Notes from a Dasher Shift, and the Drone Delivery Future
DoorDash’s delivery economics rely on customer tips and flexible labor, while rising courier costs make autonomous delivery central to scaling GOV 4 to 5 times.
Wednesday, September 2, 2026
From X
Laughing Water Capital on X
$NN https://t.co/rn1GCqqeWI
Laughing Water Capital on X
@endless_frank @AST_SpaceMobile Hi - no position but have been following along. How do you think about the advantages that SpaceX and $AMZN have in terms of name recognition, distribution, and cost of capital? How do you think about pricing in a 3 player market? Is it a race to the bottom out of the gate? TYIA
mavix on X
Shelly Group $SLYG will be included in the SDAX and thereby become part of Germany’s DAX index family, effective 10 April 2026. "We are proud to have been the first Bulgarian company to be admitted to trading on XETRA and now also the first Bulgarian company to be included in the SDAX.”
Charles Frischer on X
@lindenstcapital $NN In the last 12 OIRA actions at the FCC, it looks like approval was received the same day as the blog was posted in 6 cases. Tomorrow is still possible. We will find out by around 2:30 PM on Wednesday. If not, April 28th is only 21 days away.
Charles Frischer on X
@lindenstcapital $NN Shares were lower today on 1.7 million in volume. Investors were concerned that OIRA hasn't approved the NPRM as of today. Also, airline groups filed objection based upon interference. I still think we have a reasonable chance for tomorrow and if not, then April 28th.
Charles Frischer on X
@MLedrappier @CalgaryLeveen No doubt a sale of Globalstar to Amazon or SpaceX would be great news for $NN. Especially at the valuations being cited. I am long a small position in $GSAT. This would be an incredible day for NN. Validates spectrum valuations
Charles Frischer on X
@Nishtu Excellent point. I should have added this objection as another item which spooked investors. Overall, $NN has seen solid bipartisan report due to the strong need for alternative GPS. This is a national concern and non-partisan issue to most. People understand this is important.
Investor Letters
All letters- Protean Funds July 2026 DVYSR $106MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $2BMMS $3B
- Protean Funds June 2026 CINT $224MIDDWF $9.5B
- Alluvial Capital Management Second Quarter 2026 ZEG $5BDGXX $372M
- Hayden Capital Q2 2026 AMZN $2.8TGOOGL $4.2T
- Intrepid Capital 2Q26 GOOGL $4.2T
- Polaris Capital Management Second Quarter 2026 ENI $81BHDIH
- First Eagle Investments second quarter 2026 032830 $44BBABA $268B
Veeva 2Q’26: “SaaSpocalypse” Cancelled
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Microsoft ($MSFT) - Deep Dive
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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…
Valuation Rewind 6 clicks
Making sense of Sandisk’s long-term financial model
Sandisk’s FY28-FY30 model relies on long-term NAND agreements holding near-80% gross-margin floors despite pricing 26-28% below current…
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…
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.
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
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KMI 2026-08-26 Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher
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Steven Fiorillo 3 clicks
$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…
BAC 2026-08-20 Bank of America Preferreds: Better Propositions Available Than Series GG
Bank of America’s BAC.PR.B yields just over 6% near par, while discounted lower-coupon series such as BAC.PR.P offer better value despite…
Prakhar Agarwal, CFA 1 click
Meta Buys Away its Distraction at Minimal Cost
Meta’s $18 billion teen-addiction settlement makes $5.3 billion contingent on YouTube and TikTok adopting matching restrictions, while…
MU 2026-08-28 SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)
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Prakhar Agarwal, CFA 6 clicks
Nvidia Climbing the Wall of Worries
Nvidia guided FY2028 revenue toward $700 billion, roughly 70% growth, while supply constraints and neocloud demand face concerns over…
Nvidia’s Long-Term Margin Question
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CBRS 2026-08-26 Sizing Up Cerebras Systems: Why Its Latency Moat Makes It A Buy For Aggressive Growth Investors
Cerebras’ CS-4 wafer-scale chips target latency-sensitive AI inference, but Nvidia’s ecosystem, manufacturing yields and KV-cache…
Star Investments 4 clicks
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
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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…
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…
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