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Tuesday, September 1, 2026

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EVC Update

EVC reported a solid second quarter and outlook.

EVC $606M
Nat Stewart - Stock Picking Newsletter 16 clicks

From X

@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
@BrokenMoats 1 click

Broken Moats on X

still feel the rotation from July-current is more about a short squeeze (the opposite end of the Situational Awareness portfolio) and the dispersion of having to unwind the long semi trade portion. But that rubber band is similarly stretched as it was the opposite direction at the end of June. Still feel its in the process of reversing (even the morning action today looks like a top could set in?) $RNG, $IT, $APPN, $TGT, $EXPE, $FDS, $PAYC, $ELF, $MET, $MFC, $GDDY, $V, and many more that were AI losers that have had incredible runs in the past 4-6 weeks seem like good ways to be short against a snap back to AI or a more seasonal unwind from policy risk trying to control rates, midterm/fall seasonal factors, etc. Especially with SaaS earnings taking the stage later this week and next (overshadowed by $NVDA on Wednesday)
@ActAccordingly 2 clicks

PAA Research on X

Yes, you're touching on some of the issues that $Z/$ZG faces in the residential real estate landscape. There are reasons that the stock trades at 8-9x FY27 consensus EBITDA even though the company continues to grow revenues at a mid-teens clip YOY organically while generating huge FCF. We've written HUNDREDS of pages on these issues so this is not the right forum to litigate the relative merits of any of these concerns. Zillow has a lot of organic initiatives that should sustain growth for the next few years. From all my work, the commission structure of the industry is not changing much right now, but of course that seems inevitable at some point. If you really drill down to what $Z/$ZG is doing strategically it's all about becoming more deeply integrated into the transaction. Follow-up Boss was the most important acquisition the company ever made IMO. You don't need to see around corners here, but you have to look through the noise to see what the company's doing.
@BrokenMoats 1 click

Broken Moats on X

The bigger issue I think is if changes in commission structures ongoing in real estate changes Zillows position in the industry and if they need to overhaul their model on the housing side? ZG running straight into https://t.co/xkzar3nuEl with success to increase supply and they'll both likely end up sharing that market (more a negative against csgp as they have the larger share in the rental space currently) but I think they end up shrinking that pie with their competitive attacks against each other. The compass and regional MLS provider lawsuit on exclusives, supply I think is the bigger case hanging over $ZG currently because thats one of the few threats to their dominance in mindhare in shopping/looking at homes online and their ad revenues there

Investor Letters

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Microsoft ($MSFT) - Deep Dive

Microsoft’s AI data-center buildout lifted annual CapEx from $5.5 billion in FY2014 to $115.9 billion in FY2026, resetting free-cash-flow…

MSFT $4T
Bearhold Research 11 clicks
BE 2026-08-29

Bloom Energy: 5 Links That Cannot Break

Bloom Energy’s 80x forward earnings valuation relies on concentrated megaprojects, sustained AI data-center power demand and continued…

BE $70B
Valuation Rewind 3 clicks

The Verra Sneerer (NASDAQ:VRRM)

Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…

VRRM $447M
The Oak Bloke 6 clicks
KRYS · short

Krystal Biotech INC

Krystal Biotech is a profitable commercial-stage biotech with an $8.7 billion enterprise value and one FDA-approved topical gene therapy,…

KRYS $9.4B
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