⁠Stock Analysis Compilation
Baron Real Estate Fund on Equinix $EQIX US

Thesis: Data center landlords such as Equinix and Digital Realty Trust, Inc. are benefiting from strong demand driven by IT outsourcing, cloud computing, mobile data growth, and AI, leading to low vacancy rates and rising rental prices.

(Extract from their Q4 letter)
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⁠Finding Compounders
A young Sam Altman pitches his first startup - Loopt

Sam Altman, dropped out of Stanford , and raised $30million to start Loopt

Loopt was later sold to Greendot for $43.4 million https://t.co/9wB07aShYj
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⁠App Economy Insights
$GRAB Grab Q4 FY24:

💰 GMV +20% Y/Y to $5.0B.
🏍️ Group MTUs +17% Y/Y to 44M.

• Revenue +17% to $764M ($6M beat).
• Adj. EBITDA +173% to $97M ($3M beat).
• FY25 Revenue +21% to $3.37B ($0.3B miss). https://t.co/QINaxZjEw7
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⁠Quiver Quantitative
The national debt has increased by about $1.3B so far in Trump's second term.

Obviously too early for this to mean much yet, it’s noisy data, but here’s how that compares to past years over a similar time period:

2024: +$190B
2023: +$2B
2022: +$264B
2021: +$166B
2020: +$142B
2019: +$87B
2018: +$267B
2017: -$17B
2016: +$93B

Planning on posting updates as more policies get enacted, and we get a larger sample size.
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⁠Quiver Quantitative
Howard Lutnick just said:

We have to use tariffs to take care of America and try to eliminate to eliminate the IRS.

https://t.co/4nZlB6gAke
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⁠App Economy Insights
$GRAB Grab Q4 FY24:

💰 GMV +20% Y/Y to $5.0B.
🏍️ Group MTUs +17% Y/Y to 44M.

• Revenue +17% to $764M ($6M beat).
• Adj. EBITDA +173% to $97M ($3M beat).
• FY25 Revenue +21% to $3.37B ($0.3B miss). https://t.co/1N2h5WyFz3
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AkhenOsiris
Nadella used a shit ton of jargon to tell you:

THE ELEVATED MARKET PE MULTIPLE IS JUSTIFIED

Nadella: "Us self-claiming some AGI milestone, that's just nonsensical benchmark hacking to me." - modest proposal
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⁠Read
RT @corry_wang: One thing I’ve noticed in the business world is that the most successful people also tend to have the fastest email response times

I’m almost certain this is correlation not causation. But still, Satya is responding to cold emails in 4 minutes flat on a Saturday afternoon lol

@dwarkesh_sp @Microsoft insane that he responded in 4 mins https://t.co/NjB37soewX - prom
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⁠Hidden Value Gems
$BABA Dec 31 quarter:

✅ Sales +8%, acceleration vs previous quarters and ahead of consensus (+6.5%)

✅ China CMR +9% on higher take gate and GMV

✅ Cloud revenue +13% (vs 9.7% consensus)

✅ Cloud EBITA +33%

✅ Operating CF +10% ($9.7B)

✅ FCF down 31% to $5.3B on higher cloud investments

✅ Cash and Investments at $83.6B (28% of the Mkt Cap)

✅ Adj EPS +13%

✅ Headcount continues to decline to 194K vs 198K in the previous quarter
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⁠Finding Compounders
Warren Buffett on why Berkshire invested in railroads

“ You can’t move the railroad to China or India “ https://t.co/DC0gpF8SLd
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