The Transcript
RT @TheTranscript_: $WMT CFO: Walmart’s advertising and membership streams now drive a third of operating income.

“The combination of advertising and membership fee income represented approximately 1/3 of our consolidated adjusted operating income... Walmart Connect in the US ex-Vizio grew 33%... Membership income increased 17% across the enterprise.”
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The Transcript
RT @TheTranscript_: $WMT CEO on how they plan to use Agentic AI:

"And we can see a future that is agentic AI is going to help lift some of the things that customers don't enjoy about shopping off of their shoulders. I get most excited about replenishment." https://t.co/8udQCgdklK
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: Ferrari is in its largest drawdown since IPO, down -42% from highs, yet still a +21% CAGR since IPO 🏎️

$RACE NTM P/E approaching <30x — a level $RACE hasn’t spent much time at historically https://t.co/OtCH2JeaaW
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The Transcript
$WMT joins the $1T+ market-cap club.

Next earnings call scheduled for February 19, roughly two weeks out https://t.co/gxFsvfYTRq

$WMT CEO on how they plan to use Agentic AI:

"And we can see a future that is agentic AI is going to help lift some of the things that customers don't enjoy about shopping off of their shoulders. I get most excited about replenishment." https://t.co/8udQCgdklK - The Transcript
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Javier Blas
BREAKING: Glencore agrees to sell 40% stake on its two African copper and cobalt businesses to a US government-backed group as Washington continues to seek more control over critical minerals. The deal values the 100% of the mines at $9 billion, including debt. $GLEN https://t.co/huykIOrtUG
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Javier Blas
Under Donald Trump, the US government is relying heavily upon some of the world's top commodity traders:

- Deal with Glencore to buy Congo copper/cobalt mines
- Using Vitol and Trafigura to move Venezuela oil
- Mercuria, Hartree, and Traxys involved on Project Vault
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God of Prompt
RT @godofprompt: ChatGPT's custom instructions feature is insanely powerful.

But 99% of people write garbage instructions.

I tested 200+ custom instruction sets.

These 5 patterns increased output quality by 3.4x: https://t.co/xVEOxr2Gm8
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Bourbon Capital
$HOOD is down 41% from its highs

At what price are you waiting to buy? https://t.co/NE12DRKjtY
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Dimitry Nakhla | Babylon Capital®
Stanley Druckenmiller on what he learned from George Soros:

“𝘐𝘯 𝘣𝘢𝘴𝘦𝘣𝘢𝘭𝘭 𝘵𝘦𝘳𝘮𝘴, 𝘐 𝘩𝘢𝘥 𝘢 𝘷𝘦𝘳𝘺 𝘩𝘪𝘨𝘩 𝘣𝘢𝘵𝘵𝘪𝘯𝘨 𝘢𝘷𝘦𝘳𝘢𝘨𝘦. 𝘏𝘦 𝘩𝘢𝘥 𝘢 𝘮𝘶𝘤𝘩 𝘩𝘪𝘨𝘩𝘦𝘳 𝘴𝘭𝘶𝘨𝘨𝘪𝘯𝘨 𝘱𝘦𝘳𝘤𝘦𝘯𝘵𝘢𝘨𝘦… 𝙒𝙝𝙖𝙩 𝙄 𝙡𝙚𝙖𝙧𝙣𝙚𝙙 𝙛𝙧𝙤𝙢 𝙎𝙤𝙧𝙤𝙨 𝙞𝙨: 𝙬𝙝𝙚𝙣 𝙮𝙤𝙪 𝙝𝙖𝙫𝙚 𝙘𝙤𝙣𝙫𝙞𝙘𝙩𝙞𝙤𝙣, 𝙮𝙤𝙪 𝙨𝙝𝙤𝙪𝙡𝙙 𝙗𝙚𝙩 𝙧𝙚𝙖𝙡𝙡𝙮 𝙗𝙞𝙜.”

The idea isn’t to always be active.

It’s to size up when the odds are most in your favor.

The quote frequently attributed to Soros:

“𝘐𝘵’𝘴 𝘯𝘰𝘵 𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶’𝘳𝘦 𝘳𝘪𝘨𝘩𝘵 𝘰𝘳 𝘸𝘳𝘰𝘯𝘨 𝘵𝘩𝘢𝘵’𝘴 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵, 𝙗𝙪𝙩 𝙝𝙤𝙬 𝙢𝙪𝙘𝙝 𝙢𝙤𝙣𝙚𝙮 𝙮𝙤𝙪 𝙢𝙖𝙠𝙚 𝙬𝙝𝙚𝙣 𝙮𝙤𝙪’𝙧𝙚 𝙧𝙞𝙜𝙝𝙩 𝙖𝙣𝙙 𝙝𝙤𝙬 𝙢𝙪𝙘𝙝 𝙮𝙤𝙪 𝙡𝙤𝙨𝙚 𝙬𝙝𝙚𝙣 𝙮𝙤𝙪’𝙧𝙚 𝙬𝙧𝙤𝙣𝙜.”

This ties closely to Warren Buffett’s punch card concept: if you only had a limited number of investment decisions in your lifetime, you’d reserve them for your very best ideas.

Which makes today interesting.

Aggressive selloffs across many high-quality businesses — alongside justified but severe multiple compression and muted expectations — are creating a growing menu of potential high-conviction opportunities.

Not a call to swing at everything.

But a reminder to be selective… and size up when your conviction is highest.

$FICO $SPGI $MCO $MSFT $CSU $NDAQ $ICE $NOW $INTU $TDG $NFLX $NVDA
___

Video: In Good Company | Norges Bank Investment Management (11/06/2024)
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