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…
Tim Travis retweeted
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:
Tim Travis retweeted
The Hyperscaler takeover of Neoclouds begins
*GOOGLE BUYS CRUSOE’S WYOMING DATA CENTER SITE
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.
Tim Travis retweeted
$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)
Tim Travis retweeted
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.
🌹
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.
Tim Travis retweeted
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.”
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.
Tim Travis retweeted
Dot-Com Crash 2.0 - Intel $INTC
2026: -58% / 24 days
vs
1999: -53% / 27 days
*Trading days.
Tim Travis retweeted
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.
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.
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
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
Tim Travis retweeted
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
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:
Tim Travis retweeted
Bear markets are filled with head fakes and dead-cat bounces.
In hindsight, a recovery looks like a clean V or a steady climb. From the inside, it looks like a sequence of false dawns, each followed by a new scare.
Bear markets regularly produce powerful rallies that fail. Each false start drew investors back in and then punished them. That experience makes the real recovery harder to trust. By the time the true bottom arrives, many investors have been fooled twice and will not commit a third time.
































