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$HON Honeywell announced it will separate its Automation and Aerospace businesses into independent publicly traded companies, alongside the previously announced spin-off of Advanced Materials.
🧪The Advanced Materials spin-off is expected by the end of 2025 or early 2026.
✈️The Automation and Aerospace separation is targeted for the second half of 2026 and is expected to be tax-free for shareholders.
📉 Honeywell's stock dropped ~5% in pre-market trading, despite an initial gain, due to weak 2025 sales and profit forecasts.
Elliott Management, which took a $5 billion stake in Honeywell, pushed for a breakup due to underperforming stock returns.
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$HON Honeywell announced it will separate its Automation and Aerospace businesses into independent publicly traded companies, alongside the previously announced spin-off of Advanced Materials.
🧪The Advanced Materials spin-off is expected by the end of 2025 or early 2026.
✈️The Automation and Aerospace separation is targeted for the second half of 2026 and is expected to be tax-free for shareholders.
📉 Honeywell's stock dropped ~5% in pre-market trading, despite an initial gain, due to weak 2025 sales and profit forecasts.
Elliott Management, which took a $5 billion stake in Honeywell, pushed for a breakup due to underperforming stock returns.
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Dimitry Nakhla | Babylon Capital®
Who said big tobacco is dead? Philip Morris $PM just reported 52.9% YoY growth in ZYNs 📈
✅Rev: $9.71B vs $9.44B (est) | +7% YoY
✅EPS: $1.55 vs $1.50 (est) | +14% YoY https://t.co/kPYzSnBW0D
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Who said big tobacco is dead? Philip Morris $PM just reported 52.9% YoY growth in ZYNs 📈
✅Rev: $9.71B vs $9.44B (est) | +7% YoY
✅EPS: $1.55 vs $1.50 (est) | +14% YoY https://t.co/kPYzSnBW0D
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Startup Archive
Shopify CEO Tobi Lutke explains Goodhart’s law and why he doesn’t like KPIs or OKRs
“Goodhart’s law is real. The moment a metric becomes a goal, it’s no longer a useful metric… No metric by itself is a complete heuristic for a complex business. There’s a million different tensions in a company, and you can’t keep all of them in harmony by optimizing for one thing.”
For this reason, Shopify doesn’t use KPIs or OKRs. But as Tobi explains, this doesn’t mean they don’t value data and metrics.
“We are extremely data informed. We have invested enormous amounts of money and time into systems that give us basically everything at our fingertips… But what Shopify attempts to do is just not over-fit for what’s quantifiable.”
People love optimizing for highly-quantifiable things because there’s immediate gratification that comes from seeing a number go up. But Tobi thinks that the most important aspects of a product are rarely quantifiable:
“The overlap of the most valuable things you can do with a product and the things that happen to be fully quantifiable are like maybe 20%. Which leaves 80% of a value space unaddressable by the people who only look at quantifiable things.”
He continues:
“Shopify is comfortable with unquantifiable things like taste, quality, passion, love, hate… The sort of deep satisfaction that a craftsperson feels when they’ve done a job well is actually a better proxy if you allow it to be.”
They then have robust analytics systems that tell the company if something’s wrong or a new rollout breaks something.
“We think about it as a cockpit for a pilot. The decisions are still made by pilots, and we think this leads to better results… I think there needs to be more acceptance in business of unquantifiable things… And then metrics take a support function.”
Video source: @lennysan (2025)
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Shopify CEO Tobi Lutke explains Goodhart’s law and why he doesn’t like KPIs or OKRs
“Goodhart’s law is real. The moment a metric becomes a goal, it’s no longer a useful metric… No metric by itself is a complete heuristic for a complex business. There’s a million different tensions in a company, and you can’t keep all of them in harmony by optimizing for one thing.”
For this reason, Shopify doesn’t use KPIs or OKRs. But as Tobi explains, this doesn’t mean they don’t value data and metrics.
“We are extremely data informed. We have invested enormous amounts of money and time into systems that give us basically everything at our fingertips… But what Shopify attempts to do is just not over-fit for what’s quantifiable.”
People love optimizing for highly-quantifiable things because there’s immediate gratification that comes from seeing a number go up. But Tobi thinks that the most important aspects of a product are rarely quantifiable:
“The overlap of the most valuable things you can do with a product and the things that happen to be fully quantifiable are like maybe 20%. Which leaves 80% of a value space unaddressable by the people who only look at quantifiable things.”
He continues:
“Shopify is comfortable with unquantifiable things like taste, quality, passion, love, hate… The sort of deep satisfaction that a craftsperson feels when they’ve done a job well is actually a better proxy if you allow it to be.”
They then have robust analytics systems that tell the company if something’s wrong or a new rollout breaks something.
“We think about it as a cockpit for a pilot. The decisions are still made by pilots, and we think this leads to better results… I think there needs to be more acceptance in business of unquantifiable things… And then metrics take a support function.”
Video source: @lennysan (2025)
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InsideArbitrage
🚀 $CRM Salesforce announced Robin Washington will become President & Chief Operating and Financial Officer (COFO) on March 21, 2025.
💼 Washington has held key roles at Gilead Sciences, Hyperion, and PeopleSoft. She has served on Salesforce’s board since 2013 and is currently a director at Alphabet, Honeywell, and other companies.
🔄 COO Brian Millham to retire on May 1, 2025, after 25 years at Salesforce. He will transition into an advisory role.
- Amy Weaver, the current CFO, announced last year that she would be transitioning from Salesforce once a new CFO was named.
📈 Salesforce stock is up 86% in the last 5 years!
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🚀 $CRM Salesforce announced Robin Washington will become President & Chief Operating and Financial Officer (COFO) on March 21, 2025.
💼 Washington has held key roles at Gilead Sciences, Hyperion, and PeopleSoft. She has served on Salesforce’s board since 2013 and is currently a director at Alphabet, Honeywell, and other companies.
🔄 COO Brian Millham to retire on May 1, 2025, after 25 years at Salesforce. He will transition into an advisory role.
- Amy Weaver, the current CFO, announced last year that she would be transitioning from Salesforce once a new CFO was named.
📈 Salesforce stock is up 86% in the last 5 years!
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InsideArbitrage
TPG $TPG to Acquire Altus Power $AMPS in a $2.2 Billion All-Cash Deal -
☀️Altus Power will be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for $5 per share of its Class A common stock in an all-cash transaction. The deal represents a premium of 30.55% from the stock’s last close.
☀️TPG will be taking Altus Power private through this deal, which is expected to close in Q2 2025.
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TPG $TPG to Acquire Altus Power $AMPS in a $2.2 Billion All-Cash Deal -
☀️Altus Power will be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for $5 per share of its Class A common stock in an all-cash transaction. The deal represents a premium of 30.55% from the stock’s last close.
☀️TPG will be taking Altus Power private through this deal, which is expected to close in Q2 2025.
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InsideArbitrage
📢 $BDX BD Announces Strategic Separation
BD (Becton, Dickinson and Company) plans to separate its Biosciences and Diagnostic Solutions business from the rest of BD.
🔍 The separation decision follows a comprehensive business portfolio evaluation launched in early 2024.
🏥 New BD - Pure-Play MedTech
After the separation, New BD will focus on high-growth markets with four key segments:
• Medical Essentials
• Connected Care
• BioPharma Systems
• Interventional
📊 New BD Financial Outlook:
• Expected FY24 revenue: ~$17.8 billion.
• Addressable market: Over $70 billion, growing at ~5%.
• Over 90% recurring revenue, supporting robust cash flow & margin enhancement.
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📢 $BDX BD Announces Strategic Separation
BD (Becton, Dickinson and Company) plans to separate its Biosciences and Diagnostic Solutions business from the rest of BD.
🔍 The separation decision follows a comprehensive business portfolio evaluation launched in early 2024.
🏥 New BD - Pure-Play MedTech
After the separation, New BD will focus on high-growth markets with four key segments:
• Medical Essentials
• Connected Care
• BioPharma Systems
• Interventional
📊 New BD Financial Outlook:
• Expected FY24 revenue: ~$17.8 billion.
• Addressable market: Over $70 billion, growing at ~5%.
• Over 90% recurring revenue, supporting robust cash flow & margin enhancement.
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