Offshore
Photo
The Kobeissi Letter
Wealthy individuals are rushing into US stocks:
Affluent and high-net-worth investors’ inflows to US equities hit 2% as a share of BofA’s assets under management (AUM) last week, the third-highest on record.
This follows the fourth-largest outflow seen in the prior week, at ~1% of AUM.
Such a surge in purchases has not been seen for 2.5 years when the group's inflows hit 6% of AUM in September 2022, near the bottom of the bear market.
Recent inflows were also just shy of those posted in January 2021.
High-net-worth individuals are adding stocks to their portfolios as the S&P 500 has recorded its fastest 3-week decline since 2020.
Wealthy investors are deploying cash.
tweet
Wealthy individuals are rushing into US stocks:
Affluent and high-net-worth investors’ inflows to US equities hit 2% as a share of BofA’s assets under management (AUM) last week, the third-highest on record.
This follows the fourth-largest outflow seen in the prior week, at ~1% of AUM.
Such a surge in purchases has not been seen for 2.5 years when the group's inflows hit 6% of AUM in September 2022, near the bottom of the bear market.
Recent inflows were also just shy of those posted in January 2021.
High-net-worth individuals are adding stocks to their portfolios as the S&P 500 has recorded its fastest 3-week decline since 2020.
Wealthy investors are deploying cash.
tweet
Offshore
Photo
Stock Analysis Compilation
Harris International Small Cap Strategy on Campari $CPR IM
Thesis: Campari is a well-positioned global spirits producer with a strong portfolio that stands to benefit from cocktail culture growth and offers attractive investment opportunities at a 7-year low valuation.
(Extract from their Q4 letter)
tweet
Harris International Small Cap Strategy on Campari $CPR IM
Thesis: Campari is a well-positioned global spirits producer with a strong portfolio that stands to benefit from cocktail culture growth and offers attractive investment opportunities at a 7-year low valuation.
(Extract from their Q4 letter)
tweet
Offshore
Photo
Finding Compounders
Buffett on Banking
Source : https://t.co/5EcZudOI11 https://t.co/ydOIUt4u9d
tweet
Buffett on Banking
Source : https://t.co/5EcZudOI11 https://t.co/ydOIUt4u9d
tweet
Offshore
Photo
The Kobeissi Letter
What is happening here?
A record 64.5% of new FHA borrowers had debt-to-income ratio above 43.0% in 2024.
The share has risen by 10 percentage points over the last 5 years.
To put this into perspective, in 2007, this percentage was nearly half of what it is now, at ~35%.
In other words, the FHA loan portfolio is significantly more risky than it was before the 2008 Financial Crisis.
Meanwhile, ~7.05% of FHA mortgages issued in 2024 went seriously delinquent, above the 2008 peak of 7.02%.
Are we in a subprime housing bubble?
tweet
What is happening here?
A record 64.5% of new FHA borrowers had debt-to-income ratio above 43.0% in 2024.
The share has risen by 10 percentage points over the last 5 years.
To put this into perspective, in 2007, this percentage was nearly half of what it is now, at ~35%.
In other words, the FHA loan portfolio is significantly more risky than it was before the 2008 Financial Crisis.
Meanwhile, ~7.05% of FHA mortgages issued in 2024 went seriously delinquent, above the 2008 peak of 7.02%.
Are we in a subprime housing bubble?
tweet
Offshore
Photo
Finding Compounders
An extract from one of the best investing books I've ever read.
How did Costco and Brown Forman achieve the same shareholder returns while growing earnings at different rates? https://t.co/QhZJcMlBga
tweet
An extract from one of the best investing books I've ever read.
How did Costco and Brown Forman achieve the same shareholder returns while growing earnings at different rates? https://t.co/QhZJcMlBga
tweet
Offshore
Photo
The Kobeissi Letter
BREAKING: The Conference Board Leading Economic Index (LEI) declined 3.0% year-over-year in 2024, posting its third straight annual decline.
This matches the 3-year streak that occurred in the 2008 Financial Crisis.
Month-over-month, the index has experienced declines in 32 out of the last 34 months.
Over the last 6 months, the biggest drags on the index were consumer expectations for business conditions and the ISM New Orders Index.
The LEI is now down 15.5% from its peak, nearly as much as in the 1970s and 1980s recessions.
Is the US economy slowing?
tweet
BREAKING: The Conference Board Leading Economic Index (LEI) declined 3.0% year-over-year in 2024, posting its third straight annual decline.
This matches the 3-year streak that occurred in the 2008 Financial Crisis.
Month-over-month, the index has experienced declines in 32 out of the last 34 months.
Over the last 6 months, the biggest drags on the index were consumer expectations for business conditions and the ISM New Orders Index.
The LEI is now down 15.5% from its peak, nearly as much as in the 1970s and 1980s recessions.
Is the US economy slowing?
tweet
Offshore
Photo
Stock Analysis Compilation
Langdon Canadian Smaller Companies on A&W $AW CN
Thesis: A&W’s strong culture, sustainable growth strategy, and undervaluation position it for long-term success in the QSR market.
(Extract from their Q4 letter) https://t.co/cUvPp0mSx9
tweet
Langdon Canadian Smaller Companies on A&W $AW CN
Thesis: A&W’s strong culture, sustainable growth strategy, and undervaluation position it for long-term success in the QSR market.
(Extract from their Q4 letter) https://t.co/cUvPp0mSx9
tweet
Offshore
Photo
Alvin
I have used the Xiaomi 15 Ultra for the past 100 hours.
After comparing its camera performance with the vivo X200 Pro, here's what I think about their camera performance. 📸
Reasons to get the Xiaomi 15 Ultra:
✅ If you want your photos to look very artistic
✅ If you prefer that distinctive "Leica style" (easily identifiable as a photo captured by a Xiaomi x Leica phone).
✅ It is an awesome cameraphone if you love to play around with the options and settings, including manual tuning.
✅ It has faster shutter lag with better shot-to-shot ability (not to be confused with shutter speed).
✅ Xiaomi's style has more "depth" because of its tendency to not boost shadows
Reasons to get the vivo X200 Pro:
✅ If you want to capture excellent photos in any condition without manual tuning, just point and shoot.
✅ It has better overall video performance, more consistent with better video stabilization.
✅ It captures better photos of moving subjects (motion capture).
✅ The X200 Pro has much better consistency when switching between lenses.
✅ It has incredible highlight control and exposure handling.
tweet
I have used the Xiaomi 15 Ultra for the past 100 hours.
After comparing its camera performance with the vivo X200 Pro, here's what I think about their camera performance. 📸
Reasons to get the Xiaomi 15 Ultra:
✅ If you want your photos to look very artistic
✅ If you prefer that distinctive "Leica style" (easily identifiable as a photo captured by a Xiaomi x Leica phone).
✅ It is an awesome cameraphone if you love to play around with the options and settings, including manual tuning.
✅ It has faster shutter lag with better shot-to-shot ability (not to be confused with shutter speed).
✅ Xiaomi's style has more "depth" because of its tendency to not boost shadows
Reasons to get the vivo X200 Pro:
✅ If you want to capture excellent photos in any condition without manual tuning, just point and shoot.
✅ It has better overall video performance, more consistent with better video stabilization.
✅ It captures better photos of moving subjects (motion capture).
✅ The X200 Pro has much better consistency when switching between lenses.
✅ It has incredible highlight control and exposure handling.
tweet