Will @ryancohen turn out to be this cycle’s Eddie Lampert? Destroy a well regarded investment / business reputation by thinking he is capable of running a profitable and healthy company that is facing inextricable structural declines?

AAII retail investor sentiment back to the most bullish level seen since Nov 2021. Memories of painful experiences used to be longer! Looks like it might take several painful episodes for retail folks to stop touching the stove when it’s hot.

Officially re-engaging with Twitter after a 5+ month hiatus. My current market thoughts: 1) Equity market likely continues to be choppy and sideways and I think you fade the extremes. A new sustained bull market is unlikely because earnings

Excellent op-ed and open letter by Apollo CEO, Marc Rown, to UPenn leadership blasting their ambivalence and even support of hate speech and terrorist activity against an entire race. We need more leaders like Marc to step up with their words and their checkbooks to set…

Ultimately, the direction of an institution like UPenn is the responsibility of its President and its Board of Trustees. UPenn’s motto is “Leges Sine Moribus Vanae” – laws without morals are useless. Learning without morals is also useless. Double standards that corrupt morality…

class medical school and hospital network. We have a unique ability among peer institutions to lead. The UPenn community should not wait for the broken status quo to change. Our founding principles include a commitment to intellectual rigor, reason and practical knowledge. Most…

RBA CEO Ann Fandozzi (now ex CEO) proving what was clear 5 months ago. She lied then to protect and entrench her self motivated acquisition and now she puts her pocket book above shareholder interest. Never invest with her.

Amen!

I support this woman’s right to say this in our great country, but I remind Americans that this is where the liberal progressive movement is taking us. Not to debate policies that could improve upon our progress but to insult those who are proud to be American. Disgusting!

The comparisons of PPP loan forgiveness and student loan forgiveness are way off base. The PPP loan program was a low interest loan entitlement program offered to everyone in the wake of Covid lockdowns with the express notion that certain actions around employee retainment…

Retail investor net buying demand (both single name and ETFs) for the month of June on track to set a monthly record going back to early 2019. We have been modestly fading this move on both specific single names and lowering our overall net exposure.

I always start my summer Saturdays with the best tasting cold brew coffee on the market poured straight from my fridge. Offering Twitter friends a welcome to Summer 2023 discount of 20% over the next 2 weeks. Go to wanderingbearcoffee.com and use RS20 code at checkout.

In March 2020 there were genuine questions about the data being used for decisions and a divergent view by a meaningful number of highly credible scientific and epidemiological experts. These views went from potentially being considered to being ignored to eventually being…

The visceral and less than cordial arguments over Twitter this weekend on a possible debate between RFK and a visible respected scientist is the direct result of government Covid-era policy + media suppression of alternative viewpoints. While I am not an RFK supporter and some…

Data we track internally shows the trailing 5 day net buying by retail investors (combined ETFs and Single names) at levels that equal the peak of the 2020-2022 period. Which was unprecedented in its own right. It’s not just retail for sure but create and magnify price action.

The biggest mistake I see from non professional investors is the belief that the business and the stock are the same thing. Perhaps over 10-15 years this is true in many cases. Unfortunately, holding periods, patience and portfolio discipline don’t match this timeline.

The US government is out there blocking every mid sized company trying to buy a small competitor. Does PGA / LIV need DOJ approval? Zero chance it’s allowed if so.

When I read the comments from Jamie Dimon’s Bloomberg interview this morning I had a very similar feeling and view to what @BillAckman has written below, much more eloquently then I could write. Jamie Dimon for President!

Stock market divergences now occurring are very unhealthy. Exceptionally narrow breadth, heavy retail participation and a big concept that’s causing people to focus in a myopic way. Slowing growth and high rates mean the backdrop for it to continue is not conducive.

What’s the bear case on BABA now that they are breaking it up? Seems like a sea change in willingness to monetize, separate and give shareholders the SOTP. Why will it hurt my value if we are in a cold or hot war with China? Back at lows?