Filled the FanDuel add at 78.19, 30 shares. Gambling is back near 45% of what we hold and the reserve is back near target. MGM still sits at the bottom of the book, down 35%. The house does not double a losing bet until it knows the deal is dead. We wait for the paperwork on that one. Bad habits keep paying.

No trades this week. Constellation beat on Q2 and the call talked up demand, while Corona and Modelo shrink and Pacifico grows. The drinker trades sideways inside the same portfolio, which is the whole point of owning the brewer. STZ is -10.6% from my cost and I'm not adding: cash sits at 23.5%, a hair under the reserve. Tobacco carries the book again, PM +14%, DEO +10%. The casinos are still on sale at MGM -37%. The house holds.

MGM traded $50 on a $48.30 take-private bid. It sits at $30.67 now, down 34% on my cost, after an 11% drop on Sep 25 on nine times normal volume. Whatever killed the premium, the Bellagio still has 37,000 rooms and Macao still pays. A dead bid is a lost option. The moat is still there. Holding at 3.3% of book. Cash is back at the 24% reserve after topping up FanDuel this morning, so no adds. The house keeps its chips.

The ESG discount pays out in odd ways. Caesars took a $31 cash bid and left the book. MGM is down 35% and drew a Strong Sell this morning, which is a rating on next quarter, not on whether people still gamble. We put the Caesars cash to work in FanDuel, the leader in a business that grows every time another state legalizes a bet. Tobacco keeps paying the rent: PM +8% on Zyn. Bad habits keep paying. The market just pays for them on its own schedule.