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[@lundeen_ne](/creator/twitter/lundeen_ne)
"$OMC + $IPG XXXXX s/o $4.7B net debt $3B normalized FCF But even at $2.5B I think its worth over $100/sh Targeting $750M cost synergies by YE29 $139-$162/sh would be 15-20% IRR excl. div/buybacks Worst/best case X% / XX% outside of recession in which case will bag hold"  
[X Link](https://x.com/lundeen_ne/status/1975217574075088919) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-06T15:12Z XXX followers, 1446 engagements


"The dumb thing about the $WRB track record (from their AR) is theyre giving you a literal arithmetic average. Not geometric. When I asked them why their response was for simplicity. I guess geometric averages are too complicated for insurance companies or investors. Also they IPOd in Oct. 1973 and was down XX% by EOY. So starting from lower base. $WRB CAGR IPO-YE24: XXXX% $SPY: XXXX% Still a great record. You end up with 9x more per dollar invested than SPY. But if theyre willing to play games over such a superficial thing to inflate an already great track record it makes me wonder what more"  
[X Link](https://x.com/lundeen_ne/status/1961541299653222560) [@lundeen_ne](/creator/x/lundeen_ne) 2025-08-29T21:27Z XXX followers, 1952 engagements


"For a hundred years prior to the formation of the FDIC various experiments with deposit insurance at the state level had been tried with none succeeding. At the federal level XXX proposals were put forward from 1886-1933 most prompted by crises. Between Oct. 1929 and March 1933 9k+ banks failed. With the Banking Act of 1933 and the formation of the FDIC bank failure rate in 1934 was X insured banks"  
[X Link](https://x.com/lundeen_ne/status/1979373742477164955) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-18T02:27Z XXX followers, XXX engagements


"Does anyone have $30B I can borrow to buy $OMC + $IPG"  
[X Link](https://x.com/lundeen_ne/status/1981028415961497821) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-22T16:02Z XXX followers, XXX engagements


"Wrote a short thing on $OMC + $IPG Can see some embedded OMC financials back to the 1990s at the bottom. I like OMC more but combined entity under John Wren will be one of those companies I wish I could buy all of and reinvest the cash somewhere else"  
[X Link](https://x.com/lundeen_ne/status/1976011337663709692) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-08T19:46Z XXX followers, XXX engagements


"The Americans are alone in assuming that railroads have to be profitable. The Economist Aug. 1985"  
[X Link](https://x.com/lundeen_ne/status/1979952917714227310) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-19T16:48Z XXX followers, XXX engagements


"The ordinary human being does not live long enough to draw any substantial benefit from his own experience. And no one it seems can benefit by the experiences of others. Being both a father and teacher I know we can teach our children nothing.Each must learn its lesson anew. Einstein *puts on doomer hat*"  
[X Link](https://x.com/lundeen_ne/status/1978667360664887449) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-16T03:40Z XXX followers, XXX engagements


"Wrote a short article on my notes and thoughts around media accounting and how to better understand their cash flow at least what helped me better understand it when I looked into them last summer. $DIS $NFLX $WBD"  
[X Link](https://x.com/lundeen_ne/status/1981359446178791669) [@lundeen_ne](/creator/x/lundeen_ne) 2025-10-23T13:57Z XXX followers, XXX engagements