Visa #$V FY26Q2 Net Revenue +15% ex-FX, +17% in $ OpEx +17% in $ Non-GAAP Net Income +17%, EPS +20% in $ US Payments Volume accelerated slightly Apr 1-21 Shares +3.6% post-market

Hilton #$HLT 26Q1 global RevPAR +3.6% (US +3.4%) No obvious divergence between high- and low-end Of 6 cheapest brands (with Average Daily Rate below group average), 3 grew more than average and 3 grew less

"OpenAI-Linked Stocks Slump on Report of Startup Missing Targets" (Bloomberg) "SoftBank tumbled as much as 11% in Tokyo, while CoreWeave Inc., Oracle and Advanced Micro Devices Inc. fell by about 3% in US premarket trading" #$ORCL

Spirax #$SPX shares still ~7% below start of Iran war At 7,386p, ~25x CY25 Adj. EPS (295.7p, diluted) Visa is less than ~1x more, at 25.8x CY25 Adj. EPS SPX FCF Yield is slightly lower (3.6% vs. 3.7%) And SPX targets imply margin at Steam (59% of profits) has peaked (23.5%)

Philip Morris #$PM short covering last week? After rising 10.4% in 2 days after 26Q1 results, shares have fallen back 4.9% in 2 days after that 19.1x mid-point of 2026 Adj. EPS guidance (21.3x 2025) 4.2% FCF Yield, 3.7% Dividend Yield ZYN Ultra expected "in the coming months"

Rightmove #$RMV valuation is extraordinary even compared with Diageo #$DGE DGE has lower CY25 P/E (12.3x vs. 14.9x) But Spirits companies have lower Cash Conversion DGE has lower FCF Yield (5.1%, or 6.2% if neutral WC, vs. RMV's 6.6%) UK estate agents as grim as global drinkers?

Rightmove #$RMV bouncing near lows (52-wk low: 394p) ~15.5x 2025 EPS (incl. SBC) 2026 EBIT growth guided 3-5% (EPS growth ≥5%) RMV is investing, UK property market is bad But Core Revenues grew ~9% H1 & H2 Buybacks add to EPS growth (FCF Yield 6.6%, Div. Yield 2.4%) 9+6.6>15

Alphabet #$GOOG closed at new all-time high Not only are shares at 32.2x 2025 Adj. EPS ~20% ($30.0bn) of 2025 PBT is Other Income, mostly Gain on Equity Securities, i.e. mark-to-market gain on tech investments, which is a deriviative 2025 results recap below open.substack.com/pub/libraria...

#$OTIS: "We opportunistically completed $400m of share repurchases in the first quarter" (26Q1 call) At $77.48, shares are currently lower than closing prices of all of 26Q1 except for 4 trading days at the end

Domino's Pizza #$DPZ down ~10% on 26Q1 results Global retail sales +3.4% (US +2.8%) Same Store Sales growth US +0.9% International -0.4% ex-FX Income from Operations +9.6% in $ 4.3x Net Debt / EBITDA Another $1bn in buybacks

Capital One #$COF CEO last week: "The US consumer remained healthy" "Tax refunds are higher" "So far we've not seen any adverse effects on our portfolio ... either in our credit or in our spend metrics" "We continue to really feel very good ... for the credit outlook of consumers" (26Q1 call)

"Ackman’s Pershing Square IPO Expected to Raise $5 Billion" (Bloomberg) "The low end of the targeted fundraising range" "The closed-end fund structure doesn’t provide opportunities for redemptions by investors" #$PSH #$PSUS #$PS

AI on this popular website's transcripts is insane On Philip Morris transcript it inferred MS analyst is Pamela Kaufman even though she went over to buyside in 2024 and CFO called analyst "Erik" On L'Oréal summary it inferred Jean-Paul Agon is CEO though he stepped down in 2021

Microsoft, OpenAI to drop #$MSFT exclusivity on OpenAI models OpenAI products will ship first on Azure but can sell to clients on other cloud providers MSFT keeps license to OpenAI IP, non-exclusive MSFT no longer pays revenue share to OpenAI MSFT share of OpenAI revenue capped

"L’Oréal: Q1 2026 Results (Quick Note)" Shares rose 9% in 2 days, after confirmation the Beauty market is reaccelerating #$OR #$EL #$ELF

Reminder: Sergey's 2nd wife Nicole Shanahan spent almost $19 m backing RFJ Jr.'s presidential bid (after their divorce) and was his VP candidate "Sergey Brin Confronted Gavin Newsom at a Treehouse Party — Then Launched a Political War" (Bloomberg) #$GOOG

No more FILTH? "HSBC #$HSBA Reviews $38,000-Per-Kid School Fee Perk for Hong Kong Bankers" (Bloomberg)

L'Oréal #$OR CEO Nicolas Hieronimus comment, relevant to investors who focus on consumer "brands": "Scale and a good portfolio of brands is one of the winning factors. They are not the only ones ... You have to have the innovation firepower, you have to have the agility" (26Q1 update call)

WSJ, possibly with an assist from @nytpitchbot.bsky.social "Trump Stands Tall Under Fire. Another apparent assassination attempt brings out his most presidential qualities" One of Trump's first reactions is to push for his new ballroom

Edward Luce: "(Trump) was not that close to danger ... Yet he will try to make political hay from the incident ... Last week his approval ratings hit a personal low ... Trump’s early zeal for assassinating senior Iranians ... is what is shaping his political future"

Aena #$AENA Ryanair was 21% of passenger traffic, Vueling 15% But Aeronautical 44% of EBITDA (Commercial same) March passengers up 4.3% y/y (Spain +3.9%, Brazil +7.2%, Luton +1.8%) Market cap. €36.4bn 1.5x Net Debt / EBITDA 2025 Net Income €2.1bn, FCF €1.7bn Q1 due 29-Apr

Appreciate this detail from CBS News reporter Jennifer Jacobs. It's an important part of the story that seems to be missing from a lot of comments & coverage.

"More than 40% of the techs who keep America’s planes flying are approaching retirement age" (WSJ) "Next year, the labor shortage is projected to hit nearly 7,000 certificated mechanics in North America, 12% fewer than the industry actually needs" #$MTX #$RTX #$GE

"Google #$GOOG banks on AI edge to catch up to cloud rivals Amazon & Microsoft" "8 years after joining ... from Oracle, Kurian has grown its cloud market share from 7% to 14%" "Our differentiation comes down to ... we own the IP, the model and the chips"

"Sage: AI Fears Providing a Bargain Opportunity" Shares are at ~21x P/E even with EPS likely to continue growing at 10%+ p.a. #$SGE #$INTU #$XRO

Charter #$CHTR: We gave up on this after 2023 Internet subcriber net loss now averages >100k every quarter (26Q1: -117k) Group revenue and EBITDA have shown y/y decline for 3 consecutive quarters (26Q1: -1.0% and -2.2%) Shares more than halved since 2023 year-end

"Google #$GOOG to invest up to $40 bn in Anthropic" (FT) $10 bn upfront at $350 bn pre-money $30 bn contingent on certain milestones #$GOOG an investor since 2022 #$AMZN and #$MSFT are also investors Anthropic revenue run-rate is $30 bn+

The addled president fired the secretary of the Navy for failing to deliver an impossible supership he made up in three years

"ECB steps up its challenge to Visa and Mastercard" "Europe’s current standards for card payments are defined by EMVCo, a California-based consortium ... policymakers have opted for rules defined by the ECPC, nexo standards and the Berlin Group" #$V #$MA

"Banks charged sharply different fees for access to Anthropic investment" (FT) #$MS: 1% placement fee (one-off) #$GS: 1.25% mgmt. fee + 17.5% carry (above 8% hurdle)

"Moody’s: Q1 2026 Results (Quick Note)" Despite the war in Iran, Q1 was another record quarter for bond issuance and full-year guidance is unchanged #$MCO #$SPGI #$MSCI

Moody's #$MCO CEO on bond issuance during Iran war: "In March, 80% of investment-grade issuance was in 6 days ... it just shows you kind of the risk-on, risk-off windows that were going on in March ... it also shows you how much demand there is that was just waiting" (26Q1 call)

Philip Morris #$PM now up >10% since this tweet from self-identified HF manager pre-open yesterday The 3% decline number is incorrect (Time stamp on my Twitter is UK time)

"(Bond) Issuance from the top 5 hyperscalers year-to-date has already exceeded full year 2025 levels" - Moody's #$MCO CFO, 26Q1 call Amazon, Alphabet, Meta, Microsoft, Oracle issued $121 bn in US corporate bonds in 2025, vs. $28 bn annual average in 2020-2024 (M&G citing Reuters)

Moody's #$MCO CEO: "During the quarter, we were the first rating agency to rate an innovative inaugural bitcoin-backed bond, where repayment is secured by #$BTC collateral" (26Q1 call) This seems to be a municipal bond from the New Hampshire Business Finance Authority; it was rated Ba2

this one is <chef's kiss> "We'll be able to sell maybe a million of these cards, maybe more than that" Donald J Trump 6/2/25 we have sold (WAIT FOR IT) one! i am dead

Pick your fighter, 30x P/E edition L'Oréal #$OR ~30x 2025 EPS (€12.71) 3.2% FCF Yield (€6.45bn) 1.9% Dividend Yield (€7.20*) Mastercard #$MA ~30x 2025 EPS ($17.01) 3.5% FCF Yield ($15.8bn) 0.7% Dividend Yield ($3.48) * ex. loyalty bonus or French withholding tax

"Microsoft #$MSFT Offers Voluntary Retirement to About 7% of US Workers" (Bloomberg) "Microsoft has never previously done buyouts of this scale"

Profile of John Plelan, Navy Secretary fired by Trump/Hegseth (Gift) "The Wealthy Investor Who Is Trump’s Choice to Rebuild the Navy" (WSJ, 2024) "Spent more than 20 years managing money for Michael Dell" Stepped down as chiar and CIO of MSD Capital in 2022 "Little national-security experience"

American Express #$AXP 26Q1 US Consumer Services Billed Business reported +10% y/y growth, accelerating from prior quarters (25Q4: +9%) Billed Business growth again led by Gen-Z (+38%, 6% of total) and Millennials (+13%, 30% of total) Boomer+ spend only rose 4% y/y cc: #$MA #$V

"Philip Morris: Q1 2026 Results (Quick Note)" Does US ZYN matter? US ZYN shipments fell 23% but #$PM shares finished the day up 7% cc: #$BATS #$BTI #$MO #$IMB #$HAYPP

Nestlé #$NESN shares +6% after 26Q1 results But still down 27% (in CHF) from 5 years ago Consumer staples stocks have done badly L5Y, and done badly since 2024 (after COVID/inflation shock) cc: #$PG #$MDLZ

Equifax #$EFX down 7% after 26Q1 results Now down 28% LTM, 23.4x 2025 Adj. EPS ($7.65) Q1 revenue +13% ex-FX FY26 guidance unchanged Revenue +10-12% Adj. EPS +9-14.2% LT framework for revenue +7-10% organic Cash EPS +12-16%

Sartorius #$SRT3 26Q1 Revneue +7% ex-FX, driven by consumables, "equipment and instruments remained soft but is forecast to improve over the coming quarters" Underlying EBITDA +1.6% Bioprocess Solutions revenue +8.1% ex-FX, +2.4% in € Underlying EBITDA +3.4% cc: Spirax #$SPX

Foxtons 26Q1 Total revenues -10% Lettings +5%, Sales -35%, Fin. Services +3% Sales revenue down due to PY Stamp Duty holiday deadline (31-Mar-25), +12.6% vs. 24Q1 "Sales market remains subdued and has been further affected by recent events in the Middle East" #$FOXT down -2%

i had to triple check that this wasn't from a parody account

L'Oréal #$OR 26Q1 Sales +3.6% in €, +6.7% LfL adj. for IT roll-out "Significantly ahead" of global market 25H2 recovery in the US and China "continued" Europe +5.5% N America +7.6% N Asia +4.8% ("driven by China", +MSD-HSD) SAPMENA-SSA +15.4% LATAM +5.1% Prof. Products +13.1%

"EQT warns AI fears will stall sales of private equity software stakes" (FT) "KKR and Blackstone’s shares have fallen 19% since the start of the year, while EQT’s shares are down 9%"

Moody's #$MCO 26Q1 Rev. +8% Adj. EBIT +11%, EPS +13% MA rev. +8% Adj. EBIT +16.6% (Margin 32.5%, +2.5ppt) MIS rev. +8% Adj. EBIT +9.3% (Margin 66.7%, +0.7ppt) Reiterates FY26 outlook Revenue +HSD Adj. EBIT Margin 52-53% (PY: 51.1%) Adj. EPS $16.40-17.00 (PY: $14.94) (+10-14%)