Keep pulling the thread on Joseph Shaposhnik.
Nvidia's stock increased tenfold in 2023, one year after its management sold hundreds of millions of dollars of shares.
Microsoft, Amazon, and Google are currently allocating hundreds of billions of dollars in capital expenditures to expand their AI and cloud computing capabilities.
It is uncertain whether the hyperscalers like Microsoft, Amazon, and Google will generate sufficient returns on their current massive capital expenditures in AI.
Valuations for recurring revenue companies are currently more attractive than they have been in the last 10 years.
The market's intense focus on the AI cycle has caused a significant capital shift away from predictable, durable businesses and towards AI beneficiaries.
Roper Industries, now Roper Technologies, transformed its business model from a traditional industrial company to a recurring revenue software and services company.
In 2022, Nvidia insiders sold several hundred million dollars worth of stock as the stock declined.
Nvidia's stock declined by approximately 50% in 2022 due to falling demand related to an overbuild in the Bitcoin sector.
A study by Hendrik Bessenbinder found that 4% of all stocks generate all of the market's returns in excess of the 10-year Treasury yield.
According to research by Hendrik Bessenbinder, the top three stocks by cumulative returns over the last century are Altria, Vulcan Materials, and Kansas City Southern.
Altria, Vulcan Materials, and Kansas City Southern have compounded at 16.5%, 14%, and 14% respectively over periods of 96 to 100 years.
The United States credit bureau industry is an oligopoly with only three major companies.