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I added some $UNP $TXN $TTC $HSY and $SHW in my 401k.

I also sold $SQ. Between Jack taking Block into manufacturing Bitcoin mining chips and hardware and the recent revelation from the Delaware court that TIDAL was an awful acquisition (we all figured it was awful at the time but it's clear now Jack spent $306M of shareholder money to become friends with Jay-Z), I'm out. I'm going to keep an eye on the company though. If Jack moves on or if his voting power drops far enough (currently at 41%) that activist investors take an interest, I'll buy back in (assuming I still like the financials), but for now, I'm out.

My returns are on par with the market because I sold 1/3 of my shares (originally purchased at ~$40) at $133.51 in Jan 2022. If I hadn't done that, I'd have been trailing my benchmarks significantly.

Time Held: 5.45 years
My Total / Annualized Return: 74.98% / 15.02%
$SPY Total / Annualized Return: 56.29% / 11.63%
$QQQ Total / Annualized Return: 99.18% / 17.93%

X (formerly Twitter)
Sheel Mohnot on X
Block acquiring Tidal made no sense to me; turns out nobody at Block other than @jack wanted it; He was doing his buddy Jay-Z a favor (at Stockholder expense) The memo is FANTASTIC and worth a read to see how an "all-star company" REALLY operates.

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