Offshore
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App Economy Insights
$TCEHY Tencent Q3 FY25:
Revenue +15% Y/Y to RMB193B ($27.2B).
๐ฎ Gaming +23%
๐ฌ Social Networks +5%
๐ข Marketing Services +21%
๐ณ Fintech & Business +10%
Weixin/WeChat: 1.4B MAU (+2% Y/Y).
Capex -24% to RMB13B. https://t.co/IYdln96T5R
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$TCEHY Tencent Q3 FY25:
Revenue +15% Y/Y to RMB193B ($27.2B).
๐ฎ Gaming +23%
๐ฌ Social Networks +5%
๐ข Marketing Services +21%
๐ณ Fintech & Business +10%
Weixin/WeChat: 1.4B MAU (+2% Y/Y).
Capex -24% to RMB13B. https://t.co/IYdln96T5R
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Offshore
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Quiver Quantitative
BREAKING: Senator Ted Cruz just filed a sale of up to $250K of Goldman Sachs stock.
This is his first stock trade in over a year.
Full trade list up on Quiver. https://t.co/7kWHGib89Q
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BREAKING: Senator Ted Cruz just filed a sale of up to $250K of Goldman Sachs stock.
This is his first stock trade in over a year.
Full trade list up on Quiver. https://t.co/7kWHGib89Q
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Dimitry Nakhla | Babylon Capitalยฎ
RT @DimitryNakhla: There are several respected investors who have long stayed away from companies like $GOOG, $AMZN, $MSFT & $META โ skeptical of the returns on the enormous capital expenditures tied to cloud and AI infrastructure.
I understand the concern, but I donโt think thatโs the right conclusion.
These businesses are building the digital backbone of the next decade, and exposure to them still remains beneficial.
At the same time, Iโve found it important to balance those โbuildersโ with the cash cows โ $MA, $V, $SPGI, $FICO etc โ businesses with exceptional FCF margins, durable moats, and minimal capital requirements.
๐๐ก๐๐ญ ๐๐จ๐ฆ๐๐ข๐ง๐๐ญ๐ข๐จ๐ง ๐๐ฅ๐ฅ๐จ๐ฐ๐ฌ ๐ ๐ฉ๐จ๐ซ๐ญ๐๐จ๐ฅ๐ข๐จ ๐ญ๐จ ๐ฉ๐๐ซ๐ญ๐ข๐๐ข๐ฉ๐๐ญ๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ ๐๐ง๐ ๐๐ฅ๐จ๐ฎ๐ ๐๐ฎ๐ข๐ฅ๐๐จ๐ฎ๐ญ ๐ฐ๐ก๐ข๐ฅ๐ ๐ซ๐๐ฆ๐๐ข๐ง๐ข๐ง๐ ๐ซ๐๐ฌ๐ข๐ฅ๐ข๐๐ง๐ญ ๐ข๐ ๐ญ๐ก๐ ๐๐๐ฉ๐๐ฑ ๐๐ฒ๐๐ฅ๐ ๐๐จ๐จ๐ฅ๐ฌ ๐จ๐ซ ๐ฌ๐๐ง๐ญ๐ข๐ฆ๐๐ง๐ญ ๐ฌ๐ก๐ข๐๐ญ๐ฌ.
The builders power the future; the cash cows become even more efficient by leveraging AI within their own operations โ expanding margins, driving automation, & compounding value quietly in the background.
Lately, weโve seen many quality compounders sold down to compelling valuations, while capital has chased anything labeled โAI,โ even pre-revenue businesses now worth tens of billions.
๐๐ฉ๐ข๐ต ๐ฅ๐บ๐ฏ๐ข๐ฎ๐ช๐ค ๐ญ๐ช๐ฌ๐ฆ๐ญ๐บ ๐ธ๐ฐ๐ฏโ๐ต ๐ญ๐ข๐ด๐ต ๐ง๐ฐ๐ณ๐ฆ๐ท๐ฆ๐ณ.
Eventually, when the market begins to see cracks in AI-related CapEx or re-evaluates growth expectations, capital will likely rotate back toward predictable, high-margin compounders quietly executing in the background.
Itโs not about being contrarian against AI โ itโs about being contrarian within quality.
The great opportunities often come from owning world-class businesses everyoneโs temporarily disinterested in.
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RT @DimitryNakhla: There are several respected investors who have long stayed away from companies like $GOOG, $AMZN, $MSFT & $META โ skeptical of the returns on the enormous capital expenditures tied to cloud and AI infrastructure.
I understand the concern, but I donโt think thatโs the right conclusion.
These businesses are building the digital backbone of the next decade, and exposure to them still remains beneficial.
At the same time, Iโve found it important to balance those โbuildersโ with the cash cows โ $MA, $V, $SPGI, $FICO etc โ businesses with exceptional FCF margins, durable moats, and minimal capital requirements.
๐๐ก๐๐ญ ๐๐จ๐ฆ๐๐ข๐ง๐๐ญ๐ข๐จ๐ง ๐๐ฅ๐ฅ๐จ๐ฐ๐ฌ ๐ ๐ฉ๐จ๐ซ๐ญ๐๐จ๐ฅ๐ข๐จ ๐ญ๐จ ๐ฉ๐๐ซ๐ญ๐ข๐๐ข๐ฉ๐๐ญ๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ ๐๐ง๐ ๐๐ฅ๐จ๐ฎ๐ ๐๐ฎ๐ข๐ฅ๐๐จ๐ฎ๐ญ ๐ฐ๐ก๐ข๐ฅ๐ ๐ซ๐๐ฆ๐๐ข๐ง๐ข๐ง๐ ๐ซ๐๐ฌ๐ข๐ฅ๐ข๐๐ง๐ญ ๐ข๐ ๐ญ๐ก๐ ๐๐๐ฉ๐๐ฑ ๐๐ฒ๐๐ฅ๐ ๐๐จ๐จ๐ฅ๐ฌ ๐จ๐ซ ๐ฌ๐๐ง๐ญ๐ข๐ฆ๐๐ง๐ญ ๐ฌ๐ก๐ข๐๐ญ๐ฌ.
The builders power the future; the cash cows become even more efficient by leveraging AI within their own operations โ expanding margins, driving automation, & compounding value quietly in the background.
Lately, weโve seen many quality compounders sold down to compelling valuations, while capital has chased anything labeled โAI,โ even pre-revenue businesses now worth tens of billions.
๐๐ฉ๐ข๐ต ๐ฅ๐บ๐ฏ๐ข๐ฎ๐ช๐ค ๐ญ๐ช๐ฌ๐ฆ๐ญ๐บ ๐ธ๐ฐ๐ฏโ๐ต ๐ญ๐ข๐ด๐ต ๐ง๐ฐ๐ณ๐ฆ๐ท๐ฆ๐ณ.
Eventually, when the market begins to see cracks in AI-related CapEx or re-evaluates growth expectations, capital will likely rotate back toward predictable, high-margin compounders quietly executing in the background.
Itโs not about being contrarian against AI โ itโs about being contrarian within quality.
The great opportunities often come from owning world-class businesses everyoneโs temporarily disinterested in.
tweet
Offshore
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Finding Compounders
RT @F_Compounders: KKR and the $25 Billion Buyout
KKR vs RJR Nabisco
In 1976; Kohlberg, Kravis and Robertโs left Bear Sternโs to form KKR, a private equity firm , which would become the most prominent and influential in the industry https://t.co/DCl07yYuz5
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RT @F_Compounders: KKR and the $25 Billion Buyout
KKR vs RJR Nabisco
In 1976; Kohlberg, Kravis and Robertโs left Bear Sternโs to form KKR, a private equity firm , which would become the most prominent and influential in the industry https://t.co/DCl07yYuz5
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Offshore
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Finding Compounders
Terry Smith on The Unique Advantage of Equity Investment https://t.co/aH0Miqnh7B
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Terry Smith on The Unique Advantage of Equity Investment https://t.co/aH0Miqnh7B
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Offshore
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Fiscal.ai
A lost decade for Disney?
Free Cash Flow per Share is essentially flat since 2018.
$DIS https://t.co/O9KPKgyRQn
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A lost decade for Disney?
Free Cash Flow per Share is essentially flat since 2018.
$DIS https://t.co/O9KPKgyRQn
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