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Librarian Capital
Ruffer saying the quiet part out loud
"The fund’s positive return in Sep. was almost entirely accounted for by one theme: Chinese equities ... Correspondingly ... this month’s note will focus on China"
Yes, only talk about the "small position" that worked
L3Y return: 0.6% p.a. https://t.co/lUcxuDE4ge
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Ruffer saying the quiet part out loud
"The fund’s positive return in Sep. was almost entirely accounted for by one theme: Chinese equities ... Correspondingly ... this month’s note will focus on China"
Yes, only talk about the "small position" that worked
L3Y return: 0.6% p.a. https://t.co/lUcxuDE4ge
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Quiver Quantitative
Nancy Pelosi has made $12M in the stock market in just over a month, per our estimates.
She is up another $1.2M so far today.
She is now worth almost $257,000,000: https://t.co/muJmhQ94IK
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Nancy Pelosi has made $12M in the stock market in just over a month, per our estimates.
She is up another $1.2M so far today.
She is now worth almost $257,000,000: https://t.co/muJmhQ94IK
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Investing visuals
$ASML just announced they project 2025 net sales of $30B - $35B, compared to estimates of $36B.
They also forecast a gross margin of 52%, down from the previous 55%.
The stock is down -13% on the news 📉
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$ASML just announced they project 2025 net sales of $30B - $35B, compared to estimates of $36B.
They also forecast a gross margin of 52%, down from the previous 55%.
The stock is down -13% on the news 📉
ASML $ASML is the first big tech company to report earnings on Wednesday before the market opens. Here’s a quick overview👇🔍
🔹Est. Revenue: $7.16 bln (+7.3%)
🔹Est. Earnings per share: $4.87 (+1.3%) https://t.co/ZFdpceB6mc tweet
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Librarian Capital
"James Patterson Launches on Substack in Search of an Unfiltered Outlet" (WSJ)
Patterson: "I like the idea of not having to work for anybody, no editors, no Hollywood producers"
He has sold 480m books
Platforms are better businesess than publishers
https://t.co/fSJdtAVkGY https://t.co/BZcy2YaJSr
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"James Patterson Launches on Substack in Search of an Unfiltered Outlet" (WSJ)
Patterson: "I like the idea of not having to work for anybody, no editors, no Hollywood producers"
He has sold 480m books
Platforms are better businesess than publishers
https://t.co/fSJdtAVkGY https://t.co/BZcy2YaJSr
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Investing visuals
While the market turns red, Apple $AAPL casually hits a new all-time high with a market cap of $3.58 trillion 🤯 https://t.co/vSfNUd2X74
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While the market turns red, Apple $AAPL casually hits a new all-time high with a market cap of $3.58 trillion 🤯 https://t.co/vSfNUd2X74
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Stock Analysis Compilation
Bonhoeffer Fund on Builders First Source $BLDR US
Thesis: Builders FirstSource’s ability to capitalize on fragmented markets with high-margin specialty products gives it strong growth potential in the building sector.
(Extract from their Q2 letter) https://t.co/psYN88xYow
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Bonhoeffer Fund on Builders First Source $BLDR US
Thesis: Builders FirstSource’s ability to capitalize on fragmented markets with high-margin specialty products gives it strong growth potential in the building sector.
(Extract from their Q2 letter) https://t.co/psYN88xYow
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Librarian Capital
Semiconductor sector is 11% of Electric Thermal Solution sales at Spirax
Along with Biopharm, slower recovery in Semicon was a reason behind weak H1 results and lower FY outlook (now "no meaningful recovery in 2024")
So weaker outlook at ASML just now is not good news
$SPX -3% https://t.co/sPYi5wMU58
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Semiconductor sector is 11% of Electric Thermal Solution sales at Spirax
Along with Biopharm, slower recovery in Semicon was a reason behind weak H1 results and lower FY outlook (now "no meaningful recovery in 2024")
So weaker outlook at ASML just now is not good news
$SPX -3% https://t.co/sPYi5wMU58
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Librarian Capital
RT @NateHindenburg: Problems With Ed Dorsey
This morning, I saw that a blog by Ed Dorsey falsely and ridiculously alleged we plagiarized from him. To be clear, I don’t read this blog, and have never in any way used or relied on his work in our own.
Hindenburg Research regularly cites hundreds of sources to make sure our readers know the sources and evidence from which we derive our conclusions, and so that readers can independently replicate our work.
For example, our more than 16,000 word, 75-page report on Roblox that we published last week included more than 300 citations.
To specifically address the blog post’s claims this morning, by company:
(1) Roblox – Edwin falsely alleged we took a chronological list of pedophile cases involving Roblox from him, for our own report, which we published days later. We have proof that we put this list together before Edwin ever published his, completely debunking his nonsensical claim.
We didn’t read or rely on Edwin’s piece at all, as can easily be seen by evidence already explained and shown to Edwin, that he has willfully ignored.
As I wrote to Edwin Friday, when he first raised these concerns, the criminal cases were referenced in a Bloomberg article in July, which we cited. That section of our report was drafted over a month before Edwin published his list. It was incorporated into our video compilation weeks before as well. We also included original source documents in our report (indictments and arrest records), which were not included in Edwin’s superficial analysis.
For some of those records, we hired runners to send to courthouses around the country to get in-person. This obviously didn't happen overnight. And our public SlideShare with those source documents shows upload dates prior to Edwin’s report. (See attached photo for example.)
In short, Edwin apparently Googled some of the same stuff we did and created a similar list ordered in a chronological fashion. Note that this half of a page of background information explaining Roblox’s well documented public history of scandal was on page 38 of our 75-page, 16,000-word report.
One could easily be forgiven had Edwin seen a similar-looking list, and rushed to judgement without clicking through the evidence to see that we had obviously developed it independently and went deeper than him. But most insidiously, this was all explained to Edwin both when I wrote to him and spoke with him on Friday. He could easily see the evidence for himself in front of him. He acknowledged this when we spoke, but instead, decided to ignore it and shamelessly lob false allegations of plagiarism anyway.
Our report also referenced Roblox’s child grooming chat rooms, which we had learned about from YouTuber Rubin Sim, cited in our report, who has done extensive work on Roblox for nearly a decade. Sim found these chat rooms as early as December 2022:
https://t.co/gY0xTDeBeq
We identified dozens of examples of these chats in our report, and included them in our video compilation. Again, all of this clearly didn’t happen overnight.
Edwin said he had flagged this issue in one of his reports days earlier with “virtually identical” (i.e., different) examples. In our conversation last week, Edwin acknowledged that he had seen Sim’s work and that it had served as the foundation for his finding on child grooming chat groups.
But today, Edwin now absurdly (and ironically) claims that this was HIS finding, and that we plagiarized it from him. He in fact also learned about it from Sim, but has now decided to take credit for the finding himself.
This seems to be a pattern. While Edwin craves recognition for the work we didn’t use, he has failed to acknowledge that major media outlets as far back as 2020 have repeatedly flagged issues of inappropriat[...]
RT @NateHindenburg: Problems With Ed Dorsey
This morning, I saw that a blog by Ed Dorsey falsely and ridiculously alleged we plagiarized from him. To be clear, I don’t read this blog, and have never in any way used or relied on his work in our own.
Hindenburg Research regularly cites hundreds of sources to make sure our readers know the sources and evidence from which we derive our conclusions, and so that readers can independently replicate our work.
For example, our more than 16,000 word, 75-page report on Roblox that we published last week included more than 300 citations.
To specifically address the blog post’s claims this morning, by company:
(1) Roblox – Edwin falsely alleged we took a chronological list of pedophile cases involving Roblox from him, for our own report, which we published days later. We have proof that we put this list together before Edwin ever published his, completely debunking his nonsensical claim.
We didn’t read or rely on Edwin’s piece at all, as can easily be seen by evidence already explained and shown to Edwin, that he has willfully ignored.
As I wrote to Edwin Friday, when he first raised these concerns, the criminal cases were referenced in a Bloomberg article in July, which we cited. That section of our report was drafted over a month before Edwin published his list. It was incorporated into our video compilation weeks before as well. We also included original source documents in our report (indictments and arrest records), which were not included in Edwin’s superficial analysis.
For some of those records, we hired runners to send to courthouses around the country to get in-person. This obviously didn't happen overnight. And our public SlideShare with those source documents shows upload dates prior to Edwin’s report. (See attached photo for example.)
In short, Edwin apparently Googled some of the same stuff we did and created a similar list ordered in a chronological fashion. Note that this half of a page of background information explaining Roblox’s well documented public history of scandal was on page 38 of our 75-page, 16,000-word report.
One could easily be forgiven had Edwin seen a similar-looking list, and rushed to judgement without clicking through the evidence to see that we had obviously developed it independently and went deeper than him. But most insidiously, this was all explained to Edwin both when I wrote to him and spoke with him on Friday. He could easily see the evidence for himself in front of him. He acknowledged this when we spoke, but instead, decided to ignore it and shamelessly lob false allegations of plagiarism anyway.
Our report also referenced Roblox’s child grooming chat rooms, which we had learned about from YouTuber Rubin Sim, cited in our report, who has done extensive work on Roblox for nearly a decade. Sim found these chat rooms as early as December 2022:
https://t.co/gY0xTDeBeq
We identified dozens of examples of these chats in our report, and included them in our video compilation. Again, all of this clearly didn’t happen overnight.
Edwin said he had flagged this issue in one of his reports days earlier with “virtually identical” (i.e., different) examples. In our conversation last week, Edwin acknowledged that he had seen Sim’s work and that it had served as the foundation for his finding on child grooming chat groups.
But today, Edwin now absurdly (and ironically) claims that this was HIS finding, and that we plagiarized it from him. He in fact also learned about it from Sim, but has now decided to take credit for the finding himself.
This seems to be a pattern. While Edwin craves recognition for the work we didn’t use, he has failed to acknowledge that major media outlets as far back as 2020 have repeatedly flagged issues of inappropriat[...]