Tim Travis (@TimTravisValue) header
Tim Travis (@TimTravisValue) profile picture
Joined January 2022
Photo by Tim Travis (@TimTravisValue)Photo by Tim Travis (@TimTravisValue)Photo by Tim Travis (@TimTravisValue)Photo by Tim Travis (@TimTravisValue)Photo by Tim Travis (@TimTravisValue)Photo by Tim Travis (@TimTravisValue)
Bullish $GOOG
Why did Berkshire take such a big, ill-advised position in Alphabet?
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Tim Travis retweeted
I’m enjoying these podcasts with @Greenbackd and @TimTravisValue. In this one Tim mentions that he thinks $FFH.TO got a good deal with the $KW acquisition which I tend to agree with but most investors don’t. podcasts.apple.com/ca/podcas…
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Google's investment portfolio is INSANE! Its SpaceX stake alone is valued at $83B, accounting for roughly 94% of its portfolio. Here's $GOOGL latest portfolio:
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Tim Travis retweeted
The Hyperscaler takeover of Neoclouds begins *GOOGLE BUYS CRUSOE’S WYOMING DATA CENTER SITE
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$OBDC Got it. And then the commentary on OBDC II is very helpful, especially with some price discovery out there. I guess the question is, how can you guys, kind of, close that gap between the underlying valuations and the public stock price? Is it really just putting that data out there so investors can understand it? Or is there anything else you guys can do from your side? Craig Packer CEO & Director So, it's a great question, and it's one we spend a lot of time thinking about and maybe beyond the investing, it's certainly right up there in terms of our focus. It's our hope by sharing detailed updates on how OBDC II is performing that, that will get at the core of what we hear concerns from investors on, which is the quality of the NAV and the quality of the marks. And I don't think that's specific to OBDC. I think that's been a general concern around private credit over the last year or so. I think our valuation process is very good. I won't repeat how we do it. We use a third party. But we think here we have at OBDC II, a fund that was $1.6 billion less than a year ago. We've now exited or gotten repaid on $1 billion of the $1.6 billion and every position has come out at our marks. And we think by highlighting that to investors on this call and in individual conversations, given all those names are in OBDC that, that should give investors significantly improved confidence in the quality of the marks.
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Tim Travis retweeted
Some of the most durable non-cyclical businesses, which are going to end up being of the biggest AI winners in the long run because of their distribution and scale advantages, are trading at: $META - 11.65x (LTM) Operating Cash Flow $AMZN - 16.66 (LTM) Operating Cash Flow $GOOGL - 19.44 (LTM) Operating Cash Flow $MSFT - 20.32 (LTM) Operating Cash Flow When there is an indiscriminate sell-off of quality and non-quality companies (search for liquidity), oftentimes, as a long-term investor in quality names, you just have to be thankful for the opportunity.
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$MELI Advertising revenue growth YoY: Q3 2026 → 51% (58% FX-neutral) Q2 2026 → 73% (62% FX-neutral) Q1 2026 → 73% (63% FX-neutral) Q4 2025 → 70% (67% FX-neutral) Q3 2025 → 56% (63% FX-neutral) Q2 2025 → 38% (59% FX-neutral) Q1 2025 → 26% (50% FX-neutral)
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Thoughts on $MELI I think investors spend far too much time worrying about what $MELI will earn next quarter or next year and far too little time thinking about what this business could become over the next decade. Rising delinquencies, slower growth in Mexico, and margin pressure from free shipping are all worth watching. But I’ve owned $MELI long enough to remember dozens of concerns that seemed incredibly important at the time and are almost meaningless today. Here’s something I’ve learned over the years. The problems facing a growing business will constantly change. Some will disappear, others will emerge, and a few will become serious. Your job as an investor isn’t to predict every problem. It’s to understand whether the business is becoming stronger or weaker as it works through them. And that’s what matters to me with $MELI. Is its competitive position strengthening? Are more people becoming dependent on its ecosystem? Is it building advantages that competitors will find increasingly difficult to overcome? And most importantly, can it continue reinvesting capital today to create substantially more earning power in the future? Of course, that doesn’t mean giving management a free pass. Credit deserves close attention because there’s an enormous difference between temporarily sacrificing profits to strengthen a business and permanently sacrificing profitability because the underlying economics are deteriorating. But here’s the bigger point. A company can report wonderful margins today while losing its competitive advantage. Another can report disappointing margins while building a business that will be worth several times more a decade from now. If you only look at the numbers, you might completely misunderstand what’s happening. Ultimately, I care much more about what $MELI’s competitive position, earning power, and cash generation will look like ten years from now than what its margins look like this quarter or next year. Naturally, the price we pay for that future matters enormously. 🌹
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Tim Travis retweeted
Well, it did finally get cheap in 2026.
$BMBL With Bumble's takeover set to close in the coming months, here's a look at how they fared as a public company since IPO since its first day of trading.
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Michael Burry on $MELI “I am confident they are building their businesses with moats that will be protective for a long time ... Every time I dig into this company, I wonder what every other analyst is seeing. Just about everything MercadoLibre has been doing makes sense to me, and does not concern me.”
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Tim Travis retweeted
Since some ppl are blatantly lying about this fact: 74% said the Iran war was either “crucial” or “a major factor” in their vote. 3/4ths of the electorate. Don’t be gaslit by humiliated warmongers.
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Tim Travis retweeted
AI estimates is this portfolio is -15.7% on the day.
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Dot-Com Crash 2.0 - Intel $INTC 2026: -58% / 24 days vs 1999: -53% / 27 days *Trading days.
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Tech Stocks in Bear Market Territory: 1. SanDisk, $SNDK: -66% 2. Arm Holdings, $ARM: -64% 3. Coinbase, $COIN: -63% 4. Nebius, $NBIS: -62% 5. Seagate, $STX: -60% 6. Marvell Technology, $MRVL: -59% 7. ServiceNow, $NOW: -57% 8. Oracle, $ORCL: -56% 9. AppLovin, $APP: -54% 10. Circle, $CRCL: -54% 11. Super Micro Computer, $SMCI: -51% 12. Micron, $MU: -48% 13. Dell, $DELL: -47% 14. SpaceX, $SPCX: -47% 15. Qualcomm, $QCOM: -43% 16. Broadcom, $AVGO: -41% 17. AMD, $AMD: -39% 18. Robinhood, $HOOD: -38% 19. Alphabet, $GOOGL: -32% 20. Tesla, $TSLA: -32% 21. Palantir, $PLTR: -28% 22. TSMC, $TSM: -28% 23. Meta, $META: -26% 24. CrowdStrike, $CRWD: -26% 25. Nvidia, $NVDA: -25% The S&P 500 has now erased -$4 trillion in market cap since October 6th.
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Tim Travis retweeted
Every generation learns old lessons anew. – at Rolling Hills, CA
If only we had known that semis are cyclical, highly capital-intensive, competitive businesses. But nobody knew that.
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Tim Travis retweeted
I think we've reached the anxiety stage of the bear market.
The psychology of a bear market: Every bear market is experienced as a sequence of emotions, and the sequence is remarkably consistent from one cycle to the next. Financial advisers have long used a version of the diagram below to describe it. The cruelty of the cycle is in its alignment. Confidence peaks when prices, and therefore risk, are highest. Fear peaks when prices, and therefore expected future returns, are most attractive. An investor who acts on feelings will reliably buy near the top and sell near the bottom.
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Tim Travis retweeted
And electrical equipment, cooling, networking and batteries
Elon Musk says the AI boom will hit a WALL by the end of 2026. He says the whole industry is about to learn a hard lesson in hardware. Chip output is exploding, but electricity is nearly flat everywhere outside China. So the two lines cross this year. He says by the end of the year, we will be making more AI chips than we can actually turn on. Millions of them pile up with nowhere to plug in. In his words, the bottleneck for the next year is not chips, it is raw power. Whoever can turn on the most chips fastest wins the race. In the end, the AI race comes down to one thing: Raw electricity. — Elon Musk (.@elonmusk) on Dwarkesh Patel's (.@dwarkesh_sp) podcast
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Tim Travis retweeted
Elon Musk says the AI boom will hit a WALL by the end of 2026. He says the whole industry is about to learn a hard lesson in hardware. Chip output is exploding, but electricity is nearly flat everywhere outside China. So the two lines cross this year. He says by the end of the year, we will be making more AI chips than we can actually turn on. Millions of them pile up with nowhere to plug in. In his words, the bottleneck for the next year is not chips, it is raw power. Whoever can turn on the most chips fastest wins the race. In the end, the AI race comes down to one thing: Raw electricity. — Elon Musk (.@elonmusk) on Dwarkesh Patel's (.@dwarkesh_sp) podcast
Elon Musk says billion dollar AI companies with money to spend can't build power plants fast enough to meet AI's electricity demand. Every major power project requires approvals and equipment, including: • Switchgear • Gas turbines • Power plant permits • Electrical transformers • Utility interconnection studies • High-voltage transmission lines • Specialized turbine blades and vanes If even one component is delayed, the entire project stalls... leaving AI chips without electricity. Musk says gas turbines are sold out through 2030, with specialized blades and vanes being the biggest bottleneck. Building more power plants isn't the quick solution AI companies thought it'd be. — Elon Musk (.@elonmusk) on Dwarkesh Patel's (.@dwarkesh_sp) podcast
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All we need to know, Buffett dumped nearly 700m on his way out the door. Now everyone’s 401k is nearly 8% Apple. They’re buying back stock at 11x sales, AAPL traded 3-5x sales for a decade, but it’s different this time :)
$aapl bragging about the $24B quarterly buyback… sounds impressive until you do the math and realize the $96 billion/year pace represents a 2% shareholder yield on a $5T market cap
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Tim Travis retweeted
The semis peaked in March 2000, but the S&P was still bouncing around right near all-time highs all the way through September 2000. Plenty of similar analogues that didn't turn into Dot Com-like drops for the semis, but for those curious how now looks to 2000, here you go:
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