AppLovin Deep Dive
AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens auction take rates.
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Market cap$300M–$100B
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From X
Negligible Capital on X
$CRWV CDS spreads hit new highs today, pricing in over a 60% chance of default within the next 5 years per bbg https://t.co/ABpSnUk8az
Broken Moats on X
$Z nearing a 20% reversal from yesterday's low around midday to now.....
SG on X
Reminder: $KSPI has nothing to do with KOSPI https://t.co/E9XdtsYHS5
marginofdanger on X
$TIPT is trading at 70% of cash value. Has traded off ~10% for no good reason, probably because its a source of funds for investors who want to redeploy given the revaluation of small caps.
Undiscovered Compounders on X
Boost Run said it all in its name: first the boost, then the shareholders ran. $BRUN https://t.co/7cLfHmwlQP
Investor Letters
All letters- Wedgewood Partners Third Quarter 2026 MSI $74BODFL $38B
- Artisan Partners Q3 2026 JPPTY $68BNGG $77B
- Frank Capital Partners Q3 2026 SPB $1.8BHRB $5.4B
- Asset Value Investors Ltd September 2026 CHDRF $84BSIEVF $9.9B
- Smead Capital Management 3Q26 CVE $61BUCG $29B
- Jemekk Capital Management Q3 2026 MDA $4.6BWSP $15B
- Nixon Capital Third Quarter 2026 PYPL $48B
- Southeastern Asset Management 3Q26 ACI $6.3BFBIN $4.7B
Free Recaps of the best new stock ideas, delivered every morning.
uniQure: The Market Graded The Wrong Exam
UniQure's Huntington's gene therapy faces an FDA accelerated-approval decision around November 1 after three-year data met both agency…
Bhavneesh Sharma 2 clicks
Constellation: Stars Aligning?
Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…
Breaking: The Offshore Monopoly Is Legal Now!
Transocean’s Valaris merger clears regulators, creating a 68-rig offshore driller controlling four in 10 global drillships.
October 2026 Random Ramblings
October 2026 market commentary covers SOLS’s cancelled merger, a hypothetical Starbucks-Chipotle deal, Russell 2000 weakness and AI…
A Conversation With Ari Emanuel About Entertainment and AI
Ari Emanuel discusses AI’s impact on Hollywood, live events, social networks and the future of advertising.
Private Equity Prints Multibaggers With This Pattern. No One is Talking About It.
Shenandoah Telecommunications’ Glo Fiber buildout ends this year, and private infrastructure investors’ repeated fiber deals frame a…
El Pollo Loco: New York State Of Mind
El Pollo Loco plans 18 to 20 FY26 openings, including 15 franchised New York stores over five years, as asset-light expansion and…
Pedro Goulart 
Coherent | Management Call
Morgan Stanley Direct Lending: Discount Is Attractive, But Credit Has Not Stabilized; Hold
Morgan Stanley Direct Lending trades at a 32% NAV discount as non-accruals reach 2.9%, NII and NAV decline, and dividend coverage falls to…
Rubicon Associates 1 click
Research Roundup Vol. LVI
Howmet Aerospace is framed as a beneficiary of turbine and aircraft-engine demand, while J.B.
HRVFF · long Harvia Oyj
One Hour Analysis: What would it take to break $BPRE's NAV?
BPRE trades 45% below NAV as Saba and Bulldog press for buybacks or a manager change, challenging Bluerock’s incentive to preserve…
Hindsight Capital
Hindsight Capital tests crisis-era investment decisions using anonymized company financials, including TransDigm, Halma and Texas Pacific…
Sezzle: The Market Is Underestimating This High-Growth Fintech
Sezzle’s Q2 2026 revenue rose 51.7% and adjusted net income 58.4%, while revenue per GMV reached 11.7% as Premium subscriptions lifted…
Blake Winiecki 1 click
New Buy : Honeywell Aerospace $HONA
Honeywell Aerospace, newly spun off as HONA, fell 41% from post-listing highs after Q2 2026 as supply-chain bottlenecks delayed revenue…
VersaBank: The Bank Behind the Bank – How a Canadian Branchless Pioneer Wants to Make Asset-Backed Securities Obsolete
VersaBank uses cash holdbacks and put-backs to buy point-of-sale loan cash flows, with C$7 billion in assets and AI-enabled real-time…
GitLab: Positioned To Benefit From Software Development Explosion
GitLab's Q2 FY2027 beat and raised guidance reflect large deals, paid consumption growth and AI demand, while valuation rests on revenue…
Research and Value 2 clicks
Updates
FGPR remains on track, PRTH's management buyout is set at $8.05, and microcap RAVE is described as cheap.
Is The Bond Market Running On Empty?
U.S. Treasury yields are testing credit and equity markets, while the discussion also targets recent changes at Glass House (GLAS).
Intuit: Still in Free Fall After Investor Day
Intuit shares have fallen 60.2% year over year as customer acquisition slows, while management says AI is not the cause and expects growth…
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