Offshore
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Bourbon Capital
$SPGI S&P Global has entered in its own bear market
FCF yield is likely to be close to 5% by noon… what wonderful times we are living, indiscriminate sell offs and high FCF yields... https://t.co/1c9wTsc6M0
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$SPGI S&P Global has entered in its own bear market
FCF yield is likely to be close to 5% by noon… what wonderful times we are living, indiscriminate sell offs and high FCF yields... https://t.co/1c9wTsc6M0
Are you buying anything from Dev?
$MSCI purchased $2.4B billion at $559 in 2025, and the CEO has been very active buying at the same price.
$MA The stock is down because of the 10% credit card bs, but Revenue and EPS still growing 15%+, plus they gonna purchased over $14B in 2026
$FICO 90% of U.S. lenders use FICO. The company reiterated its 2026 guidance, with revenue and EPS growing 18%
$SPGI The stock is back to Liberation Day levels. It’s rare to see this company with a 4.8% FCF yield... and it remains one of the strongest moats out there.
$INTU The largest tax software company in the world, the stock is trading at the lowest level in more than 10 years, FCF yield is at 10 years high.... one of many Saas companies experiencing an indiscriminate sell off tweet
Offshore
Video
Startup Archive
Sam Altman on what startups get wrong about culture
A lot of startups think they have a great culture because there’s free food, everyone does yoga together, and everyone’s super nice to each other. But as Sam explains:
“The culture that matters to the best people is one where they can just come and be really productive and be around other great people. If you have a culture which looks good on the surface but somehow rejects super talented people… I think that can be a real problem.”
In this interview from 2017, Sam warns that it’s very easy to get entitled employees:
“Everyone wants to work exactly how they want. They want to be really rich right now. If the company is not going to get liquid next year, they’re going to go somewhere else.”
It may sound crazy to expect employees to join a company and stay there for 5-10 years, but at the best companies, that’s what happens.
Sam urges founders to ask themselves: “What do we have to do to get the best people to stay at our company for 5-10 years?”
Then go make that your culture.
“One of the things that is included in that is wild success for the company and a mission that people care about,” Sam argues. “You need to create an environment where really great people will want to come, work with each other, and not have to deal with the crap that they do at most companies.”
Culture isn’t benefits. Culture is how you hold each other accountable to the mission and help your team do the best work of their lives.
Video source: @ycombinator (2017)
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Sam Altman on what startups get wrong about culture
A lot of startups think they have a great culture because there’s free food, everyone does yoga together, and everyone’s super nice to each other. But as Sam explains:
“The culture that matters to the best people is one where they can just come and be really productive and be around other great people. If you have a culture which looks good on the surface but somehow rejects super talented people… I think that can be a real problem.”
In this interview from 2017, Sam warns that it’s very easy to get entitled employees:
“Everyone wants to work exactly how they want. They want to be really rich right now. If the company is not going to get liquid next year, they’re going to go somewhere else.”
It may sound crazy to expect employees to join a company and stay there for 5-10 years, but at the best companies, that’s what happens.
Sam urges founders to ask themselves: “What do we have to do to get the best people to stay at our company for 5-10 years?”
Then go make that your culture.
“One of the things that is included in that is wild success for the company and a mission that people care about,” Sam argues. “You need to create an environment where really great people will want to come, work with each other, and not have to deal with the crap that they do at most companies.”
Culture isn’t benefits. Culture is how you hold each other accountable to the mission and help your team do the best work of their lives.
Video source: @ycombinator (2017)
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The Transcript
RT @TheTranscript_: $GM CEO on their onshoring plans:
"As we look further ahead, our annual production in the U.S. is expected to rise to an industry-leading 2 million units after we begin production of the Chevrolet Equinox in Kansas, bring the Chevrolet Blazer to Tennessee and add incremental capacity for the Cadillac Escalade and launch our next-generation full-size pickups at Orion Assembly in Michigan.#
tweet
RT @TheTranscript_: $GM CEO on their onshoring plans:
"As we look further ahead, our annual production in the U.S. is expected to rise to an industry-leading 2 million units after we begin production of the Chevrolet Equinox in Kansas, bring the Chevrolet Blazer to Tennessee and add incremental capacity for the Cadillac Escalade and launch our next-generation full-size pickups at Orion Assembly in Michigan.#
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Offshore
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Michael Fritzell (Asian Century Stocks)
RT @smartkarma: S Korea Value Up: more reasons why S Korea will continue to outperform Taiwan and actually make to DM this year. https://t.co/goTEbVeWUL
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RT @smartkarma: S Korea Value Up: more reasons why S Korea will continue to outperform Taiwan and actually make to DM this year. https://t.co/goTEbVeWUL
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Offshore
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Javier Blas
Regular readers know we at @Opinion had flagged BP had far more debt than the company's prefered metric (~$22 bn). Look at net debt + hybrids + leases + off-balance sheet items and it's >$50 bn.
Now, BP acknowledges the issue and promises a hollistic view of debt. About time. https://t.co/MqV5yqOohO
tweet
Regular readers know we at @Opinion had flagged BP had far more debt than the company's prefered metric (~$22 bn). Look at net debt + hybrids + leases + off-balance sheet items and it's >$50 bn.
Now, BP acknowledges the issue and promises a hollistic view of debt. About time. https://t.co/MqV5yqOohO
tweet
Offshore
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Benjamin Hernandez😎
Built this community because trading alone is brutal. My WhatsApp traders get real-time breakout calls, breaking news first, and genuine support from people who actually trade.
Get access ✅ https://t.co/71FIJId47G
Reply "Hi" immediately for picks.
$HOOD $IREN $OPEN $RKLB $ASTS
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Built this community because trading alone is brutal. My WhatsApp traders get real-time breakout calls, breaking news first, and genuine support from people who actually trade.
Get access ✅ https://t.co/71FIJId47G
Reply "Hi" immediately for picks.
$HOOD $IREN $OPEN $RKLB $ASTS
⚡ The "Electronic Giant" Choice
Recommendation: $AXTI ~$28.20
AXT Inc. is a "Buy" rated powerhouse with a $1.56B valuation. Today's +17.19% rally is backed by a massive 6.97M shares traded.
Reason calling it: High institutional turnover at $28.20 suggests a long-term bottom. https://t.co/dGsp8x98EG tweet
Offshore
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DAIR.AI
// Automating Sub-Agent Creation for Agentic Orchestration //
Multi-agent systems are powerful but inflexible.
Building agentic systems today relies on static and predefined roles.
For example, an agentic AI coder might have a coder agent, a searcher agent, a reviewer agent.
Each hardwired with fixed capabilities and coordination patterns.
But real-world tasks are dynamic. A predefined set of agents can't cover every subtask that emerges in open-ended environments.
This new research introduces AOrchestra, a framework where a central orchestrator automatically creates specialized sub-agents on the fly.
Every agent is modeled as a simple four-tuple: Instruction, Context, Tools, Model. The orchestrator concretizes this tuple at each step, spawning a tailored executor for each subtask on demand.
How does this work in practice?
The orchestrator doesn't execute tasks itself. It focuses exclusively on decomposing objectives, curating task-relevant context, selecting appropriate tools and models, and delegating execution.
Each sub-agent gets a clean working context with only the information it needs, avoiding the context rot that plagues long-horizon tasks.
The results:
On GAIA, AOrchestra reaches 80.00% pass@1 with Gemini-3-Flash, a 13.94-point absolute jump over OpenHands (66.06%). On Terminal-Bench 2.0, it hits 52.86%, an 18.57-point gain over the strongest baseline. On SWE-Bench-Verified, it achieves 82.00%. Across all three benchmarks, that's a 16.28% average relative improvement.
What makes this especially compelling?
The orchestration itself is learnable. Fine-tuning a Qwen3-8B model as the orchestrator boosts GAIA accuracy by 11.51 points. In-context learning for cost-aware routing improves accuracy by 3.03% while cutting costs by 18.5%, pushing the system toward a Pareto-efficient frontier.
Why it matters?
Instead of manually engineering agent roles, AOrchestra shows that dynamic, on-demand agent creation with a simple compositional abstraction consistently outperforms static multi-agent designs across diverse benchmarks.
Paper: https://t.co/mO7WZOMMI8
Learn to build effective AI agents in our academy: https://t.co/LRnpZN7L4c
tweet
// Automating Sub-Agent Creation for Agentic Orchestration //
Multi-agent systems are powerful but inflexible.
Building agentic systems today relies on static and predefined roles.
For example, an agentic AI coder might have a coder agent, a searcher agent, a reviewer agent.
Each hardwired with fixed capabilities and coordination patterns.
But real-world tasks are dynamic. A predefined set of agents can't cover every subtask that emerges in open-ended environments.
This new research introduces AOrchestra, a framework where a central orchestrator automatically creates specialized sub-agents on the fly.
Every agent is modeled as a simple four-tuple: Instruction, Context, Tools, Model. The orchestrator concretizes this tuple at each step, spawning a tailored executor for each subtask on demand.
How does this work in practice?
The orchestrator doesn't execute tasks itself. It focuses exclusively on decomposing objectives, curating task-relevant context, selecting appropriate tools and models, and delegating execution.
Each sub-agent gets a clean working context with only the information it needs, avoiding the context rot that plagues long-horizon tasks.
The results:
On GAIA, AOrchestra reaches 80.00% pass@1 with Gemini-3-Flash, a 13.94-point absolute jump over OpenHands (66.06%). On Terminal-Bench 2.0, it hits 52.86%, an 18.57-point gain over the strongest baseline. On SWE-Bench-Verified, it achieves 82.00%. Across all three benchmarks, that's a 16.28% average relative improvement.
What makes this especially compelling?
The orchestration itself is learnable. Fine-tuning a Qwen3-8B model as the orchestrator boosts GAIA accuracy by 11.51 points. In-context learning for cost-aware routing improves accuracy by 3.03% while cutting costs by 18.5%, pushing the system toward a Pareto-efficient frontier.
Why it matters?
Instead of manually engineering agent roles, AOrchestra shows that dynamic, on-demand agent creation with a simple compositional abstraction consistently outperforms static multi-agent designs across diverse benchmarks.
Paper: https://t.co/mO7WZOMMI8
Learn to build effective AI agents in our academy: https://t.co/LRnpZN7L4c
tweet
Offshore
Video
Dimitry Nakhla | Babylon Capital®
One reason $V remains one of Chris Hohn’s largest holdings is its network effect — something that’s very difficult to replicate at scale.
As Hohn explains:
“Payments is one where we’ve been shareholders of Visa a long time… it has this huge, ever-growing network connecting every customer and every bank globally. As the network grows, it becomes increasingly difficult to replicate.”
___
𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐞𝐟𝐟𝐞𝐜𝐭𝐬: 𝘢 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦 𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘦 𝘷𝘢𝘭𝘶𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘰𝘳 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘴 𝘢𝘴 𝘮𝘰𝘳𝘦 𝘶𝘴𝘦𝘳𝘴 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘦, 𝘮𝘢𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘯𝘦𝘵𝘸𝘰𝘳𝘬 𝘩𝘢𝘳𝘥𝘦𝘳 𝘵𝘰 𝘳𝘦𝘱𝘭𝘢𝘤𝘦 𝘰𝘳 𝘳𝘦𝘱𝘭𝘪𝘤𝘢𝘵𝘦 𝘰𝘷𝘦𝘳 𝘵𝘪𝘮𝘦.
Visa isn’t just a payments rail — it’s a global data, trust, and connectivity network built over decades. Every transaction strengthens fraud detection, authorization accuracy, and value-added services, while raising switching costs for banks and merchants.
That scale is the moat. To replicate it, you’d need billions of cards, global merchant acceptance, regulatory trust, and many years of transaction history — not just better software.
___
It helps explain why $V now represents 15%+ of TCI after Hohn increased his stake ~47% in Q3 2025.
Today both $V (4.10% NTM FCF yield) and $MA (3.71% NTM FCF Yield) trade near the higher end of their historical forward FCF Yield valuation.
Network effects like these compound quietly — but consistently — over time.
___
Video: Money Maze Podcast (11/13/2025)
tweet
One reason $V remains one of Chris Hohn’s largest holdings is its network effect — something that’s very difficult to replicate at scale.
As Hohn explains:
“Payments is one where we’ve been shareholders of Visa a long time… it has this huge, ever-growing network connecting every customer and every bank globally. As the network grows, it becomes increasingly difficult to replicate.”
___
𝐍𝐞𝐭𝐰𝐨𝐫𝐤 𝐞𝐟𝐟𝐞𝐜𝐭𝐬: 𝘢 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘥𝘷𝘢𝘯𝘵𝘢𝘨𝘦 𝘸𝘩𝘦𝘳𝘦 𝘵𝘩𝘦 𝘷𝘢𝘭𝘶𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘰𝘳 𝘴𝘦𝘳𝘷𝘪𝘤𝘦 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘴 𝘢𝘴 𝘮𝘰𝘳𝘦 𝘶𝘴𝘦𝘳𝘴 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘦, 𝘮𝘢𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘯𝘦𝘵𝘸𝘰𝘳𝘬 𝘩𝘢𝘳𝘥𝘦𝘳 𝘵𝘰 𝘳𝘦𝘱𝘭𝘢𝘤𝘦 𝘰𝘳 𝘳𝘦𝘱𝘭𝘪𝘤𝘢𝘵𝘦 𝘰𝘷𝘦𝘳 𝘵𝘪𝘮𝘦.
Visa isn’t just a payments rail — it’s a global data, trust, and connectivity network built over decades. Every transaction strengthens fraud detection, authorization accuracy, and value-added services, while raising switching costs for banks and merchants.
That scale is the moat. To replicate it, you’d need billions of cards, global merchant acceptance, regulatory trust, and many years of transaction history — not just better software.
___
It helps explain why $V now represents 15%+ of TCI after Hohn increased his stake ~47% in Q3 2025.
Today both $V (4.10% NTM FCF yield) and $MA (3.71% NTM FCF Yield) trade near the higher end of their historical forward FCF Yield valuation.
Network effects like these compound quietly — but consistently — over time.
___
Video: Money Maze Podcast (11/13/2025)
tweet
Offshore
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God of Prompt
creating ads for clients on autopilot
> simple form
> n8n worklow
> nano banana API
added this to my n8n automations bundle! https://t.co/dyPbWqMS5l
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creating ads for clients on autopilot
> simple form
> n8n worklow
> nano banana API
added this to my n8n automations bundle! https://t.co/dyPbWqMS5l
tweet
Illiquid
Option 3. Bought Seikoh Giken more than 2.5x up in 6 months and it’s still gonna double.
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Option 3. Bought Seikoh Giken more than 2.5x up in 6 months and it’s still gonna double.
You buy a stock already up 100% in 6 months and it doubles.
versus
You buy a stock down 50% in 6 months and it doubles.
In which scenario are you more satisfied with yourself? tweet
X (formerly Twitter)
Citrini (@Citrini7) on X
You buy a stock already up 100% in 6 months and it doubles.
versus
You buy a stock down 50% in 6 months and it doubles.
In which scenario are you more satisfied with yourself?
versus
You buy a stock down 50% in 6 months and it doubles.
In which scenario are you more satisfied with yourself?