Summary

• A stark contrast exists in the current economic landscape, where a record-breaking SpaceX IPO coincided with historically low consumer sentiment and sluggish sales for non-AI companies.
• Predicting future market movements requires adjusting data to reflect underlying economic realities—such as the heavy reliance of international tech companies on the US consumer market—rather than depending strictly on traditional GAAP accounting.
• Berkshire Hathaway's $8.5 billion acquisition of Taylor Morrison Homes serves as a defining move by new CEO Greg Abel, signaling a shift from Warren Buffett's traditional leadership and investment style.
• The Taylor Morrison acquisition represents a strategic entry into the home mortgage business rather than just the homebuilding industry, mirroring the underlying value found in Berkshire's historical purchase of See's Candy.

Preface

Hurrah is both a shout of victory and a political word about aging politicians, warning that the following election won’t be a happy one. (BTW, it is pronounced “Oorah” in the Marines and “Hoorah” by the Army).