Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven capital allocation.
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Laughing Water Capital on X
$NN argues coexistence avoids relocating most Part 15 users because 11 MHz is unwanted and much equipment will reach end of life before deployment.
Laughing Water Capital on X
NextNav says its San Francisco M-LMS network has operated for over a decade without Part 15 interference and that its 5G plan would lower emissions.
Laughing Water Capital on X
@yummyCenturyEgg to be specific as I already said, tolls already primarily operate in the 11 mhz $NN doesn't want. NN will pay "tens of millions" for a software retune to move the toll readers not already in the 11 mhz to the 11 mhz.
Laughing Water Capital on X
@yummyCenturyEgg the "studies" that the opposition have submitted are full of false assumptions and bad data, as demonstrated by $NN. Why would objectors willingly submit bad studies? logical explanation is b/c proper studies show no interference.
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 8/x) add this to the list of common sense and technical arguments that demonstrate how the 900 band is not messy. Assume the $NN bears will ignore this, as they ignored the above points. https://t.co/wqpbmn33X7
Laughing Water Capital on X
NN’s low-band spectrum could gain value as Apple pursues satellite-to-phone service and seeks greater control over its satellite network.
Laughing Water Capital on X
$NN has sought engineer-to-engineer collaboration with its opposition for roughly 18 months, but the opposition has declined to engage in testing.
Laughing Water Capital on X
Neonode says moving toll-system spectrum by a few MHz would cost tens of millions, while camera-based AI already handles half of toll reading.
Investor Letters
All letters- Sequoia Fund year ended December 31, 2025 +22.1%
- Palm Harbour Capital 2022 Q4
- Palm Harbour Capital first quarter of 2023
- Royce Investment Partners Year-to-Date Through 6/30/26 +13.7%
- Maran Capital Management 2Q 2026 +5.4%
- Patient Capital Management 2Q25 +15.3%
- Patient Capital Management 3Q25 +14.1%
- Intrepid Capital 2Q 2026 +6.6%
MT 2026-08-27 ArcelorMittal: Regionalization Is Creating A Structurally Better Steel Company
Capital Connoisseur VRT 2026-08-27 Vertiv: AI's Physical Bottleneck Is Expanding Its Value Per Megawatt
LL Insights 
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
AWS AI campuses cost $40–$45 billion per gigawatt, with Trainium 3 expected to lift compute per megawatt and improve infrastructure returns.
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Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling…
Stripe’s “Singularity” and the Divergence from Adyen
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$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
Aloe Aloe Aloe what 'ave VERRA then?
Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…
NCLH or her grandma Saga?
Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…
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