DATA CENTER
LAUNCH OF SUNDAY SESH: DASHBOARD
Today marks a new evolution—SUNDAY SESH: DASHBOARD.
SUNDAY SESH started as a selfish endeavor. It was a way for me to get my swirling thoughts down on paper across many topics that matter. To solve problems. To poke and prod my convictions.
With time, the SESH evolved into a content flywheel that helps me pressure-test and track the narrative in real time. A breadcrumb on X often evolves into a chapter in my quarterly “WHAT’S ON MY MIND.” Many chapters then become dedicated SUNDAY SESH deep dives that I further unravel on social and unpack on podcasts. And since narratives now move faster than ever, I do my best to update you in real time through our group chat as I closely WATCH THE PERIPHERY to help inform my views and capital. DASHBOARD makes the flywheel spin faster.
Although I spend most of my time dissecting cannabis, I do so in the context of a bigger obsession: deeply understanding transformational change as it unfolds at an accelerating rate.
Specific to cannabis, I feel strongly there are limited resources you can rely on. No hate—there are a few great platforms and people I trust. But there aren’t many that attack cannabis as it relates to the broader consumer, and even fewer that analyze cannabis in relation to our unlimited opportunity set as investors and operators.
As I always say: value isn’t free. Neither is your attention. Given that, I have an obligation to publish work worth consuming to help guide our collective decisions. Or you simply won’t stay.
I take that responsibility very seriously, and I’m constantly thinking of ways to provide unique value. Of course, I will never “spam” you, but you should have noticed increased frequency across the flywheel—including Substack—to cohesively tie together the narrative.
Which brings us to today’s launch: custom dashboards built from the ground up using public data to help evaluate the cannabis sector in real time. To compare and contrast. And to sharpen our “utility” curve. As we all know, the constant fight for our time and capital is very real. I won’t always be right, but I sleep better knowing what I own. And what I could own.
For the launch, I’m going to tell you what these objective metrics mean to me today. Every panel in the rolling dashboard tells a clear story to support my thesis. I’m confident you will learn something regardless of where you sit. If you want to see the data more clearly, use your desktop.
So roll up a faaat J, and let’s dive into the new SUNDAY SESH: DASHBOARD. It’ll live on the homepage, and my goal is to keep updating it over time.
And stay tuned for more…
1/RETURNS
WHAT IS IT: Here we track MTD, YTD, and 52-Week returns for U.S. cannabis operators we follow closely. We also show you how Big Cannabis is tracking relative to “Big Everything”: Food/Beverages, Alcohol, and Tobacco on an equal market-cap basis. We often toggle in Communication Services (i.e. Media, Entertainment) and Consumer Discretionary (i.e. Retail, Restaurants, Hotels, Apparel) to track other transformations that matter.
SO WHAT: This is a critical component for understanding how capital is flowing within cannabis; and how cannabis is performing relative to other consumer subsectors. This dashboard also helps track and measure several SUNDAY SESH convictions, both at the company-specific level (i.e. GLASF, GTBIF) and also at a thematic level.
Within cannabis, months will continue to be noisy (see Dashboard 2) but overall the horses are running, especially on a risk-adjusted basis (i.e. safety vs. spiff vs. stupidity).
At a subsector level, it’s very clear long Big Tobacco and Cannabis are significantly outperforming over the past year. Big Tobacco at +10% MTD stands out…I’m still very bullish on select companies in this space, especially relative to Big Everything.
2/WHERE THE $ MOVED
WHAT IS IT: This dashboard “follows the money” by specifically tracking MSOS and how its capital moved month-to-date. It shows NAV movements through a proxy for redemptions/infusions, and how these managers reshuffled the portfolio intra-month by security.
SO WHAT: The vast majority of capital inside cannabis is still moving through this ETF (for now). And we get a real lens into how these active managers think about portfolio construction. Given its size and importance, MSOS’ “beta” is felt at all times. Yes, they leave a strong wake. And yes, that wake often creates opportunity. Few thoughts:
