Delaware done f*cked up. Elon just filed to move another one of his company’s (SpaceX) incorporation locations out of Delaware. The man-child whose pettiness knows no bounds encouraged other companies to gtfo of “The First State” too.

Here’s what else we’re getting into today…

Enjoy the next 4 minutes and 19 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ US stocks “closed higher on Wednesday, bouncing back after hotter-than-expected inflation data drove a sell-off and dashed hopes for interest rate cuts in early spring.” (Yahoo! Finance)

+ The 10-year Treasury yield “eased on Wednesday as investors digested the latest inflation data and considered what it could mean for interest rates." (CNBC)

+ Oil prices “sank by $1 a barrel on Wednesday as surging U.S. crude inventories pushed down prices and a possible security threat to the U.S. that might dampen oil demand in the world's largest economy.” (Reuters)

+ Bitcoin “hit $52,000, surpassing the $1 trillion market capitalization after 26 months, with traders eyeing even more gains anticipating the rally has room to run.” (Coindesk)

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia +2.4% 2) Super Micro Computer +11.2% 3) Robinhood +13.0%

The market moves you need to know about…

+ Nvidia overtook Google to become the third-largest company in the US. NVDA rose 2.4% on the day.

– MGM fell 6.2% despite a solid quarter, driven mostly by the F1 Vegas race. The problem? Regional casinos’ performance (you know, the sad places in East Bumf*ck towns where dreams go to die).

+ VF Corp. was up 4.6% after it announced it was adding DKNY’s former CEO to its board in hopes of appeasing an activist investor.

Warren Buffett. He’s just like us…

Last quarter, Warren Buffett was putting in work on his Robinhood app. Berkshire Hathaway’s 13F filing gave us an inside look at what the f*ck the Oracle of Omaha was getting into during Q4.

I don’t want to play with you anymore…

Four of Berkshire’s holdings met the same fate as Charlie Munger in Q4. Berkshire exited its positions in DR Horton, Markel, StoneCo, and Globe Life.

It also sold off major chunks of its Paramount Global (32% of its stake) and HP (77%) stakes. Warren revoking his endorsement sent Paramount down more than 6% after hours.

And it appears that Warren liked the Vision Pro about as much as Zuck. Berkshire trimmed its Apple holdings by 1%. To be fair, it still owns ~900M shares. And AAPL makes up just over 50% of Berkshire’s portfolio.

Priced to move

It probably isn’t a huge surprise that Warren Buffett didn’t see any new opportunities in a market that only goes up. He did add to some positions, though. Berkshire bought 15.8M more shares of Chevron and added 30.6M shares of SiriusXM.

Of course, there is one other position Berkshire is building or adding to that Warren could tell you about… but he’d have to kill you. That’s because Berkshire requested confidential treatment on one of its bets. The move isn’t uncommon when a company is building a major stake and doesn’t want markets to blow up its spot.

Why should I care? It’s not about what Warren did, but what he didn’t do. Berkshire is sitting on almost $160B in cash. His decision to keep cash on the sidelines indicates that the Oracle doesn’t like what he sees. Spoiler: everything is overvalued.

+ This Guy Says $150-225K Is the 'Worst Salary Range' You Can Have (Read)

+ Dan Niles is long 4 and short 3 of the Magnificent 7 stocks (Read)

~ ICYMI... 4 red flags for an IRS tax audit — and how to avoid the ‘audit lottery,’ according to tax pros (Read)

+ Lyft’s more responsible older brother (who proofreads his homework before handing it in) mooned on Wednesday. Shares of Uber (+14.7%) were up big after the company announced a $7B buyback. It knows it could have just lied in a press release and gotten the same results, right?

This is Uber’s first-ever buyback. And it comes, probably not coincidentally, just a week after it announced its first-ever annual profit.

Why should I care? If math isn’t your thing, it’s pretty simple… fewer shares on the open market mean each Uber stonk is worth more. Plus, a buyback is usually a signal to the market that management likes where the company is headed and thinks it can scoop up shares at a discount.

The big picture… Dividends and buybacks are hot in the streets right now. Meta issued its first-ever dividend earlier this month… which will presumably be paid in Libra, er, Diem (?). This is a bfd given dividends and buybacks are typically employed by more mature companies. Uber and Meta growing up right in front of our eyes.

+ Ok, maybe the writing was on the wall for the company that makes hardware and networking equipment for companies that were saying stuff like “year of efficiency"…

Cisco (-5.2% after hours) is the latest big tech to report layoffs. The company (which we can all agree blew a huge opportunity to make the most legendary Super Bowl ad of all time with Sisqo…) is laying off ~5% of its workforce, which equates to about 4k employees.

And they had their reasons. Despite a decent Q4, Cisco pointed to headwinds in the coming year… mostly, companies not buying their products.

+ David Risher, Lyft’s (+35.1%) CEO, is a bigger man than me. This dude really fell on the sword for the idiot who fat-fingered an extra zero on the company’s expected margin growth in its earnings deck. He told CNBC, “Look, it was a bad error, and that’s on me.” We can call off the “CEO of the year” voting. David already won. (Read)

Here's what I'm keeping an eye on today...

+ Applied Materials, Deere, Stellantis, DoorDash, Wendy's, Coinbase, and Roku report

+ The producer price index for January drops

My prediction of tomorrow’s TWC headlines, today…

~ Crystal ballin’… “Tim Cook claps back following Mark Zuckerberg’s scathing review of Apple Vision Pro” (timeline: next few days)

Tim Apple can’t just let that slide, right?

Yesterday I asked, “What’s the move ON Valentine’s Day?”

81.4% of you were staying home. That is the only right answer.

Here’s today’s question…

Bill Post, the man who invented the Pop-Tart, died at 96 (RIP to a true legend of the pastry game). So…

Oh, and one more thing…

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional