US data centres.

Running and growing.

Run too fast, and you can’t run for long.

Run slower, and you can run for longer.

With too much sunlight, trees grow too fast and weaker.

With less sunlight, trees grow slower and stronger.

Run slower for longer and grow slower to be stronger.

Get your feet dirty, work hard, and climb the mountains. Eventually, you will own your mountains.

Find what feeds your passion, align your personality, and work with your purpose. When you do that, no one can touch you.

Relentless.

Be relentless. It is difficult for others to compete with you.

Have a strong work ethic. When you do the work, you eliminate fear.

Dare to venture; you will not conquer the oceans if you stay within sight of the shore.

Japanese stocks cheap for a reason?

They have the lowest ROE.

US stocks expensive?

They have the highest ROE.

Don’t just look at price alone.

Consider all other factors as well.

Waymo going for Uber and Lyft in San Francisco.

Global Enterprise AI expected to grow at 19.5% CAGR to hit $2.5T by 2032.

Estimates are going to be precisely wrong, more important to be thinking directionally, and to be approximately right instead.

Interesting to think about which winners could most likely dominate here in the years to come.

Amazon’s advertising revenues.

Shopify Black Friday Cyber Monday global sales.

2024 BFCM +24% BF +22%.

GLP-1s being significantly more expensive in the US than other countries.

This allows us to add more capital and increase our positions in the solid, growing, high-quality businesses that we already own or want to own.

Instead, consider broad market selloffs, such as Black Friday or the Great Singapore shopping sale, which provide attractive opportunistic discounts.

As a reminder, markets do not always keep going up.

Always be prepared for significant price declines, which could present strong and attractive buying opportunities for long-term investors.

Adyen overtaking Square in in-store POS payment volume.

China’s overcapacity in car manufacturing which keeps rising, compared to domestic sales has been largely flat (since 2016), thus the need to export them overseas (since 2020).

Interesting chart of quality versus speed versus price for LLM models from The State of AI Report 2024.

If you understand the long-term driver of stock market returns and what the weighing machine is, you can ignore the constantly noisy voting machine.

Markets are back to all-time highs, which coincides with companies' all-time high earnings.

Instead of being price-focused, focus on the business fundamentals and whether the companies can continue to grow revenues, profits, and free cash flows.

Central bank buying and gold prices.

USD in SWIFT payments.

TSMC winning 2/3 of the foundry market share that Samsung lost.

Looks like we could have more AI-Robots coming to us, in autonomous vehicles, domestic cleaning robots, and humanoids. (forecasts from Citi GPS)

Shopify‘s Black Friday and Cyber Monday Sales.

TSMC global foundry market share.

It is important to be thinking about the next innovation cycle as they are getting increasingly shorter, of what could be, and where we are in it.

How Data Center growth could look like over the next 5 years.

The long-term driver of market returns are earnings growth.

Value.

Money earned represents the value that one creates. It is the exchange of value that people create.

You receive value when you create value.

Focus on creating enormous value for others. When you can keep doing it, you can take a small portion of it along the way.

Impressive that Databricks is really closing the revenue gap on Snowflake.

Argentina’s inflation and government budget after Javier Milei becoming President.

Amazon having 76% of US retail media digital ad spend.