The Besties had an amazing time at @VenetianVegas for @F1! More content dropping this week! 👀🃏🏎️

Friedberg: Michael Burry’s “Cooked Books” Claim is Totally Wrong @friedberg: “Burry's implication that they are cooking the books or hiding accounting is completely false because all of the accounting is apparent in the cashflow statement and in the balance sheet.” “Remember, companies have three financial statements, an income statement, a balance sheet, and a cashflow statement.” “The cashflow statement reconciles the difference between the income statement and the balance sheet, and it shows you all the cash that's going in and out of the company.” “And many analysts and many investors that are intelligent and do their homework, will look at the cash flow statement and they will see the CapEx, they will see all the investments going out, and they will calculate a number, typically called free cash flow, that will allow them to estimate the true cash generation of the business in a particular period and make an assessment of, should they be valued on free cash flow or should they be valued on the GAAP standard of EBITDA?” “And the investor has the choice on how they want to value the company.” “And Burry is incorrect in thinking that they're hiding anything because it's all there.” “They're following GAAP standards. And then investors make a market and they all decide, what do I want to value this company on? Cash flow? EBITDA?” “Let them choose, and then the market sets the price.” @chamath: “I think we've given this guy way too much airtime. He's not very good at what he does.” Recorded in the brand new poker studio at The Venetian Las Vegas. Thanks @VenetianVegas!

David Friedberg: Nvidia's Greatest Threat is Huawei @Jason: “Who do you think has the best chance of challenging Nvidia?” @Friedberg: “The other black swan that I think is missing in the equation today, my early prediction for 2026, is Huawei.” “I think that there's lithography technology that exists in China that is not publicly discussed, that is gonna be deployed in Huawei and all these fabs that they're building in mainland China.” “And Huawei can create, at a very low cost, probably very high volume and probably in reasonably short order, chips that can start to rival, for certain market applications, chips that might be expensive and (have) long lead times.” Jason: “Give a timeline for that. Two years, three years out?” Friedberg: “I think they start to make announcements, and by the way, remember chip architecture, and even Jenssen's talked about this, is being redesigned with AI, so AI can design better chips.” Jason: “So announcements 2026, impact 2027?” Friedberg: “Probably fair.” Recorded in the brand new poker studio at The Venetian Las Vegas. Thanks @VenetianVegas!