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
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
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.
Ian Bezek on X
@OtterMarket @gatorcapital $tfsl is just under a billion when you exclude the phantom shares. I've owned it a long time and very few people care about it either. That said, this NY one is even more obscure
Ian Bezek on X
@stoked_on_waves @CapitalShipyard $open's backers also claim it is profitable. Apparently you can just say stuff now
Investor Letters
All letters- Protean Funds July 2026 EVGGF $15BNVO $168B
- First Eagle Investments second quarter 2026 0R1M $888BAEM $93B
- RGA Investment Advisors Q2 2026 ADBE $90BADYEN $31B
- Royce Investment Partners year-to-date period ended 6/30/26 ACA $7.2BADMA $2.3B
- Oakmark Funds 2Q 2026 CRBG $15B
- Southeastern Asset Management 2Q26 ACI $5.7BAVTR $11B
- Horizon Kinetics 2nd Quarter 2026 TPL $24BAMZN $2.7T
- Baron Funds JUNE 30, 2026 SPCX $2.1TTSLA $1.5T
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Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge
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The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
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$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
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Are Department Stores Finally Shortable?
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Airbnb 2Q'26: Widening the Gap with Booking
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Coupang: 2Q26 Business Recap
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Spotify 2Q'26: Pressing the Monetization Lever
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Perimeter Solutions: 2Q26 Business Recap
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Floor & Decor: 2Q26 Business Update
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[scuttleslops] BLDR, RYAN, APG, GFL, FND
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