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In late February, we sat down to share our investing style, and how our barbell strategybalances resilient incumbents with asymmetric builders. We also provided insights into ourholdings in Deere, CDW, Holcim, Alphabet, Elevance Health, and Nu Holdings, and ourrecent exit from Uber.

Brookfield manages over $1 trillion across numerous subsidiaries and partnerships. A recent Financial Times analysis explores the complexity and transparency of Brookfield’s accounting practices, highlighting discrepancies between reported earnings and actual cash flows.

Microsoft CEO Satya Nadella spoke on Dwarkesh Patel’s podcast about an anticipated oversupply of AI infrastructure, predicting substantial investments in compute and energy capacities globally. Nadella expressed enthusiasm about leveraging this surplus for future growth.

Private credit which typically plays the role of passive lenders, has increasingly become active with borrowers who can’t pay. This trend has been increasing as private-equity sponsors have faced difficulty exiting investments with a sluggish IPO and M&A market. Some loan pacts grant lenders voting rights when the loan is secured by the company’s equity, allowing lenders to use proxy rights to revamp the board by voting for the replacement of sitting members with independent directors. In this case, Main Street Capital upended Buca di Beppo’s board, authorized the new chief restructuring officer to file for bankruptcy, and within three months acquired the restaurant chain using the money Buca owed on its loan. What’s more is that courts have backed the more forceful approach that some private lenders have taken.

AI-driven advancements in protein folding technology, exemplified by Alphafold 2, may hold the key to solving major global problems like climate change, disease treatment, and waste disposal.