sQueezist Burry Christ

Federalist No 1 by Hamilton His actual opening line, word for word: "It has been frequently remarked that it seems to have been reserved to the people of this country to decide the important question, whether societies of men are really capable or not of establishing good government from reflection and choice, or whether they are forever destined to depend for their political constitutions on accident and force." My take: America was the test case for the world. Can regular people sit down, think it through, and build a government on purpose? Or are we stuck taking whatever gets forced on us by bloodlines, conquest, or whoever won the last fight? Hamilton doesn't open by selling the Constitution. He starts by warning that the fight over it is gonna get dirty. He expected "a torrent of angry and malignant passions." He says good and smart people will land on both sides, and not to assume the loudest voice screaming "truth" has cleaner hands than the people they're attacking. (Sound familiar?) Then he drops the hammer. Throughout history, the people who killed off free republics almost always started the same way, by flattering the crowd and telling them what they wanted to hear. His exact words: "commencing demagogues, and ending tyrants." The real danger usually hides behind a "specious mask of zeal for the rights of the people." My take: before he argues a single policy, Hamilton tells us HOW to think. Don't worship anybody claiming to speak for "the people." Watch the motives. Judge the ARGUMENT, not the person. No sacred cows. So let's judge our current government by what it actually does, not by who screams loudest about "disinformation agents."

Been a minute since I've talked about Atari. @atari @AtariX $PONGD Some still see beat up retro brand but the business is looking more like a real turnaround story. 1. Headline number is "revenue up 63%." What's interesting to me: GAMES REVENUE grew 91% to 27.5M, that's the real engine of the company. The blended figure kinda hides how fast the real vehicle is moving. 2. They quietly built a whole vertically integrated remaster machine: Nightdive (acquired in 2023) does the polygonal remasters Digital Eclipse (acquired in 2023) handles 8/16 bit Implicit conversions(acquired this year), the Syrup engine covers 32 bit and historically difficult to remaster Playstation 1 games. The point is they can take almost any dead game and TRANSFORM it to modern hardware IN HOUSE. If that isn't a real moat, I dont know what is. Nightdive, digital eclipse and Implicit Conversions are all companies Atari has acquired over the last 3 years. This paints a clear direction/path Wade Rosen is moving this company 3. The IP grab: they bought Intellivision, their own 1980s rival, plus 200+ games. also picked up Transport Tycoon and RollerCoaster Tycoon. High margin, evergreen, asset light catalog and they own all of it. 4. Operating cash flow went positive at +8.8M, and the operating loss shrank from -7M to basically breakeven. TLDR: Atari is iconic. 90%+ games growth. a real moat and a real turnaround thats almost profitable with a CEO who has huge skin in the game and a clear direction he's taking the company.