Michael A. Blum

The pricing war between Anthropic, Google, OpenAI, and SpaceX is far from over. @RPKInvestor

AI agents now consume far more tokens than humans

CoreWeave free cash flow last 8 quarters.

Chip: In this tweet I will briefly explain why my hedge fund @seabreezelp has only one outside research subscription - and that is to @hedgeye lengthy suite of products. I will also defend and explain my strong support of @KeithMcCullough and his (hockey) tough, hard hitting approach to marketing and delivering Hedgeye's recommendations and points of view. I graduated with an MBA from Wharton where I learned how to model companies and be a fundamental security analyst. I became Kidder Peabody's housing analyst where I perfected my analytical craft. From there I moved to Putnam where I followed financials and ultimately was an Economist. In the above capacities I differentiated (I was always far from the herd) myself by avoiding "group stink" and offering a contrarian view (my first research report at Kidder was a sell recommendation on a very hot mobile home industry sector). My negative industry analysis on Fleetwood, Skyline and Champion homes was 65 pages long. (Later on in my career I appeared in Alan Abelson's Barrons column more than 50 times, delivering contrarian and often bearish analysis. I wrote five editorials for Barrons and was featured on the cover as well as writing editorials in The Financial Times- almost always of a non consensus bent. The common denominator at the two jobs (Kidder and Putnam) was hard hitting and differentiated research. At Putnam in the 1970s, it was an era of "stock pickers" led by Fidelity Magellan's Peter Lynch and my boss Putnam's Jerry "The Chief" Jordan. Over time (and decades later), active management lost favor and passive investment management took over. Peter Lynch and Jerry Jordan's funds were replaced by Index funds (ETFs, Quant Funds and Pods) that worshipped not on fundamental analysis but at the altar of price momentum. Company spread sheets (modelling) were partiallly replaced by algorithms and machines - who know everything about price but nothing about value. I recognized the metamorphosis of the investment business and needed and sought a way to introduce quantitative measurements to complement my fundamental security analysis. I discovered fractals and, in time, the best practitioner for integrating fractals and quantitative analysis into my fundamental Stock Market equation - @KeithMcCullough at @hedgeye. Earlier I referenced Hedgeye's suite of products. I also actively utilize their fundamental research product which is differentiated and often contrary. ($MTP, an investment short at our fund, was brought to my attention by Hedgey's research, there have been many others). They don't follow the institutional script. As to Keith's delivery - it reflects what he is up against, an institutional community of research which is non differentiated and conflicted... and panelists and guests on business media that are generally perma bullish, non rigorous, inconsistent in process, don't time stamp, takes no ownership of oft repeated losers and (invariably) leads retail investors to large drawdowns in every single cycle "when the tide goes out" (in part because they have no risk management discipline). They are generally "talking heads" who polish their images (for free) in @CNBC and elsewhere - regardless of contribution or degree of value. Let me make it clear Chip - going up against the establishment is a difficult endeavour. Succeeding in the manner in which @hedgeye had done is next to impossible. Whereas @DivesTech @fundstrat and sell side research firms like Goldman Sachs and Bankamerica "pay for play" and are invited daily on FIN TV, a contrarian shop is not. They don't have access as they piss off the establishment. And in the case of @hedgeye they dont want to go on Fin TV. Let me give you a metaphor. My sister Deb Kass is an extraordinary famous artist. She started out competing in an all male art world in the late 1970s. She and other female artists had virtually no or limited access to gallery shows which mainly exhibited male body of work. As such she faced near insurmountable hurdles. But she persevered and produced brave, outspoken and unique product and has become a legendary figure in the art world - her next retrospective will be at The Barnes Museum in Philly next year. (She taught at Yale for many years, Keith graduated Yale - something also in common). And like @KeithMcCullough she fought hard, is tough and was her best salesperson. Oy yo, baby! (I am referencing her famous Oy Yo sculpture which resides on the front lawn of the Brooklyn Museum of Art, in the front of the Jewish Museum in Philadelphia and at the Iris Cantor Cultural Center at Stanford University. @DeborahKaty Chip, you tweeted that in supporting Keith I am complicit. I have no clue what you even mean. Nonetheless, I hope you now understand my subscription and defense of @hedgeye @RPKInvestor @HedgeyeDJ - and why I totally disagree with your characterization of Hedgeye and myself. The difference between you and me - on this subject -is that you deliver fifteen words of view whereas I expand my explanation so you and other people fully understand my position.

Tuesday marked the 77th anniversary of the founding of the People's Liberation Army (#PLA) Air Force. To mark the occasion, at 11:11 am, the PLA #AirForce announced that it had opened official accounts on four major overseas social media platforms. #PLAAF #SOARTOGUARDPEACE #CHINAAIRFORCE globaltimes.cn/page/202611/1…

The median U.S. home-sale price fell for the first time in over 3 years.

Xi and Trump set for Apec talks, but major deliverables expected to wait for G20 scmp.com/news/china/diplomac…