“Japan has really reemerged in the last 3 or 4 years as a place that's open to foreign capital, that's allowing companies to restructure, allowing people like us to take companies private.”
Japan governance reform and take-privates re-rate broad Japanese equities as foreign capital floods in.
“The data centers, the robots, the autonomous vehicles, that reindustrialization, it all needs power.”
Data centers, robots and reindustrialization all pull on power, and gas is the marginal fuel that clears the gap.
“companies in the physical world that are pretty unaffected … It's in medical supplies, manufacturers, distributors, and no impact basically from this. And that's easy to underwrite.”
Medline is a physical-world medical supplier with basically no AI disruption risk, easy to underwrite
“Costco's up like 25-fold … They either had something that was infrastructure-like— groceries— or had a great value proposition, really understood their customers.”
Costco compounded ~25x surviving e-commerce by being infrastructure-like with a strong value prop
“when Airbnb came out … a bunch of people are saying it's the end of Hilton. Whatever.”
Hilton thrived through the Airbnb threat via a differentiated model; long-term winner Gray chairs
“you'll have added 1.5 million barrels a day on top of everything else, and you won't have a corresponding increase in demand”
Once Hormuz reopens, the UAE's unfettered 1.5M bbl/d adds to supply with no demand match, sinking oil off its war peak.
“Advanced packaging to me is the new Moore's Law. … I think the market's not pricing that in.”
Advanced packaging is the new Moore's Law and the market is not pricing it; Intel re-rates on this
“SanDisk can just increase the price of flash until the customers cry … they will be fine.”
NAND suppliers hold disciplined output as AI demand explodes; pure-play flash earnings inflect higher into 2026.