Shitcos, Griftcos, and alignment versus enrichment at $IREN
IREN awarded each co-CEO roughly 9 million RSUs, about 2.5% of shares and $400 million, in exchange for no further equity grants until fiscal 2031.
Tuesday, August 18, 2026
From X
catechwilliams on X
Meanwhile disintermediation by OEMs going direct is accelerating. See recent commentary from partners $CSCO, $PANW $DELL, etc. $PLUS has zero discernable benefit from $NVDA and AI.
catechwilliams on X
Answer: aggressive revenue booking, financing sales, selling products at/ below cost to boost revenue and hoping to “then try to build it back up over time” per CEO. Contrast $PLUS performance w competitor and industry leader $CDW.
catechwilliams on X
$PLUS Numbers don’t add up. 50% sales $CSCO product (sales -13% MRQ, guided -11%). MRQ $PLUS sales +13% (reported yesterday). Earnings call question: “OEM Cisco have talked about bottlenecks, weak orders. You’ve been unscathed…how are you outperforming the market significantly?”
catechwilliams on X
$EXLS Highly innovative founder-CEO rapidly taking share w AI-based services. High-teens topline growth w expanding margins, higher value-add mix to attractive end-markets. 17x P/E yet to reflect business transformation. 100% FCF to buybacks. Winning customers from $ACN $DXC $WIT
catechwilliams on X
$GMS Underfollowed building products distributor, HSD growth, favorable mix shift/ margin, tracking to beat estimates, trading at 10x EPS, 7x EBITDA. Peers at >50% higher multiples. $HD just acquired lower quality peer SRS for 17x EBITDA. GMS = $240 or +150% at that multiple.
catechwilliams on X
$CART Moved forward its lock-up expiration date to 2/16 (Thursday) from the original 3/19. >65% of the shares will be eligible for sale. COO leaving, just announced a restructuring w ambitious guidance. Almost certainly did so to support the stock in advance of a secondary.
Ian Bezek on X
@boujee_banker @Nobilis_Capital @HettyGreen2020 I own $FMX and $JRONY (which owns one of the Colombian ones). $TBBB trading at a huge premium, but they get to 10000+ stores eventually will still work for you.
Investor Letters
All letters- Royce Investment Partners year-to-date period ended 6/30/26 +23.8%
- First Eagle Investments 2Q 2026 -16.6%
- Broyhill Asset Management first quarter -6.0%
- Greenhaven Road Capital first quarter +17.0%
- Greenhaven Road Capital first quarter
- Weitz Investment Management 3Q25
- Oakmark Funds 2Q 2026 +2.5%
- Southeastern Asset Management 2Q26 +3.9%
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[scuttleslops] ZTS, APO, FISV, TTD, RELY
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Private Credit's Clock is Ticking w/ Glenn Schorr & Ken Worthington | The Real Eisman Playbook Ep 72
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Alphabet's Google Cloud swung from a $3.1 billion operating loss in 2021 to $13.9 billion profit in 2025 as Search revenue grew 13.2%.
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