rogermunibond

@rkbabang in the past year - 6 (postcard, map, dictionary, encyclopedia, paper check, listen to CD) would be 7 but we haven't gotten around to buying a turntable for our vinyl. so much vinyl sitting in storage, hehe.

So from that list of 20, you have 2.

If you're over 50 I would think so or pretty close 18-19

20 for me

@Blake Hampton regarding SS, read the Old Age Survivors and Disability Insurance Trust Fund reports from the OASDI Trustees. They discuss in multiple reports steps that can be taken to match SS inflows with outflows. So of the more recent white papers have discussed a delay in the timing of when workers can claim SS funds but scaled to the number of months until the individual can claim SS. https://www.ssa.gov/oact/TR/2024/index.html

Tanker traffic thru the SoH from 2/27 to 3/3

Isn't this mostly DRAM related as Samsung Electronics and SK Hynix are a huge chunk of Kospi?

Banks, regulators, think tankers are skeptical of Warsh's plans to lower Fed reserves, but many are okay with moving away from the "ample reserve" system provided there's a way for the Fed to control short term rates. Interesting that Waller is among the chief critics of the prior "scarce reserve" system that Warsh has been a fan of. https://www.ft.com/content/6cd6b2c3-2fbd-47a3-8470-26df277aaba2

Looks like financials are up modestly, maybe on this release. Lowering CET1 capital ratio requirements at the same time a Fed balance sheet runoff?

Interesting talk from Scott Bessent on a reset to bank liquidity regulation. After effects of the GFC. https://content.govdelivery.com/accounts/USTREAS/bulletins/40c6d87?reqfrom=share/ "Now, the conversation is about reducing discount window stigma, incentivizing collateral prepositioning, and normalizing routine testing of central bank facilities."

Golf clap, golf clap, well done. He's going to get the same stagflationary impetus Biden got from the Russia-Ukraine war. Only this was self-inflicted. How's Bessent going to spin this.

Here's another doozy. Private equity owned hospice. Kinderhook acquires Enhabit, a provider of home health and hospice care. https://www.ft.com/content/24aab74f-b4d4-4712-995f-d4ff82bc3745

This feels like a macro hedge fund degrossing event.

Gold - down BTC - down UST - down Equities - down USD - up CNY bonds - up Oil - up NG - up

Is every legacy ERP software provider that currently runs the data layer going to have APIs and interfaces so that their agents and third-party agents can run relatively easily? if so doesn't that move the marginal value of software from the legacy provider to the new agentic software company? or are the legacy software providers going to create APIs that work poorly, and create walls and barriers to keep out third-party agents?

@Viking i think you have to look market by market. the US market which is mostly oil-independent not so bad. European or Asian markets due to LNG/oil import - worse 2-3% selloffs with Germany and Japan especially hard hit. Govt bonds across the board sold off.

@wabuffo I think your point about liquidity provider of last resort needs some caveat though no? in the GFC the banks themselves were hoarding liquidity because they were overlevered. in more traditional panics of the past, the Fed acted through banks as the channel. but your point is well taken that fiscal surplus is a more useful form of liquidity provision than monetary surplus (bank reserves etc), especially if the lending channels are frozen.

@dealraker increasingly certain fairly common conditions, including NHL, lupus, and MS, are linked to EBV (Epstein-Barr virus). it may seem genetic but there's a lot about disese that we don't know.

Block is something of an outlier because they expanded so much and Dorsey probably didn't have his eye on the headcount.

https://www.cnbc.com/2026/02/25/trump-tech-ai-data-center-electricity-price-pledge.html Agreement coming soon for hyperscalers to build their own electrical generation for data centers.

IGV traded at a NTM PE of 40 in July 2025 and now trades around 20 in February 2026. So quite a lot of froth has been taken out but there's still more to go since much the "E" is non-GAAP. Not MSFT or ADBE, but many of the other large holding like PLTR, APP, NOW, TEAM, etc etc.

I have no dog in the SaaS vs AI debate as I never bought any SaaS stocks over the last 15 years. Missed out on the way up for sure but there were a lot of things that never seemed right with the software stock uprating. I keep wondering when the market figures out what these companies should be valued at, but I don't think it will be quick. There are a couple things that make me think this is just early days. First, billions in PE-owned companies in PE funds need to shake out. Multiples are lower by probably 50-60%, debt was high for these companies 8-10x levered, and that all needs to shake out. Second, no one is taking any of the public SaaS companies private (with a few exceptions maybe) because most are not GAAP profitable. Growth investors are gonna get tired, and value investors aren't touching these names yet (with a few exceptions). It wouldn't surprise me if over the next few quarters SaaS company managers aren't looking at ways to get their costs in check, get GAAP profitable, and maintain their 30-40% revenue growth rate. They've all be called out and need to make their companies profitable.

Gorsuch pretty much laid out how it fell. Really only he and Roberts are true conservatives - small c. Barrett and Kavanaugh wishy washy Thomas, Alito, Kagan, Sotomayor, Jackson idiots

@longterminvestor thanks for taking the time to explain. in your example, when Howden poaches ex-Hays producers, does BRO take a write down in the goodwill booked from the Hays acquisition? that's capital impairment, permanent value destroyed no?

Nintendo has a pretty good return going back to 2015, if you buy it on the lows every 2-3 years.