Wednesday, September 2, 2026

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.

DASH $96B

MBI Deep Dives Sep 2 16 clicks

Sep 1 AMZN $2.8T

The Bid Shading Threat to Amazon Advertising

MBI Deep Dives 14 clicks

Aug 31 WAY $4.8B

[WAY – Waystar] Healthcare is a very complicated invoice

scuttleblurb 15 clicks

From X

@LaughingH20Cap Nov 26 1 click

Laughing Water Capital on X

@FishOnCapital IMHO best to view this in context of the pod w/ the banker from the 600 MHz. To paraphrase, all of the likely buyers wanted the 600, but AT&T won b/c they were able to move fastest. I suspect $VZ, $TMUS & others will be ready to move fast for $NN's 900. https://t.co/5gRpmej4Bk

@catechwilliams Nov 20

catechwilliams on X

$PTRN Recent IPO. $AMZN Mktplace wholesaler. Buys products up front, capital intensive, bears price, inventory risk. Exposed to FBA cost & AMZN algo changes. Claims AI optimization which AMZN explicitly blocks. Razor thin margins, neg op leverage. All peers went BK in last 3yrs.

@LaughingH20Cap Nov 12

Laughing Water Capital on X

@yummyCenturyEgg 3/x) $NN argues for coexistence b/c it WORKS. They have also shown that much of part 15 is already in the 11 Mhz NN doesnt want. and most of part 15 will be end of life b4 radios get hung, so no need to pay to move them. it is possible the RFID makers get some $, but not much

@LaughingH20Cap Nov 12

Laughing Water Capital on X

@yummyCenturyEgg 1/x) 1st you AGAIN didnt respond to any of my points. nevertheless, i will respond to your points. 1) $NN has operating a M-LMS network in SF for 10+ yrs w/ 0 part 15 interference, & they want to LOWER emissions for 5G. It is factually incorrect to say MLMS is weaker than NN 5G

@LaughingH20Cap Nov 12

Laughing Water Capital on X

@yummyCenturyEgg to be specific as I already said, tolls already primarily operate in the 11 mhz $NN doesn't want. NN will pay "tens of millions" for a software retune to move the toll readers not already in the 11 mhz to the 11 mhz.

@LaughingH20Cap Nov 12

Laughing Water Capital on X

@yummyCenturyEgg the "studies" that the opposition have submitted are full of false assumptions and bad data, as demonstrated by $NN. Why would objectors willingly submit bad studies? logical explanation is b/c proper studies show no interference.

@LaughingH20Cap Nov 12

Laughing Water Capital on X

@yummyCenturyEgg @MGardnerDA1235 @dylan55917 8/x) add this to the list of common sense and technical arguments that demonstrate how the 900 band is not messy. Assume the $NN bears will ignore this, as they ignored the above points. https://t.co/wqpbmn33X7

@LittleOwlRes Nov 10

Little Owl Research on X

In September I had the pleasure of attending the Howard Hughes $HHH annual shareholder meeting. I met the man himself! @BillAckman Not to get ahead of myself, but this could be the beginning of something very special. Today’s quarterly results help to reinforce my views on the quality of both the asset base and management. The company is firing on all cylinders. Management continues to execute on the MPC strategy, and an acquisition seems highly likely in the short term. However, the shares still trade at a deep discount to intrinsic value. Do I care? No—at least not yet. Pershing Square has a truly remarkable track record. Since adopting their “permanent capital” strategy they have done 23.5% net of fees annually since January of 2018. Not too shabby. I suspect they’ll be acquiring a small insurer in the 1.0x-1.4x P/B range, if that’s the case, and they continue to put up those returns, the acquisition will be monstrously accretive. When Buffett took control of Berkshire, it was a failing textile mill with a negative terminal value. Ackman is starting off with assets of much higher quality and that are beginning to generate a lot of excess cash. A lot of work has to be done, but I’m happy to hold my shares here. If you’re interested in learning more about the real estate operations, I’ve attached my $HHH report from November of 2023–obviously outdated, but should help get you up to speed on the history, RE strategy, and asset base—and I will be putting out an updated report after the details of the insurance acquisition are announced. https://t.co/ueKI0TWY9R

Veeva 2Q’26: “SaaSpocalypse” Cancelled

Veeva beat its $905 million revenue guide with $928 million, up 17.6%, while subscription growth accelerated and GAAP EBIT margin reached…

VEEV $46B

MBI Deep Dives Aug 29 20 clicks

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 $3.8T

Bearhold Research Aug 29 18 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 $64B

Valuation Rewind Aug 29 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…

SNDK $227B

Bristlemoon Capital Aug 28 19 clicks

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…

UWMC $2.4B

Yet Another Value Podcast Aug 27 26 clicks

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.

PRGS $2.1B

Triple S Special Situations Investing Aug 27 7 clicks

[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.

AMZN $2.8T

scuttleblurb Aug 26 9 clicks

KMI 2026-08-26

Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher

Kinder Morgan raised 2026 guidance after record Q2 results, supported by a $9.6 billion backlog and growing U.S.

KMI $71B

Steven Fiorillo Aug 26 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…

ELALF $3.4B

Yet Another Value Podcast Aug 20 16 clicks

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…

BAC $433B

Prakhar Agarwal, CFA Aug 20 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…

META $1.6TRBLX $29B

MBI Deep Dives Aug 28 15 clicks

MU 2026-08-28

SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)

SK Hynix posted record quarterly revenue of 79.32 trillion won and a 76% operating margin, while trading below Micron on forward sales and…

MU $1.1T

Prakhar Agarwal, CFA Aug 28 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…

NVDA $5.5T

MBI Deep Dives Aug 27 9 clicks

Nvidia’s Long-Term Margin Question

Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.

NVDA $5.5T

MBI Deep Dives Aug 26 8 clicks

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…

CBRS $44B

Star Investments Aug 26 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…

CCC $4.3B

scuttleblurb Aug 20 22 clicks

TEM 2026-08-20

Tempus AI Just Had Their Entire Strategy Validated By Moderna's Vaccine Advance

Tempus AI's diagnostics and data businesses grew Q2 2026 revenue 19.4% year over year, with FDA approvals, expanded tests and pricing aimed…

TEM $11BMRNA $62B

Robert J. Lake Aug 20 2 clicks

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 $7.2B

The Oak Bloke Aug 19 16 clicks

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…

IREN $18B

Yet Another Value Blog Aug 18 14 clicks

$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…

NU $70B

Yet Another Value Podcast Aug 17 11 clicks

Wednesday, September 2, 2026

Notes from a Dasher Shift, and the Drone Delivery Future

The Bid Shading Threat to Amazon Advertising

[WAY – Waystar] Healthcare is a very complicated invoice

From X

Laughing Water Capital on X

catechwilliams on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Little Owl Research on X

Investor Letters

Veeva 2Q’26: “SaaSpocalypse” Cancelled

Microsoft ($MSFT) - Deep Dive

Bloom Energy: 5 Links That Cannot Break

Making sense of Sandisk’s long-term financial model

Late August 2026 Random Ramblings

Domo (Arigato), for this potential multi-bagger options trade

[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX

Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher

$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners

Bank of America Preferreds: Better Propositions Available Than Series GG

Meta Buys Away its Distraction at Minimal Cost

SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)

Nvidia Climbing the Wall of Worries

Nvidia’s Long-Term Margin Question

Sizing Up Cerebras Systems: Why Its Latency Moat Makes It A Buy For Aggressive Growth Investors

CCC Is in the Middle of the Wreckage

Tempus AI Just Had Their Entire Strategy Validated By Moderna's Vaccine Advance

NCLH or her grandma Saga?

Shitcos, Griftcos, and alignment versus enrichment at $IREN

$NU: is Nubank Capital One in 1994 or Capital One in 2006? | Vanshap Capital

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Wednesday, September 2, 2026

Laughing Water Capital on X

catechwilliams on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Laughing Water Capital on X

Little Owl Research on X

Investor Letters

Publications we follow

Newsletters 53

YouTube 4

Blogs 11

Seeking Alpha 12 of 102

X accounts we follow

Sectors