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3 Nov 2026 |
We are dealing with extremes, and have been for some time.
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3 Nov 2026 |
1 year is a useless measure of investment skill.
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3 Nov 2026 |
It's not close to long enough.
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28 Oct 2026 |
This is fake news.
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27 Oct 2026 |
My view in a nutshell is that the tech is improving and that has nothing to do with any short thesis
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27 Oct 2026 |
There is so much more going on than this s-1 addresses.
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27 Oct 2026 |
I am looking at the financing, the insurer shell leverage in it, the inability to plug in the latest chips floating demand for earlier…
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27 Oct 2026 |
For the benefit of humanity, the markets should tank hard and prevent the OpenAI and Anthropic IPOs
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27 Oct 2026 |
There is a lot here but nothing that changes my view
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26 Oct 2026 |
To receive new Feature Articles, Trading Posts, Foundations Pieces, History Rhymes, Short Thoughts, and other articles, and to partiipate…
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26 Oct 2026 |
The picture is of a market with an increasingly powerful mechanical bid underneath it.
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26 Oct 2026 |
Thank you all for your feedback.
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24 Oct 2026 |
It is striking.
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23 Oct 2026 |
Burry suggested that one “be thankful for and to all” and “be charitable.”
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23 Oct 2026 |
“Art in the eye of the beholder is cheap” was another piece of advice shared by Burry.
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23 Oct 2026 |
He also suggested “manifest[ing] the power of compounding” and advised: “Never gamble.”
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23 Oct 2026 |
Burry also advised, “Buy half the house you can afford”
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23 Oct 2026 |
The first was to “never stop exercising or learning”; the second was to “accept compromise [in order] to begin relationships.”
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17 Oct 2026 |
For each of the ten market tops over the last 40 years, one will find a caldera of lava underneath the placid S. Park-like valley floor.
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17 Oct 2026 |
If $AMD were cheaper, it'd be a buy for the treble damages awarded if/when $NVDA is finally prosecuted under antitrust law.
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17 Oct 2026 |
Never gamble.
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17 Oct 2026 |
Buy half the house you can afford.
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14 Oct 2026 |
I have personally vetted this charity and it is remarkable how far they make a dollar go.
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12 Oct 2026 |
Fannie Mae & Freddie Mac need Thor's Hammer to unleash the value.
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11 Oct 2026 |
Land appreciation/development is most of the ROIC.
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11 Oct 2026 |
Building is a commodity business.
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11 Oct 2026 |
Not a fan of home builder stocks.
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9 Oct 2026 |
I have a word for that. Denial.
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8 Oct 2026 |
A fun game in times like these is to go to the S&P 500 Index and see how many profitable companies one can buy with the bubble private…
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8 Oct 2026 |
Denial is most easily found in market breadth indicators.
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8 Oct 2026 |
I follow one in particular that seems to give a strong signal every few decades.
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6 Oct 2026 |
The only reason the CEOs of these tech monopolies are spending wildly on data centers like they are is because they assume they will be…
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6 Oct 2026 |
The stock market is quite obviously in its first stage of grief, denial.
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5 Oct 2026 |
Real analysis that critics don't read.
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5 Oct 2026 |
Fraud is inevitable in the dark. I bring light.
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3 Oct 2026 |
I tried not to waste any.
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9 Jul 2026 |
It is the recovery of capitalized sunk cost over a defined window of earnings at the frontier, set against the terminal value.
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9 Jul 2026 |
A chip can rent and still depreciate very fast economically.
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9 Jul 2026 |
Depreciation cannot move two directions at once if it were a measurement of something.
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9 Jul 2026 |
Depreciation is not a bet on when a chip stops working.
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9 Jul 2026 |
the marginal buyer here is looking at a sold-out spot market standing in front of a giant power bottleneck and therefore may be hoarding as…
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9 Jul 2026 |
It is an economic lever, not a physical measurement.
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9 Jul 2026 |
Same hardware but opposite conclusions by two of the biggest.
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31 Mar 2026 |
Shorts are not forever.
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31 Mar 2026 |
Woke up humming this today.
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27 Mar 2026 |
Government must fix this problem by facilitating efficient re-allocation of housing stock with higher housing velocity/mobility through the…
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27 Mar 2026 |
Artificially low interest rates, ~$6-7 trillion in helicopter cash and forgivable loans helped drive both the home updates and high housing…
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27 Mar 2026 |
This is a problem made for the GSEs.
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27 Mar 2026 |
Instead it is a problem of current residential space allocation and mobility
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27 Mar 2026 |
this problem was created by government manipulation of interest rates, cash money supply, and COVID lockups that went on too long and…
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27 Mar 2026 |
keeping the GSEs inefficiently run while in conservatorship.
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27 Mar 2026 |
now with guidelines to prevent risk-taking outside of their purpose, and grow their purchases of mortgages of well-targeted specification.
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27 Mar 2026 |
They also need to be run by real mortgage executives, not government functionaries.
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27 Mar 2026 |
Through well-targeted programs, the GSE can help the free market find spaces to intelligently reallocate , and help US citizens with…
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27 Mar 2026 |
the GSEs need to be recapitalized and retain easy access to capital markets.
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27 Mar 2026 |
Government created the problem and now maintains policies that prevent free markets from reaching a solution
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27 Mar 2026 |
I should have written this into the Recurrence piece itself.
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27 Mar 2026 |
This is not a housing shortage, despite what so many say.
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27 Mar 2026 |
a decade of financial engineering optimized for homeowner wealth accumulation rather than housing market velocity/mobility/fluidity.
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27 Mar 2026 |
It adds to the problem through high maintenance burdens on new homeowners with little equity in their homes.
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27 Mar 2026 |
The companies have become atherosclerotic, inefficient government programs
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27 Mar 2026 |
Building more new overpriced, poorly built homes in increasingly dangerous flood zones and other hazardous fringe areas is not the solution.
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27 Mar 2026 |
To achieve this they need to exit conservatorship in a manner that excites markets to fund these companies
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21 Mar 2026 |
What really matters to the market and the US economy is not the Strait of Hormuz.
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18 Mar 2026 |
This scenario was contemplated.
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18 Mar 2026 |
Despite price action since, regarding Fannie Mae $FNMa and Freddie Mac $FMCC, I stand by every single thing I wrote in December.
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27 Feb 2026 |
$PLTR somehow kept its name out of this story.
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23 Feb 2026 |
And you think I’m bearish.
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22 Feb 2026 |
Even if you predicted a half century of radio dominance, you would have lost money on RCA.
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21 Feb 2026 |
Now you are engaging in accounting tricks to hide expense, to protect earnings, as the impact is so severe.
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16 Feb 2026 |
Convergence, commoditzation, compression and reflexivity - the 4 horsemen of the data center buildout apocalypse.
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15 Feb 2026 |
Please read yourselves before coming to any conclusions.
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2 Feb 2026 |
The entire new Megadeth album is very good.
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30 Jan 2026 |
Elon is an American treasure but also a desperately incentivized futurist even earlier than me.
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29 Jan 2026 |
Say what you want, but I'm right.
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29 Jan 2026 |
No one has invented AI yet.
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26 Jan 2026 |
He has held on with the diamondest hands.
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21 Jan 2026 |
The problem is too big to save, again by that very same definition.
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21 Jan 2026 |
All the capital being being spent and lent by the richest companies on earth will not buy enough time-by the very definition of mania.
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21 Jan 2026 |
This is not surprising and will not end with OpenAI.
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20 Jan 2026 |
It’s the best place to set up anti-missile defenses to intercept ICBMs coming from Russia / China
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20 Jan 2026 |
One reason Greenland is strategically important to the US is in fact twofold:
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20 Jan 2026 |
It’s a very good place to set up offensive missile capabilities to threaten Russia / China
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20 Jan 2026 |
If you throw a ball into the air you’ll see the same effect - the ball is slowest at its highest point.
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2026 |
more like 2000 than any time since, but not 2000 yet.
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Dec 2025 |
Thank you for being a subscriber!
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Dec 2025 |
More like 2008 than I initially thought, which surprised me.
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Dec 2025 |
When I saw, and as I see, how the people that do really well in the space do it, I fully recognize that is not a space for a generalist…
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Dec 2025 |
I have no edge there, despite my medical background.
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Dec 2025 |
There are very few areas I avoid, but that is one.
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Dec 2025 |
The math is hidden again, but the issue is much bigger and interesting than depreciation.
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Dec 2025 |
Thank you my friend. I sincerely appreciate your comment here. And congratulations on your new book!
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Dec 2025 |
Thank you Henry for subscribing.
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19 Nov 2025 |
I didn't want the problems I had the first go around with Scion Capital.
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13 Nov 2025 |
doesn’t surprise me one bit that Alex Karp and his ‘ontology’ @PalantirTech cannot crack a simple 13F.
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13 Nov 2025 |
“My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”
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13 Nov 2025 |
“on to much better things” on November 25
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2025 |
Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.
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2025 |
Yet our investment in these mortgage shorts was and is a rational investment shorting the absolute worst quality among borrowers and their…
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2025 |
Never have I had the success I had this past January, however, and I did not react well to it in context.
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