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 profit.
Wednesday, August 19, 2026
Back to today
From X
Timyan Bank Alert on X
QNB Corp. $QNBC Announces Pricing of Common Stock Offering https://t.co/5mPLeT0iSH
BDC on X
@DueDoctor Oh I agree 100%. The move is totally insane. $GME like. +20% would have made some sense based on math. I actually think lack of 2ndary here is even WORSE for them. They need the cash. 2ndary cleans up that need.
BDC on X
@DueDoctor All goes well this could add $800mn in annual revenue to $mrna. Added $44B in market cap. Market said that theoretical 2-3 year out revenue is worth 50x + yesterdays' market cap
Mike on X
@mathlonning $SIF especially, I thought the Q was good
BDC on X
@BoxLongs $SNAP added $250mn in revenue yy and $200mn in adj ebitda. Adj shares outstanding actually decreased 70 bps yy. FCF +400% yy. While everyone knows its a horribly managed asset, the numbers in isolation are MUCH improved YoY while stock itself is down 30% yy.
Ian Bezek on X
@SandBrandyn I bought a basket of software and adjacent in Feb/March. $TEAM most ridiculous example both to the down and now upside... I don't trust the management teams enough to make a concentrated bet on any of these.
Ian Bezek on X
Atlassian $TEAM now up 214% since April, and +5% YTD. Market very efficiently determining future discounted cash flows from software companies, I see.
Ian Bezek on X
@LocalHero55 @OtterMarket @gatorcapital Post on an even more obscure MHC bank. And yes, $TFSL is a great income instrument, with (eventually) a chunky cap gain exit when they finally convert.
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $143M082920 $946M
- Protean Funds July 2026 DVYSR $91MEVGGF $17B
- First Eagle Investments second quarter 2026 AEM $102BCHTR $15B
- RGA Investment Advisors Q2 2026 ADBE $99BADYEN $33B
- Royce Investment Partners Year-to-Date Through 6/30/26 ACA $7.2BADMA $2.1B
- Oakmark Funds 2Q 2026 CRBG $15B
- Southeastern Asset Management 2Q26 ACI $5.9BAVTR $11B
- Horizon Kinetics 2nd Quarter 2026 TPL $24BCBOE $28B
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…
$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…
Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge
DoorDash’s integrated autonomous-delivery strategy contrasts with Uber’s 2026 divestment of Serve Robotics, its former delivery-robot…
Stock Trade Compilation Diez
E.W. Scripps, Team Internet, Monro, doValue and Inter & Co feature as special-situation trades involving mergers, asset sales, leverage and…
Will Hubspot go the way of the Dodo?
HubSpot trades near its 2020 share price despite quadrupled revenue and $750 million in free cash flow, with Breeze AI upside weighed…
$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
DNOW’s MRC Global merger targets $75 million of synergies, with a 2029 bull case of $30 to $32 per share driven by cash flow and rerating.
The AI Compute Squeeze
CoreWeave and Nebius cite AI compute shortages and higher-priced GPU renewals, but older-chip utilization and depreciation vary across…
Are Department Stores Finally Shortable?
Macy’s and Kohl’s face renewed short cases as their recent reratings ignore fading store-refresh gains, credit-card earnings exposure and…
[scuttleslops] ZTS, APO, FISV, TTD, RELY
Zoetis’s U.S. companion-animal revenue fell 6% as dermatology competition drove rebates and discounts, pushing full-year net pricing to…
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)
Copart faces a near-term lift from pricier AV repairs and total losses, but shrinking accident volumes could eventually force its…
GLXY · long Galaxy Digital INC
Galaxy Digital (GLXY) is presented as a long investment idea.
Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA
MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
On the Horizon
A tiny defense supplier trades at roughly 6.5x estimated normalized EBIT as military-program volumes rise and a strategic review considers…
Apollo and what even is private credit?
Apollo’s Marc Rowan argues private-credit risk depends on underwriting, seniority, leverage and diversification, not whether a bank or fund…
The Arithmetic: How a $9 Spanish-Language Broadcaster Becomes a $100 AdTech Stock
Entravision’s path from a $9 Spanish-language broadcaster to a $100 adtech stock rests on an adtech-driven valuation model.
AnaptysBio (ANAB)
AnaptysBio’s Jemperli royalty receipts rise after a Sagard financing obligation ends in 2027.
Under The Hood - Rollins ($ROL)
Rollins ($ROL) pairs automatically renewing pest-control contracts with route density and family-business acquisitions, producing 24…
A Hardware Multiple on a Software Powerhouse
A software powerhouse posts a record quarter while trading at a 52-week low, raising a valuation disconnect between its business model and…
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Investor letters we follow
- 1851 Capital
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