Gamecock-YT

The next 5–10 years are shrouded in uncertainty. If you enter this space as a generalist without specific expertise, you’re asking to get your face ripped off. One only has to look at the CSU threads to see it has become a total battleground stock. The fact that bulls are still buying the dips tells me we have further to fall and that we are still in the early days of this shift. Capital is fleeing the sector as hyperscaler capex continues to balloon. Following the capital cycle to its logical conclusion, the shoes yet to drop include mass layoffs, liquidations, dividend cuts, and large impairments. I’ve thrown out some stink bids on a few 'pure system of record' companies, even then discounting their renewal rates, but a lot of this goes in the 'too hard' pile. Generalists really need to figure out what their edge is, if one even exists anymore. GLTA.

lol, that's a cool story.

I wouldn't go out of my way to see the glaciers. But if you are including it with going through Arthur's and Haast Pass and driving to Wanaka/Queenstown I would rather go that way than driving direct, not to mention less traffic. I stayed in Hokitika and Haast to break up the trip. I did the boat tour of the sound. And a lot of your experience will be based on the weather. It rains a ton. So helos might even be grounded. But if you've been to all those places, you've seemingly also seen fjords before too? So YMMV. I stayed near downtown in Nelson, so I did the Grampians hike quite a few times. There is also a nice trail that goes past the Centre of New Zealand Monument that eventually puts you out near the Founders Heritage Park. You can either trek back or hop on the bus back to town. But if you have car access, the entire east/southeast side of Nelson is mountains with all the trails you can handle. Then if you make it to Picton you have the Queen Charlotte track available to you. The water taxi operators will pick up/drop off at different segments of the track if you just want to do day hikes, I did the Ship Cove to Endeavour Inlet leg. Also, the snout is another great hike that puts you out in the middle of the sound, you can access the trailhead for it from the center of town.

I was there in October/November for a month. Get out of Christchurch as soon as you can, compared to the rest of the island it isn't anything special, the park and that's about it. I think the new stadium is supposed to open soon. Rest of the island, obviously the tourist places of Queenstown, Wanaka, Mount Cook, and Milford Sound. West Coast to see the Glaciers. Nelson and Picton to the north are underrated, some great hiking spots. Have some cheese and a glass of pinot for me.

https://www.ft.com/content/53a977de-ddaf-4b2c-b19a-e2e08af38e0a

Urbana has majority ownership of the Canadian Securities Exchange that also just merged/purchased a similar second tier Australian exchange. Also has exposure to a 24 hour exchange via Blue Ocean. Their capital allocation strategy is quite poor, however. I just randomly walked past the NZX in Wellington in November, would be interesting to follow given their economy is stagnant currently.

2025 return: +37.9% The year was primarily driven by Altius Minerals (ALS.TO), which entered 2025 as by far my largest position and finished the year up roughly 52%. I added to the position in February after AngloGold Ashanti announced a 34% resource increase at Merlin, where Altius (and Orogen) holds a royalty. Despite the significance of the news, both Altius and Orogen sold off on the announcement for reasons I still don’t fully understand. Since then, those positions are up roughly 60%. At the same time, I initiated a small position in Orogen (OGN.V), which is up 72% on a standalone basis, excluding the Triple Flag shares received through the Silicon/Merlin transaction. The only other meaningful activity during the year centered on the GCI Liberty (GLIBK) spin-off from Liberty Broadband (LBRDK) and the subsequent rights offering. In advance of the spin, I exited all non-strategic positions, primarily LLYVA, TBRG, and OBE, to concentrate capital into LBRDK in order to capture the GLIBK due bill. That basket is up approximately 29%. I was fortunate to exit a very large LBRDK position ahead of the post-earnings drawdown. In hindsight, I should have been more aggressive reallocating after the due bill period, but I was still able to exit the LBRDK position with a positive result. The main detractors for the year were the usual suspects: SIRI and VET. I ended the year with the vast majority of the portfolio concentrated in ALS.TO and cash. Annual Returns 2025: +37.9% 2024: +35.56% 2023: +0.40% 2022: -3.75% 2021: +19.9% 2020: +12.0% 2019: +33.0% 2018: -15.5% 2017: +35.0% 2016: +17.3%

you mean his wife owns the land, farang can’t own land.

Copper and other data center commodities/power exposure via something like $als.to. No one is going to be wanting to hold an unfinished bag when the music stops. Plus aggressive terms on the finance/lease agreements puts a premium on construction ASAP, costs be damned.

Throw in some nepotism for good measure. It's a stock forum at the end of the day. The name is irrelevant.

Need the Glazers to come in and lever it up to the nose and start running it for the cash flow, performance be damned.

Looks like the JPM investment in America wasn’t lip service after all. Since the GFC, all the banks had been pulling back from making direct equity investments since the capital charges were so punitive. I wonder if we’ll start to see them starting back up again

Find a niche and get good at it. Become an expert on a stock, know it better than anyone else in the world that isn’t an insider. Then keep doing it. work backwards from why anyone would want to hire you. Also, I would say moving from operations into investment management is a pipe dream. You’ll get pigeonholed into your role. Your boss won’t care about your aspirations, will likely consider you a flight risk once you poke your head up, which inevitably stalls your current role (good luck with your comp days after that, you're on the shit list!), and the investment management folks are looking for someone to plug and play with the prerequisites and resume to match. You either go in through the front door via MBA/CFA or you backdoor it from building a book on your own.

Somewhere near Las Olas in FLL is a good spot. Have some Scoobies at Coconuts for me.

https://www.ft.com/content/395f92e2-85f2-45f7-b140-5ee9ac689bc3 New York Fed convened meeting with Wall Street firms over key lending facility Impromptu talks come amid worries about strains in money markets

I've found during my time visiting Norway that the service isn't very good from the locals either. It dropped a tier in my book this time around. But it still is one of the most spectacularly beautiful places I've ever visited though.

Charlie Rose interview with The Doctor

It's only when the tide goes out that you realize who's been swimming naked. or We buy things we don't need with money we don't have to impress people we don't like

A massive amount of construction is going on in Birmingham getting ready for HS2 when I was there over the summer. Birmingham City FC is also planning on redeveloping a part of town which includes a new stadium. I think HS2 will be a game changer for the city.

always thought this was the end game with the BRK equity purchases of OXY, but Vicki screwed that up and needs cash instead. What a dolt.

Royalties

On the bright side, it was the most the MAGA republicans have cared about a Ukraine issue since someone didn't wear a suit and say thank you.