Telltales

SHOWNOTES This week on Telltales, the team runs quickly through the memo’s Exhibits A–C (US finances, natural gas, and oil), then digs into the shifting competitive landscape in AI chips—Google, Nvidia, Broadcom, and the hyperscalers’ next moves. [00:00] Welcome to Telltales + Cash Flow Memo A quick setup for a cross-sector episode spanning energy, technology, and healthcare—and a reminder to down...

In this episode of the Telltales Podcast, Mike, Hunt, and Jason walk through the latest Cash Flow Memo—from US government finances and energy markets to a deep-dive on Nvidia and the AI data center buildout. They revisit the “Nvidia’s Five Risks” memo 18 months later and ask what could still derail the story for investors focused on cash flow. [00:00] Welcome & what’s in the Cash Flow Memo Mike ki...

SHOWNOTES This week on Telltales, Mike, Jason, and Hunt break down the big moving pieces across energy, technology, and healthcare—anchored by the latest Cash Flow Memo and the three macro exhibits. The centerpiece: Alphabet’s “comeback,” what really changed inside Google, and where AI may go next. [00:00] Welcome to Telltales + Cash Flow Memo [00:20] Disclaimer [00:31] Exhibit C: Oil and geopolit...

SHOWNOTES In this episode of Telltales, Mike, Jason, and Hunt walk through the latest Cash Flow Memo, from global oil and gas balances and U.S. deficits to Big Tech’s AI platform war and key healthcare and biotech updates. It’s a tour of where cash is really being earned today in energy, technology, and healthcare. [00:00] Welcome, disclaimer & how to use the Cash Flow Memo Mike kicks things off w...

SHOWNOTES In this episode of the Telltales Podcast, Mike, Jason and Hunt walk through the latest Cash Flow Memo, tying together US fiscal policy, oil and gas fundamentals, and the cash-hungry AI build-out at Apple, Amazon, Nvidia and more. They also dive into GLP-1 pricing wars, ophthalmology upstarts, and how post-COVID cash piles are being spent in biotech. [00:00] Welcome, format & Cash Flow Me...

SHOWNOTESIn this episode of the Telltales Podcast, Mike, Jason, and Hunt walk through the weekly Cash Flow Memo: oil, gas, and US government finances, then dive deep into Taiwan Semiconductor’s history and the future of chip manufacturing, before closing with tech headlines and high-impact healthcare updates. Along the way they connect physics, policy, and business models back to cash flows and th...

SHOWNOTES This week we connect the dots across oil & gas markets, the rise of dollar-pegged stablecoins, and tech’s CapEx surge—then wrap with healthcare M&A and GLP-1 distribution shifts. Expect sharp takes, real numbers, and what it all means for cash flow and valuation. [00:00] Intro [00:20] Disclaimer [00:30] Exhibit C: Oil—OPEC+ restraint & a flat curve Oil hovers near $60 as OPEC+ (including...

SHOWNOTES In this episode, we connect cash-flow mechanics to headlines across energy, technology, and healthcare. We cover the oil/gas setup, a pragmatic tour through Bitcoin’s history, AI chip supply chains, and a potential reset in U.S. drug pricing. [00:00] Intro (p.1) Welcome to Telltales with Mike Nicoletti, Jason Wallace, and Hunt Lawrence. Download the weekly Cash Flow Memo to follow along...

SHOWNOTES A fast-paced tour through this week’s Exhibits A–C (U.S. finances, natural gas, oil), a history of Broadcom’s rise from spinoff to $1.7T giant, timely healthcare shifts (FDA fast paths, DTP), and quick hits on Tesla, Apple, NVIDIA/AMD, and Netflix’s cash engine. [00:00] Intro (—) Mike, Jason, and Hunt set up the week’s Cash Flow Memo themes across energy, technology, and healthcare, and...

This episode blends near-term energy realities with a tour through Oracle’s history and its AI pivot—then zooms out to policy, trade, and the cash-flow engines dominating tech and payments. [00:00] Intro [00:00:20] Disclaimer [00:00:44] Exhibit C: Oil outlook Hunt notes Middle East détente reduces risk premia but isn’t bullish for prices near-term. With Saudi likely to defend share, oil feels “sub...

SHOWNOTES A brisk, data-driven run through Exhibits A–C (U.S. finances, Natural Gas, Oil), followed by a condensed “History of OpenAI,” semis capacity pinch points, a Tesla check-in, and timely healthcare policy updates. [00:00] Intro [00:47] Exhibit C: Oil—Geopolitics & The Abraham Accords Path Discussion of a proposed Gaza plan reportedly backed by regional governments and the potential for broa...

SHOWNOTES A brisk tour through oil, gas, and U.S. fiscal mechanics, followed by a biotech history chapter and a deep dive on NVIDIA’s sustained dominance. We close with a big healthcare development—“Trump-RX”—and quick hits from Harrow Health’s investor day. [00:00] Intro [00:28] Exhibit C – Oil: $62 is Doing Its Job Hunt frames today’s oil tape: production is rolling off in the U.S., OPEC, and no...

The Cashflow Memo Download SHOWNOTES A fast-moving tour across energy, technology, and healthcare: oil spare capacity looks set to tighten, natural gas loses its backwardation, DC politics and immigration policy enter the chat, we revisit Genentech’s beginnings, and then unpack Apple, Oracle/Broadcom, and NVIDIA through a cash-flow lens. Stick around for a sailing community shout-out from Oakcliff...

SHOWNOTES This episode tackles the week’s cash-flow movers across energy, tech, and healthcare—then time-travels through biopharma’s biggest breakthroughs. We close with practical EV takes, Big Tech updates, and why Mars might be more interesting than the headlines suggest. [00:00] Intro [00:30] Exhibit C: World Oil Supply/Demand IEA’s latest revision lifts 2025 demand growth to ~0.7–0.8 mb/d (vs....

SHOWNOTES A brisk, cash-flow-first tour through energy, technology, and healthcare: oil and gas realities, the federal balance sheet, big labor revisions, and the AI build-out—plus biotech’s backstory and fresh FDA/advertising policy moves. [00:00] Intro (n/a) [00:19] Disclaimer Reminder that the episode is informational only and not investment advice. Listeners should do their own work and assume...

SHOWNOTES This week we open with the Google antitrust decision, then dive into Exhibits C (Oil), B (Natural Gas), and A (U.S. finances) before a tech deep-dive on AI capacity, TPUs vs GPUs, and close with healthcare policy shifts. [00:00] Intro [00:38] Disclaimer General investing discussion only; do your own work. Views are the hosts’ alone. [00:51] Exhibit C – Oil (Exhibit C) Geopolitics keeps c...

SHOWNOTES A fast-moving episode: Hunt opens with Exhibits C/B/A (oil, gas, U.S. finances), then we sprint through a crisp history of AI from Turing to Transformers before closing on healthcare—Berkshire’s UNH stake and how MFN drug pricing pressures PBMs. [00:00] Intro (—) Welcome to Telltales with Mike, Jason, and Hunt. Grab the weekly Cash Flow Memo and follow along as we hit energy, technology,...

SHOWNOTES A wide-ranging tour this week: oil demand vs. spare capacity, U.S. gas and fiscal tracks, and the cloud era’s security shocks that boosted both AWS and CPU demand. We close on healthcare policy, Intel’s maneuvering, Nvidia’s China fee, and what Snowflake/Salesforce/ServiceNow signal for AI ROI. [00:00] Intro Mike sets the table for another 30-minute sprint through energy, tech, and healt...

SHOWNOTES A fast tour across energy, technology history, and healthcare—then a spirited debate on Tesla’s path: robotaxis or humanoid robots. Plus: where oil and gas balances sit now, what built Web 2.0, and why some healthcare names look interesting on cash flow. [00:00] Intro Welcome to Telltales with Mike, Jason, and Hunt, setting up a deep dive into energy, technology, and healthcare with the...

This week the Telltales crew unpacks shifting energy fundamentals, tough healthcare headlines, the rise of Web 1.0—and whether Tesla’s robo-taxi dream justifies a half-trillion price tag. [00:00] Intro Mike welcomes listeners, frames the show’s cash-flow focus across energy, tech, and healthcare, and reminds everyone to grab the accompanying memo. [00:47] Exhibit C – World Oil Supply & Demand Hunt...

In this episode we swing from macro storm clouds to silicon sunshine—probing debt risks, tracing software’s evolution, and spotlighting a Samsung-Tesla chip alliance that could turbocharge robotaxis. [00:00] Intro :00:47] Macro Risk: Could 2008 Happen Again? (Exhibit A) Hunt draws parallels between today’s oil-market risk premium and the 4Q 2008 liquidity freeze. He warns that a repo-market hiccup...

SHOWNOTES This week we weave through energy geopolitics, U.S. fiscal chess, breakthrough healthcare economics, and the exploding compute demands of frontier AI—plus part 2 of our Software History mini-series. [00:00] Intro [01:04] Oil Market War Premium & Russia Risk (Exhibit C) Hunt explains how secondary sanctions on Russian crude—now part of U.S.–China talks—add a $10-15/bbl war premium. Market...

SHOWNOTES Mike, Jason, and Hunt connect the dots between geopolitics, AI infrastructure, and healthcare policy—always through the lens of cash-flow-focused investing. [00:00] Intro (Cover) Welcome to Telltales and the weekly Cash Flow Memo. Quick rundown of what’s ahead: energy, tech, healthcare, and a short history-of-software segment. [00:00] Oil Supply & the War Premium (Exhibit C) Spare capaci...

This week Telltales flies from oil barrels to GPUs, showing how energy, technology, and healthcare each reshape an investor’s cash-flow lens. [00:00] Intro [01:00] Exhibit C – Global Oil Balance (Exhibit C) Hunt flags disappointing demand growth (+0.5 Mb/d) against a 3-4 Mb/d spare-capacity cushion. Prices hover near $65 only because Middle-East risk keeps a volatility premium alive. [01:51] Exhib...

SHOWNOTES This week the crew dissects energy demand plateaus, a surprising federal deficit outlook, and why performance-per-watt now rules both hyperscale datacenters and your smartphone—before closing with AI’s domination of medical diagnosis and fresh biotech data. [00:00] Intro [00:00:45] Exhibit C – World Oil Demand & Supply Hunt notes 2025 demand is now expected to edge only 0.5 Mb/d above 20...