⁠The All-In Podcast
Steve Jobs Golden Advice to Marc Benioff: "One product, one focus." 📈

@Benioff:

"Steve Jobs had a huge impact on my life."

"I worked at Apple in 1984 and I was an assembly language programmer, I wrote the first native assembly language."

"After I started Salesforce, (Steve Jobs) gave me really key advice."

"Anyway, it was 2010 and he calls me, 'Come down here, I need to talk to you.'"

"I'm like, 'Sh*t, what did I do this time?'"

"So I go down there to his office and he brings out the iPad and he's got two of them. He's got the big one and the small one."

"And he's like, 'I don't like this small one. I'm only gonna have one size. You know that?' I'm like, 'Yes sir.'"

"And he's like, 'Listen, I've been working on this concept for a long time and you know, in 2007, I introduced the iPhone.'"

"'But do you know why now we're doing the iPad? We only have one A Team here. One A Team. So we're only focused on one thing at a time.'"

"And then he lays out like five or six products on his coffee table and he goes, 'And we will never have more products than can fit on my coffee table.'"

"And I'm like, 'Wow, that's really awesome.'"

"'One focus at a time. Remember that, Marc. That's the way you need to run Salesforce.'"

Recorded at the 2024 All-In Summit
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⁠Wall St Engine
US HOUSE SPEAKER JOHNSON:

WE ARE ALMOST THERE ON THE TAX BILL. I'M VERY CONFIDENT WE WILL GET THIS DONE; WE HAVE A FEW ISSUES ON THE TAX BILL WE NEED TO RESOLVE
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⁠Wall St Engine
KREMLIN AIDE: TRUMP TOLD PUTIN HE COULD CALL HIM AT ANY TIME; TWO LEADERS DIDN'T DISCUSS CEASEFIRE TIMEFRAME ALTHOUGH TRUMP STRESSED HIS INTEREST IN REACHING AGREEMENTS QUICKLY
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⁠Wall St Engine
PUTIN, TRUMP AGREE TO MEET IN PERSON IN THE FUTURE - NO LOCATION OR TIMEFRAME SPECIFIED - BBG
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⁠Wall St Engine
FED'S BOSTIC: SEES ONE INTEREST-RATE CUT THIS YEAR
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⁠Wall St Engine
U.S. TREASURY DOES NOT ANTICIPATE ANY TRADE DEAL ANNOUNCEMENTS AT G7 FINANCE MEETING IN CANADA THIS WEEK

-SOURCE BRIEFED ON U.S. PREPARATIONS
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⁠Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: A quality valuation analysis on $UNH 🧘🏽‍♂️

•NTM P/E Ratio: 11.17x
•10-Year Mean: 18.80x

•NTM FCF Yield: 11.28%
•5-Year Mean: 5.70%

As you can see, $UNH appears to be trading below fair value

Going forward, investors can receive ~68% MORE in earnings per share & ~98% MORE in FCF per share 🧠***

Before we get into valuation, let’s take a look at why $UNH is a good business

BALANCE SHEET✅
•Cash & Total Inv: $86.16B
•Long-Term Debt: $71.29B

$UNH has a strong balance sheet, an A+ S&P Credit Rating & ~7x FFO Interest Coverage

RETURN ON CAPITAL✅
•2020: 19.1%
•2021: 19.1%
•2022: 19.4%
•2023: 19.7%
•2024: 17.2%

RETURN ON EQUITY✅
•2020: 23.8%
•2021: 24.1%
•2022: 25.4%
•2023: 25.0%
•2024: 15.1%

$UNH has strong return metrics, highlighting the financial efficiency of the business

REVENUES✅
•2014: $130.47B
•2024: $400.28B
•CAGR: 11.86%

FREE CASH FLOW✅
•2014: $6.53B
•2024: $20.71B
•CAGR: 12.23%

NORMALIZED EPS✅
•2014: $5.70
•2024: $27.66
•CAGR: 17.11%

PAID DIVIDENDS✅
•2014: $1.41
•2024: $8.18
•CAGR: 19.22%

SHARE BUYBACKS🆗
•2019 Shares Outstanding: 966M
•LTM Shares Outstanding: 928M

By reducing its shares outstanding ~3.9%, $UNH increased its EPS by ~4.0% (assuming 0 growth)

MARGINS🆗
•LTM Operating Margins: 8.2%
•LTM Net Income Margins: 5.4%

***NOW TO VALUATION 🧠

As stated above, investors can expect to receive ~68% MORE in EPS & ~98% MORE in FCF per share

Using Benjamin Graham’s 2G rule of thumb, $UNH has to grow earnings at a 5.59% CAGR over the next several years to justify its valuation

However, given recent events & the fact $UNH withdrew FY guidance for 2025, let’s assume $26.00 in EPS for 2027 (20% below current estimates) & see $UNH CAGR potential assuming different multiples:

2027E: $26.00
___

17x P/E: $442💵 … ~22.9% CAGR

16x P/E: $416💵 … ~20.1% CAGR

15x P/E: $390💵 … ~17.3% CAGR

14x P/E: $364💵 … ~14.4% CAGR

13x P/E: $338💵 … ~11.3% CAGR

12x P/E: $318💵 … ~8.1% CAGR

As you can see, $UNH appears to have attractive return potential even if we assume >13 earnings)

The question becomes: can we reasonably assume a 13x multiple for $UNH by the end of 2027?

There is great uncertainty moving forward so those buying $UNH today would be taking a leap of faith in future assumptions

Today at $275💵 $UNH appears to be a decent contrarian play with strong upside potential

However, for me, there is too much uncertainty surrounding $UNH and I’d rather reserve my capital to be invested in the world’s greatest quality companies that come with a high degree of certainty & significantly less exposure to political & regulatory risks

A contrarian bet on $UNH might pay off for bulls, but I’ve seen early moves like this hurt returns and miss better opportunities — quality businesses with far fewer risks and stronger predictability

Good luck to those who take that leap of faith 👍🏽
___

𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.

𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.

𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬�[...]

�𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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⁠Quiver Quantitative
JUST IN: Representative Dan Newhouse just disclosed dozens of stock sales.

Including a well-timed sale of UnitedHealth, $UNH.

Full trade list up on Quiver. https://t.co/aBjZ5jt7fy
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⁠Dimitry Nakhla | Babylon Capital®
RT @FortressCaptial: @DimitryNakhla That is one of the best stock analysis posts I’ve seen on X ever. Excellent work. Also appreciate how you said you’re not gonna buy it at the bottom. Most people don’t disclose that. 👍 i’m considering LEAPs on them.
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⁠Wall St Engine
$GOOGL DREW A HARD LINE ON AI SEARCH DATA

Google gave website owners little choice when it came to using their content to train and power its AI-driven search. According to internal documents revealed in the antitrust trial, Google knew it could’ve asked for publisher permission—but decided it was too messy. Instead, they made a “silent update” with no public notice and required any publisher who wanted to appear in search to also feed its AI tools.

The doc shows Google had discussed giving sites more granular controls—like opting out of AI Overviews while staying in regular search—but ultimately offered no new options. The only real “out” was a technical no-snippet tag that also tanks visibility in search results.

With over 90% of the search market, Google holds all the leverage, and many publishers say AI Overviews have already hurt their traffic and ad revenue. As antitrust regulators push for changes, one key remedy on the table would force Google to let sites opt out of model training on a product-by-product basis—without getting booted from search entirely.

As Bloomberg reports, this strategy was all about keeping Google’s AI pipeline full while giving publishers the least control possible.
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