Using Mr Market's irrationality to generate 25% IRR since Oct-20 | Ex-banker | Subscribe to my Substack for more: https://xitter.cf/t.co/zKA8NSwMdx

Joined February 2026
$CSU.TO $TOI.V Chief AI Officer.
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September S&P 500 equal-weight performance heat map
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James Stawicki retweeted
Great stuff from @scottcharts Amazing that the S&P 500 is positive for September despite five sectors down more than 6% It's tech or bust!
Sector performance really telling the story of September. Two sectors positive, five down more than 6%
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James Stawicki retweeted
U.S. CORE PCE REVISIONS REVEAL SHARPER DISINFLATION Downward revisions concentrated in 2026 have pushed annual core PCE to 3.0%, with July revised from 3.34% to 2.98%. More importantly, underlying inflation momentum has weakened significantly: 3-month annualized: 2.05% 6-month annualized: 2.74% The revisions suggest U.S. inflation was cooling faster than previously reported, beyond August’s softer reading alone.
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James Stawicki retweeted
GOLDMAN: GULF OIL EXPORTS FULLY RECOVER TO 2025 LEVELS Persian Gulf oil exports have doubled in September, reaching 23.3 million barrels per day, according to Goldman Sachs. Crude shipments have recovered to 108% of their 2025 average, but key refined products, including diesel and jet fuel, remain at just 50% amid refinery outages and shipping risks. Goldman sees the global oil market roughly balanced and maintains its $85 Brent forecast for year-end.
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*GOLDMAN: GULF OIL EXPORTS FULLY RECOVER TO 2025 LEVELS 🇺🇸🇮🇷 Persian Gulf oil exports have doubled in September, reaching 23.3 million barrels per day, according to Goldman Sachs. Crude shipments have recovered to 108% of their 2025 average, but key refined products, including diesel and jet fuel, remain at just 50% amid refinery outages and shipping risks. Goldman sees the global oil market roughly balanced and maintains its $85 Brent forecast for year end.
If you’re a semi/memory investor. You need to read this report. Wells Fargo trading desk on $MU as it reports earnings later today. PT $1400
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James Stawicki retweeted
CHART OF THE DAY: Saudi oil exports -- so far in September, highest since the start of the war.
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None of this seems insurmountable. Importantly, more talks appear to be scheduled for the coming days xitter.cf/HFI_Research/status/21…
NYT: Iran Proposes 7-Day Plan to End War Under the offer, the Strait of Hormuz would reopen and nuclear talks would be revived.
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James Stawicki retweeted
Seems weird to say the consumer is in good shape, but (nominal) spending is resilient 💪 Consumer balance sheets are in good shape, thanks to stocks. And more households are drawing on this wealth. New blog 👇 @CarsonResearch @RyanDetrick carsongroup.com/insights/blo…
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James Stawicki retweeted
7th day in a row of more 52-week lows than 52-week highs, longest stretch since the Liberation day meltdown
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Opinion follows trend… again
If you’re a semi/memory investor. You need to read this report. Jefferies drastically slashing its $SNDK price target from $3,000 to $1,750 today after rushing to raise it to $3,000 just weeks ago is a masterclass in how sell side research operates as a trailing, trend following indicator…which makes them irrelevant. When $SNDK was tearing through record highs on memory supercycle momentum, the same analysts scrambled to slap $3,000+ targets on the stock to justify the tape and preserve their out of consensus upside narratives. The moment the stock encounters macro friction or stupid pulls back, those same desks panic cut their targets by over 40% simply to reconcile their static spreadsheet models with the current screen price. This backward looking behavior proves that sell side price targets do not offer forward alpha or structural value discovery…they are institutional cover designed to herd with market consensus, leaving retail investors holding the bag at the top of analyst revisions while institutional desks trade the true physical supply chain and cash flow dynamics weeks ahead of the tape. Never!
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Subscribe (free!) for more information about $CSU.TO $TOI.V in our newsletter :D
We just spoke with Jamal Baksh (CFO of Constellation Software/Topicus). He explained to us that Daan Dijkhuizen is not leaving Topicus $TOI.V , but his responsibilities just extend on top of it with his new role at CSU. Quite an important nuance that might have been misunderstood by some people. We (might) release a little bit more information tomorrow in our newsletter: tresorcapitalnieuws.nl
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James Stawicki retweeted
Big Short investor Steve Eisman says the AI labs know they have no moats and are manufacturing a crisis to get regulation that hands them a duopoly "I think this is all nonsense." [ You think it's all nonsense? ] "All nonsense. I think that there's something else completely going on here. ... What I think is happening is that token maxing is over. The open weight models are taking big market share. I think these companies are very nervous. They realize that there are no moats around their business whatsoever, and they're trying to manufacture a crisis that will create regulation, and that they think they can then manipulate to create the moats, to create the duopoly that they want." [ Wow. ] "That's what I think is going on." "Honestly, I think this whole Terminator thing is garbage. That's for sure."
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James Stawicki retweeted
If RBC's estimates are right, Topicus trading around $90 implies a 7%+ 2027 FCF yield (14x EV/2027 FCF) for a business that RBC still expects to compound EBITDA at 16%+ annually $TOI.V
Topicus CEO transition. Another step in the changing of the guard across the CSI ecosystem. The investment case increasingly rests on the durability of the system rather than the individuals who built it. My notes here and on substack (link in bio)👇 $TOI.NE
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James Stawicki retweeted
We just spoke with Jamal Baksh (CFO of Constellation Software/Topicus). He explained to us that Daan Dijkhuizen is not leaving Topicus $TOI.V , but his responsibilities just extend on top of it with his new role at CSU. Quite an important nuance that might have been misunderstood by some people. We (might) release a little bit more information tomorrow in our newsletter: tresorcapitalnieuws.nl
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James Stawicki retweeted
The day of the first hike in a new rate hiking cycle have been pretty bullish lately, up four times in a row with some big gains in there.
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James Stawicki retweeted
I argued on CNBC this morning that: 1. The data have been consistent with not hiking rates. Core CPI came in at the lowest level since March 2021, and core PCE is about to be revised and brought closer in line with the less error-prone CPI levels. We are getting the evidence we need that the spring was consistent with a one-off energy shock, as core PCE moving averages slope down and come in line with a forecast to be back at target in the period after monetary policy lags, i.e. in about a year. We know from Trichet that hiking into an oil shock doesn't lead to the best outcomes. 2. If you held in June and July and become more hawkish as the inflation data come down, it speaks to an incoherent reaction function. The market needs to believe there is an economic framework underlying monetary policy decisions and they are not being made randomly. Typically, a central bank becomes more dovish as inflation data and forecasts come down, not more hawkish. If the Fed hikes, when the dust settles, I think this will speak to a larger credibility problem as the reaction function will appear closer to randomness than to a mapping from inflation data to policy outcomes. This would entail the need to specify why hiking was consistent with declining inflation data in an economically coherent framework, which to date has not been done. 3. The oft-repeated argument that the Fed needs to hike "to control the long end" is problematic. The premise is invalid: with term premia and inflation expectations well behaved, the move higher in long yields has been a result of improved growth expectations, i.e. a good increase in yields rather than a bad increase in yields, and not one that needs to be fought (other than in the sense of smoothing volatility as Treasury is doing through buyback liquidity). Moreover, even if one views "controlling the long end" as a valid goal for monetary policy, hiking in this environment will be counterproductive as a) an increase in short-term funding costs is only going to be passed through and raise long yields given the shifting buyer base for Treasurys; b) history doesn't really show that long yields come down with Fed hikes; and c) the incoherence of the reaction function will, when the dust settles and after initial reactions, lead to higher and not lower risk premia. 4. What, then, is the argument for hiking? Atmospherics. Market pricing and not wanting to cause additional volatility given market pricing. With well-anchored inflation expectations and the inflation data on the right path, credibility isn't really at risk here. The argument "inflation has been high for x months" is backward-looking. Given monetary policy lags, policy has to be set for Q4 of 2027 and Q1 of 2028. Setting policy based on what happened in 2023 or 2024 or even 2026 is the type of thing Milton Friedman's "fool in the shower" would do.
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For context, $TOI's sister companies: Jonas Software has 200+ subsidiaries organised into 5 groups Volaris has 240+ subsidiaries organised into 5 groups Vela Software has 140+ subsidiaries organised into 8 groups → With over 215 subsidiaries, Topicus was arguably pushing the limits with its 3 groups (of which the two TSS groups hold virtually all of the subsidiaries) $CSU $TOI $LMN
Replying to @TYMrMarket
Enhanced decentralisation: each TSS operating group to run as an autonomous, stand-alone entity. TSS Public (led by Han Knooren) being renamed as it transitions into an autonomous, stand-alone operating group. Pushing autonomy down further, very CSU-playbook.
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Perhaps the signs were there all-along 👇 $TOI.NE $TOI.V $CSU $LMN.NE $LMN.V
Just posted my Topicus $TOI.V Q2 2026 earnings review on my Substack. Overall it was a good quarter when you focus on what matters, which the headline figures don't quite do justice. Also, has anyone else noticed that TSS has built a 6-person North American M&A team in 12 months? 🧐👇 thankyoumrmarket.substack.co… $CSU.TO $LMN.V
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