Core Memory
Airbnb Experiences faces a supply bottleneck from manual approvals, while a farm host raised her price from $15 to $25 after stronger bookings.
Sunday, August 23, 2026
Aug 23 FUTU $17B Futu Holdings: The China Discount Is Obsolete After Q2 Earnings Report
Emanuel Nemec Aug 22 LLY $1.2T Eli Lilly: Shaking Off Competition From The Dethroned Novo Nordisk
JR Research From X
BDC on X
SanDisk’s forward EPS estimates have diverged sharply from its share price as the investor remains short the semiconductor ETF SOXX.
BDC on X
Netflix’s incremental margin fell to 28% from 36% as technology spending rose 22%. Sports rights and short-form investment could slow operating leverage beyond the second half.
BDC on X
I remember the days when these 4 stocks going up by this much meant the $SPY was +2% on the day (at least). Says a lot. https://t.co/aLdbQlfL7W
Mike on X
$META probably can serve more tactical ads if you know exactly what each user is willing to put money on (aka is paying attention to) in the moment! https://t.co/9DnpLAIS4i
Psyop Capital on X
If it gets to mid to low 20s copart $Cprt seems like a good bet. Insurance mkt will harden and yes they have competition but duopolistic markets are still attractive and at 3-3.5x sales I think you’re good
Psyop Capital on X
What’s the $BR mega bear case?
Mike on X
$HPE let's fucking go. https://t.co/OjNXeIX0yM
Mike on X
@Minnvestor $NVT you'd think would be up more today. Also w/ TPUs and Project Deschutes what w/ Anthropic S-1 and rev growth. Do you think just overlooked?
Investor Letters
All letters- Palm Harbour Capital fourth quarter
- Intrepid Capital 2Q 2026 +6.6%
- First Eagle Investments 3Q 2025 +9.2%
- Palm Harbour Capital third quarter
- Bireme Capital 2Q22 -1.4%
- Bireme Capital first five months of 2023 +8.0%
- Polaris Capital Management FIRST QUARTER 2026 +5.1%
- Polaris Capital Management SECOND QUARTER 2026 +12.3%
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…
NVDA 2026-08-22 Nvidia: It's All About SpaceX Now
Uttam Dey 
Walmart’s Evolution
Walmart says Medicare Maximum Fair Price rules will cut FY27 US comps by 125 basis points, while pharmacy margins and prescription volumes…
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…
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 $750 million in free cash flow, with Breeze AI upside weighed…
AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap
Steve Eisman argues the AI boom hinges on Anthropic and OpenAI’s importance to hyperscalers, while weighing software, CoreWeave and Cisco…
[scuttleslops] ZTS, APO, FISV, TTD, RELY
Zoetis’s U.S. companion-animal revenue fell 6% as dermatology competition drove rebates and discounts, pushing full-year net pricing to…
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($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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