A company that owns centuries-old jasmine fields, luxury resorts on the French Riviera, and a tugboat manufacturer. My conversation with @alluvialcapital.bsky.social now live on L.E. 👇

Like Anton Chigurh tells Carson Wells, "You should admit your situation. There would be more dignity in it." Trade wars and tariffs as an inevitability on L.E. 👇 www.lewisenterprises.blog/p/manifest

"We speculate that the fintech boom will stamp an exclamation point on the culminating phase of this aging credit cycle. Some will lose their money, but all will participate in a living seminar on the nature of money and the distinction between money and credit." - GRANT'S

Fredrick Weyerhauser obit 1914 "He knew lumber and men."

Wild that every decent size asset manager pays a trader or "head of macro" a top quintile salary just to send a morning note out of copy-paste Bloomberg headlines and a chart from their prime broker.

As REITs enter 2025, historic valuation gaps and sector divergence create compelling opportunities despite continued volatility. Examining why this could be a pivotal year for real estate investors on L.E.👇 www.lewisenterprises.blog/p/reits-2025

"The good times, too, of high price almost always engender much fraud...people are most credulous when they are most happy; and when much money has just been made, when some people are really making it, when most people think they are making it, there is a happy opportunity for ingenious mendacity."

31% of the time, the market never falls more than 5% below the ATH.

December 30th, really? just throw the damn towel already 2024.

Bluebeard - Kurt Vonnegut (1987)

Must-read article not only for investing, but indeed for living. Again, @lewisenterprises.bsky.social remains, to my mind, one of the most adroit and stylistically gifted commentators in our community, broadly construed, of people working in and “doing” finance. open.substack.com/pub/lewisent...

I have crossed the Rubicon into Real America™️ dispatches to follow...

Any tips for deluding yourself into believing your mustache looks good?

a great weekend and end-of-year reading by Hunter!

Prob my favorite one of the year, felt like he was talking directly to me

I recently told a friend my theory that most investors aren't motivated by money, he said "Obviously, otherwise we'd go sell medical devices!" www.lewisenterprises.blog/p/the-most-i...

December is all about having an 8:30 call to talk about working on a draft, of an outline, for a report.

Love 2 consume media, this is so great

Industrial REIT multiples are getting pretty beat up. Most of these trading in the mid-5s cap rate range

seems like the big lesson to learn is that improving material conditions in an already-affluent society doesn't guarantee political stability like everyone expects in retail politics, sometimes quite the contrary even

"we must adopt a Fukuyamist-straussian outlook informed by Kaleckian political economy to deal with post-materialist politics in the age of the attention economy" I mutter as the nurse ups my chlorpromazine dosage

> ERISA establishes fiduciary standard > Fiduciary standard installs passive investing > Asset management fees compress > Dodd-Frank opens non-bank lending > Asset mgrs become debt originators > Savers equitize debt origination > Demand for debt outpaces demand for equity > Returns on debt decline

Getting social ads again for things like "beard oil" feels toppy tbh

"They don't ring a bell at the top"

"The Corrections" by Jonathan Franzen (2001)

Rough year for those harboring fantasies that this is a sober profession of high intellectual pursuit

After reviewing all the info that's been released to date, I'm fairly confident in concluding the shooter was natty.

Office doom loop?

I'm Robert Caro-maxxing this week (getting dressed up and writing 1000 words per day)

Market logic demands that Luigi Mangione be the first guest on Daniel Penny's forthcoming podcast "Penny For Your Thoughts" which will be signed to Spotify for $50m

If you ask Jim Grant if he thinks inflation will pick back up, you're going to get a florid allegory about Appalachian coal country.

Predicting that they figure out the UNH killer is a vet that served like 100 hellish tours on some useless boondoggle, and his wife or child was lost because of denied coverage. If so, this entire story will be memory holed by the end of next week.

Wife at the Times Square Disney Store: "Anyone in here without a kid needs to have their head examined."

They finally got it right.

L.E. 🔁 | "Perhaps it is anathema to value investors to even believe there should be pioneering ideas around investing. It could be that there simply isn’t much more philosophically to add to the canon." www.lewisenterprises.blog/p/intolerabl...

My daughter has watched Muppets Christmas Carol so many times it feels like Michael Caine is living in my house.

New chart crimes about to drop!

A brilliant look at closed-end funds through the lens of Berkshire from @lewisenterprises.bsky.social — who is certainly one of the more stylistically gifted commentators on markets writing today. open.substack.com/pub/lewisent...

"Disintegration and the barriers to entry that intellectual property rights create allow the lead firms to control the vast bulk of activity in their value chains and appropriate the bulk of profits, while minimizing the risks of holding physical capital or employing legions of workers."

Stewart Horejsi was/is among the ranks of Berkshire Billionaires. His earliest purchases in 1980 were for as little as $265 per share. But Stewart had a problem: Berkshire didn't pay a dividend...so he made one. www.lewisenterprises.blog/p/something-...

Reading a FORTUNE from 1954 and the writing is depressingly good and florid and appropriately detailed that it really makes you realize at one time we were a nation of readers and not people engaged in the mindlessness of "consuming content"

I accidentally followed too many Brits on here

Unbothered. Moisturized. Happy. In My Lane. Focused. Flourishing.

"In an era when much greater fixed-asset investment is essential, the tax privilege of deducting interest expense should not be available to cor­porations using debt to lever up an existing income stream"

Keep it simple.

Secret security offers: - BRK-A at a 20% discount - Leverage with sub-3% debt until 2030 - A 4% yield 🧐

Ok so I put in the work and it turns out this is really stupid