Clement @secondwave_cap

I run an international shares fund focused on strong business models and underappreciated assets. secondwave.com.au Sydney, Australia Joined August 2019

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Clement @secondwave_cap

5 months ago

I find the Howard Hughes $HHH board decision to roll over and accept Bill Ackman’s deal terms to be ridiculous.. he effectively paid about $300mn control premium near market lows while loading minority investors with heavy fees and shifting it to a diversified holding company.

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Clement @secondwave_cap

7 months ago

Great essay on the dynamics of social change!

T. Greer @Scholars_Stage

7 months ago

Great essay on the dynamics of social change!

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Clement @secondwave_cap

8 months ago

@YaserBi @kakashiii111 GPU demand projections depend on the ability to eventually earn a return on investment. As such, student models cannibalize on the revenue opportunity of teacher models, thereby putting at risk GPU demand projections for training.

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Clement @secondwave_cap

8 months ago

Leaving aside questions over whether funding is "secured", it's going to be next to impossible for OpenAI to cover its costs let alone earn a return when there is no moat in this business, and models can be distilled for a fraction of the cost and priced that way.

OpenAI @OpenAI

8 months ago

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Alex Kolicich @AlexKolicich

9 months ago

There is so much misinformation out there about $MSTR It isn’t a “synthetic call” on bitcoin, nor is it even a leveraged way of buying Bitcoin. It’s a poorly structured, tax-inefficient fund that trades at a 140% premium to NAV A thread:

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Clement @secondwave_cap

a year ago

Essentially what this means is David Tepper is done buying.. and he now wants others to follow! 😅 With that said, his market instinct for short to medium term moves over his career is superb.

The Long Investor @TheLongInvest

a year ago

Essentially what this means is David Tepper is done buying.. and he now wants others to follow! 😅 With that said, his market instinct for short to medium term moves over his career is superb.

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Michael Pettis @michaelxpettis

6 years ago

While the rest of the world falls into the deep pessimism typical of the early stages of the pandemic – just like those of us living in China experienced 5-6 weeks ago – and conversations are filled with apocalyptical imagery and doom-laden projections, it is worth recognizing...