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Marc Levine Profile
Marc Levine

@MarcLevine63

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Former chairman of the Illinois State Board of Investment (ISBI). Founder Chicago Asset Funding. Indexer.

Illinois, USA
Joined August 2012
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@MarcLevine63
Marc Levine
4 years
Thanks @MebFaber for the opportunity to share my experience and views - really a great conversation.
@MebFaber
Meb Faber
4 years
Today's great podcast with @MarcLevine63 ! What's his Tribal’ model? And why should investors should honor all 4 tribes? Also hedge funds, 13F investing, and what it was like managing the real pension fund money.
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@MarcLevine63
Marc Levine
9 months
@ShmuelReichman Too bad he didn’t reach this decision years ago, when all the anti-western ideology was already obvious. Harvard has over $50 billion in its endowment- they’ll be fine and can continue to advance hate without griffins money.
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@MarcLevine63
Marc Levine
9 months
@lexfridman @omarsuleiman504 Zero recognition that murdering and raping Israeli civilians is maybe a relevant variable in this war. Zero recognition that at some point, some generation, (maybe the the great great grandchildren of “refugees”) of Palestinians need to take responsibility for their lives.
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@MarcLevine63
Marc Levine
4 years
@jeremyfaust @jeremyfaust when quantifying death numbers-are all deaths equal? 20 yr old soldier in Vietnam,35 yr old mom in WTC on 9/11,a multi-co-morbid 80 yr old covid? Death is awful...but your formula needs some rational thought that your industry should lead on but instead cowers from
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@MarcLevine63
Marc Levine
8 months
@havivrettiggur I’ll pile on…I’m a 60 year old American Jew, took my Judaism for granted. That didn’t change on October 7- I figured the civilized world will get hit with a 9-11 attack every decade or so. But on October 8 - the world’s acceptance of Jew hatred - that changed me! And haviv’s
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@MarcLevine63
Marc Levine
9 months
@AndreasKoureas_ Honor Churchill re the holocaust. Is this a sick joke? Look at deeds not words. Pre WW2, British prevented immigration of European Jews into British Palestine which was a thriving Jewish land and wanted the immigrants. How many of the 6 million Jews murdered would have survived
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@MarcLevine63
Marc Levine
4 years
@AlexBerenson Hey @AlexBerenson - in 45 seconds of research I found that 900 cases today in Texas were in tiny Anderson county-all prison cases that had occurred over time. the rest of the one day surge may be similar backlog. Imagine if public health celebrities explained rather than alarmed?
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@MarcLevine63
Marc Levine
9 months
@afalkhatib The most thoughtful assessment I’ve read yet. I can quibble with the word “grave” regarding Israeli injustices - war is awful and some Arabs were forced to leave during 1948 war-but this happened to millions of others in WW2 and 75 years of victim hood was an unfortunate choice.
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@MarcLevine63
Marc Levine
4 years
Thanks for the great conversation @APompliano - so much fun!
@APompliano
Anthony Pompliano 🌪
4 years
My conversation with @MarcLevine63 is on YouTube. He was the Chairman of the Illinois State Board of Investments and we discuss runaway pension liabilities, the importance of overweighting innovation, the index model, & when pensions will buy Bitcoin.
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@MarcLevine63
Marc Levine
10 months
@BrianFeroldi Most likely Correlation not causation. Exhibit A is META where zuck had great reviews as the company got soft with insane levels of hiring and obnoxious perks…his reviews went down once he became a real CEO and ended the “managers managing managers “ era.
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@MarcLevine63
Marc Levine
4 years
@realDonaldTrump SEC proposing to eliminate basic 13f reporting reg for hedge funds with assets up to $3.5 billion. The reason to gut investor transparency? Cost savings from less excel usage. Seriously! SEC cost savings estimate $68.1 - $136 million!
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@MarcLevine63
Marc Levine
2 years
@jamesbulltard7 Nuclear is clean energy. It’s 100% consistent with the environmental benefits of electric vehicles.
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@MarcLevine63
Marc Levine
9 months
@CherylE59628 @OwenJones84 @CherylE59628 isn’t just a national treasure….she’s the Twitter warrior for the civilized people of the world against the evil.
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@MarcLevine63
Marc Levine
1 year
@ylecun @urigolan Leaving out $TSLA? Really?
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@MarcLevine63
Marc Levine
9 months
@afalkhatib I’m so sorry your family is going through this. You are a very brave and intelligent man - I hope you and your family survive. If most people in Gaza had a fraction of your bravery, jihadists would not taken root and this horrible series of events would have never happened.
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@MarcLevine63
Marc Levine
6 years
@CNBCFastMoney
CNBC's Fast Money
6 years
Is it time to ditch hedge funds? @marclevine63 on how portfolios under his management have fared after doing just that.
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@MarcLevine63
Marc Levine
1 year
@BeschlossDC Poseidon adventure….nice!
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@MarcLevine63
Marc Levine
2 years
Hey ⁦ @amazonholder1 ⁩ - these banks are lying to themselves that 300 bp discount gets this paper sold- mark to market games Banks committed to finance Twitter takeover plan to hold all $13 billion of debt backing the deal rather than syndicate it
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@MarcLevine63
Marc Levine
1 year
@jamesbulltard7 If true I think primary purpose is for AMZN buying TWLO is to give Lina khan a project to work on so she’ll leave them alone on everything else. Which also means Andy won’t care if deal closes or not.
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@MarcLevine63
Marc Levine
1 year
@MikeK634 @ScottAdamsSays And yet zero examples? Zero! If they used those control devices there would be examples.
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@MarcLevine63
Marc Levine
9 months
@JonahDispatch You have them all wrong- they put the masks ON for the photo op.
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@MarcLevine63
Marc Levine
2 years
@GestaltU Lenders have zero interest in foreclosing and accompanying big write- down on what would then be real estate owned. So instead we have entered the world of extend and pretend - which has happened many times in past and may last for years.
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@MarcLevine63
Marc Levine
10 months
@havivrettiggur Look at fetterman approval ratings (71% approve, 6% disapprove) …nice proxy to say we’re doing fine in popularity- this is a gang of organized thugs trying, with some success, to drown out the (silent) majority that is too nervous to speak up….
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@MarcLevine63
Marc Levine
6 years
Some stock pickers charge 0.5% of assets, these 3 firms charged 2% and 20% of all gains...and they failed. if they charged the 0.5% their investors would have done much better - instead of building a business they suckered investors with absurd fees...
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@MarcLevine63
Marc Levine
4 years
Focus on ⁦⁦ @wallstreetbets ⁩ misses story-As I described in ⁦⁦ @WSJ ⁩ , hedge funds mislead investors with comical benchmarks and diversifier claim,pretend risk mgmt, then clueless investors blindly believe shorts and derivatives aren’t risk
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@MarcLevine63
Marc Levine
10 months
@BillKristol If only newspapers like the Washington Post didn’t repeat Hamas propaganda and treat anti-semitism like a give and take political issue.
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@MarcLevine63
Marc Levine
4 years
@AlexBerenson @ChrisCuomo from the always evasive but today pretty damn funny @elerianm
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@MarcLevine63
Marc Levine
9 months
@EricBalchunas But it’s not right to ignore GBTC bleed, that exposure already existed - of course it should net out
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@MarcLevine63
Marc Levine
10 months
@dansenor Thanks @dansenor these conversations so enlightening and comforting.
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@MarcLevine63
Marc Levine
2 years
@TashaARK Love you guys and all…but you really shouldn’t use charts like that. The fake precision on what are really wild-ass guesses about unknowable future robo-taxis are ludicrous and diminishes the real work you do.
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@MarcLevine63
Marc Levine
4 years
@APompliano Hey @APompliano - changing your mind (and surrounding yourself with people who will disagree with you) are signs of confidence, self-esteem and true leadership.
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@MarcLevine63
Marc Levine
2 years
@sindap 2% markdown on loans is ridiculous- not even close@- $7 billion venture debt and (unclear) high ltv Silicon Valley mortgages are troubled assets @with steep markdowns
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@MarcLevine63
Marc Levine
9 months
@Shoshana51728 Thanks for pointing out John Bolton, for 3 decades he advocated for civilized people, not easy in the loony diplomatic world- which means he was the best friend Israel and our people could have. Don’t forget also Bolton was the architect of cutting off Iran during trump years.
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@MarcLevine63
Marc Levine
2 years
@FromValue You know I love the optimism and own most of these for many years, but…come on….you know most of those names were down way way way more than 50% - put outlier NVDA to the side and nearly all the others are still down staggering amounts.
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@MarcLevine63
Marc Levine
1 year
@lisaabramowicz1 The most dramatic representation of 3 basis points I’ve ever seen!
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@MarcLevine63
Marc Levine
8 months
@Shoshana51728 We need to ignore the liars and low information useless idiots and simply relish in the understanding that the return of the Jewish people to Israel was a great achievement of civilization over what was there before - dormancy and later became barbarism.
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@MarcLevine63
Marc Levine
6 years
@hgillers ⁩ ⁦ @WSJ ⁩ are right-Houston pairing benefit fix with bonds is solution - Chi bond issue just shifts creditor risk from one group (city workers) to another-bond investors. But also....it’s easier to default on investors via @WSJ
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@MarcLevine63
Marc Levine
10 years
MLB all star game http://t.co/QR1a3TXUTg
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@MarcLevine63
Marc Levine
1 year
@ianbremmer For such a smart guy it’s odd that you’d ignore the pension income teachers are paid - in most states they make more annual income than they made while working (due to annual bumps) and they make it for more years as people live longer. Paid more when they don’t work!
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@MarcLevine63
Marc Levine
1 year
@7Innovator @7amahanti @7investing May be a fun day but this stock needs to go up >20x to get back to prices many paid for it. Poster child for the bubble that’s thankfully in the past. Anything invested in UPST is permanently impaired.
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@MarcLevine63
Marc Levine
2 years
@PreparedRemarks Already happened w slack. Once bitten twice shy?
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@MarcLevine63
Marc Levine
8 months
@mukund It’s called having principles. Used to be pretty common.
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@MarcLevine63
Marc Levine
9 months
@visegrad24 Well they did elect them, and it’s not like they were hiding their philosophy of murdering Jews and then hiding behind the civilians that voted them into power…..and anyway, they remain popular…this seems to be what they want.
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@MarcLevine63
Marc Levine
6 years
Very glad ISBI exited Greenlight 2.5 years ago. Investors now see that celebrity investors charging high fees for random (poor) returns is foolish. Thanks ⁦ @GZuckerman ⁩ for outstanding article.
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@MarcLevine63
Marc Levine
8 months
@StopAntisemites @orenbarsky Imagine being an investment banking client or high net worth or institutional investment client of Goldman if they don’t deal with this!
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@MarcLevine63
Marc Levine
4 years
Great conversation at @SquawkCNBC talking surfacing of hedge fund risk and the damage that was done to @wallstreetbets by @RobinhoodApp being under capitalized
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@MarcLevine63
Marc Levine
10 months
@EricBalchunas And unrealized capital gains holds a decent amount of AUM hostage
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@MarcLevine63
Marc Levine
10 months
@levie @mgsiegler Completely disagree. TWLO has,loads of telephone resale revenue - as low margin and commodity as it gets, and applied tech compensation to it- they’re still negative cash flow and 80% off ATH- he runs it for benefit of employees not shareholders- a lightweight failed CEO.
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@MarcLevine63
Marc Levine
4 years
@SquawkCNBC Thanks @BeckyQuick @andrewrsorkin and @JoeSquawk for having me on @SquawkCNBC - great conversation!
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@MarcLevine63
Marc Levine
9 months
@FromValue Yep. Patience…. and a little diversification
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@MarcLevine63
Marc Levine
6 years
Congratulations #billabt - great investing for ⁦ @carthagecollege ⁩. Simple beats complex! Excellent story ⁦ @JanetLorin ⁩ ⁦ @business
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@MarcLevine63
Marc Levine
5 years
@CNBC @ScottWapnerCNBC - @chamath is right - airlines should be allowed to be restructured- equity flushed, bondholders exchange bonds for 100%equity ownership- why should politicians care which investor group owns? This isn’t failing, its changing ownership
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 I think there is a time period that is so long it becomes completely irrelevant. Meta is there now.
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@MarcLevine63
Marc Levine
2 years
@compound248 @altcap @theallinpod Not exactly. $SVB had this toxic balance sheet for months and regulators knew but were too nervous to shut them down. It is a regulatory failure.
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@MarcLevine63
Marc Levine
8 months
@FromValue 1600 likes and the guy gets nvda revenue growth wrong by a factor of over a hundred. Sad!
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@MarcLevine63
Marc Levine
1 year
@FromValue $ASML not only has 100% monopoly on arguably the most essential product to the global economy- there are no emerging competitors and 0% chance any VC will ever fund one. No stock is close to this.
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@MarcLevine63
Marc Levine
9 months
@jbulltard1 This poor man thinks buying advertising is something to brag about.
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 Hey @amazonholder1 , $rivn is 12 billion over net cash and they burns at least $4b annually. Not saying it’s expensive- but it’s not free.
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@MarcLevine63
Marc Levine
9 months
@ShmuelReichman Donations to these massive university endowments are tax deductible, but the receipts of donations and investment earnings are not taxable….these political (and nasty) universities will end up in the crosshairs of future tax legislation. Wouldn’t taxing them be wonderful!
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@MarcLevine63
Marc Levine
6 years
Great conversation at #thefutureof with @mckonomy and Ellen. Agreed on problems with large AUM managers, debated passive vs. active and outsourcing manager selection. Thanks to @BloombergLIVE for having me!
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@MarcLevine63
Marc Levine
1 year
@Biotech2k1 True except they’re not going to liquidate, they’re going to continue to execute their plans which will burn more cash and leave them needing a highly dilutive capital raise.
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@MarcLevine63
Marc Levine
2 years
@FromValue If you scatter so many positions you diversify away from your best ideas. I think you index about half and take shots on goal with the other half - and make sure those shots count - closer to 15 positions than 50! The indexing keeps you alive in capital destruction periods - so
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@MarcLevine63
Marc Levine
2 years
@compound248 Sorry @compund248 but no covenants means you can expect lots of senior debt coming in on top of you.
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@MarcLevine63
Marc Levine
6 years
Great piece by ⁦ @Landonthomasjr ⁩ ⁦ @nytimes ⁩ on the innovative and terrific ⁦ @realvision
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@MarcLevine63
Marc Levine
2 years
@jamesbulltard7 Come on, you know Elon is no longer the face of the environmental movement. They hate him for cleaning up twitter’s censorship, even S&P booted $tsla out of the ESG index (while retaining $XOM). It all demonstrates the hypocrisy of so-called environmentalists.
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@MarcLevine63
Marc Levine
4 years
@7Innovator I wish I could tell you $AMZN or $CRWD but reality is $QQQ
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@MarcLevine63
Marc Levine
1 year
@BucknSF SBC = 20% of revenue - half of revenue is reselling telephone service, TWLO is still garbage, a mostly commodity service posing as a tech firm.
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@MarcLevine63
Marc Levine
1 year
@FromValue You were too kind by only pointing out leverage of F GM and T-these are completely dysfunctional businesses -incapable of profit growth - the car guys are run solely to enhance unions and T is always making up weird synergies like DirecTV and TimeWarner that are comically inept.
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@MarcLevine63
Marc Levine
8 months
@jbulltard1 Her published “worst case” for Tesla was they would have FSD by 2026….and Tesla is far from her worst, she buys all kinds of fintech junk like HOOD - I’m a growth investor and I’d say it’s remarkable how bad an investor she is
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 So when you’re in an awesome business it’s not smart to diversify into crappy low margin businesses?
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@MarcLevine63
Marc Levine
6 years
Everything we’ve done past 3 years at Illinois pension that I chair - #ISBI makes these games nearly impossible..simplicity and investment excellence beats political meddling! via @suntimes
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@MarcLevine63
Marc Levine
6 years
Great chart @ganeumann . Index haters and 2+20 stock pickers can keep telling stories - fact is concentration at the top is modest to low - and businesses are incredible.
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@MarcLevine63
Marc Levine
1 year
@MaxTheComrade $MELI took a relatively slight hit from bursting bubble, $SE got completely crushed - down 90%
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@MarcLevine63
Marc Levine
1 year
@wabuffo Love your tweets and all but your Y axis leaves something to be desired
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@MarcLevine63
Marc Levine
10 months
@jbulltard1 Agree! Also, BMY buyout of biotech blue chip MRTX for about one third of price they offered a year earlier - meaning price of R&D (biotech acquisitions) for pharma just dropped massively.
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@MarcLevine63
Marc Levine
8 months
@Shoshana51728 This is a key point. Anti semitism isn’t only morally reprehensible- it’s incredibly stupid to give up the benefits that Jewish developed enterprise and scientific achievement brings to societies - be they Egypt, America, or anywhere.
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@MarcLevine63
Marc Levine
4 years
Thanks @MarketWatch and @Cline_Woods for great discussion.
@MarketWatch
MarketWatch
4 years
Should states be allowed to go bankrupt? “Bankruptcy is a second chance, and what’s more American than that?” said Marc Levine, former chairman of the Illinois State Board of Investment. Bankruptcy is “the biggest gift” to states, he said. Watch:
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@MarcLevine63
Marc Levine
6 years
Judge Brett Kavanaugh in his own words: I am an independent, impartial judge. via @WSJOpinion
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@MarcLevine63
Marc Levine
2 years
@Zerosumgame33 What I don’t get about you (and another $EOSE fan) is counting warrants as capital raised by the company. It’s not! It’s an option held by the investor for many years - why would the investor give up option value and exercise sooner (unless stock price way up). They don’t care
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@MarcLevine63
Marc Levine
2 years
@Crussian17 If $ARKK tax loss carry forward isn’t included in NAV then Cathie is technically correct. But it’s only worth about 4% and you still have to live with @CathieDWood inability to distinguish between great companies and garbage like $SQ and $COIN.
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@MarcLevine63
Marc Levine
4 years
Hey, look who’s number one! The secret to ISBI success? Outsource all manager selection and prevent political meddling in decisions.
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@MarcLevine63
Marc Levine
9 months
@altcap @BillRMcDermott $NOW is best bellwether for all of enterprise tech and maybe the whole market.
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@MarcLevine63
Marc Levine
9 months
@FromValue Yeah, baby!
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 He’s not looking for a quick flip - he doesn’t care - none of best investors care about next week or next month…it’s a decision about the next decade.
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@MarcLevine63
Marc Levine
8 months
@CherylWroteIt Setting yourself on fire because you’re upset that a democracy is fighting terrorists? 🤔🤔
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@MarcLevine63
Marc Levine
6 years
In battle of two of my favorites - I’m with @wesbury over @GeorgeWill - Will is seeing ghosts - there are no great excesses and that’s where epic collapses come from.
@wesbury
Brian Wesbury
6 years
Don't Fret George Will's "Epic Collapse". My latest Wesbury 101 video:
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 Yes! You get it!
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 Bullard has shown himself to be a media show pony. Do reporters ever mention he is non-voting? Who cares what he thinks?
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@MarcLevine63
Marc Levine
6 years
@HarveyLPitt ⁩ chaired SEC during Enron/worldcom- and penned this simple potent assessment of ⁦ @elonmusk ⁩ legal jeopardy for ⁦ @WSJopinion
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@MarcLevine63
Marc Levine
4 years
@APompliano This is a really really big idea!
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@MarcLevine63
Marc Levine
2 years
@Fred_McFeely Great chart! You’re missing several significant companies including $SNOW and $CRWD.
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@MarcLevine63
Marc Levine
2 years
@amazonholder1 During Covid whitmer like most dem governors tried to make Michigan citizens fully dependent on government. My favorite - Home Depot could sell garden equipment but not plumbing fixtures based on the “science” of public Health (who are just social scientists whatever that is)
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@MarcLevine63
Marc Levine
4 years
@LiviamCapital $CRWD on more great revenue performance, relatively modest valuation and most importantly, S&P index inclusion front running...think $TSLA 2020...
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@MarcLevine63
Marc Levine
9 months
@TotemMacro @AndreasKoureas_ Americans did turn the Jews away, but the Jews in British Palestine wanted the immigrants and Britain prevented it. Fact Churchill wasn’t PM pre WW2 is also beside the point. Its not right to honor any British leader on holocaust Remembrance Day given the atrocities that their
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@MarcLevine63
Marc Levine
2 years
@Biotech2k1 $pfe acquisition of $gbt legacy approach to sickle cell looks like bet against genetic treatment, right? sickle cell is a single base disease - the lowest hanging fruit of all - if it isn’t cured by gene editing what would be?
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@MarcLevine63
Marc Levine
2 years
@NickTimiraos Hey @amazonholder1 , isn’t this staff the same clowns who were so certain inflation was transitory that they supported trillions of quantitative easing while inflation was raging?
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@MarcLevine63
Marc Levine
8 months
@CGasparino @realchrisrufo @BillAckman @Harvard These universities are cesspools of totalitarian DEI and anti-civility-what they are not is illiquid-there’s a deep market for PE LP interests, and they still have large public market portfolios. Real story is donors foolishly, vainly and irrevocably giving them tens of billions
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@MarcLevine63
Marc Levine
6 years
The greatest day for America’s best pension! via @crainschicago
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