⁠Giuliano
$ZTS revenue derived from companion animals was 1.45bn, up 18% YoY.

My earnings review will drop on Wednesday. https://t.co/CVhTyXXrAD
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⁠The Long Investor
$BABA earnings tomorrow morning

It has run aggressively leading up to earnings so any pull back will be an opportunity to add

Either way, this moves back up to the mean reversion zone as shown below

$BABA
This is very straightforward for $BABA now:

2021 Free Cash Flow level was $27 Billion
2022 Free Cash Flow level was $13 Billion
2023 Free Cash Flow level was $24 Billion

And the share price pulled back hard because of this 2022 dip in FCF.

If they finish 2024 above $28 Billion Free Cash Flow their share price will return to the mean reversion zone as shown, above $140.

80% potential upside if management can execute their recovery now. - The Long Investor
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⁠Clark Square Capital
Jerry Seinfeld's commencement speech at Duke is excellent and worth your time.

https://t.co/Zn56Cst2oA
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⁠Brandon Beylo
I've got a feeling that $30,000/ton is the new floor for tin prices.

Will delete if wrong, u know the drill.

#tin https://t.co/Pvj2YkrQGG
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⁠iinvested
Roubaix Capital, LLC Top 5 Positions at Q1 2023
% of portfolio, symbol and quarterly change

6.07 $FTAI 7%
4.30 $PKE 33%
4.25 $B 43%
3.93 $CRS 15%
3.79 $ATEX 7%

https://t.co/WSH6jgcWkA
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⁠iinvested
1Q'24 Baron Asset Fund on $PCOR, $SPOT

https://t.co/eBg2qukfu9

More fund letters here:
https://t.co/HhAAZQRRKy https://t.co/DTagKpn2Vl
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⁠Hidden Value Gems
A good chart on historical and future Capex of $MSFT $GOOG $META

I wish they put as a share of Sales too.

$MSFT has become the biggest spender 👇🏼 https://t.co/t66tI7Ahvl

A great post by @JohnHuber72 on the rising capital intensity of the Big Tech and the implications for earnings quality and future returns.

1/ Capex [of Big 4 Tech companies] is now over 3 times depreciation expense.

2/ This spending hasn’t yet hit the income statement, but it will in the next few years as depreciation expenses are set to triple in the coming years as D&A catches up with today’s capex spending.

3/ If the returns on these investments are good, then sales growth will be able to absorb these much higher expenses. But this is not a sure thing.

4/ While the P/E ratios range from 25 to 35, the P/FCF ranges from 40-50.

5/ “I’m not predicting a poor result, but I’m mindful of how difficult it will be given how different the companies are today.”

6/ They used to grow with very little capital invested, but now they have a mountain of capital to deploy, which is obviously much harder at 7 times the size. - Hidden Value Gems
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⁠Hidden Value Gems
An interesting read about $RACE and its strategy to grow in luxury goods segment. Apparently more challenging than the company might have thought.

“Ferrari has hundreds of millions of fans around the world and we are settling on a 1 per cent slice.”

“Ferrari’s merchandise prices have also increased significantly, with caps that once sold for €8 now priced at €80.”
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