Download the Memo…
In this week’s episode...
[00:01:26] EXHIBIT A: US. GOV’T REVENUES AND EXPENSES - Hunt delves into the U.S. government's legislative process for revenues and expenses, emphasizing the challenges and implications of budget deficits. The focus is on the role of committees and the Congressional Budget Office's numbers for the year.
[00:04:55] EXHIBIT B: US GAS DEMAND / SUPPLY - Hunt discusses the balance between U.S. gas demand and supply, pointing out that increased supply has managed to counteract the rising demand. It also hints at the average gas prices and the future outlook for 2024 and 2025.
[00:07:01] EXHIBIT C: WORLD OIL SUPPLY / DEMAND - Hunt talks about global oil demand and supply, with a focus on political issues between leading producers like Saudi Arabia and the United States.
[00:08:42] PAGE 1: AAPL / GOOG 0.00%↑ / TSLA - Jason comments on Google's search result presentation and the unclear nature of paid positions in the results.
[00:09:52] PAGE 2: MSFT 0.00%↑ / CRM 0.00%↑ / SNOW 0.00%↑ / ORCL - Mike and Jason discuss tech companies such as Microsoft, Salesforce, Snowflake, and Oracle, with a focus on free cash flow and back-office functions. They touch upon how companies are adapting to the times.
[00:20:59] PAGE 3: NVDA 0.00%↑ / AMD 0.00%↑ / INTC 0.00%↑ / TSM 0.00%↑ / ASML 0.00%↑ - The hosts discuss the significance of ASML's latest lithography machines and their impact on semiconductor manufacturing.
[00:27:43] PAGE 15: PFE 0.00%↑ / MRNA / LNTH 0.00%↑ / BNTX / VRTX 0.00%↑ - The final section is a brief discussion on biotech companies, and touches upon potential future treatments being developed by Vertex that would replace opioid painkillers.
Supplemental Data
1. SuperCompounders
This is a list of all the companies covered in the memo. We calculate Total Return for each company assuming you had bought the stock at the average price during the first year of the IPO and reinvested the dividends. This is not a ranked list of our favorite investments, rather it is meant to provide additional insightful information on the companies we discuss each week (note: ‘Page’ references the page of the memo on which you can find the company).
2. Macro
3. Energy
4. Tech
Cloud Multiples - Check out the most recent edition of Clouded Judgement for the latest SaaS multiples.
Semiconductors
Semiconductor Industry Association Global Billings Report
Bureau of Economic Analysis Semiconductor Import / Export
Cryptocurrency
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2023.36 Tech & Economy Unpacked: Insights into Markets, Energy, and Innovation