A Venezuela Lottery Ticket for 41 Cents
Lionheart Holdings’ 41-cent CUBWW warrants hinge on a SPAC merger valuing KEO Energy’s Venezuelan PetroUrdaneta stake at $1 billion, versus a recent $234 million field valuation.
Wednesday, August 5, 2026
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Investor Letters
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This Stock Just Got Cheaper on Better Numbers
A debt-free American manufacturer now trades at roughly 7x annualized Q2 EBITDA, with $7.35 per share in net cash and a tender floor 18.5%…
Entravision: Another Whale Has Emerged
Entravision’s Q1 filings contain a new footnote disclosure pointing to a potential second large advertiser beyond its Hong Kong customer,…
Seer
Seer trades at $2.04 against $3.90 per share of net cash as activists press a board that rejected five buyout proposals and won reelection.
Biorem Inc. ($BRM.V) FINS Review
Biorem reported 66% revenue growth and over 260% profit growth after trading at 11.3 times earnings and 5.9 times EV/EBITDA.
Hidden in Plane Sight
An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…
AirIQ Inc. ($IQ.V) FINS Review
AirIQ’s 2025 revenue rose 17% to $6.5 million, but tax reassessments cut net income 50% and lifted its P/E to 144x.
RI(N)sing higher
RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.
Getting Paid 10% for a Ringside Seat at the Braemar Circus with a potential 2x payout
Braemar’s BHR-PB preferred trades near $13 against a $25 liquidation preference, yielding 10% amid hotel sales, a $480 million Ashford…
Clear the DEC?
Diversified Energy (DEC) has paid $21.84 per share in dividends since June 2017 and trades at $13.35 amid a bullish U.S.
Matan on Stitch Fix
Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…
PEPG · long Pepgen INC
PEPGen (PEPG) was bought at $1.40 in February 2025 and sold in the mid-$3s the next business day.
GCI Liberty: Cheap, Tax Asset, Malone Fatigue?
GCI Liberty trades cheaply, holds tax assets, and faces investor fatigue with John Malone.
NSTS Bancorp: Post 3-Year Thrift Conversion, Possible Sale
NSTS Bancorp’s three-year thrift-conversion anniversary could clear the way for a potential sale.
Insureco w/ Potential Strat Alts Announcement Soon + 100% Upside on Buyout ($TIPT)
Tiptree ($TIPT) is positioned around a potential Fortegra sale announcement; Fortegra generates substantially all revenue.
A 4x in 4 Years Surfing the Data Center Tsunami? ($TGEN)
Tecogen ($TGEN) sells gas-or-electric chillers that management says cut data-center cooling costs 30–40%, with factory utilization offering…
Intriguing Patent Litigation Situation ($FNCH)
Finch Therapeutics faces a jury verdict on FMT patent claims against Ferring’s Rebyota; a win could bring damages and royalties, while a…
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