PAA Research on X
Google is losing small-business wallet share amid regulatory risks, stalling user growth in more markets and capital-allocation concerns.
Tuesday, June 23
Tuesday, June 23, 2026
Everything we published on this day.
9 stories
PAA Research on X
Google's AdWords model is being replaced by a considerably worse business, while Meta's ad-share gains face long-term platform toxicity concerns.
PAA Research on X
Meta’s move into betting markets and rising AI capex threaten to outweigh advertising gains, supporting a short case centered on Zuckerberg’s capital allocation.
PAA Research on X
LendingTree founder Doug Lebda endured 95% to 99% drawdowns across three cycles as TREE became a 10-bagger twice after its IAC acquisition and spinoff.
Broken Moats on X
Little perplexed you get more negative redemption stories around private credit, and the market only sells off the the the pure play PE companies. First derivatives are up? $MFC $FG $MET $WAL all have sizable exposure to the same asset class.....
Nat Stewart on X
@waterboystocks DPZ looks interesting, but I have pizza covered with little Pizza Inn $RAVE. 100% franchised, zero debt, cash ~25% of market cap, potential for turnaround to transform into growth story next 1-2 years.
Timyan Bank Alert on X
@Akston_Capital Putting aside what the shareholders, directors, activist ahareholders @HoldCoAM, his wife and anyone else, what does Chris Gorman, in his heart, want to accomplish at $KEY? Keep going as is? Acquire? Sell?
Mike on X
$META probably can serve more tactical ads if you know exactly what each user is willing to put money on (aka is paying attention to) in the moment! https://t.co/9DnpLAIS4i
Psyop Capital on X
Is contextlogic interesting/worth digging into? $LOGC. I really like the Salt acquisition but seems like they paid a rich multiple for it. Fear this will end up in the graveyard of mini-Berkshires over time
