Incremental Insights #73

The best of what I read, listened to, and watched during the week

Alphabet Has Entered The Chat

Did Warren Buffett or one of the two T’s buy Alphabet?

The ABCs of 12D Chess For 13Fs

What appears as a bullish stake may be fully hedged, part of a merger arbitrage strategy, or a volatility trade.

13f filings show ownership but rarely reveals intent or broader strategy

Constellation Software: A People Business

Why AI concerns are overblown and leadership transition won’t derail Constellation.

Human relationships and industry expertise remain the moat.

The Most Extreme Speculation in 40 Years | Richard Bernstein

But like in any market, he still sees opportunities like U.S. dividend stocks and Non-U.S. Quality.

I Tracked Down The Company Ruining Restaurants

The Sysco-ification of American restaurants.