$MSFT, down 24% YTD. Azure +39% YoY. $GOOGL, down 20% YTD. Trading at 17x earnings vs. a historical median of 26x. Google Cloud grew 48% last quarter though... $META — down 17% YTD. Ackman actually put $2B in and called it “one of the world’s greatest businesses.” Lol. The market is scared of capex. The ad engine doesn’t care. Although Zuck was obsessed with VR… $UBER — Ackman says it trades at “a massive discount to intrinsic value.” FCF up 34% YoY. 30%+ EPS growth expected. Personally I love Uber. $BN (Brookfield) — trading at a 22% discount to NAV. Record Q4 earnings. Bought back $1B of stock. Maybe getting hit by private credit fears but should he fine. $QSR (Restaurant Brands) — Burger King, Tim Hortons, Popeyes. Global franchise model returning 4.6% of market cap to shareholders this year. Restaurant stocks sold off on consumer fears that don’t apply to franchisors. Also BK objectively has better food than McD

thanks