Incremental Insights #104
The best of what I read, listened to, and watched
Bloom’s Big Lie
Bloom claims it has “no China supply chain” for scandium, an essential fuel-cell input. This investigation traces multiple China-linked routes into Bloom’s materials and shows the scandium math may not support its growth story.
How Serial Acquirers Turn Into Multibaggers
Buy small private firms at low multiples, reinvest cash flow into the next deal, and compound for decades. Their edge is disciplined capital allocation, decentralization, and culture.
Incentives Work: Cocaine Edition
A policy meant to curb coca did the opposite. Colombia’s promised subsidies encouraged farmers to plant more, turbocharging cocaine supply. Lower production costs and new Ecuador shipping routes pushed more product to Europe, where seizures rose, and street prices fell.
Aircraft Leasing Lift-Off
Aircraft leasing and its capital cycle. And why earnings are set to inflect and a major reason why Air Lease was bought out recently.