Eric Jackson✓

I don't spend my time looking for the next 10% trade. I'm looking for the next Carvana, like when I got into it at $15 in May 2023. The next stock the market has written off that could become worth 10, 20, even 100 times more. But finding one means doing the work most people skip. Reading the filings. Understanding the debt. Studying the management and board. Figuring out what the market is missing — and what would prove the thesis wrong. I share my broader thinking publicly. My X subscribers get the deeper research, ongoing thesis updates, the evidence I'm tracking, and a private AMA Space with me every week. Not every idea works. Not every stock deserves to be bought. And sometimes the right answer is to do nothing. If you want to understand the work behind the conviction, that's what my subscriber community is for. Subscribe through my X profile.

Initially I thought BTC was down because of AWS but now I see… Binance

RT @McnallieM: Check out this clip from our recent interview with @ericjackson President & Portfolio Manager at @EMJCapital on his view on some of the biggest players in the AI infrastructure industry!!! Check out the full interview below $IREN $CIFR $HUT $WULF

Great interview here with @ericjackson President & Portfolio Manager at @EMJCapital going over his AI stock outlook around the big players in the industry!!! 🔥🔥🔥 $IREN $HUT $WULF $CIFR

RT @corysparks: great analysis

Paul Pierce: $165K a month to zero, per TMZ. Then I checked what he owns.

Really enjoyed this discussion with @McnallieM and @cazenove_uk !

Business must be good if your business manager is giving you this

Drake’s new rare off-catalogue Rolex Daytona Leopard 🐆 Gifted to him by Future The Prince

Everyone's asking why Bitcoin rallied while Treasury yields rose after the Fed. But here's what the intraday data actually shows: The 10-year yield's rise happened BEFORE the Fed announcement. AFTER 2pm: • The 2-year yield fell ~6bp • Real yields fell ~2bp • Inflation breakevens rose ~2bp In other words, the inflation-adjusted cost of money actually EASED after the Fed. That's a very different story from “higher yields are hurting risk assets.” Timing isn't proof of causation. But it changes the question investors should be asking. More from our RATE DNA research at @EventHorizonIQ.

THE FED HELD. TWO MEMBERS WANTED TO HIKE. October 28: 3.75%–4.00%. A 10–2 vote. Both dissenters wanted rates HIGHER. The real question isn't whether the Fed paused. It's whether tighter policy is already being transmitted through Treasury yields, credit and risk assets. That's what we're tracking at EventHorizonIQ. More context in our free Telegram.

RT @zerohedge: *ALPHABET STILL SEES FY CAPEX $195B TO $205B, EST. $202.21B

The Fed held rates today. Two members wanted to HIKE. But here's the question I think investors should be asking: Which companies NEED lower rates to survive... And which are transforming their economics so dramatically that they can thrive WITHOUT them? The market often prices both groups the same way. That's where opportunity hides. Just shared my deeper thinking with subscribers.

I found something interesting digging through $OPEN's September property records in Maricopa County, Arizona. Of 47 confirmed resale deeds, 8 — or 17% — lacked usable matching purchase prices. That means we can't reliably calculate the purchase-to-resale spread for nearly 1 in 5 transactions. Here's why that matters: Investors are trying to figure out whether Opendoor's unit economics are improving BEFORE earnings. But even the public property records have blind spots. Missing data doesn't mean hidden losses. It means we need to be very careful about what the numbers actually prove. That's why I'm digging into the deeds, not just the stock price.

Who built the greatest business empire in hip-hop? Not the best music. Not the most fame. The best business: ownership, wealth creation, leverage, and longevity.

Interesting early results. But here's what I'm really curious about: Should we count wealth created OUTSIDE music the same as wealth created by OWNING music businesses? For example: Rihanna's Fenty empire vs. Jay-Z's Roc Nation. Drake's music and brand partnerships vs. 50 Cent's TV and spirits businesses. Are we measuring personal wealth, ownership, enterprise value, or long-term influence? Those are four very different scorecards. Curious how you're deciding.

Slim Thug offered to PAY his record label to let him leave. Not the other way around. In 2008, he told MTV he'd offered money from his next album to get out of his deal. Eight years after that independent album came out, he said it was still paying his bills. So I pulled the copyright filings. And discovered why owning the music and collecting the money aren't necessarily the same thing. My investigation 👇

# THE $4 BILLION QUESTION NOBODY CAN ANSWER YET Imagine spending billions of dollars building an AI data center. You sign a 15-year lease. You finance construction. You deliver the building. Everything works. Now fast-forward to 2041. **What is that building worth?** It's a question I've been thinking about after working through nearly 100 slides of AI infrastructure research. The answer isn't as obvious as it sounds. Land can last indefinitely. Power interconnections can remain valuable for decades. But cooling systems, electrical infrastructure and the computing technology they support can change dramatically. A facility designed for the AI workloads of 2027 may not perfectly match the requirements of 2041. Does that mean the building becomes obsolete? Not necessarily. Does it mean the building will automatically be worth billions after its original financing is paid off? Not necessarily either. And that uncertainty is fascinating to me. I've just written a new subscribers-only investigation examining what the next generation of AI data centers might be worth when their original leases expire. It includes three potential futures for these assets, the specific infrastructure that may retain value, the reinvestment risks investors should consider, and how this affects my thinking about Hut 8. This is the first installment of **THAT'S THE WRONG QUESTION**, a series about finding the economically important questions that conventional market narratives can overlook. Because sometimes the biggest investment insight isn't a better answer. It's realizing we've been asking the wrong question. **You can read the full investigation with a paid X subscription. Link to that in the bio.**

Just pulled this classic off the shelf…. It’s one that all the paid for bots, and “value investors” who drive their cars only while looking out their backseat windows, and most of Wall Street haven’t read… and why they missed CVNA at $15 and OPEN at 73 cents… IREN at $9… CIFR at $3… BTQ at 21 cents… NXDR at $1.70… DAVE at $165… PTON at $3.80… GLOB at $41… they don’t all work out of course… but you have to always think different than the bots 🤖

First the OPEN bots complained I wasn't posting enough. Now they're complaining that I'm posting research for subscribers. Apparently the only acceptable arrangement is for me to do the work, share it immediately, and charge nothing. I still share plenty publicly. I guess all the bots were still laying dormant in their server farms when I published 7 free substack posts every day for a week last month. But the people supporting my research deserve something extra.

AI infrastructure investors are watching the wrong number. Everyone is counting megawatts, GPUs and multibillion-dollar contracts. I'm watching something else: **How much of the economics actually survives for existing shareholders?** A company can win a massive AI contract and still destroy equity value through financing costs, dilution and refinancing pressure. I've been comparing the capital structures of $HUT, $CIFR, $IREN, $CRWV and $NBIS. One financing mechanism in particular could create a dangerous feedback loop when a developer's share price falls. And the difference between $HUT and $CIFR is more interesting than their stock charts suggest. I've just published the full breakdown for X subscribers, including the mechanism, the financing comparison and what I'll be watching in next week's earnings. Subscribe in the bio. (long HUT)

RT @Kellyceeee: Watch this analysis by @ericjackson and you’ll understand why lifelong J-Z fans like me are tired. It’s the lack of vulnerability and treating himself like a monument that hit hardest to me! Jay-Z’s Real Problem Isn’t Drake. It’s Worse. via @YouTube