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
From X
Ian Bezek on X
@taobanker I half heartedly pitched $jd the week it bottomed with an apology attached to it for buying such a hated stock. Sure enough straight up
Ian Bezek on X
Well would you look at that. $COLO $EWY https://t.co/fIuPhTl9TI
Ian Bezek on X
@SowingAlphaSeed Of the US indexes, my personal holdings are now most correlated to $dia. Weird world.
Ian Bezek on X
@TidefallCapital I think macro beer is still deeply challenged, though I own a little bit of $TAP and $ABEV. I'm much more confident spirits will recover.
Ian Bezek on X
@InvestsCletus That's probably part of it. Day like today $CIB up $AVAL down would play toward that idea.
Ian Bezek on X
@valuedrift American $AAL whiffed earnings too.
Ian Bezek on X
Zero-duration bonds are positioned for a return to ZIRP, while EDV or TLT could provide more liquid recession upside than long-term TIPS.
Ian Bezek on X
@EdwardR02184224 Posted on the newsletter about $ASR recently. Similar thoughts for $OMAB except Sureste has the catalysts with the new airport packages and improvements in Colombia... https://t.co/ZO0t5ghX40
Investor Letters
All letters- First Eagle Investments second quarter 2026 +5.0%
- RGA Investment Advisors Q3 2025
- RGA Investment Advisors Q4 2025
- Royce Investment Partners year-to-date period ended 6/30/26 +23.8%
- Broyhill Asset Management first quarter -6.0%
- Greenhaven Road Capital first quarter +17.0%
- Greenhaven Road Capital first quarter
- Weitz Investment Management 3Q25
$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…
The $1.5 Trillion of Hidden Debt Fueling the AI Boom | Robin Wigglesworth of FT Alphaville
Hyperscalers’ off-balance-sheet lease and purchase obligations rose from roughly $1 trillion to $1.5 trillion, turning the AI buildout into…
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…
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…
$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…
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