Word a Day Toilet Paper

Everyday is a school day!

I used a word today in a tweet which I thought I understood, but when I checked I was wrong.

Best part is it actually explained my point better than I thought.

I listened for a short time someone explain how “the market has figured out” that tech now has to pay the piper for the AI capex and the only real benefactor are the utility and infrastructure companies that have to support it.

AI went up. No one paid attention to utilities. AI went down. Utilities kept going up.

All we have done is attach another fleeting story to the reality of prices.

The AI story was bullshit then and it is now. The utilities build out to support AI is also bullshit even though we are benefitting from the prices in the portfolio.

Rant over I think I need the weekend to come sooner ;)

Performance:

• Current closed equity return = 19.9%

• Current open equity return = 26.5%

• If all current positions close at stops, our return = 21%