Serious investment thinking that doesn’t take itself too seriously.
Just a little grab bag of charts, asides, and riffs on themes. YouTube is under-monetised Random Walk made the case for Google as a $2T company, even assuming search is a...
And it was awesome. Random Walk is interested in s-mid caps that stand to benefit from an increase in the secular demand for energy, with a bias towards natural gas, given that...
China needs us to buy its stuff more than we need its stuff, but it's all just noise relative to the stuff that really matters. I am going to going to offer two somewhat...
No signs of capital flight yet. Just two quick charts on the “Fade America, Long Europe” trade that’s become de jour. The basic premise is that big bad Trump is...
There's a far more plausible explanation, and if anything, AI will be a job-creator. “AI is taking white collar jobs” is a thing people are saying, but they’re very probably...
Short post today. This is just a fun chart that (a) speaks to the difficulty of forecasting, and also probably (b) the incentives inherent to sell-side research. Earnings...