I think I will print Oracle’s FCF over the past 30 years, frame it, and then put it up on the wall of our office.

It really is one for the ages…

An early Christmas present arrived today. Really looking forward to read the book “The Compounders”.

Last week Oracle reported CapEx for the previous fiscal quarter at $9.1bn compared to just $414mn four years ago. CapEx in percentage of sales has exploded to almost 60% which is twice the level of the other hyperscalers. Investment levels at this rate comes with high risk for shareholders. #stocks

Sell-side analysts have only shifted Tesla's revenue expectations down reflecting the Q1 impact, but not changed the long-term growth rate with revenue growth expected >20% annualised from to 2025 to 2028. In order words, analysts believe there has been no permanent damage to growth rates.

While the high-frequency indicators in Dallas WEI show hard data are not impacted yet (it will come) from tariffs, an export economy such as Germany has seen a visible impact from Trump policies over the past four weeks. Potentially a good indicators on what will soon happen to the US economy.

Starting 17 days ago Meta's platforms are swarmed with fake profiles and disgusting ad campaigns using my name and photos. As Martin Wolfs says in the FT article you are playing 'whack-a-mole" with Meta. The company is not upholding GDPR or the EU's DSA directives. (2/n)

Eutelsat, French-based satellite communications company, is in talks with Ukraine to replace Starlink. New geopolitical security interest asset. It doesn’t matter that it is a bit more expensive than SpaceX. Europe will now prioritise its own technology. #equities

I did a presentation for business leaders in Denmark last week. One of my slides naturally had perspectives on geopolitics and defence stocks. Under the assumption of EU defence spending going to 4.5% of GDP and nominal GDP growing 3% p.a. then defence spending will grow 13% p.a. until 2034. 2/n

In case anyone cares…