Telltales

[00:00:00] IntroMike set the stage for an episode packed with energy, tech, biotech analysis and a special guest from the OakCliff Sailing Center.[00:01:14] Exhibit C: World Oil Supply/DemandHunt discussed Saudi Arabia's potential to unleash 3 million barrels per day of held-back oil production to flex on cheating OPEC nations. A simple move with profound market implications.[00:01:58] Exhibit B: US Gas Demand/Supply Warm weather had depressed natural gas prices lately. But the team saw prices firming if production is curtailed. [00:03:06] Exhibit A: US Gov't Revenues and ExpensesProgress inched forward on the U.S. budget process. The government machine lurched onward. [00:03:38] Page 1: AAPL/AMZN/GOOG/MSFT/TSLADissecting tech titan free cash flows revealed insights: Amazon's logistics build-out, Google's bloated hiring, Tesla's software potential. Following the money trail leads to understanding.[00:13:23] Oakcliff Sailing Update Dawn Riley inspired with tales of Oakcliff alumni sailing victories worldwide. The lure of the open water summons all.[00:14:57] Investing in Healthcare & BiotechMike and Jason outlined their approach to biotech at Top Mark Capital: growing free cash flows, moats, innovating in stagnant sectors, funding R&D internally. A straightforward but potent strategy for asymmetric returns.[00:16:43] Page 15: PFE/MRNA/LNTH/BNTX/VRTXVertex exemplified the ideal - spending half its cash flow on R&D for a new non-opioid pain drug, its cystic fibrosis franchise providing a strong moat.[00:21:02] Page 19: UNH/CVS/REGN/BIIB/LLY Larger biotechs like Lilly were assessed, but smaller innovators offered more potential upside per the team's criteria. Risk and opportunity in equilibrium.[00:23:10] What is RNA?Jason eloquently explained RNA technology's role in COVID vaccines and vast future cancer treatment potential. Knowledge is indispensable.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

[00:00:00] Intro[00:01:44] World Oil Supply and Demand:Hunt provides an update on the oil market, cautioning about the potential impact of increased production from Saudi Arabia and the UAE.[00:02:12] U.S. Gas Demand and Supply:Discussion on the natural gas oversupply and the potential for wells in the Marcellus to be shut in due to low gas prices.[00:03:52] U.S. Government Revenues and Expenses:The hosts explore the financial challenges facing the U.S. government, including the risk of a shutdown and the need for a budget resolution.[00:04:24] AI Market Update:A deep dive into the market for general AI and large language models, with a focus on the role of hyperscalers and the sustainability of the AI market's growth.[00:06:14] Klarna Replaces 700 Staff with AI & Saves $40 Million/Year:Jason shares the news of Klarna's use of OpenAI's virtual assistants to replace customer service representatives, saving the company $40 million annually.[00:09:18] Meta's GPU Monetization Strategy:The hosts examine how Meta (Facebook) is using AI algorithms for ad tracking to maintain ad revenue in the face of Apple's privacy changes.[00:12:41] The Gemini Blunder:A critical look at Google's rebranding of its AI model to Gemini, the model's biases, and the impact on user trust and Google's reputation.[00:21:08] AI in Healthcare: Lilly Doubles IT Budget on Internal AI Demand:Discussion on the pharmaceutical industry's investment in AI, with Lilly doubling its IT budget to meet the demand for AI tools.[00:27:31] The Importance of AI for Talent Retention:The hosts conclude with the idea that businesses may need to invest in AI and provide access to dedicated servers with GPUs to attract and retain top talent.[00:33:21] Disclaimer:The episode wraps up with a disclaimer, reminding listeners that the podcast is for informational purposes only and not to be taken as investment advice.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Join Hunt Lawrence, Jason Wallace, and Mike Nicoletti as they delve into the latest trends in the energy sector, government fiscal policies, and a special focus on Nvidia's remarkable earnings. This episode also explores the competitive dynamics within the AI chip industry, highlighted by the emergence of startups like Groq.Show Notes & Timestamps:[00:00:00] Intro/Outro: Introduction to Telltales, an investing podcast that covers geopolitics, macroeconomics, energy, and technology. Reminder of the informational purpose of the podcast.[00:00:38] World Oil Supply/Demand: Discussion on the current state of oil demand, particularly in China, and the role of Saudi Arabia and Abu Dhabi in managing oil supply.[00:01:02] US Gas Demand/Supply: Examination of the natural gas market, highlighting the supply problem and its impact on prices.[00:02:18] US Government Revenues and Expenses: Insights into the political landscape affecting government spending and the implications for the energy sector.[00:03:24] Energy Earnings Roundup: Analysis of earnings from various energy companies, including gas and oil producers.[00:05:32] Oil Companies - EOG/MGY/PR/FANG: Overview of the performance and strategic moves of key oil companies.[00:09:11] Midstream Companies - KMI/EPD/ET/WES: Evaluation of midstream companies, their valuation, and debt challenges.[00:09:57] Major Oil and Gas Players - XOM/CVX/COP/OXY/LNG: Discussion on the prospects and performance of major oil and gas companies.[00:11:47] Nvidia Earnings: Deep dive into Nvidia's earnings, its valuation surpassing Amazon and Alphabet, and the sales growth driving its market capitalization.[00:14:19] Competitive Landscape of AI Chips: Exploration of the AI chip market, focusing on startups like Groq challenging Nvidia's dominance.[00:29:54] Closing Remarks: Recap of the episode's key points and a reminder of the informational purpose of the podcast.#InvestingPodcast #EnergyMarkets #OilSupplyDemand #NaturalGas #GovernmentSpending #EnergyEarnings #MidstreamCompanies #OilGasIndustry #NvidiaEarnings #TechInvestments #MarketTrends2024 #ValueInvesting #StockMarketInsights #OilAndGasMarket #TechGiantsValuation #AIInnovation #FinancialAnalysis #InvestmentStrategies #EconomicOutlook #CorporateEarningsThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In the latest episode of Telltales, the investing podcast hosted by Hunt Lawrence, Jason Wallace, and Mike Nicoletti, a rich array of topics were explored with their usual blend of insight and wit. Here's a taste of what went down:The trio kicked off with a deep dive into the oil markets, highlighting the delicate balance between supply and demand. They pointed out the Saudi's production cuts and pondered over the potential ripple effects of increased production from other major players like Russia and the U.S.Switching gears, the conversation moved to the U.S. natural gas market. They discussed the impact of recent cold snaps on prices and production levels, and debated the Biden administration's stance on the future of LNG facilities, hinting at the broader implications for the energy sector.The discussion took a turn towards government fiscal policies, scrutinizing the U.S. government's revenue and expenses. The hosts analyzed the deficit trends and the challenging road ahead in managing national debt, emphasizing the need for a cautious approach in these uncertain times.In a vibrant segment, the hosts dissected the media and tech giants - Netflix, Disney, Amazon, and Meta. They chewed over each company's strategic moves, market positions, and the evolving landscape of content consumption and production. The potential for partnerships and the future of streaming services led to intriguing predictions and insights.Telecom was next on the docket, with a focus on the major U.S. carriers. The conversation revolved around the capex strategies, the 5G rollout, and the ambitious leaps towards space-based networks, highlighting the innovative, yet competitive nature of the industry.The semiconductor sector wasn't left out. The hosts discussed recent earnings updates from industry behemoths, touching on the significance of AI in driving future sales and the strategic implications of the global chip shortage.In an unexpected twist, the episode also covered groundbreaking developments in biotech, spotlighting a gene therapy that's making waves in treating genetic hearing loss in children - a testament to the breathtaking pace of innovation in the field.Wrapping up, the episode couldn't avoid the gravitational pull of politics. The hosts deliberated over the potential investment implications of a Trump vs. Biden rematch, offering a nuanced view on how political landscapes can influence market dynamics.From oil barrels to gene editing, from silicon chips to the corridors of power, Telltales once again delivered a whirlwind tour of the investing landscape, all while keeping it light, informative, and utterly engaging. Tune in, stay sharp, and as always, make your investment moves with wisdom and wit!This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Welcome to Episode 2403 of the Telltales Podcast, your essential guide to the world of energy, technology, and market trends. In this episode, we dive deep into the dynamics of the energy sector, compare it with tech industry giants, and explore the intriguing potential of AI in various sectors. Here's a breakdown of what we cover: 00:00:00 Introduction 00:00:25 Disclaimer and Information Notice 00:00:42 Exhibit C: World Oil Supply / Demand 00:02:18 Exhibit B: US Gas Demand / Supply 00:02:49 Exhibit A: US Government Revenues and Expenses 00:04:06 Page 9: Energy Majors (XOM/CVX/COP/OXY/LNG) 00:05:35 Page 10: Midstream (KMI / EPD / ET / WES) 00:06:19 Page 11: Oil Companies (EOG / MGY / PR / FANG) 00:07:27 Page 12: Gas Companies (AR / EQT / CHK / AM) 00:08:47 Page 11: Oil Companies (EOG / MGY / PR / FANG) - Part 2 00:09:03 Page 10: Midstream (KMI / EPD / ET / WES) - Part 2 00:09:28 Page 9: Energy Majors (XOM/CVX/COP/OXY/LNG) - Part 2 00:09:50 Energy Valuations (Pg 9-12) vs Tech (Pg 1-4) - A comparative analysis highlighting the valuation disparities between energy companies and tech giants, offering insights into market perceptions and investment trends. 00:11:26 Sponsor Section - Top Mark Capital 00:11:51 Page 3: Can NVIDIA Sustain Its Current Run Rate Free Cash Flow? - An in-depth discussion on NVIDIA's financials, the sustainability of its cash flow, market risks, and growth projections. 00:16:36 Page 2: How Many Customers Does Microsoft Need to Sell Copilot To? - Analysis of Microsoft's Copilot product, its market impact, customer acquisition targets, and its overall contribution to Microsoft's valuation. 00:17:36 Will AI Copilots Be Good Enough? And What We Learned From CES! - A conversation on the potential and current limitations of AI copilots, enriched with insights and key takeaways from the recent CES event. 00:23:36 Page 1: Will Apple Need a ChatGPT or Rabbit Like Capability? - Exploration of the need for advanced AI capabilities in Apple's product line, the competitive landscape, and the implications for the tech giant. 00:25:13 The Implications of Generative AI on Healthcare & Drug Discovery - A thought-provoking segment discussing how generative AI is reshaping healthcare and drug discovery, highlighting potential breakthroughs and challenges. 00:27:52 Wrap-up and Next Episode Preview: Healthcare Focus 00:28:07 Legal Disclaimer and Non-liability StatementThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this episode of Telltales, the hosts (Jason Wallace, Hunt Lawrence and Mike Nicoletti) go through a 20-page memo and pick one stock from each page that they think will have the highest free cash flow growth in 2024. Check out telltales.us for more Sections and Stocks Discussed: 0:00:31 Exhibit C - Oil and gas pricing updates 0:01:54 Exhibit B - Natural gas supply and demand 0:02:03 Exhibit A - Government funding negotiations 0:02:19 Cashflow Pick'em - Choosing cash flow winners 0:03:07 Page 20 - Ridesharing and e-commerce picks 0:04:20 Page 19 - Healthcare and pharma faceoff 0:05:17 Page 18 - Commodity and chemical companies 0:06:54 Page 17 - Shipping and retailers compete 0:07:40 Page 16 - Restaurant industry showdown 0:08:57 Page 15 - Pharma and imaging matchup 0:10:17 Page 14 - Industrials and manufacturing picks 0:10:47 Page 13 - Battle of the investment banks 0:11:32 Page 12 - Natural gas stocks debate 0:12:05 Page 11 - Oil production all-stars 0:12:51 Page 10 - Midstream pipeline operators 0:13:31 Page 9 - Integrated oil supermajors 0:15:06 Page 8 - Retail industry heavyweights 0:16:18 Page 7 - Payments processors face-off 0:17:40 Pages 5 & 6 - Telecom and cable giants 0:19:19 Page 4 - Video streaming platforms 0:20:30 Page 3 - Semiconductor tech companies 0:22:00 Page 2 - Enterprise software standouts 0:23:33 Page 1 - Big tech trilogyThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

00:00:00 Introduction:Welcome to Telltales, an investing podcast hosted by Hunt Lawrence, Jason Wallace, and Mike Nicoletti. Each week we discuss topics ranging from geopolitics and macroeconomics to energy and technology. Stay tuned as we explore the intricacies of global markets and investments.00:00:34 World Oil Supply and Demand:Dive into the dynamics of the world oil supply and demand, exploring geopolitical impacts, trade disruptions, and market oversupply.00:01:30 US Gas Demand and Supply:Discussing the shifts in US gas demand and supply, including analysis on price trends, production insights, and future predictions.00:03:41 Government Spending Overview:An examination of U.S. government revenues and expenses, understanding the implications of fiscal policies and spending trends.00:04:25 Amazon Enters the Car Business:Exploring Amazon's venture into the automotive industry and its potential impacts on traditional dealers, manufacturers, and the broader market.00:10:47 The Future of Datacenter Spending - On Prem vs Off Prem:Discussing evolving trends in datacenter spending, focusing on the debate between on-premises and off-premises solutions.00:16:50 Healthcare Innovations and Investments:Spotlighting major players in the healthcare sector like BioNTech, Moderna, Pfizer, and others, analyzing financials and future outlooks.00:19:46 BioNTech vs Moderna:Comparing and contrasting the strategies and outlooks of BioNTech and Moderna in the rapidly evolving healthcare landscape.00:22:23 Vertex Update:Providing updates on Vertex Pharmaceuticals, discussing their financial health, research innovations, and market position.00:25:46 Bristol Myers Squibb Acquires Ryzen Biopharma:Discussing the recent M&A activity with Bristol Myers Squibb's acquisition of Ryzen Biopharma and its implications for the industry.00:28:09 Conclusion:Wrapping up the episode with final thoughts and a reminder for listeners to tune in again next week for more insights.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Title: E2351 - Geopolitics, Macroeconomics, Energy, and Tech Discussed in Latest EpisodeSummary: In this week's Telltales podcast, Hunt, Mike, and Jason cover a range of topics including world oil supply/demand, US gas supply/demand, US government revenues and expenses, AI models running on phones vs the cloud, implications of China-Taiwan relations, streaming platforms bidding on live sports rights, healthcare companies like Lantheus and Vertex Pharmaceuticals, and more.Content:0:00 - Intro 0:34 - World oil supply/demand dynamics - $TSM, $ASML 1:34 - Concerns about growing US natural gas supply glut 3:01 - Positive shift in US govt spending trajectory - $AAPL 4:18 - Would you rather own Apple or US govt debt? - $AAPL 6:20 - Will AI models dominate more on edge devices or the cloud? - $GOOG, $MSFT 11:14 - Potential impact of China push for Taiwan reunification - $NVDA, $AMD, $INTC, $TSM, $ASML 15:09 - Streaming platforms bidding for live sports rights - $NFLX, $DIS, $AMZN, $GOOG 18:31 - Preview of topics for next week - $T, $VZ, $TMUS, $MA, $PYPL 19:05 - Dropping Pfizer, adding Eli Lilly to healthcare watchlist - $PFE, $LLY 19:49 - Lantheus phase 3 cancer drug trial data - $LNTH 23:06 - Vertex Pharma's non-opioid pain drug - $VRTX 26:10 - DisclaimerThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

The "Telltales" podcast, co-hosted by Mike Nicoletti, Hunt Lawrence, and Jason Wallace, is a weekly discussion focusing on key financial insights. Originating from a decade-long in-person meeting initiated by Lawrence, it transitioned to a remote format during the pandemic. The podcast records their weekly calls discussing the "Cashflow Memo," a document summarizing financials of around 70 companies across various sectors. The podcast aims to guide listeners through significant financial trends and data, aiding in informed investment decisions. It's available on platforms like Apple Podcasts, Spotify, and YouTube. For more details, and to download your copy of the memo, visit telltales.us 0:00:00 - Intro 0:00:24 - Exhibit B: Analysis of Gas Markets: Discussing current trends and predictions in gas markets. 0:01:34 - Exhibit C: Oil Supply and Demand (OIL): Insights into oil market dynamics and future outlook. 0:04:02 - Exhibit B: Natural Gas Market Insights (NG): Deep dive into natural gas market conditions. 0:05:13 - Exhibit A: Government Cash Flow: Examining government financials and implications. 0:07:06 - Who Will Grow Cashflow?: Analyzing the cash flow growth of major tech companies. 0:10:56 - Page 1: AI and Cloud Services in Tech Sector: The role of AI and cloud services in the tech industry. 0:13:12 - Page 8: Retail Sector Analysis: Comparative analysis of major retail players. 0:20:55 - Page 15: Healthcare Sector Insights: Exploring innovations and financials in healthcare.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

0:00:00 - Introduction: Overview of the podcast's key economic and financial topics. 0:01:51 - Oil Market Dynamics: Analysis of the complexities in the oil supply and demand. 0:03:56 - U.S. Gas Supply and Demand: Discussion on the U.S. gas industry's current trends and future outlook. 0:06:00 - U.S. Government Financial Health: Insights into the U.S. government's fiscal situation, focusing on revenues and expenses. 0:09:34 - Sponsor Segment: Acknowledgement of our sponsors and their support. 0:10:52 - Company Cash Flow Analysis: Detailed examination of free cash flow changes in various companies. 0:30:00 - Preview of Next Week: Introduction to upcoming topics focusing on cash flow momentum in different sectors. 0:30:57 - Closing Remarks: Summary and key takeaways, along with a look ahead to the next episode.Covered Companies: AT&T: #TVerizon: #VZT-Mobile: #TMUSNetflix: #NFLXWalt Disney: #DISAmazon: #AMZNMeta Platforms (formerly Facebook): #METAApple: #AAPLAlphabet (Google): #GOOGLIntel: #INTCTesla: #TSLAThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Episode Title: "Telltales E2348: The Next Cashflow King'" Release Date: November 29, 2023 Duration: 33:10 Episode Summary: Dive into a riveting discussion in this episode of "Telltales," where we unravel the dynamic world of technology and media giants. We begin with an in-depth analysis of US gas demand and supply, followed by a critical examination of the US government's financial health. The episode heats up as we explore potential challengers to Apple's cash flow crown and speculate on Tesla's journey to a significant free cash flow milestone. Delve into the strategic positioning of Meta in the AI space, and join us as we compare the content strategies of major media platforms like Netflix, YouTube, and others. We wrap up with the latest insights on telecom leaders Verizon, ATT, and T-Mobile. This episode is packed with insightful analyses and predictions, making it a must-listen for enthusiasts and professionals in the tech and media landscape. Key Highlights: [00:03:52] US Gas Demand / Supply: Analyzing trends and projections. [00:04:32] US Gov't Finances: Exploring government revenues and expenses. [00:04:50] AAPL Cashflow Contenders: Who could surpass Apple? [00:07:37] Surpassing AAPL's Cash Flow: Potential business models and market opportunities. [00:15:01] Tesla's FCF Milestone: Predicting Tesla's financial future. [00:21:04] Media Strategies Comparison: Netflix, Meta, YouTube, and more. [00:26:30] META's AI Positioning: Meta's strategy in AI. [00:28:05] Telecom Update: Insights on Verizon, ATT, & T-Mobile. [00:31:07] Closing & Disclaimer: Important reminders. This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Title: OpenAI Drama & Impact on Software & Semiconductor Companies Hosted by: Hunt Lawrence, Jason Wallace, Mike Nicoletti Chapters: [00:00:00] Introduction to Telltales Podcast [00:00:46] Discussion on World Oil Supply/Demand and OPEC Meeting Implications [00:01:58] Analysis of US Gas Demand/Supply Trends [00:03:50] Examination of US Government Revenues and Expenses [00:05:55] Impact of OpenAI Drama on Semiconductor and Software Companies [00:25:00] Future of GPUs in Consumer Electronics [00:29:30] White House AI Executive Order and its Implications [00:30:29] Closing Remarks and Preview of Next Week's Topics Key Highlights: World Oil Dynamics: Insights into the latest OPEC meeting and its implications on global oil supply and demand. US Gas Trends: An in-depth look at the US gas market, examining production, demand, and future projections. Government Spending: Analysis of US government spending and the financial implications for the economy. OpenAI's Structural Changes: Discussion on the recent turmoil at OpenAI, its impact on the tech industry, and potential benefits for other tech giants. Future of Consumer Electronics: Exploring how GPUs and AI accelerators are shaping the future of laptops and smartphones. Policy Impacts: How the White House's AI executive order might influence open-source AI models and tech companies. Sponsorship: Episode sponsored by Top Market Capital. This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Description: Join Hunt Lawrence, Jason Wallace, and Mike Nicoletti in this insightful episode of the Telltales podcast, where we delve deep into the world of investing, economics, and technology. Get expert opinions on current market trends, investment strategies, and a detailed analysis of various sectors.Chapters: 00:00 Intro and Disclaimer 00:57 Exhibit C: Analysis of World Oil Supply and Demand 02:38 Exhibit B: U.S. Gas Demand and Supply 04:30 Exhibit A: U.S. Government Revenues and Expenses 06:35 Discussion on Uber, DoorDash, Airbnb, and Five Below 13:35 Analysis of Comcast and Charter in the Cable Industry 18:41 Insights on JPMorgan, Goldman Sachs, and Morgan Stanley 21:54 Microsoft, AI, and Future of Tech Investments 28:42 Outro & DisclaimerHighlighted Topics:World Oil Supply and Demand DynamicsU.S. Gas Market TrendsFiscal Analysis of U.S. GovernmentIn-depth Look at Companies like Uber, DoorDash, Airbnb, and Five BelowCable Industry Analysis Focusing on Comcast and CharterFinancial Institutions: JPMorgan, Goldman Sachs, and Morgan StanleyThe Role of AI in Future Investments, with a Focus on MicrosoftThe Leadership and Strategy of Companies like NVIDIA and IntelLinks and Resources:Telltales Newsletter - www.telltales.usThe Verge Article on Microsoft AI Chips - https://www.theverge.com/2023/11/15/23960345/microsoft-cpu-gpu-ai-chips-azure-maia-cobalt-specifications-cloud-infrastructureThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Episode 23.45 of the Telltales Podcast delves into the intricate world of market investments, offering listeners a comprehensive analysis across several dynamic sectors. Join us as we dissect the latest trends in oil and gas markets, exploring the geopolitical and economic factors at play. We take a deep dive into natural gas demands, the US fiscal landscape, and the strategic maneuvers of key players in the energy sector. The discussion takes a pivot to the healthcare industry, where we evaluate the financial health and strategic decisions of giants such as UnitedHealth, CVS, Regeneron, and Biogen. In the ever-evolving tech realm, we analyze Apple's latest earnings, debate the competitive landscape of GPUs with NVIDIA and AMD at the helm, and speculate on the implications of export controls on global distribution, particularly in AI and data center spending. This episode is a must-listen for investors and enthusiasts keen on staying ahead in the investment game, with insights and commentary from our expert hosts. Whether you're looking to understand the current market scenarios or seeking foresight into the future of these pivotal industries, episode 23.45 is your guide through the complex currents of today's investment opportunities.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this week’s episode...[00:01:17] Energy Sector: Kickstarting the episode with a discussion on the current trends and future prospects in the energy sector. What does the landscape look like, and what should investors be aware of?[00:06:01] Banking: Analyzing the financial health and performance of JPMorgan Chase (JPM), Morgan Stanley (MS), and Goldman Sachs (GS). What do these banks have in store for investors?[00:06:54] Industrial and Construction: Delving into Caterpillar (CAT), Deere & Company (DE), and other key players. How are these companies navigating the current economic climate?[00:08:51] Pharmaceutical Innovators: A look at Pfizer (PFE), Moderna (MRNA), and others leading the charge in medical innovation. What should investors know about their recent developments and future potential?[00:11:58] Consumer Favorites: Discussing the performance and strategies of McDonald's (MCD), Starbucks (SBUX), Chipotle (CMG), and more. How are these companies maintaining their appeal to consumers?[00:13:44] Logistics and Apparel: Analyzing FedEx (FDX), UPS, Nike (NKE), Costco (COST), and their roles in their respective industries. What trends are shaping their futures?[00:15:44] Materials and Energy: Exploring Freeport-McMoRan (FCX), Albemarle Corporation (ALB), and others driving innovation in materials and energy. What investment opportunities might they present?[00:18:37] Tech Titans: Diving into Apple (AAPL), Alphabet (Google) (GOOG), Tesla (TSLA), and their impact on the tech industry. How are these giants shaping the future?[00:25:14] Semiconductor Leaders: A closer look at NVIDIA (NVDA), AMD, Intel (INTC), and other key players in the semiconductor industry. What should investors expect from this rapidly evolving sector?This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Episode 23.34 Chapters[00:01:19] Oil, Gas, & Macro: Exhibits A, B & C[00:03:06] Page 5: $CHTR / CMCSA 0.00%↑ [00:06:12] Page 6: $T / $VZ / TMUS 0.00%↑ [00:09:32] Page 7: $MA / $V / PYPL 0.00%↑ [00:11:19] Page 8: $WMT / $TGT / $LOW / $HD / KMX 0.00%↑ [00:12:16] Page 9: $XOM / $CVX / $COP / $OXY / LNG 0.00%↑ [00:14:27] Page 10: $KMI / $EPD / $ET / WES 0.00%↑ [00:15:14] Page 11: $EOG / $MGY / $PR / FANG 0.00%↑ [00:15:40] Page 12: $AR / $EQT / $CHK / AM 0.00%↑ [00:17:11] Sponsor Break[00:17:46] Page 4: $META, TikTok & Cigarettes[00:19:36] Page 1&4: AI Cloud Strategy: $AMZN vs MSFT 0.00%↑ [00:21:12] Page 4: Would you rather: $NFLX or $DIS?[00:22:25] Page 3: $NVDA / $AMD / $INTC / $TSMC / ASML 0.00%↑ [00:23:39] Page 2: $MSFT earningsThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this week’s episode...Telltales Podcast: Episode 23.42 Show NotesEXHIBIT C: WORLD OIL SUPPLY / DEMAND:Delve into the intricacies of world oil supply and demand, especially in the context of recent geopolitical events in Gaza and Iran's production capabilities.Exhibit B: US GAS DEMAND / SUPPLY:A comprehensive look at US natural gas demand and supply, discussing factors influencing prices and the role of geopolitical events.EXHIBIT A: US. GOV’T REVENUES AND EXPENSES:Explore the state of US government revenues and expenses, focusing on the current political landscape, the deficit situation, and the administration's approach to these challenges.PAGE 1: AAPL 0.00%↑ / GOOGL 0.00%↑ / TSLA 0.00%↑ :Dive deep into the performance and trends surrounding tech giants like Apple, Google, and Tesla, discussing stock performance, market dynamics, and future outlooks.PAGE 2: MSFT 0.00%↑ / $CRM / $SNOW / $ORCL:An in-depth analysis of major tech stocks, including Microsoft, Salesforce, Snowflake, and Oracle, with a focus on their respective market positions, challenges, and opportunities.How much of a market is the US market for advanced GPU chips?:Discuss the market for advanced GPU chips in the US, considering their potential use by the Chinese military and implications for US defense contracting.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

SHOW NOTES: Gaza, Hamas, and Global Oil Prices: Telltales Episode 23.41[00:00:57] IntroductionBrief overview of Exhibit B & C.Effects of the Hamas-Israel War on global energy prices.[00:01:26] U.S. Oil Inventory InsightsYear-over-year inventory analysis.How crude oil prices shifted over the past months.[00:02:54] Middle East Power DynamicsA potential three-way agreement between Israel, Saudi Arabia, and the US.Iran's role in the negotiations and their relationship with Saudi Arabia.How recent events in Israel affected the geopolitical landscape.[00:03:28] Iranian Economy and SanctionsRepublican criticisms.Impact of relaxed sanctions on Iran's oil production.Economic comparisons between Trump and Biden administrations.[00:04:57] The Abraham Accords and Global Oil GameUS's strategy to reduce oil prices.Predictions on Israel's actions against Hamas.Speculations on future negotiations.[00:06:54] Political Turnover in the U.S. GOP HouseThe scenario post-McCarthy.Speculations and political climate surrounding Scalise's nomination.Financial challenges faced by the U.S. and the Fed's plans.[00:09:06] Investing in a 2.5% Real Interest Rate WorldEvaluating the real rate of interest required.Impact of inflation rates.History of real interest rates and potential futures.[00:10:39] Tech Stock AnalysisDeep dive into companies: Apple, Alphabet, Tesla, and Microsoft.Free cash flow evaluations.Growth rates and future valuation predictions.[00:14:52] NVIDIA’s Bright FuturePredictions about NVIDIA's growth.The potential for its GPUS in the world of large language models.[00:15:57] The FTC vs. Google: A Glimpse Inside the TrialFinancial discussions around payments to Apple.The potential implications for Apple's services.[00:17:34] Exploring the Cost of Language Models vs. Traditional SearchTechnical comparison between Google's search and large language models.Potential future developments in the search industry.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

[00:40] Exhibit A-C: Oil, Gas, & MacroHunt discusses the unusual behavior of oil in the market, emphasizing its large surplus capacity. The scenario with natural gas is contrasted, noting its struggle due to the fact that supply continues to outpac demand. The conversation touches the broader fiscal landscape, including the challenges the U.S. government faces regarding deficit and security financing.[03:53] Who can double cashflow in next 3-5 years?The chapter delves into potential companies that could see significant progress in their free cash flow over the next 5 years. Tesla and NVIDIA are highlighted, while Celsius and Vertex are also discussed as having the possibility of significantly growing free cashflow. The focus is on understanding the growth prospects of these companies and the factors that might influence their financial trajectories.[23:45] The Basis TradeThis chapter delves into macroeconomic factors, highlighting a concerning article from the Financial Times about the repo market's use by hedge funds in interest rate futures. For more on this, check out this FT article.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this week’s episode...[00:35] Energy Markets Overview: Exhibit C & B, Pages 11-12. AI Summary: The chapter opens with a discussion on energy inventories, particularly in the U.S., and the current state of oil production from countries like Saudi Arabia and the UAE. The hosts express skepticism over the current oil rally and suggest that it may be overdone.[04:13] Energy: Where to find FCF growth? Pages 9-11. AI Summary: The hosts explore cash flow characteristics of various energy companies and emphasize the importance of free cash flow, especially in a high-interest rate environment. The chapter aims to identify companies that are growing their free cash flow by at least 10% per year.[07:44] Non-Energy: Where to find FCF growth? Pages 14, 3, & 1. AI Summary: The chapter begins by discussing various industrial companies like Caterpillar, Deere, and Generac, each dominant in their respective markets. The conversation also touches upon Fastenal, a hardware supply company, highlighting its impressive long-term investment returns. The hosts then explore the performance of major tech companies, such as Nvidia, in terms of their free cash flow. Nvidia's exceptional performance is contrasted with other companies like Advanced Micro Devices and Intel, focusing on their different valuations and cash flow statuses. The discussion also ventures into the implications of high valuations for companies with significant free cash flow growth, specifically citing Nvidia as an example. Lastly, the conversation delves into broader investment themes, such as the role of artificial intelligence in shaping the future of industries.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

IN THIS EPISODE...[01:30] EXHIBIT C: WORLD OIL SUPPLY / DEMAND [02:30] EXHIBIT B: US GAS DEMAND / SUPPLY[03:00] EXHIBIT A: US. GOV’T REVENUES AND EXPENSES [03:56] PAGE 9: XOM/CVX/COP/OXY/LNG[05:43] Page 10: KMI / EPD / ET / WES[06:57] PAGE 11: EOG / MGY / PR / FANG[08:31] PAGE 12: AR / EQT / CHK / AM[09:59] PAGE 1: AAPL / GOOG / TSLA[19:43] PAGE 15: PFE / MRNA / LNTH / BNTX / VRTXThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this week’s episode...[00:01:26] EXHIBIT A: US. GOV’T REVENUES AND EXPENSES - Hunt delves into the U.S. government's legislative process for revenues and expenses, emphasizing the challenges and implications of budget deficits. The focus is on the role of committees and the Congressional Budget Office's numbers for the year.[00:04:55] EXHIBIT B: US GAS DEMAND / SUPPLY - Hunt discusses the balance between U.S. gas demand and supply, pointing out that increased supply has managed to counteract the rising demand. It also hints at the average gas prices and the future outlook for 2024 and 2025.[00:07:01] EXHIBIT C: WORLD OIL SUPPLY / DEMAND - Hunt talks about global oil demand and supply, with a focus on political issues between leading producers like Saudi Arabia and the United States.[00:08:42] PAGE 1: AAPL / GOOG / TSLA - Jason comments on Google's search result presentation and the unclear nature of paid positions in the results.[00:09:52] PAGE 2: MSFT / CRM / SNOW / ORCL - Mike and Jason discuss tech companies such as Microsoft, Salesforce, Snowflake, and Oracle, with a focus on free cash flow and back-office functions. They touch upon how companies are adapting to the times.[00:20:59] PAGE 3: NVDA/AMD/INTC/TSMC/ASML - The hosts discuss the significance of ASML's latest lithography machines and their impact on semiconductor manufacturing.[00:27:43] PAGE 15: PFE / MRNA / LNTH / BNTX / VRTX - The final section is a brief discussion on biotech companies like Pfizer, Moderna, and others. It also touches upon potential future treatments being developed by Vertex that would replace opioid painkillers.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

SHOW NOTES[00:01:14] EXHIBIT C: WORLD OIL SUPPLY / DEMAND - This section discusses the dynamics of global oil supply and demand. It delves into various factors affecting the oil market, including geopolitical influences and economic trends.[00:02:18] EXHIBIT B: US GAS DEMAND / SUPPLY - This part focuses on the gas market in the United States, examining the supply and demand aspects. Insights into the domestic production, imports, and consumer trends are provided.[00:03:40] PAGES 1-3: $NVDA EARNINGS, NEW $GOOG AI PRODUCT - The segment talks about Nvidia's recent earnings report and Google's new AI product. It reviews the financial performance of Nvidia and discusses the potential impact of Google's latest AI offering.[00:16:51] CONSPIRACY CORNER: IS SAM ALTMAN A JAMES BOND VILLAN?? - This is a lighter, speculative section that humorously discusses whether Sam Altman, a well-known tech entrepreneur, could be a villain in a James Bond movie. Theories and opinions are shared.[00:19:06] PAGE 4: $AMZN COMPETITIVE POSITIONING IN AI - This segment explores Amazon's positioning in the Artificial Intelligence market. It looks into Amazon's strategies, product offerings, and how it stands against competitors in the AI space.[00:22:41] PAGES 5 - 13: MARKET VALUATION REVIEW - This comprehensive section offers a review of market valuations. Various metrics and indicators are discussed to give an in-depth understanding of the current market scenario.[00:27:19] HOW MUCH TO PAY FOR GROWTH? - The final section of the podcast tackles the topic of growth valuation. It discusses how to assess the value of growth in companies and what metrics can be useful for this purpose.This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

[00:00:53] Energy News (memo exhibit B & C)[00:05:25] Healthcare News - UNH 0.00 Earnings (memo exhibit A & Page 19) + comp to CVS 0.00 [00:07:56] AI News → MSFT 0.00 Cashflow impact of $30 Office 365 copilot META 0.00’s Llama 2, Impact on NVDA 0.00 GOOG 0.00 GOOGL 0.00 SNOW 0.00 AAPL 0.00 This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Show NotesHunt begins the podcast with a discussion on AI's role in software companies and the impact of recent actions by OPEC, Russia, and Saudi Arabia on world oil demand.There is a detailed conversation about exhibits A, B, and C, reflecting on current trends in world oil demand, gas numbers, and the impact of the debt ceiling agreement.Various companies across different sectors are examined in-depth, with a focus on free cash flow. These include NVEC, United Health, CVS, Chipotle, Vertex, Lantheus, and more.Mike brings up the transformative influence of technology across various sectors, contributing to the generation of free cash flow. He also discusses the future direction of Amazon and introduces Teradata as a potential opportunity.Jason expands on the tech sector discussion, mentioning companies like Uber and Amazon. He also delves into corporate data management and its implications.Podcast Chapters (Note, see memo pages for reference)[00:00:35] EXHIBIT C[00:01:34] EXHIBIT B[00:03:02] EXHIBIT A[00:03:37] PAGE 20 $NVEC[00:03:53] PAGE 19 $UH $CVS[00:04:09] PAGE 18 $ALB $FCX[00:04:37] PAGE 17 $FDX $UPS, $NKE, $COST[00:04:58] PAGE 18 $CMG $MCD[00:05:10] PAGE 15 $MRNA $BNTX $PFE $VRTX $LNTH[00:05:51] PAGE 14 $GNRC $CAT $DE $TDG $FAST[00:08:01] PAGE 13: $JPM $MS $GS[00:08:09] PAGE X-12 $XOM $[00:08:32] PAGE 8: $TGT $WMT $LOW $HD[00:09:23] PAGE 7: $MC $V $PAYP $SQ[00:09:36] PAGE 5-6: $CHTR $CMCSA[00:09:59] PAGE 1-4[00:10:49] PAGE 2: SoftwareThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Podcast Chapters[00:00:55] Comparison of Apple, Google, and Tesla (Memo Page 1: $AAPL $GOOG $TSLA)[00:02:23] Evaluating Tesla's Growth Potential[00:03:06] What Makes a Really Good Company? Examining Apple and Alphabet[00:06:27] Comparing Multiples on $TSLA $NVDA with those of Oil & Gas Companies ($XOM, $CVX, $COP, $OXY, $KMI, $EPD, $ET, $WES, $EOG, $MGY, $PR, $FANG)This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

If you are new, welcome! If you haven’t subscribed, join crew by subscribing here:Description: In this episode of the Telltales podcast, the hosts dive into the world of economics, geopolitics, and technology. They discuss the current state of oil supply and demand, the impact of China's economy on commodity consumption, and the US government's revenue and expenses. Additionally, the hosts delve into the geopolitics surrounding the US-China relationship, particularly focusing on issues of technology transfer and intellectual property theft. The episode also explores the valuation and future prospects of technology companies like Nvidia, ASML, and Taiwan Semiconductor. Join the conversation as they provide insights and analysis on these topics and their potential implications.Key Topics:Oil Supply and Demand: Surplus capacity, OPEC Plus production cuts, and China's commodity consumption.US Gas Demand and Supply: Fluctuating oil prices and concerns over surplus capacity.US Government Revenue and Expenses: Addressing the need to reduce spending and reverse increasing public debt.Geopolitics: China: Discussion on the US-China relationship, technology transfer, and intellectual property theft.Company Valuation: Evaluation of Nvidia, ASML, and Taiwan Semiconductor, considering increased demand for GPU chips and their roles in the AI industry.Podcast Chapters:[00:00:50] Exhibit C: World Oil Supply / Demand[00:03:03] Exhibit B: US Gas Demand / Supply (and Oil Pricing)[00:03:46] Exibit A: Us Gov't Revenue and Expenses[00:05:52] Geopolitics: China[00:12:42] Page 3: $NVDA $AMD $INTC $ASML $TSM[00:16:31] $NVDA Forward Valuation[00:20:51] In house vs outsourced AI?[00:23:24] Which is a better investment now? $NVDA vs $ASML vs $TSMThis podcast and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Episode Chapters[00:00:44] Exhibit C: Oil Supply & Demand[00:04:35] Exhibit B: Natural Gas[00:07:56] Exhibit A: US Gov Cashflow[00:09:46] Page 12: Gas Companies $AR $EQT $CHK [00:11:28] Exhibit B & Page 12: Gas Q&A[00:13:54] Other Macro[00:15:39] Page 3: $NVDA $AMD $INTC $TSM / $ASML [00:25:46] Page 8: $KMX , $WMT , $TGT , $LOW , $HD [00:26:46] Page 16: $CELH $MCD $SBUX $CMG [00:30:37] Page 8: $KMX $CVNA [00:31:15] Sign-offIf you are new, welcome! If you haven’t subscribed, join crew by subscribing here: 🎧 To listen to the podcast, click play button above or listen on Apple Podcasts, Spotify, or SoundCloud. Keep reading for supplemental data to accompany the podcast.This newsletter is designed to complement the podcast and ultimately enable you develop your ability to think critically and independently about investments. Neither the podcast nor this newsletter provide ‘stock tips’ or financial advice. You should always do your own work to determine if an investment is suitable for you. If you are new, please check out the What are Telltales? post.If you know someone who could benefit from Telltales, please share it by clicking here:Weekly Email Format UpdatesYou will notice a slightly revised email format (beginning with episode 2023.22) - that’s because we’ve moved our podcast hosting from Soundcloud to Substack (the same company that hosts this newsletter). This change should not affect your normal listening routine. If you have any issues or questions, feel free to reach out directly.Supplemental Data0. The Memo1. SuperCompoundersThis is a list of all the companies covered in the memo. We calculate Total Return for each company assuming you had bought the stock at the average price during the first year of the IPO and reinvested the dividends. This is not a ranked list of our favorite investments, rather it is meant to provide additional insightful information on the companies we discuss each week (note: ‘Page’ references the page of the memo on which you can find the company). Naturally, it is harder to compound capital at a high rate (see IRR) over longer periods of time, so it is not surprising to see companies like MRNA near the top of the list with only ~4 years as a public company.2. Macro3. Energy4. Tech* Cloud Multiples - Check out the most recent edition of Clouded Judgement for the latest SaaS multiples. * Semiconductors* Semiconductor Industry Association Global Billings Report* Bureau of Economic Analysis Semiconductor Import / Export* CryptocurrencyHow did you like this week’s Telltales? Your feedback helps me make this great.Loved | Great | Good | Meh | Bad | ….. If you liked this post from Telltales, why not share it?This post and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Podcast Chapters[00:00:53] Exhibit C: Oil[00:02:29] Exhibit B: Gas[00:03:40] Exhibit A: US Gov Cash Flow[00:04:55] Page 20: $UBER / $DASH / $ABNB / $FIVE[00:05:36] Page 14: $CAT / $DE / $GNRC / $TDG / $FAST[00:08:30] Is a step change in cash flow coming for $AAPL / $TSLA / $NVDA ? [See page 1( $AAPL / $GOOG / $TSLA ) & 3( $NVDA / $AMD / $INTC / $TSM )][00:24:49] Page 15: $PFE / $MRNA / $BNTX / $LNTH / $VRTXThis post and the information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

If you are new, welcome! If you haven’t subscribed, join crew by subscribing here: telltales.us🎧 To listen to the podcast, subscribe on Substack, Apple Podcasts, Spotify, or SoundCloud. Keep reading for supplemental data to accompany the podcast.- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9This newsletter is designed to complement the podcast and ultimately enable you develop your ability to think critically and independently about investments. Neither the podcast nor this newsletter provide ‘stock tips’ or financial advice. You should always do your own work to determine if an investment is suitable for you. If you are new, please check out the What are Telltales? post.If you know someone who could benefit from Telltales, please feel free share and like it.The information herein are intended for informational purposes only. The views expressed herein are the author’s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The author and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this episode, Hunt covers the latest updates on Oil and Gas supply and Demand and touches on the upcoming debt ceiling. Then Mike, Jason and Hunt discuss mRNA technology, its impact on COVID-19 vaccines, and potential applications in cancer treatment. We explore the promising future of companies like Moderna, Pfizer, BioNTech, and Lantheus, as they leverage this groundbreaking technology to develop novel diagnostics and treatments. Join us as we delve into the financial implications and investment opportunities presented by these trailblazing biotech and pharmaceutical companies.Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

In this episode of Telltales, hosts Mike, Hunt, and Jason discuss a wide range of topics related to technology, finance, and business strategy. They begin by exploring the current state of the oil and gas industry, including the impact of rising oil prices, the role of renewable energy, and the challenges facing traditional energy companies. They also discuss the recent news about Oracle's acquisition of Cornerstone, and what this could mean for the future of enterprise software.Later in the episode, the hosts delve into the world of finance, sharing their experiences and insights as investors in companies like Salesforce, Walmart, and Microsoft. They discuss the challenges of investing in high-growth tech companies, the importance of analyzing free cash flow, and the potential benefits of incorporating AI and machine learning into financial analysis.Throughout the episode, the hosts share their perspectives on a variety of topics related to technology, finance, and business, offering valuable insights and thought-provoking commentary on the latest trends and developments in these fields.Key topics discussed in this episode:- The current state of the oil and gas industry, including the impact of rising oil prices and the role of renewable energyOracle's recent acquisition of Cornerstone and what this could mean for the future of enterprise software- The hosts' experiences and insights as investors in companies like Salesforce, Walmart, and Microsoft- The challenges of investing in high-growth tech companies and the importance of analyzing free cash flow- The potential benefits of incorporating AI and machine learning into financial analysisHosts: Mike, Hunt, and JasonTelltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

This week, in addition to covering oil & gas and macro, we review the effect of AI on pages 17-20 and dig into the semiconductor cycle.Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com

Telltales is a weekly podcast where we discuss capital markets. Each week you can expect a discussion that touches on macroeconomics, energy, and technology.Subscribe to our weekly substack to get notified of new episodes and see our data dashboard: www.telltales.usSubscribe to the podcast...- Apple: apple.co/3SnW1w3- Spotify: spoti.fi/3CfLGwC- Soundcloud: bit.ly/3SJdAX9The views expressed herein are the hosts’ alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the hosts nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness or completeness of this information. The hosts and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit telltales.substack.com