The Non-linear Economics of Grocery Delivery Basket
Instacart’s larger grocery baskets create disproportionately better delivery economics than DoorDash’s, making half the basket size worth far less than half the profit.
Saturday, August 22, 2026
Back to today 
From X
Raging Capital Ventures on X
@Ross__Hendricks @DratchCap @WarrenPies Equity is abundant even while absolute debt issuance skyrockets. I would think prudent capital allocators would tap the former… (see $GOOG, $ORCL as of late)
Raging Capital Ventures on X
Jensen is clearly very smart, and I think he was wise to seed the neocloud industry ($NVDA customers) to help offset the dominance of the hyperscalers (ASIC customers). But that doesn’t change the competitive reality that he has to use $NVDA’s balance sheet to buy business… (and his customers are doing the same with their balance sheets)
Ian Bezek on X
@davey_juice @taobanker I own both. $NU seems inevitable. $INTR more execution and single-market risk but a lot more upside if it works and gets rerated.
Ian Bezek on X
@taobanker $INTR at 1.2x book 5.5x '27 earnings with a 16% ROE growing at 20% a year probably qualifies. But yes, $BLX is incredible and I still kick myself for selling most of my position at $25 after buying at $15. Grabbed defeat from the jaws of victory there.
BDC on X
@be4_the_h3rd @JasperRidley $xgn just getting started imo
Ian Bezek on X
@taobanker Good chance this will be another 14% higher at some point between now and Dec. Things in motion stay in motion... $COLO https://t.co/CjrbroM2R3
BDC on X
@BoxLongs Wild truth is that if $SNAP chooses they can earn over $1/share in FCF next year. $5 stock.
Chris Camillo on X
Bought $TTWO after seeing the GTA VI leaked footage. Forget the graphics. Unpolished gameplay is showing a massive leap in world density, NPC behavior and systemic depth. The world feels alive. First real evidence GTA VI may actually be a generational leap. That’s the signal. https://t.co/r6HKMVSYgc
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $178M082920 $961M
- Protean Funds July 2026 DVYSR $89MEVGGF $15B
- Intrepid Capital 2Q 2026
- Polaris Capital Management Second Quarter 2026 ENI $85BHDIH
- First Eagle Investments second quarter 2026 032830 $41BBABA $270B
- Oakmark Funds 2Q 2026 META $1.8TORCL $439B
- Greenhaven Road Capital second quarter 2026 ANAB $1.4BBUR $772M
- RGA Investment Advisors Q2 2026 ADBE $90BADYEN $31B
Instacart’s Unit Economics, and Implications for DoorDash
Instacart’s per-order unit economics provide a benchmark for assessing DoorDash’s LTM profitability and operating model.
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
TEM 2026-08-20 Tempus AI Just Had Their Entire Strategy Validated By Moderna's Vaccine Advance
Tempus AI's diagnostics and data businesses grew Q2 2026 revenue 19.4% year over year, with FDA approvals, expanded tests and pricing aimed…
Aloe Aloe Aloe what 'ave VERRA then?
Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…
BHP 2026-08-20 BHP: Stop Calling This An Iron Ore Stock
BHP expects copper to generate over half of FY2026 EBITDA and plans a 40% production increase by FY2035 after profit, free cash flow and…
On the Pulse 1 click
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…
APP 2026-08-19 AppLovin: Here's How I See 3 Catalysts That Could Drive Valuation Re-Rating
AppLovin’s AXON 2.0 self-serve rollout, e-commerce onboarding and Connected TV expansion aim to revive growth after Q2 2026 revenue and…
KL Research 2 clicks
Jumia
Jumia’s January 2028 $7/$15 call spread risks $1.15 for up to $6.85 if cost cuts and marketplace growth deliver adjusted EBITDA and…
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…
$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital
Nubank's 140 million customers, 20% efficiency ratio and 30% ROE frame whether its high-teens P/E reflects a scalable fintech or a maturing…
IQV · long Iqvia Holdings INC
IQVIA runs drug trials and gets paid regardless of whether drugs pass, while trading at a COVID-low multiple with potential AI benefits.
Defending the Enterprise Castle from the Model Layer
Microsoft urges enterprises to keep AI memory, evaluations and orchestration inside their tenant boundary, making frontier models…
Matan on Stitch Fix
Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…
Meta On the Offense!
Meta’s Muse Spark 1.1 targets agentic enterprise work, backed by employee workflow data and 3,000 engineers building reinforcement-learning…
PesoRama ($PESO.V) FINS Review
PesoRama’s 0.64 current ratio, operating cash burn and 111% annual dilution offset 36% Q1 revenue growth, despite replacing an 18.5% loan…
$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…
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…
[ZTS] Zoetis could use a booster shot
Zoetis’ pet-drug blockbusters have shifted its mix from low-growth livestock medicines to durable companion-animal franchises with softer…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
Under The Hood, Wingstop Inc. ($WING)
Wingstop generates most of its $697 million revenue from franchise royalties across a 3,153-restaurant, 98%-franchised system while…
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