Right out the gates markets ebbed to the downside, save META and a few others. The sell the news crowd was out in force and we ended up down 46bps, an awfully anti-climatic session. I hate these more than anything; but know from experience that I shouldn’t respond too harshly to markets doing what markets...Read More

First let’s discuss VRT numbers, out this morning.Vertiv beats by $0.12, beats on revs; guides Q3 EPS in-line, revs above consensus; raises FY25 guidance  (142.70 +0.15)Reports Q2 (Jun) earnings of $0.95 per share, excluding non-recurring items, $0.12 better than the FactSet Consensus of $0.83; revenues rose 35.1% year/year to $2.64 bln vs the $2.35 bln FactSet Consensus. Orders momentum remained...Read More

Rough day on Wall. Over 230 stocks knifed lower by 3% or more, several of which we’re long. The big one was SPOT, dropped ~10% following an earnings miss. Reports Q2 (Jun) loss of €0.42 per share, may not be comparable to the FactSet Consensus of €1.98; revenues rose 10.1% year/year to €4.19 bln vs...Read More

I spent some of my afternoon catching up on screens and notable conference calls. The one that stood out was FIX — execs practically giddy on the call — elated about the good times in construction especially when it comes to datacenters. One made a joke about any job that rhymes with “datacenter” is a...Read More

My sojourn to NYC is nearly complete. I spent much of the day cavorting Scarsdale and upper Manhattan, currently staying in Tuckahoe. It has been a profitable trip too, with portfolio gains in excess of +230bps for the week, +73bps today alone. The market has been accommodative with parts bordering on froth, especially in the...Read More