7
https://x.com/i/lists/1669153613199835138?t=R0mCicxs7zfJE_yOAek4gQ&s=09
Librarian Capital
They don’t ring a bell at the top, governance edition
Campari $CPR: "(New) plan … allows the dominant shareholder to sell half their shares (or more) without losing control of the company” (7-Aug-23)
Shares have since fallen ~40%
CEO Matteo Fantacchiotti has just resigned https://t.co/o4hk28PuDd
Some comments on Campari corporate governance.
https://t.co/rCZtoGgZrf
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Dimitry Nakhla | Babylon Capital®
One month ago I stated:
“Today at $3,618.86💵 $BKNG appears to be a decent consideration for investment”
Since then, $BKNG shares rallied +11.70% ✅
As I suggested in the post attached below👇🏽
“As you can see, $BKNG appears to have attractive return potential if we assume >19x earnings, a valuation below both its current & 3-year mean (allowing for slight multiple compression, an added layer of a margin of safety)
Also, $BKNG EPS growth rate ( >10%) more than justifies a >20x multiple”
#stocks #investing
A sober valuation analysis on $BKNG 🧘🏽♂️
•NTM P/E Ratio: 19.75x
•3-Year Mean: 21.24x
•NTM FCF Yield: 5.63%
•3-Year Mean: 4.79%
As you can see, $BKNG appears to be trading below fair value
Going forward, investors can receive ~7% MORE in earnings per share & ~17% MORE in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $BKNG is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $16.33B
•Long-Term Debt: $13.36B
$BKNG has a great balance sheet, an A- S&P Credit Rating, & 8.41x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2019: 33.3%
•2020: 2.7%
•2021: 14.2%
•2022: 29.1%
•2023: 47.3%
•LTM: 48.4%
$BKNG has strong ROIC, highlighting the financial efficiency of the business
REVENUES✅
•2013: $6.79B
•2023: $21.37B
•CAGR: 12.14%
FREE CASH FLOW✅
•2013: $2.22B
•2023: $7.00B
•CAGR: 12.16%
NORMALIZED EPS✅
•2013: $41.72
•2023: $152.22
•CAGR: 13.81%
SHARE BUYBACKS✅
•2013 Shares Outstanding: 52.41M
•LTM Shares Outstanding: 35.04M
By reducing its shares outstanding 33%, $BKNG increased its EPS by 50% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 97.8%
•LTM Operating Margins: 66.9%
•LTM Net Income Margins: 53.9%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~7% MORE in EPS & ~17% MORE in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $BKNG has to grow earnings at a 9.88% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2024 - 2026 EPS growth over the next few years to be just more than (9.88%) required growth rate:
2024E: $175.64 (15.4% YoY) *FY Dec
2025E: $201.51 (14.7% YoY)
2026E: $236.96 (17.6% YoY)
$BKNG has a decent track record of meeting analyst estimates ~2 years out, so let’s assume $BKNG ends 2026 with $236.96 in EPS & see its CAGR potential assuming different multiples
21x P/E: $4,976.16💵 … ~15.5% CAGR
20x P/E: $4,739.20💵 … ~13.1% CAGR
19x P/E: $4,502.24💵 … ~10.7% CAGR
18x P/E: $4,265.28💵 … ~8.2% CAGR
17x P/E: $4,028.32💵 … ~5.6% CAGR
As you can see, $BKNG appears to have attractive return potential if we assume >19x earnings, a valuation below both its current & 3-year mean (allowing for slight multiple compression, an added layer of a margin of safety)
Also, $BKNG EPS growth rate ( >10%) more than justifies a >20x multiple
Today at $3,618.86💵 $BKNG appears to be a decent consideration for investment
I’d consider $BKNG a great purchase closer to $3,400 (~18.50x multiple) roughly 6% below today’s share price or at $3,400.00💵
This is where I can reasonably expect ~11% CAGR assuming a conservative 18x 2026 earnings estimates, a large margin of safety
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: 7 Reasons WHY $BKNG (Booking Holdings) Should Be On Your Watchlist 💸
1️⃣ $BKNG has grown revenue for 19 out of the last 20 years
2️⃣ $BKNG has increased earnings per share (EPS) for 19 out of the last 20 years
3️⃣ Strong & consistent ROIC (drop in 2020 due to global restrictions)
4️⃣ Opportunity for growth in operating and net income margins
5️⃣ A fortress balance sheet with $16.33B in cash & $13.36B in long term debt
6️⃣ Aggressive share buybacks (33% decrease in shares outstanding since 2013 leading to a 50% boost in EPS)
7️⃣ $BKNG recently initiated a $35.00 per share dividend that will likely grow at an attractive rate (8% - 11%)
#stocks #investing
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Stock Analysis Compilation
Harris Associates on Corebridge Financial $CRBG US
Thesis: Corebridge offers a strong market position in retirement solutions with a diversified earnings profile, making it an attractive investment at a discount following reduced AIG ownership
(Extract from their Q2 letter) https://t.co/utFKooQHty
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Quiver Quantitative
I built a trading bot that buys stocks that are:
A) Being bought by members of Congress
B) Spending lots money on lobbying
C) Recipients of government contracts.
It's been doing well recently.
The portfolio holdings are tracked live on my site: https://t.co/YKcLmhxjRY
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Librarian Capital
Philip Morris $PM share price ($) vs. LVMH $MC (€)
PM outperformed LVMH by ~60 ppt last 6 months (ignoring FX and dividends)
6 months ago, PM was ~60 ppt behind on a L5Y basis (visible in how they are currently close on L5Y basis)
Stocks are simple but not easy https://t.co/0PooRjEQQY
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Stock Analysis Compilation
Baron Capital on Tenet Healthcare $THC US
Thesis: Tenet Healthcare is strategically shifting to outpatient services, unlocking value through growth in its high-margin ASC business while streamlining operations
(Extract from their Q2 letter) https://t.co/8xISgQbRxs
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Quiver Quantitative
RT @InsiderRadar: Envista stock has now risen 18% since these insider purchases were made in August
🚨Insider Trading Alert
Envista Holdings, $NVST, sees major insider buys:
🔹CEO: ~$506,100 purchase on Aug 13
🔹CFO: ~$400,607 purchase on Aug 12
Largest insider purchases in 5 years.
The stock is up 4% today. https://t.co/JGXRgrE45I
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Stock Analysis Compilation
Davis fund on Tyson Foods $TSN US
Thesis: Tyson Foods offers a compelling value opportunity with its strong market position and cost advantages, poised to rebound as meat industry margins normalize
(Extract from their Q2 letter) https://t.co/9wuhwHeiXM
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Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: My TipRanks Weekly 💯
Top 1.86% among ~756K investors 👌🏽
#stocks #investing https://t.co/NnrkNInc3x
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Quiver Quantitative
Almost missed this:
Rep. Maria Salazar has bought stock in Antero Resources, $AR.
This is the first time we have seen Salazar buy the stock.
It's a hydrocarbon exploration company, with huge natural gas reserves.
Salazar sits on the House Committee on Foreign Affairs. https://t.co/HetntDfmNO
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Investing visuals
Intel’s stock $INTC is up 14% in the past week, thanks to some major deals. However, the company has faced ongoing challenges for some time.
Do you think $INTC will be able to turn the tide? 🔁 https://t.co/5yJjrNKypq
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App Economy Insights
🌎 12 Global Titans in 40 Visuals.
☁️ Cloud Wars.
💉 GLP-1 Boom.
⚙️ NVIDIA's Surge.
💰 Buffett's Portfolio.
📊 Advertising Trends.
Visualize all the Q2 insights. 👇
https://t.co/HDpQv4CcnX
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Librarian Capital
Apologies to Bill Ackman: I was unfair about him
Turns out he was going to complain about Disney to the Southeastern Conference, an American college athletic conference, not the Securities & Exchange Commission
(joke)
h/t dw_cheek at the other place https://t.co/tViTFVVbFf
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Librarian Capital
Donald Trump: "The SEC ... for political reasons, delayed us for an inordinate amount of time, therefore hurting the stock very badly?"
Bill Ackman: "The SEC understands the importance of the US securities market ... it is one of the most non-partisan of our government agencies" https://t.co/uyWHe1uLAY
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Hidden Value Gems
This latest piece by IEA as well as other oil market analyses suggest that the oil demand is quite weak this (+0.8mb/d in 1H24) with OPEC playing the key role in balancing the market. Non-OPEC supply is c. +1.5mb/d with more production expected next year (driven by Brazil and Guyana).
Even though I try to avoid macro forecasts, it looks like more downside for oil prices.
Would not rush to add to the oil holdings on recent correction, better to be cautious.
PS: I know IEA is often wrong and there is tension in the Middle East, but still ...
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Librarian Capital
Suppose you and a friend were to meet a deity
The deity offers to give you each a special power:
Both of you can predict Fed rate a year from now
You will be accurate to 25bps; your friend to 50bps
Equities only; no derivatives
Can you make more money than your friend? How?
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AkhenOsiris
25 or 50?
- 25
- 50
- Doesn't matter
- This poll sucks
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Librarian Capital
TCI's Microsoft $MSFT stake in 13-F filings
31-Mar-23: 15,299,188 shares
30-Jun-23: 11,845,241 shares
31-Sep-23: No entry
31-Dec-23: 10,638,165 shares
30-Jun-24: 10,531,890 shares (latest) https://t.co/QXA34xxXRG
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Librarian Capital
All tobacco stocks are down today 2-4% today
$MO $PM $BTI $IMBBY
(ADR / US OTC versions used for $ prices)
Occam's razor suggests rate expectations (linked to US retail sales data today) as most likely reason
h/t @ChrisPavese https://t.co/4k6TowgTWV
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Stock Analysis Compilation
Harris Associates on Equifax $EFX US
Thesis: Equifax, with its strong market position and ongoing cloud transformation, is well-positioned for growth, making it an undervalued opportunity in the high-quality information services sector
(Extract from their Q2 letter) https://t.co/p7r0AGBBvq
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Hidden Value Gems
The $CNX fans will find this exciting. I used to own them but out now as FCF has been weakening, production flat, 7% FCF yield not so high.
But the buyback seems to be doing its magic … https://t.co/k9eYPVMyrN
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Librarian Capital
Philip Morris $PM sells Vectura for £150m ($198m)
Also £148m ($195m) potential earn-outs (up to 2039)
Acquired for £852m ($1.2bn) in 2021
Buyer is Molex
"Unwarranted opposition to PMI’s transformation has impacted Vectura’s scientific engagement & commercial CDMO relationships" https://t.co/HCNe6Tc8hp
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Librarian Capital
"L’Oréal: New 52-Week Low, but Fears on China Likely Misplaced"
Shares are a good defensive asset, with a reasonable valuation, solid long-term EPS growth and minimal capital risk $OR $EL $ELF
https://t.co/zDuAFSdyf4 https://t.co/kD10ZjG1mb
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Librarian Capital
RT @beckpeterson: No better evidence of a shadow ban than the fact that this story is going viral on LinkedIn https://t.co/JYjM5JVf3A
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Stock Analysis Compilation
Baron Capital on Glaukos Corporation $GKOS US
Thesis: Glaukos is set to revolutionize glaucoma treatment with its innovative iDose device, capturing a significant share of a large, underserved market
(Extract from their Q2 letter) https://t.co/Y4aIsg2SGY
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Librarian Capital
"Vikram Kumar’s Hedge Fund Kuvari to Return External Capital" (Bloomberg)
"His hedge fund has posted 9% annualized return before fees since its debut in 2013, he said"
BEFORE fees!
"Assets have shrunk below $1bn from a peak $2bn"
Hedge fund Kuvari Partners is preparing to return all external capital as its founder Vikram Kumar turns the investment firm into a family office https://t.co/KAymQ2lcih
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Dimitry Nakhla | Babylon Capital®
A sober valuation analysis on $AMAT 🧘🏽♂️
•NTM P/E Ratio: 20.09x
•5-Year Mean: 17.67x
•NTM FCF Yield: 4.12%
•5-Year Mean: 5.97
As you can see, $AMAT appears to be trading above fair value
Going forward, investors can receive ~12% LESS in earnings per share & ~30% LESS in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $AMAT is a quality business
BALANCE SHEET✅
•Cash & Short-Term Inv: $9.10B
•Long-Term Debt: $6.16B
$AMAT has a great balance sheet, an A S&P Credit Rating, & 32x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2019: 24.9%
•2020: 27.4%
•2021: 40.0%
•2022: 43.2%
•2023: 34.2%
•LTM: 30.5%
RETURN ON EQUITY✅
•2019: 35.9%
•2020: 38.5%
•2021: 51.6%
•2022: 53.4%
•2023: 48.0%
•LTM: 43.9%
$AMAT has strong return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2013: $7.51B
•2023: $26.52B
•CAGR: 13.44%
FREE CASH FLOW✅
•2013: $0.43B
•2023: $7.59B
•CAGR: 33.25%
NORMALIZED EPS✅
•2013: $0.59
•2023: $8.05
•CAGR: 29.86%
SHARE BUYBACKS✅
•2013 Shares Outstanding: 1.22B
•LTM Shares Outstanding: 0.84B
By reducing its shares outstanding 31%, $AMAT increased its EPS by 45% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 47.4%
•LTM Operating Margins: 29.0%
•LTM Net Income Margins: 27.7%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~12% LESS in EPS & ~30% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $AMAT has to grow earnings at a 10.05% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2024 - 2026 EPS growth over the next few years to be slightly more than the (10.05%) required growth rate:
2024E: $8.52 (5.9% YoY) *FY Oct
2025E: $9.79 (14.8% YoY)
2026E: $11.09 (13.3% YoY)
$AMAT has a decent track record of meeting analyst estimates ~2 years out, so let’s assume $AMAT ends 2026 with $11.09 in EPS & see its CAGR potential assuming different multiples
24x P/E: $266.16💵 … ~18.8% CAGR
22x P/E: $243.98💵 … ~14.0% CAGR
21 P/E: $221.80💵 … ~11.6% CAGR
20x P/E: $221.80💵 … ~9.1% CAGR
18x P/E: $199.62💵 … ~3.8% CAGR
As you can see, $AMAT appears to have attractive return potential if we assume >21x earnings, a multiple well above its 10-year mean & on the higher end of its historical range
Of course demand for semiconductor equipment & materials is expected to see a huge increase over the next several years & this has gotten priced in, to an extent
So $AMAT could justify its current multiple if estimates continue to be fairly aggressive & the company executes (as they have over the last few quarters)
However, those looking to accumulate today leave themselves with no margin of safety — and we know how volatile semiconductors can be at times of uncertainty
Today at $187💵 $AMAT appears to be slightly rich
I’d reconsider $AMAT closer to $160💵 or ~14% below today’s price .. where I can reasonably expect ~11.8% CAGR while assuming 18x earnings
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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Librarian Capital
Is calling the SEC the HF billionaire version of swatting? https://t.co/v4AoINJi3s
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