The 20-Megawatt Out-of-Office Reply
The 20-Megawatt Out-of-Office Reply — Editorial watercolor cartoon deconstructing corporate hyperscaler power commitments and executive priorities.
Articles
The Megawatt Arbitrage: Inside IREN’s $17 Billion AI Pivot and $4 Billion Cash Burn
IREN short-thesis audit: mining rig retooling claims, power interconnection delays, and aggressive equity ATM issuance.
The 156x Revenue Illusion: Inside MicroStrategy’s $60 Billion Perpetual Motion Machine
MicroStrategy capital structure teardown: 2.5x NAV premium to underlying Bitcoin holdings and convertible refinancing reflexivity.
The $169 Billion Debt Lever: Inside Oracle’s Negative $46 Billion Cash Burn in a 5.3% World
Oracle balance sheet stress-test: Cerner acquisition leverage, Cloud CapEx acceleration, and upcoming debt maturity wall.
The $1.5 Trillion Gamma Engine: Inside Tesla’s 350x Multiple in a 5.3% Yield World
Tesla market structure analysis: weekly call option delta pinning, auto gross margin compression, and Robotaxi regulatory hurdles.
The 62x Tollbooth: Why Institutional Capital Is Walking into the Arm Holdings Trap
Arm Holdings multiple critique: v9 architecture transition limits, licensing revenue ceiling, and unsustainable 62x forward earnings multiple.
The 72x Revenue Multiple in a 5.3% World: Inside Palantir’s Valuation Dislocation
Palantir valuation teardown: commercial AIP customer monetization vs historical government contract growth rate.
The Duration Defiance, Silicon Monopoly Rents, and the Accrual Trap
Institutional cross-asset setup: 10-year Treasury duration, semiconductor pricing power, and corporate accrual ratios.
Charlie?
Tribute and investment principles of Charlie Munger: worldly wisdom, multidisciplinary thinking, and capital compounding.
Warren Buffett: Just Looking At The Price Is Not Investing
Warren Buffett on market price vs intrinsic business value and the folly of short-term price forecasting.