Came up again this morning with Plasma's XPL (shitty ticker btw) trading ~$100M pre-market vol on Hyperliquid.No one wants to own anything—they just want to speculate and move on. https://t.co/E0yYfVd1zMBREAD | ∑: (@0xBreadguy):I've increasingly come to believe that no one wants to own anything and everything will be perpified.We're headed to a world where the one who facilitates speculation of ~everything is the one who wins.→ I don't want to own the stock, I want to speculate on the valuation. ...

Market Sentiment and Consolidation - The market is consolidating after gaining 28% from the April lows, digesting those gains [1] - August is typically a period of lower liquidity, contributing to market consolidation [2] - The market is in a wait-and-see period, awaiting the Federal Reserve's interest rate decision in September [2] - Investor sentiment is cautiously optimistic, with many having missed reloading on stocks after selling during the April downturn [3][4] Valuation and Earnings - Fundamental investors are using valuation as an anchor, despite the market facing multiple stress tests in recent years [6] - S&P earnings have grown despite significant economic challenges, suggesting a potential rerating of the S&P [6][7] - The market's multiples may continue to drift higher [7] Speculative Stocks and IPOs - The limited number of IPOs in recent years has created scarcity, driving up the prices of newly listed stocks [9] - Bitmine's value can be assessed based on its Ethereum holdings, which have increased significantly [10] - Bitmine's Ethereum holdings have increased from $4 per share to over $25 per share [10]

Market Valuation & Expectations - The market initially overreacted to potential economic downturns, then swung too far in the opposite direction, expecting overly positive outcomes [1][2] - The market's current valuation of certain secular growth stocks, particularly the "Magnificent Seven," may be unsustainable given economic realities and company earnings potential [3][4] - From April 8th, the Mag 7 stocks initially lost almost 20% of their market cap, then recovered and added trillions of dollars [3][4] Economic Outlook - The economy's performance has been better than initially feared, but not as strong as recent optimism suggests, leading to market volatility based on fluctuating reports [5][6] - Economic reports are expected to continue fluctuating between optimistic and pessimistic views, causing market whipsaws [6] Nvidia's Valuation - Nvidia's valuation is currently receiving a "super premium," with market expectations potentially exceeding the company's ability to deliver [8][9] - Nvidia is projected to generate $250 billion (a quarter of a trillion dollars) in revenue next year, with half of that becoming net profit [7]

Valuation & Market Performance - Nvidia's market capitalization hits $4 trillion for the first time [1] - Among AI stocks, Nvidia's valuation appears relatively cheaper [2] - The market initially reacted negatively to Nvidia's previous quarter performance [1] Supply Chain & Geopolitical Factors - Nvidia has effectively eliminated China from its sales forecasts due to sanctions [2] - Supply constraints for Nvidia have eased significantly [2] Industry Trends - The strength of the semiconductor industry is broad-based, not limited to Nvidia or mega-cap companies [3]

Group 1 - The article initiates coverage on Ulta Beauty (NASDAQ: ULTA) with a Buy rating and a price target of $432.81, highlighting it as the largest dedicated beauty retail network in the U.S. with over 1,300 stores and strong digital channels [1] - Ulta Beauty offers a range of products and services including cosmetics, skincare, salon services, and private-label products, indicating a diversified business model [1] - Moretus Research employs a structured framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] Group 2 - The research emphasizes rigorous fundamental analysis combined with a judgment-driven process, aiming to provide clarity and actionable insights for investors [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model, emphasizing comparability and simplicity [1] - Moretus Research targets underappreciated companies undergoing structural changes or temporary dislocations, which can lead to asymmetric returns for investors [1]