Peter Garnry, CFA
@petergarnry.gesdacapital.com
CEO & Co-founder at Gesda Capital. I’m passionated about equity investing and equity valuation. My vision is to show that active equity investing can work if set up properly. I was previously the Chief Investment Strategist at Saxo Bank.
Oracle's FCF chart is still one for the ages. The huge remaining performance obligation figure is all depended on credit available for AI and equity funding for OpenAI.
You cannot blame Oracle's management for being risk adverse...
You cannot blame Oracle's management for being risk adverse...
December 17, 2025 at 9:30 PM
Oracle's FCF chart is still one for the ages. The huge remaining performance obligation figure is all depended on credit available for AI and equity funding for OpenAI.
You cannot blame Oracle's management for being risk adverse...
You cannot blame Oracle's management for being risk adverse...
Here is another good one on Intel. The growth dynamics are completely destroyed at this company.
November 28, 2025 at 9:00 PM
Here is another good one on Intel. The growth dynamics are completely destroyed at this company.
It always find it interesting to plot a company’s revenue on a log scale. You clearly see patterns of growth rates changing.
In the case of Tesla it is quite remarkable…
$TSLA
In the case of Tesla it is quite remarkable…
$TSLA
November 28, 2025 at 8:43 PM
It always find it interesting to plot a company’s revenue on a log scale. You clearly see patterns of growth rates changing.
In the case of Tesla it is quite remarkable…
$TSLA
In the case of Tesla it is quite remarkable…
$TSLA
I think I will print Oracle’s FCF over the past 30 years, frame it, and then put it up on the wall of our office.
It really is one for the ages…
It really is one for the ages…
November 20, 2025 at 8:44 PM
I think I will print Oracle’s FCF over the past 30 years, frame it, and then put it up on the wall of our office.
It really is one for the ages…
It really is one for the ages…
An early Christmas present arrived today. Really looking forward to read the book “The Compounders”.
November 20, 2025 at 11:37 AM
An early Christmas present arrived today. Really looking forward to read the book “The Compounders”.
Last week Oracle reported CapEx for the previous fiscal quarter at $9.1bn compared to just $414mn four years ago. CapEx in percentage of sales has exploded to almost 60% which is twice the level of the other hyperscalers. Investment levels at this rate comes with high risk for shareholders. #stocks
June 16, 2025 at 8:56 AM
Last week Oracle reported CapEx for the previous fiscal quarter at $9.1bn compared to just $414mn four years ago. CapEx in percentage of sales has exploded to almost 60% which is twice the level of the other hyperscalers. Investment levels at this rate comes with high risk for shareholders. #stocks
Sell-side analysts have only shifted Tesla's revenue expectations down reflecting the Q1 impact, but not changed the long-term growth rate with revenue growth expected >20% annualised from to 2025 to 2028. In order words, analysts believe there has been no permanent damage to growth rates.
May 2, 2025 at 7:41 AM
Sell-side analysts have only shifted Tesla's revenue expectations down reflecting the Q1 impact, but not changed the long-term growth rate with revenue growth expected >20% annualised from to 2025 to 2028. In order words, analysts believe there has been no permanent damage to growth rates.
While the high-frequency indicators in Dallas WEI show hard data are not impacted yet (it will come) from tariffs, an export economy such as Germany has seen a visible impact from Trump policies over the past four weeks. Potentially a good indicators on what will soon happen to the US economy.
May 2, 2025 at 7:36 AM
While the high-frequency indicators in Dallas WEI show hard data are not impacted yet (it will come) from tariffs, an export economy such as Germany has seen a visible impact from Trump policies over the past four weeks. Potentially a good indicators on what will soon happen to the US economy.
Starting 17 days ago Meta's platforms are swarmed with fake profiles and disgusting ad campaigns using my name and photos. As Martin Wolfs says in the FT article you are playing 'whack-a-mole" with Meta. The company is not upholding GDPR or the EU's DSA directives. (2/n)
April 26, 2025 at 6:05 AM
Starting 17 days ago Meta's platforms are swarmed with fake profiles and disgusting ad campaigns using my name and photos. As Martin Wolfs says in the FT article you are playing 'whack-a-mole" with Meta. The company is not upholding GDPR or the EU's DSA directives. (2/n)
Eutelsat, French-based satellite communications company, is in talks with Ukraine to replace Starlink. New geopolitical security interest asset. It doesn’t matter that it is a bit more expensive than SpaceX. Europe will now prioritise its own technology. #equities
March 4, 2025 at 11:45 AM
Eutelsat, French-based satellite communications company, is in talks with Ukraine to replace Starlink. New geopolitical security interest asset. It doesn’t matter that it is a bit more expensive than SpaceX. Europe will now prioritise its own technology. #equities
I did a presentation for business leaders in Denmark last week. One of my slides naturally had perspectives on geopolitics and defence stocks. Under the assumption of EU defence spending going to 4.5% of GDP and nominal GDP growing 3% p.a. then defence spending will grow 13% p.a. until 2034. 2/n
March 3, 2025 at 2:06 PM
I did a presentation for business leaders in Denmark last week. One of my slides naturally had perspectives on geopolitics and defence stocks. Under the assumption of EU defence spending going to 4.5% of GDP and nominal GDP growing 3% p.a. then defence spending will grow 13% p.a. until 2034. 2/n
In case anyone cares…
February 20, 2025 at 6:48 AM
In case anyone cares…