HOWARD MARKS SAYS CHARLIE MUNGER GAVE HIM THE BEST INVESTING ADVICE HE'S EVER RECEIVED IN ONE SENTENCE It happened over lunch right after Marks finished writing his first book. As he got up to leave, Munger hit him with this: "Just remember, none of this is easy. Anybody who thinks it's easy is stupid." Marks has called it one of the great things anybody has ever said to him. The point: it cannot be easy to be smarter and more disciplined than every other smart person trying to do the same thing. Simple, but not easy.

This is what Seth Klarman's $8.1 Billion portfolio looked like as of the end of Q1 Amazon $AMZN : 3,120,000 shares Restaurant Brands $QSR : 8,080,000 Wesco International $WCC : 1,440,000 Union Pacific $UNP : 1,540,000 Elevance Health $ELV : 1,280,000 Google $GOOG : 1,180,000 Ferguson Enterprises $FERG : 1,440,000 Willis Towers Watson $WTW : 893,130 Aon $AON : 769,000 Visa $V : 701,360 Teleflex $TFX : 1,590,000 Eagle Materials $EXP : 892,760 Genuine Parts $GPC : 1,490,000 Liberty Global $LBTYK : 13,400,000 Herbalife $HLF : 9,260,000 GDS Holdings $GDS : 3,040,000 Americold Realty Trust $COLD : 7,780,000 Molina Healthcare $MOH : 633,610 Grupo Aeromexico $AERO : 4,880,000 Norwegian Cruise Line $NCLH : 3,630,000 Vaxcyte $PCVX : 800,000 Dnow $DNOW : 3,630,000 (Photo Credit @ralliesai)

JUST IN: THE DOW JUST RECAPTURED 50,000. THE S&P 500 CLOSED ABOVE 7,500 FOR THE FIRST TIME EVER. THE NASDAQ HIT A FRESH ALL-TIME INTRADAY HIGH. Three indexes, three records, one tape. The drivers behind the close: Today's index moves: - Dow: +370 points to 50,063 (+0.75%) - S&P 500: +0.77% (first close above 7,500) - Nasdaq: +0.88% (new all-time intraday high) The Cisco engine: - Cisco $CSCO closed +12% after Q3 beat plus raised AI orders guide ($5B to $9B for FY26) - Cisco also announced ~4,000 job cuts as part of its restructuring plan - $CSCO is +46% over the past two months The NVIDIA engine: - NVIDIA $NVDA closed +4% on the Reuters report that the U.S. approved ~10 Chinese firms (Alibaba, Tencent, ByteDance, others) to purchase H200 chips - Still no deliveries made despite the approval - $NVDA is +30% over the past two months The Trump and Xi summit, per a White House official 🇺🇸: - Iran was a major topic of discussion - Both sides agreed the Strait of Hormuz must remain open

FIGMA $FIG JUST REPORTED A Q1 BEAT AND RAISED FULL-YEAR GUIDANCE. AI ADOPTION IS DRIVING UPSIDE. But the CFO publicly named Claude Design as a competitive threat they cannot dismiss. The numbers and the AI quote, in full: Q1 results: - Revenue: $333.4M vs $313.2M est 🟢 - Adj EPS: $0.10 vs $0.06 est 🟢 - Net Dollar Retention Rate: 139% as of 3/31/2026 Q2 guidance: - Revenue: $348M to $350M vs $327M est 🟢 Full-year 2026 guidance raised: - New: $1.42B to $1.43B - Prior: $1.36B to $1.37B - Adjusted operating income: $125M to $135M The AI angle: - 75%+ of Org and Enterprise users who exceeded AI credit limits continued using credits in April - Figma began enforcing credit limits in March, selling add-ons to users who exceeded plan credits - That conversion is the proof point for AI monetization working CFO Praveer Melwani on competition, per Reuters: "When you talk about a Claude design... you can't dismiss them, their ability to train first party models and couple those with their own products is something that we definitely are paying attention to." Anthropic unveiled Claude Design last month, which lets users explore designs, interactive prototypes, and presentations.

APPLIED MATERIALS $AMAT JUST REPORTED Q2 EARNINGS Revenue: $7.91B vs $7.65B est 🟢 Adj EPS: $2.86 vs $2.66 est 🟢 Adj Net Income: $2.29B vs $2.11B est 🟢 Adj Gross Margin: 50% Adj Operating Margin: 32.1% Adj Free Cash Flow: $210M GAAP figures: EPS: $3.51 Net Income: $2.81B

HERE IS EVERY TRADE THAT 🇺🇸 PRESIDENT TRUMP MADE DURING Q1 THAT WAS WORTH MORE THAN $1 MILLION 36 separate purchases between January and March 2026, all at the $1M to $5M range. The full breakdown: AI and Big Tech: - NVIDIA $NVDA (2/10/2026) - Apple $AAPL (3/2/2026) - Microsoft $MSFT (3/19/2026) - Amazon $AMZN (3/19/2026) - Oracle $ORCL (3/17/2026) - Broadcom $AVGO (2/10/2026) - Adobe $ADBE (2/10/2026) - ServiceNow $NOW (2/10/2026) - Workday $WDAY (2/10/2026) - Synopsys $SNPS (2/10/2026) - Cadence Design $CDNS (3/17/2026) - CDW $CDW (2/10/2026) - Comcast $CMCSA (1/12/2026) - PTC $PTC (2/10/2026) - Texas Instruments $TXN (1/12/2026) - Motorola Solutions $MSI (2/10/2026) - Fidelity National Information Services $FIS (1/12/2026) Industrials and Defense: - Boeing $BA (2/10/2026) - Eaton $ETN (3/17/2026) - Trane Technologies $TT (3/17/2026) - TransDigm Group $TDG (2/10/2026) Consumer and Other: - Procter & Gamble $PG (1/12/2026) - Costco $COST (2/10/2026) - Uber $UBER (3/17/2026) - Dell Technologies $DELL (2/10/2026) - Jabil $JBL (2/10/2026) - Axon Enterprise $AXON (2/10/2026) - Kura Sushi $KRUS (2/2/2026) ETFs and Funds: - Vanguard S&P 500 ETF $VOO (purchases on 3/2/2026 and 2/13/2026) - iShares Russell 1000 ETF $IWB (3/27/2026) - Invesco S&P 500 Equal Weight ETF $RSP (2/20/2026) - State Street Industrial Select Sector SPDR ETF $XLI (1/29/2026) - iShares GSCI Commodity Dynamic Roll Strategy ETF $COMT (3/5/2026) - iShares Core MSCI Emerging Markets ETF $IEMG (1/29/2026) - Schwab Government Money Fund (3/17/2026) Important context per the OGE form: - The 278-T discloses transactions over $1,000 on behalf of the filer, spouse, or dependent child - Many entries are flagged "Discretion Exercised" or "Your Broker Acted As Agent," indicating a managed brokerage account placed the trades - All amounts are disclosed in ranges, not exact figures - The disclosure also separately includes large sales (Meta, Amazon, Microsoft, Netflix, Palantir all sold at significant size on 2/10)

Brookfield invested $2 Billion into SpaceX ahead of its upcoming IPO Polymarket currently says there is a 70% chance that SpaceX closes its first trading day above a $2 Trillion market cap

JUST IN: OPENAI IS PREPARING POSSIBLE LEGAL ACTION AGAINST APPLE $AAPL OVER THE CHATGPT PARTNERSHIP ANNOUNCED IN JUNE 2024. OpenAI lawyers are working with an outside firm on a range of options. The OpenAI executive quote tells you everything, per Bloomberg: "We have done everything from a product perspective. They have not, and worse, they haven't even made an honest effort." What OpenAI is considering: - A formal notice alleging breach of contract (does not require a full lawsuit at the outset) - Action likely won't come until after the OpenAI v. Elon Musk trial concludes What went wrong: - OpenAI expected the deal to generate billions per year in ChatGPT subscriptions - Apple users overwhelmingly use the standalone ChatGPT app, not the Siri integration - Users have to specifically say "ChatGPT" to invoke OpenAI through Siri - Apple pitched the deal as being on par with its Google Safari search arrangement (which generates tens of billions annually for both sides) The competitive shift: - Apple is opening its platforms to rival AI providers later this year - Apple is testing both Anthropic's Claude and Google Gemini - A revamped Siri with an AI model picker is slated for WWDC on June 8 (iOS 27) - Apple is paying Google $1B annually for Gemini to revamp its own AI models - OpenAI declined to work with Apple on the new models because it "felt burned" Closing quote from the OpenAI executive: "Apple has so much market power that they can dictate terms. We already took this leap of faith with you, and it didn't work out well."

THE SWISS NATIONAL BANK OWNS $173.8 BILLION IN U.S. STOCKS 🇨🇭 That is equivalent to 19% of Switzerland's entire GDP Here are their biggest positions: Nvidia $NVDA: $12.4B Apple $AAPL: $10.9B Alphabet $GOOGL: $9.0B Microsoft $MSFT: $7.7B Amazon $AMZN: $5.9B Broadcom $AVGO: $4.1B Meta $META: $3.7B Tesla $TSLA: $3.1B Eli Lilly $LLY: $2.2B Exxon $XOM: $2.1B 46.6% of the entire portfolio is in technology stocks alone