Finally completed this Quarter's Recap. Enjoy... (Context: I listen to 400 companies in the S&P 500 a quarter, comment along the way, and then try to do this sort of summary if I have time).

$TSCO + 10% since it's bottoms on reporting 10/21 Rev + 5.1%, Net Inc -13% I'm not in this one. There are some good things, and in general I love this company, and if you're a long-term holder, I'd stay the course knowing the environment right now is just awkward. For me it really comes down to the way the comps came in and the specific cross-section of clients that $TSCO represents. Specifically, you had a positive comp of 0.4%, which was A LOT better than last year, but their guide for next year is still a negative comp AND ALSO, they are clearly taking some of the brunt of the margin compression and as well, doing some things to try to get folks in the store. Why do I think this? It's this line from the prepared remarks: "reflecting a 0.7% increase in comparable average ticket and a 0.3% decline in comparable average transaction count." This happens when your customer has to choose between buying with you and buying the same item at like, $WMT. Essentially, for these guys in rural America, the price of gas matters, so that bakes into the math. As such, they are buying less frequently (avg transaction count), and when they are in the store, there's an anchor item they are buying. You'd really want to see both up, or at least avg transactions flat. The reason I don't punt this if I'm a long-time holder is that this also speaks to customer loyalty AND ALSO the fact that their marketing team is doing a great job getting a budget customer to choose between $TSCO and other comparables like $HD and $WMT and - to a lesser extent b/c of what the geography of their stores is...$CSCO. I love these guys though b/c they are able to compete like this. So I get the up 10% reaction. If we can get to the other side of this pressure the consumer is experiencing, then $TSCO is a fav to consider. Between then and now, they likely will still have a pretty bumpy road and as such, they are always on my radar as an idea should the bears ever do something truly stupid on this one. Incidentally, for $DG and $DLTR, this dynamic is slightly different, but at the same time, $TSCO's comments are very relevant.

A little bit of rebalance of things. I'm done with $ABT which I bought a few quarters back. Adding to $APH. I ended up with a bit too much healthcare, probably I will regret this.

$WDC... d*mn... ya'll really sold it off. I guess I own this at the limit order I put in... thank you for the dead cat bounce on that

$SPY... $VIX... $QQQ.... how to play a rally at the month-end of earnings season into an unusually important midterm election. I have no idea. I do know this. We've had more M&A than we saw in the previous few years by a lot. And unambiguously, we kinda need that if the US companies are to compete globally.

$FIX -10% since reporting earnings. Rev + 53%, Net Inc + 68% Trades at 25x, and d*mn, do I have to do work on this since it really is my sort of name. They appear to be a roll-up surrounding the boring stuff inside a building (plumbing, electrical, etc). I have no idea why it sold off at this valuation. Possibly it's the CFO deciding to step down. I think it's just a normal classic retirement, given that he was allowed to talk for what would normally be considered a far longer time than normal for a departing employee. That tells me this is 100% his decision. They do have more costs and maybe folks are just hating on the US. 80% increase in electrical is 100% a secondary trend from all the changes that are created by this new way of doing things. I mean come on guys... are we confused that increased automation and this new way of doing things might have folks rewiring a commercial building (folks who likely can afford it) or a house? They are saying, yes it's data centers, but it's not just that at all. But def yes data centers b/c the unique needs in plumbing and electrical are very real. I would say this... if you're trying to find a job and you're that kind of guy/gal who is mechanically inclined, they are def hiring.

$meta… funding AI or funding the CA tax bill… idk from the filing they made sounds like the latter….

$CSX... +4.5% since reporting 10/21 Rev + 12%, Net Inc + 30% What can we say about this? The spread between Rail and Trucking is higher than ever. They are banking coin... for once... Personally, I wouldn't mind more discussion on how that gets wrapped back into make rail better in the future. Most were more "how do you handle the short term" oriented.

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$URI + 9% since reporting earnings b/c some idiot traded this down to below $1000 to which it came straight back up b/c this earnings call was crazy good. Rev + 15%, Net Inc + 30% Guys... look... you can spin whatever short term trading bear thesis you want, but ultimately reality is what impacts what these biz are actually going to report each quarter. And the reality is folks are building stuff. CRE is recovering, and the uncertainty in the world is making that perfect sweet spot of where you rent equipment vs. buying it. But even then the sales of used equipment was pretty great this quarter. It's just always just "gravy" rather than the main event for $URI. They raised Rev and capex (so fcf stays the same). I mean I get it. Uncertainty, elections. But $URI is not the way to play those things... really truly... there is still the reality of what is implied by setting off a ton of explosive devices in certain regions...

$MCO... More or less flat Rev + 1%, Net Inc + 6% I usually don't highlight them, but it was interesting which parts of credit were doing ok and what wasn't. They reconfirm that debt issuance in SE Asia is hot (similar to why $GS $C were saying they wanted to build out that biz). This is coming from infra build. Also, they speak about the wall of financial debt products that are coming up. That likely needs to be refinanced and it will be positive for $MCO and it plays into what is going on with rates right now given where that money is likely being refinanced from.

$KMI + 3% since reporting earnins whihc is pretty ood in this tape Rev + 10%, Net Inc + 14% I own this one for awhile now b/c I bought with Rich Kinder during Covid. Things are good in the pipes/storage/co2/nat as biz, what can a girl say. No risk to the dvd. If things go ok with the election we'll build out capacity, if not, $KMI will still be fine. You did have a few 1-time items that contributed $225m to margin. They aren't banking on this, but as things stands there are plenty of structure potential for 1-time possiblities of different nature that things ought to be fine.

$META …. Wow … I did not know …. Wow.

My number one use of AI is as a daily health helper. I log exercise, the foods I eat, and pretty much anything notable about my health. It has helped me think through body shaping/weight/muscle growth rules, modify to a healthier diet, improve hair, nail, and skin quality, and much more. With everyone trying to figure out a starting place use case, this one likely is not super controversial.

Maybe I'm wrong, but aren't some of the apex wealthiest people in NYC also structured such that they have a non-profit arm? I mean... are we just making it even more tax-efficient/profitable for the rich to do their thing? Asking for a friend...

$HON... +2%, great Q Rev + 1%, Net Inc (Adj) 32% Technically, it's down 20% and the revenue is obscuring the fact they just finished all their spin outs. The reason I'm highlighting is that it now trades at 12x and is finished with the reorg (more or less, prob still some costs. As such, below describes the new biz. If you think about it, it kinda looks like a competitor to Rockwell and when this are good at Rockwell, things are really good. I'm not sure where I sit on this yet, but I'm not convinced 10x is the right valuation for a company that is mostly automation software... that's all I'm saying. Have to think about it as ya'll know i'm hedging out until the election.

$NEM... -2% Rev + 14%, Net Inc + 35% TBH, who cares about the financials? That's not how this thing trades. They do have a bunch of leads on new mines in Canada and elsewhere. But ya'll know what will drive this. It only traded down b/c folks are decreasing gross with the election and year-end approaching.

$VLO down 2%, b/c folks trade this based on what they are seeing in the crack spread (which is likely just fine tbh, but you never know). Rev + 43%, Net Inc +5.8x Yeah, it was pretty epic. That's b/c they are a refiner, and the world is short of energy. Most people likely should just listen to this to hear what's up on the refining globally, especially on what's up with shipping/freight and how it's playing out to have weird localized pricing in oil. I've discussed this, but the Oil FinX bro's are among the least wanting to hear what a lady has to say, So Ya'll guys can just listen to what this CEO describes as the actual dynamic... not the one you're pushing as a narrative that only exists in your head. 🌞🌞🌞 And again... we are the low-cost refiner of the world right now. In general, we were, but especially now. And also, no demand destruction as of yet other than what you'd expect for seasonality. The one thing though, is that this is usually the shoulder season and the fact they are crushing it during this period is so good for shareholder returns. Weather or not it will continue to be a great stock, IDK... maybe. I might want to throw them in the mix if everything is getting puked out ahead of the election... let's see. Discussion: On the refinery restart on the W coast, prob my favorite answer for the bears here. They were like: "I think you're focusing on the minutia" And then he discusses why it's not as easy as you turn on a refiner AND ALSO, if you were going to do that, there's almost no way to do it on the West Coast... (i mean, gas prices are nuts out there for a reason).

$WDC -6.5%, IDK why ya'll sold this off. I might have to get me some once this vol is done. Rev + 55%, Net Inc + 56% Raised guide. The build out is real. Not sure why ya'll keep hating on that build out. Hmmm.... gotta think about this one...

$unp... +3.5%, yup rail is doing great Rev +15% (+6%, ex fuel) Net Inc +16% They are still working through the $NSC merger, but it's all good. A lot of this was pricing. This is the key chart that shows carloads. The grain one to me is a bit surprising. Will have to see what that looks like in $ADM $BG Questions Some asked about antitrust with NSC and they were like, look, friends, Canada only has 1 rail that goes across the US, and it is a strategic advantage. It's a crazy thing to have Canada be in a better spot than US rails. (Interesting point). Another discussion on antitrust suggested that if BNSF wanted to swallow CSX, they wouldn't fight it, even though BNSF appears to be a huge plaintiff. (Interesting throwaway comment for the macro).