One of the Best Business Models in the World Just Went on Sale
AppLovin trades at 18 times EBITDA after a 57% drop, despite 84% EBITDA margins, rapid growth and a machine-learning advertising platform.
Thursday, September 10, 2026
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From X
Trevor Scott on X
@ValueInvestShow There's always the $LULU $NKE risk on these things! I mean Biden was caught wearing a pair of Hokas..
SG on X
$RGTI Rigetti CEO Subodh Kulkarni dumps $1.897m worth of shares per Form 144. Expect Form 4 by Monday. https://t.co/ZW8zjL4mZe
Broken Moats on X
$VLO $MPC monster moves, and crack spreads continue to blow out, foreign fight for distillate capacity etc....but the cure for prices is always high prices. Seems like we might be nearing the top for the refiners
PAA Research on X
@JeffMacke When does this get acquired by $BSP?
Deep Sail Capital on X
Like the Space sector Run up to the $SPCX ipo, largely driven by bankers and VCs pumping the sector, is it not logical to assume a similar setup for AI with the Anthropic IPO, or are we past that?
Deep Sail Capital on X
$RUM was a great entry last week, $NUAI now is probably the only one I see
Deep Sail Capital on X
Like the Space sector Run up to the $SPCX ipo, largely driven by bankers and VCs pumping the sector, is it no logical to assume a similar setup for AI with the Anthropic IPO, or are we past that?
Chris Camillo on X
@GatorBizAlum yes, for anyone holding $BE here you have to believe in the longer term bull case. i do but no guarantees
Investor Letters
All letters- Pendelhaven Asset Management B.V. Q3 2026 ALM $4.2BJXN $8.8B
- Akre Capital Management, LLC Q3 2026 AMT $82BMA $497B
- Bristlemoon Capital Q3 2026 SNDK $236B
- Fred Alger Management, LLC Q3 2026 AMZN $2.7TGOOGL $4.3T
- Protean Funds August 2026 BVNKF $2.4B
- Janus Henderson Investors July 2026 KLAC $243BMCK $104B
- Asset Value Investors Ltd July 2026 9301 $3.3B
- Lindsell Train Limited July RMVEY $3.5B
ServiceNow: A Gem Beating The SaaSpocalypse Narrative
ServiceNow expects AI to rise from 9.5% to 30% of revenue by 2030, supporting $30–32 billion in subscription revenue and margins above 80%.
Louis Gerard 2 clicks
Quick Value #330 - Deckers Outdoor (DECK)
Deckers Outdoor has fallen about 60% from its late-2024 peak and trades at 11x earnings as HOKA growth slows.
[scuttleslops] UNP-NSC merger, HEI, NVDA, AVGO, DG, DLTR
Union Pacific’s $85 billion Norfolk Southern merger pitch centers on a coast-to-coast rail network that cuts interchange delays and wins…
Dell Technologies (NYSE: DELL) Stock Rating: Do Nothing After Q2 FY1/27 Earnings
Dell’s Q2 revenue rose 57.7% to $47.0 billion and RPO tripled to $132 billion, but its stock trades at 32 times unlevered pretax free cash…
Dyne Therapeutics Remains A Buy Even As Novartis Trial Failure Hits DM1 Class
Dyne Therapeutics fell 16% after Novartis’ HARBOR failure raised doubts that RNA-targeting biomarker gains translate into functional…
Lululemon: Deep Dive Analysis
Lululemon’s Q2 revenue fell 4% and Americas comparable sales 12%, as markdowns, tariffs and activewear rivals pressure its premium apparel…
P&C Stocks Worth Owning: The AI Hedge with Ryan Tunis | The Real Eisman Playbook Episode 74
Ryan Tunis discusses P&C insurers, favoring Travelers over Chubb in a soft commercial market and calling AIG a near-book-value self-help…
A quick update on Deep Dives
MBI Deep Dives will update prior company analyses through year-end, beginning with Uber, while deferring new work on Micron and S&P Global.
lululemon: An 18% Crash Is Not A Buy Signal
Lululemon’s Americas revenue fell 8% and comps dropped 12%, while a $134.5 million tariff refund masked weakening underlying margins after…
On the Pulse 1 click
Celsius: The Pepsi Put
Celsius holds 20% of the U.S. energy-drink market and 40% of sugar-free sales, but its $1.65 billion Alani acquisition complicates…
FTAI · long Ftai Aviation LTD
FTAI Aviation, valued near $23 billion at roughly $226 per share, is presented as a long investment.
On Holding $ONON: I Bought the Shoes First, Then the Stock
On Holding $ONON combines a high-margin direct-to-consumer footwear model with replacement-driven demand, after Q2 2026 sales rose 21.6%…
Check Point Software: AI Could Change The Growth Equation
Check Point Software’s AI-centric cybersecurity platform could lift revenue growth to 10%, supporting a $166 intrinsic value estimate…
Hong Chew Eu 
Preview of the Week Ahead: W/C September 7, 2026
U.S. CPI and PPI headline the September 7 week as the S&P 500 holds key averages, Bitcoin faces $82,000 resistance and gold tests its…
X-Energy Could Be Building One Of Nuclear Energy's Most Valuable Platforms
X-energy targets $1.8 billion in annual revenue and more than 42% gross margins by 2032 through reactor IP, project services and…
Simple Investment Ideas 2 clicks
AppLovin Deep Dive: Not A No Brainer
AppLovin is down 48% YTD after its first guidance miss, with revenue 1% below expectations and EPS 2.5% short, reviving fears of an adtech…
Amazon’s AI Economics
Amazon combines AWS AI infrastructure, model-company stakes and retail automation, with AWS targeting $1 trillion in annual revenue over…
SSR Mining: The Cash Is In, And Shares Are Still Cheap
SSR Mining holds $1.8 billion cash with no debt after exiting Turkey, while higher costs persist.
The Supercycle Investor 2 clicks
When Anyone Can Make a Movie, Netflix Still Wins
Netflix’s roughly $20 billion content budget can become an editorial advantage as generative AI cuts production costs and floods viewers…
Bypassing RevenueBench to Buy the Feedback Loop
Meta’s free model strategy lifted OpenCode token share from 25% to 40%, building coding-data feedback loops and reducing reliance on…
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Investor letters we follow
- 1851 Capital
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- Akre Capital Management, LLC
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