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iinvested
1Q'25 Patient Capital Management on $CVNA, $NFE, $JD, $PLAY, $SDRL, $ILMN
More fund letters here:
https://t.co/NM0463QOZj https://t.co/Lmevku3Vgw
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1Q'25 Patient Capital Management on $CVNA, $NFE, $JD, $PLAY, $SDRL, $ILMN
More fund letters here:
https://t.co/NM0463QOZj https://t.co/Lmevku3Vgw
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Finding Compounders
Warren Buffett on the most important quality for an investment manager https://t.co/LsmAuKIbP7
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Warren Buffett on the most important quality for an investment manager https://t.co/LsmAuKIbP7
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The Kobeissi Letter
Key Events This Week:
1. S&P Global Services/Manufacturing PMI data - Wednesday
2. March New Home Sales data - Wednesday
3. March Durable Goods Orders data - Thursday
4. March Existing Home Sales data - Thursday
5. Total of 8 Fed Speaker Events
6. ~20% of S&P 500 companies report earnings
Earnings season is officially in full swing.
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Key Events This Week:
1. S&P Global Services/Manufacturing PMI data - Wednesday
2. March New Home Sales data - Wednesday
3. March Durable Goods Orders data - Thursday
4. March Existing Home Sales data - Thursday
5. Total of 8 Fed Speaker Events
6. ~20% of S&P 500 companies report earnings
Earnings season is officially in full swing.
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Offshore
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Offshore
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Finding Compounders
In the earliest available Berkshire Hathaway shareholder letter, Buffett states that he believes that return on equity capital is the best suited measure of managerial economic performance . https://t.co/VKyym0UkaP
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In the earliest available Berkshire Hathaway shareholder letter, Buffett states that he believes that return on equity capital is the best suited measure of managerial economic performance . https://t.co/VKyym0UkaP
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The All-In Podcast
Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳
"I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries."
"And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China."
"And I think that is the big problem."
"Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?"
"Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?"
"I think the answer is no."
"Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?"
"At every turn and at every step of AI, they are at the same rate or one step ahead."
"To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States."
"You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China."
"Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time."
"Which again, gives these guys substantial performance."
"This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability."
"What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question."
"But what is the real expectation? At a minimum, the United States should have a mechanism to understand it."
"It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."
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Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳
"I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries."
"And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China."
"And I think that is the big problem."
"Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?"
"Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?"
"I think the answer is no."
"Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?"
"At every turn and at every step of AI, they are at the same rate or one step ahead."
"To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States."
"You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China."
"Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time."
"Which again, gives these guys substantial performance."
"This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability."
"What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question."
"But what is the real expectation? At a minimum, the United States should have a mechanism to understand it."
"It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."
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The Kobeissi Letter
BREAKING: China’s central bank increased its gold holdings by 5 tonnes in March, posting their 5th consecutive monthly purchase.
This brings total China’s gold reserves to a record 2,292 tonnes.
Chinese gold holdings now reflect 6.5% of its total official reserve assets.
According to Goldman Sachs, China actually purchased a whopping 50 tonnes of gold in February, or 10 times more than officially reported.
Over the last 3 years, China's purchases of gold on the London OTC market have significantly surpassed officially reported numbers.
China is accumulating gold at a rapid pace.
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BREAKING: China’s central bank increased its gold holdings by 5 tonnes in March, posting their 5th consecutive monthly purchase.
This brings total China’s gold reserves to a record 2,292 tonnes.
Chinese gold holdings now reflect 6.5% of its total official reserve assets.
According to Goldman Sachs, China actually purchased a whopping 50 tonnes of gold in February, or 10 times more than officially reported.
Over the last 3 years, China's purchases of gold on the London OTC market have significantly surpassed officially reported numbers.
China is accumulating gold at a rapid pace.
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