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 $178M082920 $961M
- Protean Funds July 2026 DVYSR $89MEVGGF $15B
- 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
- Ariel Investments second quarter of 2026
- Grey Owl Capital Management Q2 2026
- Oakmark Funds 2Q 2026 CRBG $15B
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…
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 $32 per share driven by cash flow and rerating.
The AI Compute Squeeze
CoreWeave and Nebius cite AI compute shortages and higher-priced GPU renewals, but older-chip utilization and depreciation vary across…
Are Department Stores Finally Shortable?
Macy’s and Kohl’s face renewed short cases as their recent reratings ignore fading store-refresh gains, credit-card earnings exposure and…
ESMR · long Smart Shooter
Smart Shooter develops electro-optical, image-based fire-control systems that improve weapon accuracy and lethality in harsh environments.
Product-Market Fit in 5G ORAN Radios... Equity Market Rerate to Come? ($AMPG)
Amplitech's bull case rests on $118 million in 5G Open RAN LOIs, 125% projected revenue growth and a 1x EV/sales valuation.
The Announcement That Changes Everything
China Yuchai’s potential MGP IPO could separate its data-center and genset arm, with employee incentives tied to a listing and a proposed…
Meta Platforms (META) 2Q25: SuperMetalligence
Meta’s 22% Q2 revenue growth and AI-driven ad engagement support its core business, while planned 2026 capex of roughly $100 billion…
Franklin Street Properties: Office Basket, Strategic Alternatives
Franklin Street Properties pursues strategic alternatives for its office-property portfolio.
Net Lease Office Properties: Office Basket, REIT Spin/Liquidation
Net Lease Office Properties is a REIT office basket pursuing a spin-off and liquidation.
GCI Liberty: Cheap, Tax Asset, Malone Fatigue?
GCI Liberty trades cheaply, holds tax assets, and faces investor fatigue with John Malone.
Trying to get access to Google's new agentic AI
Google’s A$205-a-month AI Ultra subscription advertised Project Mariner access, but Australians were excluded from the agentic AI trial.
Golden Dome, Quantum, Next-Gen GPS, Oh My... ($FEIM)
Frequency Electronics ($FEIM) trades at its lowest EV/EBITDA multiple since 2016 despite satellite-timing exposure to Golden Dome spending…
Brookfield's New Lawsuit
Brookfield faces whistleblower allegations over its VC funds; $569 million of Q1 buybacks challenges claims that $8 million of remaining…
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Deep Sail Capital
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DOMO Capital Management, LLC
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Undiscovered Compounders
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Investor letters we follow
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