I wonder how important Halloween is in raccoon culture. They must gorge themselves on dropped candy for weeks

In the private asset management industry, why does BAM have a higher FRE multiple than Ares, KKR, Apollo or Blackstone?

Is it because of their cap light holdo structure alone or other advantages?

😂😂🥲

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you can log on and encounter behavior on a *daily basis* that would instantly make someone a local pariah in 95% of real world contexts, and the fact that that percentage is lower than 99.99% is itself explained by the fact that we've been running this social experiment for years now

unfortunately not the only one with that thought...AER is at 1.2x book, might still do well if the capacity stays tight for a long time but it's pretty much at the highest price too book since the GFC and they reinvest into new planes at higher prices too.

"Pandemic forced capacity reductions. Lots of older planes were taken out of service permanently."

High utilization rates of airport infrastructure. "Heathrow is full"

And given how UK infrastructure works, pace of capacity additions will be very slow (decade plus).

"In The Know" Podcast - Episode "Alex Irving: Airplane Mode"

"Airline industry, especially in Europe, will be short of capacity for a while. Airline industry is protected from its own worst competitive impulses because of lack of capacity"

$MUSA vs. $CASY - latter is viewed as a growing food retailer and the former as a gas station for low income customers

there's been a clear winner in the battle between brands and retailers.

short CPG long retail has paid off

Relentless re-rating of food retailers

eg Loblaws, Casey's, Wal-Mart and Costco 2009 to now

Explosive since the end of 2023.

Perhaps a mix of market paying up for inflation protection and general relentless re-rating of stonks.

Do read the story. The potential mismatch between $ capital needs and the useful life of the resultant physical capital stock is the central conundrum here?

YouTube video by Steve Eisman Breaking Down the United Healthcare Disaster: What’s REALLY Going On? | Real Eisman Playbook Ep. 26

youtu.be/L6QSH_ZmYxI?...

Fantastic Eisman podcast on UNH

When I was young I clerked for a federal judge, in one of the cases Trammell Crow was a witness (not a party no accusation of wrongdoing) my judge couldn't resist asking him how he had been so successful for so long. He responded, "Never forget that the business is cyclical."

Can Greggs hold its own in the fiercely competitive food-to-go market? Beloved high street bakery chain Greggs is facing significant challenges, citing increased competition and market saturation as key factors in the company's slowing growth. Can it get back on track?

www.thegrocer.co.uk/comment-and-....

20% mkt share in to-go breakfast, #1 in the UK, with McDonald's slightly behind. McDo has half the number of outlets.

$GRG.LN really is the British Tim Hortons

In 2016 Geoffrey Hinton said “we should stop training radiologists now" since AI would soon be better at their jobs.

He was right: models have outperformed radiologists on benchmarks for ~a decade.

Yet radiology jobs are at record highs, with an average salary of $520k.

Why?

As America's most pro-business leader in a generation, I will choose one company each week and accuse them of witchcraft

what companies have had good economics and growth for a long time but where, because of fears of the impact of AI, the stocks / multiples have declined substantially to below market level averages.

My list:

FactSet
Wolters Kluwer
Amadeus
Roper
Salesforce
Accenture

Any others? Esp, ex-US?

I got this wonderful relief map of the world and my first reaction was “holy bleep the Tibetan plateau”

jimmy fallon in black and white

Jimmy Fallon Executed After Ending Show's 20 Minute Moment of Silence for Charlie Kirk 8 Seconds Early

are there good non-US alternatives to US online streaming services?

LFG boys, we doin ratings arb again

cool business

en.wikipedia.org/wiki/Humanet...

"While the Tesla Model Y and Model 3 have been the two best-selling models in the United States since 2020, the 110 new models that have entered the market since then have driven the market share of Tesla down from 60% in 2020 to 38% in 2024."

Trends in electric car markets – Global EV Outlook 2025 – Analysis - IEA Global EV Outlook 2025 - Analysis and key findings. A report by the International Energy Agency.

Just the additional 3.5 million cars sold in 2024 compared to 2023 outnumber total electric car sales in the whole of 2020.

www.iea.org/reports/glob...