Haven’t seen the documentary yet, but Chernow’s bio goes into a lot of detail on GW’s finances. Asset rich but highly illiquid, often very leveraged, and with serious concerns about cash flow given the extent of expenses.

Thanks, much appreciated.

Is the process of recategorizing stuff still ongoing? Looking at the spreadsheet and it still looks like NDFI makes up 40% of total sequential loan growth over the last two quarters?

Seems a bit like a call option on long-form gloating should the short thesis play out next year. No need to wait for Michael Lewis.

“Mommy needs mezzanine”

This post is going to be a challenging test of reading comprehension for a whole lot of people.

50% growth in-store fulfillment and 70% growth in expedited delivery, somehow achieved via the company’s own app/site vs within an LLM.

grok is going to be named to cabinet position with those skills

Nuclear Folly

Gotta think it has - the final Q3 estimate should have posted three weeks ago, and the model has had a duct tape and string feel to it during the shutdown. The 50bps of cuts in a possibly 4% quarter is interesting to think about, though.