Bourbon Capital
RT @BourbonCap: $NVDA CEO Jensen Huang: "Software is a tool..there's this notion that the tool in the software industry is in decline and will be replaced by AI.... you could tell because stock prices are under a lot of pressure and somewhow AI is gonna replace them"

"It is the most illogical thing in the world, and time will prove itself"

One of the most illogical wall Street sell-offs. Eventually, they gonna realize that it makes no sense to replace a hammer for another hammer, it’s better to improve them....a lot software companies will come back stronger

Software % Below from all time high

Moody's $MCO -16%
S&P Global $SPGI -22%
Booking Holdings $BKNG -23%
Cadence Design System $CDNS -24%
Uber $UBER -25%
Microsoft $MSFT -26%
Palo Alto Networks $PANW -28%
Fortinet $FTNT -28%
CrowdStrike $CRWD -29%
ZETA $ZETA -31%
Fair Isaac $FICO -36%
SAP $SAP -38%
Veeva $VEEV -40%
Adobe $ADBE -42%
AppLovin $APP -44%
Intuit $INTU -45%
Spotify $SPOT -45%
Salesforce $CRM -48%
ServiceNow $NOW -51%
Constellation Software $CSU.TO -53%
Duolingo $DUOL -77%
monday $MNDY -70% - Bourbon Insider Research
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: 𝐂𝐡𝐫𝐢𝐬 𝐇𝐨𝐡𝐧 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐫𝐞𝐜𝐮𝐫𝐫𝐢𝐧𝐠 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐬𝐭𝐫𝐞𝐚𝐦𝐬 𝐰𝐡𝐞𝐧 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐚𝐭 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬:

“It is important, but the predictability of when they recur is not… What’s most important for us is essential product or service… We don’t like things that are discretionary.”

𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘴𝘶𝘣𝘵𝘭𝘦 𝘣𝘶𝘵 𝘱𝘰𝘸𝘦𝘳𝘧𝘶𝘭 𝘥𝘪𝘴𝘵𝘪𝘯𝘤𝘵𝘪𝘰𝘯.

Not all recurring-like revenue is created equal. A SaaS subscription can be canceled. 𝘼𝙣 𝙚𝙨𝙨𝙚𝙣𝙩𝙞𝙖𝙡 𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙘𝙖𝙣 𝙗𝙚 𝙙𝙚𝙛𝙚𝙧𝙧𝙚𝙙—𝙗𝙪𝙩 𝙣𝙤𝙩 𝙖𝙫𝙤𝙞𝙙𝙚𝙙.
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Think of a 𝘵𝘰𝘭𝘭 𝘣𝘰𝘰𝘵𝘩.

If you commute from NJ to NY for work, you have to pay the toll. A snowstorm might pause traffic for a day or two, but it doesn’t break the business. Once conditions normalize, cars flow again.

The toll booth keeps collecting—often with pricing power layered on top.
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That’s the kind of “recurrence” Hohn is talking about. 𝙄𝙩 𝙧𝙚𝙦𝙪𝙞𝙧𝙚𝙨 𝙥𝙖𝙩𝙞𝙚𝙣𝙘𝙚, 𝙗𝙪𝙩 𝙞𝙩’𝙨 𝙞𝙣𝙘𝙧𝙚𝙙𝙞𝙗𝙡𝙮 𝙙𝙪𝙧𝙖𝙗𝙡𝙚.
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𝐄𝐱𝐚𝐦𝐩𝐥𝐞𝐬 𝐁𝐞𝐥𝐨𝐰 👇🏽

$SPGI & $MCO: Debt issuance can be delayed, but it must eventually be refinanced and rated. These are essential stamps of approval—not discretionary spend.

$ASML: ~25% of revenue comes from services tied to a massive installed base. Once machines are in fabs, service demand is inevitable.

$LRCX: ~35% of revenue comes from customer support and services. The installed base drives repeat economics.

$GE: ~66% of revenue is services. Engines are sold once; maintenance lasts decades.

$ISRG: ~75% of revenue comes from instruments, accessories, and services tied to its installed base of systems.

$FICO: ~60% of revenue comes from scores. Scores drive credit decisions across the economy. Cheap, essential, and deeply embedded.
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Video: In Good Company | Norges Bank Investment Management (05/14/2025)
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Michael Fritzell (Asian Century Stocks)
RT @forgebitz: "ai is killing saas"

pretty literally if you ask me https://t.co/mhCRnFrd4g
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Michael Fritzell (Asian Century Stocks)
RT @origoinvest: @DanielSLoeb1 makes a strong case for SK Square currently trading at a 47% discount to a NAV where its primary asset is SK Hynix

3 ways of winning here beyond your typical NAV discount story:

1) DDRAM supercycle
2) Explicit NAV discount reduction targets
3) Compound gains through margin driven buybacks

Haven't been involved but this looks very compelling

$402340.KS $000660.KS
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Michael Fritzell (Asian Century Stocks)
Narrative violation. Maybe relevant for Didi

Same. I like Waymo but I never use it anymore. Uber is cheaper, faster, and picks me up anywhere. But I expect eventually I'll switch when Waymo gets better and cheaper. - Noah Smith 🐇🇺🇸🇺🇦🇹🇼
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Startup Archive
Mark Zuckerberg on the best advice Peter Thiel ever gave him

“Peter was the person who told me this really pithy quote that, ‘In a world that’s changing so quickly, the biggest risk you can take is not taking any risk.’ And I really think that that is true.”

Mark continues:

“Whenever you get yourself into a position where you have to make some big shift in direction or do something, there are always people who are going to point to the downside risks of that decision — and locally they may be right. For any given decision you make, there’s upside and downside. But in aggregate, if you are stagnant and you don’t make those changes, then I think you’re guaranteed to fail and not catch up. So to some degree, I think it’s really right that, over time, the biggest risk you can take is to not take any risks.”

Video source: @ycombinator (2016)
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memenodes
I feel sad for you. He is looking at the fireworks, but you are looking at his phone lol.

I actually feel bad for him https://t.co/eMpjwhp2Uu - Epic Clip Vault
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memenodes
How to ruin your life:

> Be @memenodes

> Trade leverage for 365 days https://t.co/d5U8Aofm1S
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memenodes
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
STOP USING LEVERAGE
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Lumida Wealth Management
LATAM markets are cranking. 

They have outperformed $SPY in the last 1Y.

How do you benefit from it?

Pick the right stocks.

We chose LATAM Airlines. $LTM

It’s the dominant carrier across South America, riding a structural recovery in tourism & business travel. 

It flew 87M passengers in 2025 (+8%), has expanding international and premium routes with ~16% operating margins, and $1B+ in FCF.

Yet it trades at ~12x forward earnings.

Read our analysis: https://t.co/aIPxSPfj4h
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The Transcript
$ARM CEO: MediaTek expects 15% smartphone unit decline due to memory shortages

"that's pretty consistent with what we've heard from other smartphone and handset providers around what they think the memory supply chain constraints could provide." https://t.co/QBtxPwTSkT
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