one of the greatest visuals of all time. would add that some of the black lines of the past connect to green lines of the future even if it’s not clear how.

.@BernieSanders , it is a time to celebrate. @elonmusk has created enormous value for society by building @SpaceX, driving down the cost of rocket launches and creating a global satellite communication network that has brought high speed, low-cost internet and communication access to hundreds of millions and eventually billions of people along with critical advantages for our military and our nation’s defense. SpaceX and its technologies will cause an acceleration in the growth of wages and wealth creation globally, including in some of the poorest communities in the U.S. and around the world. Access to low-cost, high speed communications everywhere will allow children around the world to be educated, families to build businesses, and life-saving medical knowledge and care to be available everywhere. SpaceX will materially bring down the cost of compute, advancing AI and humanity. Meanwhile, 4,000 SpaceX employees yesterday became millionaires, including hourly wage employees who you claim you are trying to help. The Elon Musks of the world drive growth, global GDP, and provide access to goods and services at lower cost that would otherwise not exist. Elon’s nominal trillionaire status is due to his ownership of SpaceX, Tesla, Neuralink, the Boring Company and his other initiatives that have brought new technologies that improve our everyday lives. Elon is not sitting on a trillion dollar pile of cash, jewelry and gold. He is using his controlling stakes in his companies to advance mankind. Elon’s companies don’t pay dividends. They reinvest all of their capital to accelerate innovation and value creation. Elon is working 24/7 for all of us. He deserves respect and appreciation, not smears. Bernie, your socialism would never allow a SpaceX to be built. Socialism has only proven to impoverish mankind and lead to death and destruction. We need to create the conditions for more SpaceXs to be built, not attack the great entrepreneurs who are helping to advance our country.

i think buffett’s famous hiring framework ‘intelligence, energy, integrity’ misses some key things we've experienced viscerally: 1 grit / Commitment / will to win 2 low expectations / grateful and delighted when comp/equity is increased 3 Likability / good hang / airplane test / energy giving / do I want to spend my life interacting w this person and do I think he/she can get others to follow? i.e., i think you can have someone that exemplifies the Buffett/Koch trifecta (‘energy/intelligence/integrity’ or kochese ‘virtue/talents’4), but 1) lacks consistency/commitment so jumps around like Danson and PK highsmith or something, vs getting-the-job-done, or   2) expects to make AI money and otherwise resentment festers (guess this would be on us in screening / expectation setting), and 3) is generally energy-draining to interact with (eg seeing their name pop up on your phone is a bummer). anyway 🚨 we’re hiring two private equity principals a new subsidiary CEO. we’d love to hear from you hiring at tuckersfarm dot com: 1)     super high previous job performance / ranking (effectively reference-lite - this is most important input for us and we’re intense w references when we get to them, so always get to the bone here) 2)     2 or less jobs in last 5 yrs 3)     Preference for great gpa and test scores (less important to us relative to previous job performance, but nonetheless has some signal, and generally indifferent abt school quality/prestige) --- Notes: >got ‘will to win’ from @GrahamCWeaver content which is great catch-all for things missed in Buffett's intelligence/energy/integrity framework >also pls send any 2m EBIT deals to us!! >principal is BD oriented and ~$250k target cash some equity (2-yr initial role duration, then package is very re-evaluated). CEO role is >$300k starting cash meaningful equity 4 charles Koch (>10,000x moic on ~20m of original equity!) says “virtue/talents”, which is effectively same thing as Buffett (virtue = integrity, and talents = energy/intelligence)

Yann LeCun was right the entire time. And generative AI might be a dead end. For the last three years, the entire industry has been obsessed with building bigger LLMs. Trillions of parameters. Billions in compute. The theory was simple: if you make the model big enough, it will eventually understand how the world works. Yann LeCun said that was stupid. He argued that generative AI is fundamentally inefficient. When an AI predicts the next word, or generates the next pixel, it wastes massive amounts of compute on surface-level details. It memorizes patterns instead of learning the actual physics of reality. He proposed a different path: JEPA (Joint-Embedding Predictive Architecture). Instead of forcing the AI to paint the world pixel by pixel, JEPA forces it to predict abstract concepts. It predicts what happens next in a compressed "thought space." But for years, JEPA had a fatal flaw. It suffered from "representation collapse." Because the AI was allowed to simplify reality, it would cheat. It would simplify everything so much that a dog, a car, and a human all looked identical. It learned nothing. To fix it, engineers had to use insanely complex hacks, frozen encoders, and massive compute overheads. Until today. Researchers just dropped a paper called "LeWorldModel" (LeWM). They completely solved the collapse problem. They replaced the complex engineering hacks with a single, elegant mathematical regularizer. It forces the AI's internal "thoughts" into a perfect Gaussian distribution. The AI can no longer cheat. It is forced to understand the physical structure of reality to make its predictions. The results completely rewrite the economics of AI. LeWM didn't need a massive, centralized supercomputer. It has just 15 million parameters. It trains on a single, standard GPU in a few hours. Yet it plans 48x faster than massive foundation world models. It intrinsically understands physics. It instantly detects impossible events. We spent billions trying to force massive server farms to memorize the internet. Now, a tiny model running locally on a single graphics card is actually learning how the real world works.

Key insights.. Frugality Small headquarters Decentralised cultures Decision making close to customer Empower employees Entrepreneurial spirit Delight customers Customer problem solver (sell solutions) Strong purpose Recurring revenue business with strong cashflows ‘Cash’ culture Value based pricing Barriers to entry Mission critical / specialised product Flow products / proprietary product Value added distribution Local focus - ‘local champions’ Low product cost vs total cost Pricing power Exit commodity/ low margin products Integrated product / high switching costs Smaller market niches High margins High insider ownership / ‘ownership is a mindset’ Management have investor mindset Servant Leadership Employees are partners & shareholders Reinvest >80% of cash flows High ROE Small private market acquisitions Quality cos not turnarounds Acquisitions need cultural fit Know industry targets / courtship M&A Trusted acquirer - family businesses Sellers retain stake (skin in game) Self-funding model Perpetual company owner - seek sellers who want legacy not highest price Seperate PnL’s Managers mini-CEOs Autonomy provided financial metrics ok Disciplined buyer Don’t bet the farm Promote from within Pay well Long tenures Long term philosophy Family culture Internal competition across units - benchmarking - ‘champion’s league’ Information transparency Aligned / stable shareholder base Golden Rule - all counterparties Respect for everyone Knowledge sharing across businesses Don’t dilute owners / no share issuance / ‘precious shares’ Conservative balance sheet Sensible growth (no shortcuts) Decentralise M&A function Continuous learning (learning organisation) Every employee understands how daily action impacts business - leverage employees collective insights Acquisition post mortems Train everyone (internal academies) Leadership cultivated not imported Teaching is an investment not a cost Build people Copy ideas from others (eg ITW, Jack Henry, Danager, Ikea) Invest in crisis when others can’t Focus on profit / working capital Control contollables Synergies enabled not forced Continuous improvement High levels of R&D on products Management walk the floors

The story of 3G Capital involves Roger Federer, Sam Walton, and Warren Buffett. It includes the biggest beer company on earth, the biggest footwear deal in history, and a ketchup bottle with Charlie Munger's face on it. It also involves accusations of 'chainsaw capitalism,' CEOs driving freight trains, and billion-dollar companies being handed to kids in their twenties. Buffett called it the best management culture he'd ever seen. But, until now, the story behind the culture has never been told by the people who carry it forward. In truth, 3G would prefer you had never heard of it. The firm began in New York in 2004. But the real story starts in the seventies, off the beaches of Rio de Janeiro, when Jorge Paulo Lemann bought a brokerage for $800,000 and built a model for running businesses unlike anything else in Brazil. The model has since produced the biggest investment bank in Brazil, the world’s largest brewer, the third-largest restaurant company, and turned hundreds of employees into multimillionaires. In 3G Capital, it has also produced a rare kind of investing partnership, one where each fund holds exactly one company, the partners are the largest investors in every fund, they work the businesses themselves, and they have never lost money on a deal. Almost everything written about the firm notes that managing partners Alex Behring and Daniel Schwartz did not respond for comment. For Colossus, they sat for hours of interviews at their Manhattan office. @domcooke tells the full story of how this secretive firm with fewer than 30 employees has built some of the world's biggest companies.

Seven Steps to a Highly Effective Congress 1. End the Zombie Filibuster 2. @DOGE 2.0 to slash spending 3. Pass the Shutdown Fairness Act 4. Pass the SAVE Act 5. Pass the REINS Act 6. Abolish earmarks 7. Pass aggressive permitting reform

It’s becoming abundantly clear that America’s Shenzhen will be here.

Petting your dog

BREAKING: NO MORE LEARING Quality Learing Center has been shut down Journalism that creates actual change, BOOM!

You literally can’t find a single mainstream article about the Minnesota fraud... Not even one... How is it that a simple guy with a camera can uncover over $110,000,000 in fraud in a single day, but giant billion‑dollar media organizations behind the glass doors somehow “miss” it for years? It’s not that they couldn’t find it. It’s that they wouldn’t They are desperate to bury this, protect their ideological allies, and smear anyone who exposes how rotten the system is with “it’s not as bad as it looks” think‑pieces or by turning it into a race‑based narrative to shut people up This is as clear as it gets in broad daylight The story isn’t just the fraud... The story is the massive cover‑up....

🚨 Here is the full 42 minutes of my crew and I exposing Minnesota fraud, this might be my most important work yet. We uncovered over $110,000,000 in ONE day. Like it and share it around like wildfire! Its time to hold these corrupt politicians and fraudsters accountable We ALL work way too hard and pay too much in taxes for this to be happening, the fraud must be stopped.

Brad Jacobs’ Industry Filter 1. Immense scale 2. Inherent long-term growth 3. Fragmented landscape ripe for M&A at favorable multiple arbitrage 4. Economies of scale 5. Tech backwardness

The Value of a Company The value of a company consists of three tranches according to Greenwald: 1. Reproduction Cost of Assets 2. Franchise Value 3. Value of Growth

Most people dunking on Michael Dell’s wife have no idea who the man actually is. This dude became a billionaire at 26. Took his company private. Bought it back. Then built one of the greatest comeback stories in tech. And he did it with the same woman by his side since 1989! 36 years!! He was shy She was a baddie She pulled him out of his shell They built an empire together That’s the part Clown Twitter misses. Anyone can upgrade a car. It takes a different kind of man to stay loyal when you don’t have to. And it takes a different kind of partnership to survive: • Going public at 23 • Losing $100B in market cap • Getting written off by every analyst • Building it all back to $120B Meanwhile they're raising four kids and just donated $6.25B to children's causes. But Twitter's roasting her appearance at 60.... Imagine building a company from your dorm room… Hitting a billion before your brain is fully formed… Keeping the same partner for four decades… Raising a family… Becoming world-class philanthropists… And still getting roasted by dudes who haven't kissed a girl since middle school If you’re a founder: Let this be a reminder of what actually ages well. Skill. Character. Loyalty. Impact. 🥂 to The Dell Family You inspire us all