Meta now has fewer employees than it did 5 years ago. With more than 2x the revenue base. $META

David Einhorn explains why the value investing industry has been defeated, and walks through how it leaves Greenlight as a "dinosaur" “The market structure has changed, and there has been what I consider to be a broken market, or the value investing industry, I think, is defeated, so to speak." "It used to be that most money was invested by these long-only investors, these big mutual funds and stuff like that." "And they had money coming in every day, and they were getting nice fees on all of that money, and they had large research teams, and they would sit around following all of the companies with teams of analysts and they would say this company we think is undervalued by 30% and it might be a growth stock or a value stock or Magnificent Seven or otherwise, but they would say I think this is undervalued by 30% and if I buy it and I hold it I’ll make the S&P plus 30." "Now as we’ve moved to passive they’ve lost their customers and the remaining customers are paying them lower fees and they have reduced their research staffs and they don’t have new money coming in to make new investments in any case." "But the market is now dominated by passives, index funds, which buy what everyone else has already decided things are worth, or algorithms, which are basically trying to figure out what is everybody else doing and how do I front run that, or retail, which is buying things because they think it’s cool or they think it’s going up." "And so most of the investing these days is no longer done by people who are buying something because they think it’s worth more. They have opinions about price, like what is the price going to be tomorrow. And so the result is most trading that is going on right now has nothing to do with value." "So it leaves us sort of as a dinosaur. We’re one of the remaining few people left who are looking at things on a traditional basis.”

This SpaceX paper is money good and better than most sovereign debt. Also means that everyone else except IG-grade hypers will price at 10-12% in 2027.

wut

Free agent guard Gary Trent Jr. has agreed to a four-year, $64 million deal to stay with the Milwaukee Bucks, Klutch Sports CEO Rich Paul and agent Lucas Newton tells ESPN.

I got tired of digging through websites to see how players did each day, so I spent 45 minutes and built a box score site. dailyboxstats.com Full daily leaders & full box scores for the NFL, NCAA Football, NBA, MLB, NHL and European soccer. Front page summary… click through pages behind it.

Yaxel Lenderborg on his NBA debut and guarding Luka: "I got to see what the NBA is like, man. Lot of flopping, lot of foul baiting, lot of praying to the ref. Interesting first game for me... Being in there firsthand, just watching all the whining and complaining, I lost all respect. That was awful" Transcript of this soundbite: "Yeah, it was interesting. I got to see what the NBA is like, man. Lot of flopping, lot of foul baiting, lot of praying to the ref. Interesting first game for me, for sure. I had a lot of respect for him (Luka). You know, just watching. I didn't really watch the NBA much, I just watched highlights. Seeing him, you know, kill people all the time. But then being in there firsthand, just watching all the whining and complaining, I lost all respect, man. Like that was awful. Like me getting frustrated, it's not about the foul being called, it's about him complaining the entire game. And then you get the foul call, congratulations bro. And then you talk to me like you did something great, bro? Come on, dog. That's just weak. It kinda threw me off for a little while, cause you know, like I said, I had so much respect for him. Gone man, gone. I was telling him he sucks, he can't score on me. You talking and you can't score on me. I said it the whole game. I said a couple cuss words obviously, you know, that's why I got the technical and all that. But I was letting him know, because he was laughing and talking all this because of that one foul call. His only bucket on me was a banker from half court. Like I know that it's a team sport. You know, he had 28pts on us as a team. Me, I took my matchup personally. Tried not to get caught on the fouls. Tried my best. I was thinking about playing him with my hands behind my back to see if that worked, probably would've still got a foul call." Transcript via: reddit.com/r/nba/comments/1x…

Trailing 12 month earnings and earnings growth of every company with a market cap > $1 Trillion

Do we have ETFs that own perpetual futures that track Presidential approval ratings yet?