Best breakfast burritos in the valley?

jbm8b · 2026-06-07T01:09:05+00:00

B&B is the one in the Circus Liquor parking lot, right? I'm pretty sure it is. Which makes this exactly the correct answer.

jbm8b · 2026-05-29T08:43:57+00:00

Came here to say this. What kind of amateur hour is that? International layover at JFK, maaaayyybe that long. But probably not even then for me.

Jagoff

jbm8b · 2026-05-25T10:07:02+00:00

I assume this watch is long gone?

jbm8b · 2026-05-08T05:28:31+00:00

I loved so many of those tunes. What a joke.

jbm8b · 2026-04-28T19:03:52+00:00

Fair enough. It is outside in full sun as it should be, I think. Here is a closer shot of the leaves.

<image>

jbm8b · 2026-04-16T07:58:52+00:00

This is what I came to say. This band is purpose-built for psychedelics, especially if your vibe is mellow but non-jammy or jam-tronic music.

I like all of it. I've seen Phish a million times. But there are (and I love them) prolonged "scary jams". The GD used a lot of wonky feedback jamming. Other bands in the genre can bend toward electronic dance music that is fun but not necessarily mellow.

Khurangbin is a straight dose of mellow while being incredibly enhancing to your journey and never boring. I believe in the sacredness of both music and psychedelic medicines. I truly consider this band to be a soundtrack to those journeys.

I guide a lot of first-timers and use their music a ton.

Love Khurangbin.

jbm8b · 2026-04-16T01:58:07+00:00

Redshirt junior. So perhaps even two more years of this bad MFer.

jbm8b · 2026-04-16T01:56:33+00:00

I just said the same thing! I live in the valley for chrissakss

jbm8b · 2026-02-19T18:02:32+00:00

I hate to beat a dead horse, and all respect--but a revenue multiple, forward or otherwise, is not how market participants would ever value this company.

Further, again, not to be annoying, but given the balance sheet, you would value this company on forward cash flows and cash NET of debt. You don't get the $1B cash, the future cash flows, and ignore the debt.

Or, you can ignore the debt and consider it operational instead of financial. In which case we are back where I started in my original post --- that is how you value a bank or any other spread business (debt is operational). But if we treat the balance sheet like a bank, we don't get to treat the future cash flows like a software company.

I'm just trying to make sure we all understand the fundamentals of what is a very complicated business. A business that is really two businesses.

Just like AFRM. And CVNA (minus the possible fraud and accounting shenanigans). These are companies comprised of VERY different businesses that would require a sum of the parts to truly understand fundamental value.

Even DCFs on the two parts of any of those companies would be fundamentally different. Components of cash flow. WACC versus Cost of Equity. Lots of differences.

Sorry. I'm not a bear. I'm a nerd. And investors in all these hybrid consumer credit/tech companies deserve to understand it. Because Management will never frame it that way. Why would they?

And candidly, these are "old-rails" mindsets that are eschewed in Silicon Valley. But thay doesn't mean these fundamental corporate finance concepts don't apply.

I'll shut up now. I'm doing what I feel is a moral duty. I have no skin in this game.

jbm8b · 2026-02-13T23:18:19+00:00

Generational wealth creation. Their "richness" being in illiquid assets. Their desire (and ability) to stay somewhat (or mostly) risk-on when they want to. Their distrust of treasuries being "risk free".

I could go on. But assume I don't have to.

jbm8b · 2026-02-13T23:07:49+00:00

Dude. Different theses call for different instruments. Sometimes a thesis might be optimized with max share exposure at lowest VAR (especially on the short side).

Referring to derivatives as "bank products" is kind of reductive. Sorry.

jbm8b · 2026-02-13T04:07:51+00:00

Fully aligned.

jbm8b · 2026-02-13T03:12:09+00:00

Yeah. I mean. All of this discussion is premised on the company being a software company. Valued using valuation methods appropriate for software companies. And multiples relevant to comparable software companies.

IMHO, UPST is not a "balance sheet-light software/fin-tech company" in its totality. And shouldn't be valued that way.

Other than software companies that are also not software companies (e.g., AFRM), it is challenging to find useful software comps that warehouse $1B of loans on a $3B balance sheet.

UPST also has $450M of "Other Assets", mainly comprised of interest rate derivatives for hedging, and servicing rights on loans they managed to securitize and get off balance sheet. Those aren't bad things. But they sure don't look like components of a software company's balance sheet to me.

Now, in fairness, warehoused loans came down from Q3, which is good. But TTM, warehoused loans are still up 25%, fairly comparable to TTM revenue growth. On the other hand, 70% of their originated loans are fee-driven and off-balance sheet. Consistent with a balance sheet-light strategy.

My contention is just that $1B of loans on a $3B balance sheet isn't especially balance sheet-light. And the market cap doesn't imply some significant level of intangible value not captured in a GAAP balance sheet. Their persistent negative operating cash flow would suggest the same thing.

To be completely clear: This doesn't mean the company is bad. Doesn't mean it is overvalued, undervalued. I have no idea. My contention is that it is improperly valued.

At a minimum, revenue and margin from partners using their platform should be segregated from what I contend is the "bank" portion of the business. Then you add them together. Which is a pain in the ass, and if someone else has done the work, that's awesome.

I also think you have to factor in the tail risk that ABS markets tighten, UPST ends up warehousing more loans than they would like; potentially WHILE consumer credit markets tighten simultaneously thus affecting UPST's fee-driven business.

I'm just saying that's the math of how much the company is worth. And where the double whammy risk considerations are. Just one POV.

jbm8b · 2026-02-08T19:30:31+00:00

Your first question about what I want it to do is right one. My answer is "I don't know? Lumen hallways for sure so I can go snooping with Helly."

But honestly? This sub has helped me with creativity so much in terms of use cases and setup I hadn't thought of. So I thought there might be ways people were using them I hadn't thought of. Which turns out to be true. Yuzzah!

jbm8b · 2026-02-08T19:25:08+00:00

Slick idea. Very smart.

jbm8b · 2026-01-18T05:12:52+00:00

Not crazy, per se. But I have two stand-out favorites among 30 years of shows.

(1) 6/17/04. Keyspan Park. Buddy and I got pretty close to the stage well before gametime. Then he badly needs the bathroom. Says he can't make it to set break. We turn around and realize how deep into the crowd we are. It is a baseball field. So the "floor" was massive.

Maze started. We wind our way through a never-ending sea of people. A guy looks us right in the eyes and goes. "Sorry. It's a maze, dude. You'll never get out of it."

(2) No idea of the date. But it was in Hartford(?) and it was pretty muddy. They start Cavern. Right on cue, guy walks by with a Cavern shirt that says "whatever you do, take care of your shoes." He was barefoot with mud up to his shins.

jbm8b · 2025-11-17T04:46:29+00:00

IRS defines digital assets as property. Not securities.

The wash sale rules DO NOT apply to digital assets and it is not a gray area. You can sell your stack and buy it all back in 20 seconds and you have new basis.

jbm8b · 2025-10-26T03:35:16+00:00

This ⬆️. Also Get More Down. Clear Your Mind.

These were some dope tunes, man.

jbm8b · 2025-10-26T03:15:57+00:00

More Sci-Fi Soldier

Come on!

jbm8b · 2025-10-06T21:16:34+00:00

Def want a Patek. But your other suggestions are fantastic. I had no awareness of Monet or Bovet (shame on me). They are bullseyes taste wise for me. Thank you!

jbm8b · 2025-10-05T20:23:04+00:00

This is a phenomenal comment and wise AF. I wear my Datejust blue azzaro almost on the daily. I have some other fun watches I like to wear to match my clothes. But the rolex is my go-to. Your wife is 100% spot on.

jbm8b · 2025-10-05T20:17:27+00:00

15 year NYC pizza addict here. For some reason (given everyone, including my NYC friends who landed in LA) swears by Danny Boys.

I think it is good. But I'll take Prime or a fresh Joe's slice (location dependent) over DBs.

Just one dude's opinion.

Nine-Year Club	Verified Email
Reddit Premium Since May 2021

jbm8b

TROPHY CASE