(!) Perhaps the most important rule in management (!) "Get the incentives right." - Charlie Munger When designing compensation plans, be extremely cognizant of the behavior you'll be incentivizing, and equally important, behavior you will be disincentivizing. Beware of plans

Most Americans want to “lock the clock”and the movement is picking up steam. There was a bill just sponsored in Texas that would make this a statewide referendum. Question is whether to lock on DST or Standard Time. I personally prefer DST to extend daylight into the evening.

There is only one way to prosperity, hard work and higher productivity. Many Europeans follow socialist narratives and believe that they can build prosperity by redistribution of someone else’s work and wealth. One cannot multiple wealth by dividing it.

Ex-Snowflake CEO Frank Slootman telling the hard truths.

Warren Buffett: "I have an old-fashioned belief that I only should expect to make money in things that I understand. I don't mean understand what the product does. I mean understand what the economics of the business are likely to look like ten years from now."

Apollo’s chief economist published a fantastic macro update deck worth a read. Have a feeling any deals still under LOI about to get repriced.. apolloacademy.com/wp-content/upl…

Normally don't do this, but if I'm going to YOLO a stock, $UNH is pretty dang interesting here. Trading at a record discount versus the S&P 500, and near the lowest multiple in its history. Largest US MCO w/ >50mm lives insured, 400k employee base + vertically integrated care

Why are personal injury attorneys the marginal bidder for roadside billboards in so many parts of the US? Is the sector really so large? A priori, I would never have predicted this. Quick investigation: "Costs and compensation paid in the U.S. tort system reached over $529

A year ago $ELV traded at a high teens earnings multiple and today trades at less than 9 times 2026 estimates. Sure, there is risk to numbers for a variety of reasons. But we are at a point where even if numbers come down the stock is still cheap Long $ELV

$ELV perhaps now the best risk/reward in the managed care space. Beachfront asset in the Blue Cross Blue Shield commercial franchise. Growing vertically integrated services and pharmacy business similar to United’s Optum. Under earning in their Medicaid business. If they get back

The crazy thing is both $ELV and $MOH indicated their reduced 2025 outlook was based largely on ACA exchange biz (<10% of rev, lol), which is ugly in H2 given elective surgery pull forward related to ACA subsidy expiration. That only happens once, then you lap in 2026 on much