
This is an important update from @wmiddelkoop on the copper market.

Basically, things are starting to crack/break with a SMALL inflow of capital into commodities and copper.

Just imagine what happens to the physical market of investor appetite climbs above 1% allocations.

Broker comments on Copper:

CONCLUSION: We have seen a sharp rally in the CME copper contract, which has gained well over 5% this week to more than $5.15/lb in early Wednesday London trading. This is a new nominal high, but comes as the LME copper contract dropped yesterday, leaving an arbitrage of over $1,000/t between the two contracts, something never seen previously. In our view, the gains in CME are related to a couple of elements:
1- Firstly, the heavy flow of US-based money into commodities as an asset class, and copper in particular, as trend inflation expectations rise. Even a small rotation from equity markets into copper is enough to be impactful on contract dynamics.
2- Secondly, there is a limited availability of physical copper to deliver against the CME contract. Currently there is thought to be excess cathode in China pledged for export, but this is not CME-branded. Meanwhile, much of the other material available is of Russian origin. Thus, we suspect there has been a squeeze on short positions into contract expiry, exacerbating the move. This may lead to some pressure on the CME to temporarily amend rules, such as allowing for deferred delivery, to solve the current market dislocation. - Willem Middelkoop
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⁠The Long Investor
$AMC rinse and repeat

Dilute gamblers

$AMC

AMC ENTERED INTO PRIVATELY NEGOTIATED EXCHANGE PACTS ON MAY 14

AMC Entertainment Holdings, Inc. entered into privately negotiated exchange agreements, under which it will issue an aggregate of 23,280,295 shares of the Company's Class A common stock, par value $0.01 per share in exchange for $163,850,000 aggregate principal amount of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 - *Walter Bloomberg
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⁠Brandon Beylo
Underperforming HF manager: "I must know everything about a company! Down to where the CEO sleeps, what type of mattress he sleeps on, and what his friends think of him."

Stanley Druckenmiller: Searches "five most liquid Argentina ADRs" & sends it

That's why he's the 🐐
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