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Tuesday, August 25, 2026

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@BrokenMoats

Broken Moats on X

Deliveries from a teetering on insolvency Lucid is the savior for $UBER? ill take the under 0, 100 or 500 lucid AVs for Uber will not change the incumbency problem for UBER. They will now have to share the market of ride share, and ultimately last mile delivery that they currently dominate with Waymo, Tesla, Zoom (Amazon) in addition to many other players. These are well financed players that can use their mobility solution as part of a broader consumer bundle (not uberone, but incorporated into Prime). Removing the cost of drivers in the equation will dramatically lower the cost and likely the gross profit dollars available to Uber in a now hyper competitive market with companies that dwarf their capital base to run them out with subsidies, bundling and marketing (the same tactics uber used a decade ago to squeeze out smaller players). Their advantage of mindshare currently will be eroded by price and Uber does not control their own tech (bad for their economic model v competitors), is behind and will remain behind in terms of tech due to their inability to fund AI/AV at the same level as their new competitors. The concept Uber will win from fragmentation of AVs and being the app consolidator is going to be very difficult to play out. The regulatory hurdles, and costs of being 6 months behind and almost as safe at a higher price is not going to be a collection of vehicles attractive to users overtime, nor will their privellaged position as the app you open with little consideration to book a ride. And in an agent world, you wont pull up an app you'll ask book me the cheapest ride to the airport (and Uber wont win that box as discussed, app mindshare and learned behavior is meaningless) Uber won't be able to invest or subsidize their rides to stay relevant with Waymo/Tesla/Amazon for very long. Uber and their management team missed the boat (ironically by winning short term profits and street fanfare in cutting all of their AV investments several years ago) and the risk is not they stay in second and you melt the ice cube of cash flows here, this is existential like the sony walkman when the iPod arrived. So keep hoping for Lucid and the Saudis to come, it won't matter in the end. There is a reason it has underperformed and now trades in line with Software (recent move lines up with squeeze in SMH).
@BrokenMoats

Broken Moats on X

$TGT continues to run post earnings now at 17x next year before considering net debt load with earnings expected to shrink next year on less than 3% growth Tough weekend too. ATF with 1.8m members (teachers union) announced a boycott for back to school of Target last week and today are having to make public comments about a racially insensitive clown costume….. might seem on the margin but prior issues with pride and other campaigns were a key contributor to TGTs foot traffic problems
@BrokenMoats

Broken Moats on X

After Montgomery-Caribe and the impact on liability for brokers, and the general trend of dramatically higher insurance across the trucking space in recent years. How do people close to the freight market think about the truck rental companies like a U-Haul? If we are pushing liability on professional drivers, what is the case to give everyday drivers access to various side truck fleets and send them off to drive them on American highways? Clearly this practice seems unlikely to go away and U-Haul likely can pass escalating insurance costs on consumers better than the professional transport market but something to think about relative to margins and future demand in this space I think..... $UHAL

Investor Letters

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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…

NCLH $6.5B
The Oak Bloke 13 clicks
CDNS · long

Cadence Design Systems INC

Cadence Design Systems sells chip-design software as AI computing drives a structural increase in semiconductor design complexity.

CDNS $78B
Value Investors Club 2 clicks

Under The Hood, ResMed ($RMD)

ResMed’s 30 million connected sleep-apnea patients, recurring masks and software support a data-driven healthcare platform; 11.9% annual…

RMD $33B
Bearhold Research 1 click

Copart: 2Q26 Business Recap

Copart’s fiscal Q2 2026 revenue fell 4% and U.S. insurance units dropped 11%, as underinsured drivers and carrier volumes weighed while IAA…

CPRT $27B
Speedwell Memos

Airbnb 4Q25: Business Update

Airbnb’s fourth-quarter revenue rose 12% to $2.8 billion and GBV 16%, while product improvements and AI spending target booking conversion…

ABNB $99B
Speedwell Memos 2 clicks

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