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Show Notes

(00:03:30) - (First question) - His counter-narrative thesis of shorting traditional data centers

(00:09:34) - How data center hyperscalers have been shifting the industry since 2016

(00:12:14) - The size, margins, and depreciation profile of the data center industry

(00:16:14) - The cash burn problem with digital REITs

(00:18:30) - How he thinks about interest rates, liquidity, and leverage in the space

(00:20:25) - More on why the value of these data centers is so elusive

(00:21:57) - The extent to which macro tech slowdowns intersect with his thesis

(00:23:13) - What investors see in these businesses that he discounts

(00:26:59) - Risks for the short and the bull case for data centers

(00:29:04) - Big concerns about the broader commercial real estate market

(00:36:34) - The best way for operators to handle a short thesis about their company

(00:39:49) - Critical mistakes he recommends managers avoid