Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven capital allocation.
Thursday, August 27, 2026
From X
PAA Research on X
Hayward has held a $12 to $16 ascending trading channel for three years despite Pentair's blowup, sustaining a healthy valuation multiple.
PAA Research on X
Invesco’s S&P 500 Momentum ETF, SPMO, has outperformed the S&P 500 by 100% since September 2023 as momentum leadership intensified.
PAA Research on X
Qualcomm’s acquisition of Modular drew CEO Cristiano Amon’s Android or Linux comparison, while critics called for consistent earnings execution before higher expectations.
PAA Research on X
Twenty-three S&P 500 stocks have doubled this year, mostly in AI, semiconductors and data centers, contributing 5% to 6% of the index’s 8% gain.
PAA Research on X
Good day for "LLOK" trades with crude collapsing, interest rates falling, and WSB retail investors bidding up $WEN and $JACK. https://t.co/NHRQkih4Y0
PAA Research on X
Google is losing small-business wallet share amid regulatory risks, stalling user growth in more markets and capital-allocation concerns.
PAA Research on X
Google's AdWords model is being replaced by a considerably worse business, while Meta's ad-share gains face long-term platform toxicity concerns.
PAA Research on X
Meta’s move into betting markets and rising AI capex threaten to outweigh advertising gains, supporting a short case centered on Zuckerberg’s capital allocation.
Investor Letters
All letters- Sequoia Fund 2025 GOOGL $4.2T
- Palm Harbour Capital fourth quarter LNA $428M
- Palm Harbour Capital first quarter of 2023 TKMAF $7.7B
- Royce Investment Partners Year-to-Date Through 6/30/26 AAP $2.6B
- Patient Capital Management 2Q25 BABA $289B
- Patient Capital Management 3Q25 PGEN $2.6B
- Intrepid Capital 2Q26 GOOGL $4.2T
- First Eagle Investments 3Q 2025 6273 $28B
BHVN 2026-08-27 Biohaven: Sale Of Opakalim Rights To SK Biopharmaceuticals Makes Sense On Many Levels
Edmund Ingham ACIW 2026-08-27 ACI Worldwide: An Undercovered Payments Compounder Getting Better
SiliconBytes Insights 
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
MT 2026-08-27 ArcelorMittal: Regionalization Is Creating A Structurally Better Steel Company
Capital Connoisseur 
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
AWS AI campuses cost $40–$45 billion per gigawatt, with Trainium 3 expected to lift compute per megawatt and improve infrastructure returns.
Big Tech Off-Balance Sheet Concerns
Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling…
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
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…
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…
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