To The Moon

4.2% base dividend, 50% of free cash flow going toward share repurchases.Colorado regulatory uncertainties have historically pressured valuations, but the early 2024 agreement has delayed major risks until 2028.Civitas has partially shifted to the Permian Basin, emphasizing cost reduction in drilling operations rather than outright production gains.Still some minor expansion in DJ Basin, advancing with 4-mile lateral drills in premium-priced high-grade oil.Investment Thesis $Civitas Resources(CIVI)$ was formed in 2021 through the merger of two Colorado DJ Basin Pure Players, Bonanza Creek and Extraction Oil and Gas. Since then, it has become the second largest producer in the DJ Basin and has recently expanded operations into the Permian Basin in

2.2% Dividend YieldLoyal customer base, with loyalty members making up 80% of sales.85% of the supply chain originated in North America, mitigating tariff risk.Produces 55% of its end products in-house, with 40% of products on offer being seasonal only.Peer leader in sales per square foot with $1,074/sqft in sales.Expanding into ‘adjacent’ markets like products marketed at men and products marketed to Gen Z to boost new-customer growth.Investment Thesis $Bath & Body Works Inc.(BBWI)$ is a North American chain of home-good stores specializing in scented products and self-care. BBWI was formed after L Brands spun off Victoria’s secret into its own publicly traded entity (VSCO), with L Brands changing its name to Bath and Body Works. In recent ye

3.14% Dividend Yield13 consecutive years of dividend increases, most recently increasing by 2% in November 2024.Despite overlapping downcycles in pork and beef markets, Tyson generated $1.5 billion in free cash flow.Shifting more production to high margin value-added products like pre-made food and pre-seasoned meat across all segments.Targeting leverage ratio of net debt to EBITDA of under 2.0x, currently 2.6x with most debt maturing past 2027.Investment Thesis $Tyson(TSN)$ is an American meat-processing giant, producing about 20% of the consumer beef chicken and pork sold in the United States. With both pork and beef markets experiencing a cyclical downturn, coupled with a strained consumer, Tyson has seen its margins contract and volumes remain

$.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $.DJI(.DJI)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$ $.IXIC(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ OverviewEquity markets closed at another record high on the last trading day of November. November was the best month of the year for the S&P 500 and Dow Jones, with the S&P 500 having its best YTD performances since 2013. Largely gains came from renewed market optimism following a Trump victory and strong preliminary economic data.With

Deficit Dilemma: Inflation and Sectoral Shifts in a New AdministrationThe DOGE (Department of Governmental Efficiency) Committee faces significant challenges in addressing the $2 trillion deficit, with most expenditures politically untouchable.Inflation is expected to rise by 2025, driven by persistent deficit spending and nominal GDP growth.Gold $Gold - main 2502(GCmain)$ remains a strong long-term hedge despite recent sell-offs, with equities favored over bonds during inflation.Natural gas may see growth due to rising electricity demand, while crude oil demand remains stagnant.Healthcare reform faces resistance due to lobbying, despite inefficiencies driving up costs significantly.Subsidies for green energy and electric vehicles may decrease

Recently announced $350 million repurchase agreement, representing more than 10% of shares.Despite pressure from low-cost payment architectures, STNE has been able to maintain a high take-rate thanks to value-added services.Management indicated it may sell off the software arm to run a more lean and transparent business.Obtained banking license in early 2024, allowing it access to cheaper funding and increases the stickiness of the business model.Brazil has a fragmented payments industry with ample cross-selling opportunities. Investment Thesis $StoneCo(STNE)$ is a Brazilian fintech providing hardware solutions for SMBs (small-medium business) and provide payment acquiring services. Since the start of the year, STNE’s stock price has declined

3.95% Dividend Yield.Stock dropped 17.3% on the failure of Emraclidine in Phase 2 Trials, a drug only projected to make up ~7% of revenues.Aggressively expanding oncology offerings, acquiring ADC (antibody drug conjugates, non-chemo cancer drugs) expert ImmunoGen.Expects to replace Humira revenue in 2025 with two new immunology drugs and grow to be more than $27 billion in annual revenues.Shifting focus in neuroscience to Alzheimer’s and Parkinson’s, areas with few effective on-market treatments.Investment Thesis$AbbVie(ABBV)$ is a biopharma company, made famous by its blockbusting Humira, at one point the best-selling drug in the world. As biosimilars have eroded Humira ABBV has gone on an acquisition spree to replace lost Humira revenues while a

3.3% Dividend Yield recently announced 4% dividend increase.Expects robust housing recovery in 2026, betting on a similar timeline for commercial real estate.#1 market share in the US for title insurance, in both agency and direct sales.F&G has secular tailwind in life and annuity from aging population.Despite downturn in housing market, FNF grew revenues by 8% over the first 9 months of 2024.Investment Thesis $Fidelity National(FNF)$ is a provider of title insurance and settlement services to the mortgage industry, and a provider of annuity and life insurance through F&G which owns approximately 85% of.We believe we are at the cyclical bottom of the housing market, and at a long-term bottom for commercial real estate. As rates come down an

5.3% Dividend Yield with 5% dividend growth.Strong long-term production profile, expecting a 4% CAGR output increase to 2030 with breakeven below $30/boe (barrel of oil equivalent).Long-term focus on LNGs (Liquified Natural Gas), expecting to grow export capacity by more than 50% by 2030, with 6 Mt/y (million tons per year) in long-term supply contracts signed with Asian importers.Trades at an attractive valuation at just 7.8x earnings.Committed to $2 billion in buybacks each quarter of 2025.Investment Thesis $Total SA(TTE)$ is a French energy company specializing in petroleum extracting and refining. TTE is the third largest non-OPEC producer in the world, producing 1.6 mmbbl/d of liquids (million barrels per day) and more than 5 bcf/d (billion cu

Committed to repurchasing 2.3% of shares within the next quarter, on top of a modest 1.0% dividend.Strong presence in the SMB (Small-medium business) space, consolidating its 16 brands into one coherent entity.#1 commercial card processor in the US, processing more than 35 billion transactions annually across 830 million accounts.70% attachment rate for new offerings to existing customers.Investment Thesis $Global Payments(GPN)$ is one of the largest payment processors in the world, primarily working on the acquirer side. GPN processes more than 75 billion transactions a year with 5 million merchant customers in more than 38 countries.  Compared to its other ‘legacy’ peers, GPN has targeted middle-market enterprise as its growth avenue. I