Compounding Capital
$VZ and $TMUS encroaching even more aggressively on cable with FWA net adds ramping.

Assuming $TMUS comes in around 400K FWA net adds, that's 650K total FWA net adds in 2Q 2022.

Cable used to add about 500K HSD subs in 2Q pre-COVID. https://t.co/eE3953a6f9
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Special Situations 🌐 Research Newsletter (Jay)
US PMIs crashing, just like Europe. Forward indicators for 3Q22 earnings:
-US July Flash Composite PMI 47.5 vs 52.3
-Employment falls to 54.7 vs 55.7 in June
-Output prices fall vs prior month
-US S&P Global July Services Flash PMI 47; Est. 52.7
- BIG MISS Range from 51.5 to 53.1
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Special Situations 🌐 Research Newsletter (Jay)
2Y down by 18 basis points on big PMI miss; dollar sinks vs. euro, creating risk on for commodities
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Special Situations 🌐 Research Newsletter (Jay)
$TLT baby, munis @JLinWins https://t.co/FLyVmJX2pB
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Special Situations 🌐 Research Newsletter (Jay)
The “right thing to do” at the moment is to have stronger cash levels and take advantage of higher relative rates in the front-end of global curves, said Jerome Schneider, head of short-term portfolio management and funding at Pacific Investment Management Co.
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Special Situations 🌐 Research Newsletter (Jay)
Slowly, the market will realize that collapsing service PMIs will mean much worse 3Q22 earnings than 2Q
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Special Situations 🌐 Research Newsletter (Jay)
Is the Atlanta Fed now going to show -2.5% GDP for 2Q?
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Meb Faber
You guys listen to any awesome podcast episodes this week?

Include the link below!
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Special Situations 🌐 Research Newsletter (Jay)
Where do people get the courage to call bottoms every week? How much PCP do you need to take to be that immune to pain and have that much confidence?
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Special Situations 🌐 Research Newsletter (Jay)
Seventy (7-0) central banks globally have raised interest rates by at least 50 bps in one go this year...let that sink in, that has NEVER happened before. Monetary conditions tightening quickly... https://t.co/Yb3rdP1MSW
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Morning Brew ☕️
One in every four UK household owns a copy of Queen's Greatest Hits record, according to the Official Charts Company.

The band just became the first musical act to sell 7 million copies of an individual album in the UK. https://t.co/qt8qAmlVzx
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Sidecar Partners
People give themselves away, and so do companies.

It looks like a 3rd grader made the $COST slide deck. Same for Berkshire’s $BRK website.

These are clues into their cultures and the types of shareholders they are trying to attract… https://t.co/JZyU4cO3z0
Doesn't get much simpler than this...$COST https://t.co/nosqY3Rt7D - Teemac
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Special Situations 🌐 Research Newsletter (Jay)
$SNAP down almost 40% today... $META $GOOG $PINS https://t.co/uzgs9QlqRU
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Ethan Mollick
Marketing and R&D departments live in different “thought worlds;” they literally understand the world in different ways and this leads to major coordination issues. A solution is equal numbers of marketing and engineering managers on new product teams. https://t.co/VqfvAvsj7M https://t.co/Iuo1fEvd2y
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Special Situations 🌐 Research Newsletter (Jay)
Elon may have to make a $4.20/share offer for $SNAP and then back out when he "discovers all the fake accounts"
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