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Alvin
I've spent almost two months with the Galaxy S25 Ultra.
I still think it is an excellent phone that I can easily recommend to everyone.
Despite how much I made fun of the weird or bad decisions that Samsung did or how "boring" it is, I love this phone's reliability and consistency in all areas.
It may not be the best in all areas, but it does almost everything so well to the point that I think it's worth it.
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I've spent almost two months with the Galaxy S25 Ultra.
I still think it is an excellent phone that I can easily recommend to everyone.
Despite how much I made fun of the weird or bad decisions that Samsung did or how "boring" it is, I love this phone's reliability and consistency in all areas.
It may not be the best in all areas, but it does almost everything so well to the point that I think it's worth it.
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The Kobeissi Letter
US stock market dominance is fading:
The US' share of global market capitalization has declined ~3.5 percentage points over the last 2 months, to 47.5%, the lowest since Q2 2024.
This marks the largest drop since the 2022 bear market.
Previously such a sharp decline was seen during the 2008 Financial Crisis.
This comes as the S&P 500 is underperforming world stocks by the widest margin in almost 40 years this quarter, according to Bloomberg.
The index is down -3.5% year-to-date while the MSCI World Ex USA index is up +9.3%.
Will this momentum continue?
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US stock market dominance is fading:
The US' share of global market capitalization has declined ~3.5 percentage points over the last 2 months, to 47.5%, the lowest since Q2 2024.
This marks the largest drop since the 2022 bear market.
Previously such a sharp decline was seen during the 2008 Financial Crisis.
This comes as the S&P 500 is underperforming world stocks by the widest margin in almost 40 years this quarter, according to Bloomberg.
The index is down -3.5% year-to-date while the MSCI World Ex USA index is up +9.3%.
Will this momentum continue?
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Stock Analysis Compilation
AMG River Road Small Cap Value Fund on GXO Logistics Inc. $GXO US
Thesis: GXO Logistics is a leading outsourced warehousing provider with a strong track record of growth and technology deployment, serving top-tier clients while maintaining high customer retention and stable revenue in a cyclical industry.
(Extract from their Q4 letter)
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AMG River Road Small Cap Value Fund on GXO Logistics Inc. $GXO US
Thesis: GXO Logistics is a leading outsourced warehousing provider with a strong track record of growth and technology deployment, serving top-tier clients while maintaining high customer retention and stable revenue in a cyclical industry.
(Extract from their Q4 letter)
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Offshore
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Alvin
The search feature on One UI 7's Settings app is incredibly smart.
This is one of the reasons why I think Samsung's Galaxy AI is still the most robust mobile AI platform compared to what other brands have so far, including Apple. https://t.co/QfaZ2wuIHF
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The search feature on One UI 7's Settings app is incredibly smart.
This is one of the reasons why I think Samsung's Galaxy AI is still the most robust mobile AI platform compared to what other brands have so far, including Apple. https://t.co/QfaZ2wuIHF
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The Kobeissi Letter
China is in a deflationary spiral:
China’s consumer prices fell -0.7% year-over-year in February.
China's Core CPI inflation decreased by -0.1%, the second monthly decline in over 15 years.
This follows a GDP deflator drop of -0.8% in Q4 2024, the 7th consecutive quarter of falling prices, in-line with the 1990s streak.
China's GDP deflator is now on track for its longest period of declines since the 1960s.
This comes as spending remains weak as the property crisis undermined consumer confidence which also forced firms to mark down prices to attract buyers.
China cannot get rid of deflation.
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China is in a deflationary spiral:
China’s consumer prices fell -0.7% year-over-year in February.
China's Core CPI inflation decreased by -0.1%, the second monthly decline in over 15 years.
This follows a GDP deflator drop of -0.8% in Q4 2024, the 7th consecutive quarter of falling prices, in-line with the 1990s streak.
China's GDP deflator is now on track for its longest period of declines since the 1960s.
This comes as spending remains weak as the property crisis undermined consumer confidence which also forced firms to mark down prices to attract buyers.
China cannot get rid of deflation.
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Offshore
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The Kobeissi Letter
BREAKING: A federal judge has banned @DOGE from accessing personally identifiable information from the Social Security Administration, per CNBC. https://t.co/dKjHQNajzX
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BREAKING: A federal judge has banned @DOGE from accessing personally identifiable information from the Social Security Administration, per CNBC. https://t.co/dKjHQNajzX
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Offshore
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Stock Analysis Compilation
Horizon Kinetics on Texas Pacific Land $TPL US
Thesis: TPL is a potentially undervalued investment due to unrealized revenues from natural gas production that will increase as pipeline capacity improves.
(Extract from their Q4 letter) https://t.co/KqOWtCCNsZ
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Horizon Kinetics on Texas Pacific Land $TPL US
Thesis: TPL is a potentially undervalued investment due to unrealized revenues from natural gas production that will increase as pipeline capacity improves.
(Extract from their Q4 letter) https://t.co/KqOWtCCNsZ
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App Economy Insights
$NKE Nike Q3 FY25 (ending Feb. 2025).
• Revenue -9% Y/Y to $11.3B ($240M beat).
• GAAP EPS $0.54 ($0.26 beat).
• Inventory -2% Y/Y to $7.5B.
• Wholesale -7% Y/Y to $6.2B.
• Direct revenue -12% Y/Y to $4.7B. https://t.co/sGr3oQDTrg
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$NKE Nike Q3 FY25 (ending Feb. 2025).
• Revenue -9% Y/Y to $11.3B ($240M beat).
• GAAP EPS $0.54 ($0.26 beat).
• Inventory -2% Y/Y to $7.5B.
• Wholesale -7% Y/Y to $6.2B.
• Direct revenue -12% Y/Y to $4.7B. https://t.co/sGr3oQDTrg
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