$GOOG vs. $TSLA in the Automated Driving Systems Leaderboard (per Guidehouse).

@ClarkSquareCap There’s also a long, recent discussion of Grenke $GLJ from April in this letter (from a former Shareholder Value Management employee):

Interesting thread about recent changes at small cap sandwich chain Potbelly $PBPB ($250m market cap, covered by 1 sell-side analyst).

@1MainCapital 2/2 At first this might look bleak re stock picking. But the dispersion of ytd returns of the remaining 495 stocks in the S&P 500 is (usually) extreme. Last week: >150 stocks outperformed the S&P 500 index return (avg: +18% ytd) like $FDX $CPRT vs. ~200 constituents in the red.

@1MainCapital 1/2 While mathematically correct, people often misread the gist of these breakdowns imo. S&P 500 YTD shows a +7.7% return. The chart says: 5.5pp or >70% of the increase were driven by ONLY 5 STOCKS. The corollary: 495 stocks created in sum, cap weighted only a +2.2% ytd return.

"MSFT could offer regional concessions to the CMA, such as excluding $ATVI games from the Game Pass catalog in the UK. This would enable them to gain regulatory clearance while still having the ability to add games to its subscription catalog in other regions." - Wedbush Sec.

9/9 "I'd argue Stadia’s failure is evidence that absent a MSFT-level investment the cloud gaming market will never come into being in the first place. In other words, the UK isn’t protecting competition in cloud gaming; it’s making cloud gaming impossible to ever be competitive."

7/9 After the Tribunal, the UK's next higher instance should be the "Court of Appeal" which can overrule CAT decisions.

8/9 CMA's decision today to block the merger because it would "substantially weaken competition" in the (nascent) cloud gaming market, leaves many open questions imo. Closing this thread with the tweet hereafter and an older quote from the usual great Ben Thompson.

6/9 Looking at some rough numbers over the past decade, it seems the CAT sides with the CMA in ~2/3rds of all merger appeals vs. 1/3 in favor of the applicants.

5/9 However, the CAT doesn't create brand new verdicts. Instead it remits its cases back to CMA for a review - usually by the same people working on it before. So: "A second investigation reached broadly the same conclusions as the first and the CMA AGAIN ordered JD to sell FA"

4/9 An interesting case stems from the year 2020, when the CAT overruled a CMA verdict. The CMA previously ordered that JD Sports must divest its 2019 acquisition of Footasylum since it would harm competition in the UK sportswear market.

3/9 Looking forward to see some experts coming up with an expected timeline for the completion of this appeal. Historically, the Tribunal aims to hear cases in less than nine months.

2/9 The CAT (UK's Competition Appeal Tribunal) is a different judicial body than the CMA. Appeal cases are heard before 3 CAT members: the President or Chairman plus 2 ordinary members, who can be experts in law, business, accounting, economics or other related fields.

1/9 $MSFT $ATVI appealing to the CAT means they will have to demonstrate how the CMA today acted irrationally, illegally or with procedural impropriety.

"Named Executive Officers are required to invest 75% of their after-tax bonus into $CSU shares and must hold them for 4 years." Mark Leonard:"I’ve traditionally travelled on economy tickets and stayed at modest hotels because I wasn’t happy freeloading on the CSU shareholders."

@BearForce_Won Found the last one was pleasantly entertaining. So if you find the time in between meetings/presentations, please go ahead.

@JerryCap Thanks for letting me know! Hopefully this one works as it should:

3) $V (while I didn't publish any recent update on VISA, my core beliefs about what could happen in the future are more or less unchanged vs. my 2021 investor letter). Thank you for your interest & kind regards!

Interviews only allow for a certain amount of depth. So in case one is interested, I'll attach some recent, longer threads on all three mentioned companies below. 1) $FMX

2) $GOOGL

Sat down with "DAS INVESTMENT" to talk about how I advise the Covesto Patient Capital fund since taking over in 2020 and why I'm not trying to be original. I've invested ~100% of my liquid assets in the fund and briefly touch upon $V $FMX $GOOG (in german)