⁠The Kobeissi Letter
BREAKING: Commerce Secretary Lutnick says the stock market is "not driving outcomes" for the Trump Administration.

BREAKING: The Nasdaq 100 falls -350 points on continued trade war concerns and officially enters correction territory.

The Nasdaq is now down -10% from its all time high. https://t.co/9oGQksdyc3 - The Kobeissi Letter
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⁠Alvin
Smartphone brands...

Please put a telephoto lens to more of your mid-range phones. https://t.co/pmxNUsrDQd
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⁠Investing visuals
$TTD is now down 🔻52% from its highs, marking one of its biggest declines as a public company. Meanwhile, $TTD:

🔹 Free cash flow grew 171% Y/Y
🔹 Revenue grew 22% Y/Y
🔹 Net retention remains >95%
🔹 Holds $1.6 billion in cash

Smells like opportunity👌 https://t.co/qul00Ah0pQ
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⁠Stock Analysis Compilation
Baron Emerging Markets Fund on MercadoLibre $MELI US

Thesis: MercadoLibre is the largest digital commerce ecosystem in Latin America, offering e-commerce and fintech services, with significant growth opportunities in advertising, financial services, and logistics.

(Extract from their Q4 letter)
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⁠The Investing for Beginners Podcast
Earnings can lie, but cash never does. Try this instead:

FCF Conversion = Free Cash Flow / Net Income

Why it matters:

• Shows earnings quality
• Indicates operational efficiency
• Reflects financial flexibility

Look for 80-100% as a good range.
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⁠Finding Compounders
Here are some highlights from a Lou Simpson interview

He answers on the differences between him and Warren Buffett and the factors he looks for when he is worried an investment might blow up https://t.co/haGMSODq8S
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⁠The Kobeissi Letter
BREAKING: The Atlanta Fed has once again revised their Q1 2025 GDP estimate to show -2.4% contraction.

Just one month ago, their estimate showed GDP growing by +3.9%. https://t.co/li6kAl2Swn
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⁠The Kobeissi Letter
Options activity is exploding on the trade war:

The S&P 500 ETF's, $SPY, put options volume spiked to 7.94 million contracts on Tuesday, the third-highest on record.

Volume has doubled since the trade war commenced.

At the same time, Nasdaq 100, $QQQ, put options volume hit the highest level in history, according to Goldman Sachs.

Interestingly, the previous 2 volume highs in 2022 and early 2023 were posted near short-term bottoms.

We are seeing historic levels of volatility and volume.
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⁠The Investing for Beginners Podcast
Profit margins matter.

Why?

Because they can:
- Showcase efficiency
- Highlights strengths
- Enable comparisons

We can divide margins into for main categories: gross, operating, net, and free cash flow https://t.co/AEfGtuHNAz
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