No Cap? Currently Capped by Three Hundredths of a Percent: Medtronic’s MiniMed Split-Off Odd Lot
Medtronic’s MiniMed split-off gives odd-lot MDT holders priority on a 7% discounted exchange, but a 4.5939-share cap has begun reducing the payoff.
Tuesday, September 15, 2026
Back to today 
From X
Raging Capital Ventures on X
@BigIdeasCapital I agree with the logic and own both $CHTR and $CMCSA, but what if cell phones are stickier than broadband lines? $T’s fiber “loss leader” offering might be more attractive than cable’s cheap wireless service?
A Capital on X
@Pembrokestcap @NewcomerInvest Fine. Just mark the NAV off $BAM. At least that’s a liquid, observable mark. https://t.co/cAJsIPxM8x
Prepared Remarks on X
$orcl https://t.co/lv6A1lGqQp
Prepared Remarks on X
WATCH WHAT THEY DO, NOT WHAT THEY SAY $orcl https://t.co/BnsdNWZoNH
Prepared Remarks on X
$Orcl the second derivative flipping in October https://t.co/eFSw29j5s2
Prepared Remarks on X
$Orcl Larry is not stopping https://t.co/jyiCycC79Z
A Capital on X
Do you see it? $COO https://t.co/QjyT0ZxX88
Investor Letters
All letters- Akre Capital Management, LLC Q3 2026 AMT $82BMA $487B
- Bristlemoon Capital Q3 2026 SNDK $236B
- Janus Henderson Investors July 2026 KLAC $243BMCK $104B
- Asset Value Investors Ltd July 2026 UNVGY $27B
- Forager Funds Management July 2026 SGE $12B
- PenderFund Capital Management Ltd. July 2026 GNRC $12B
- Lindsell Train Limited July LDNXF $53BSGGEF $12B
- Protean Funds July 2026 EVGGF $17BNVO $175B
Cestrian Rating Actions - Week Ending 11 September 2026
Cestrian initiated Joby Aviation at Accumulate and upgraded Applied Materials and Broadcom to Accumulate for the week ended 11 September…
Oracle Corporation (NYSE: ORCL) - Q1 FY2027 Earnings: Record CDS Spreads, $88B Net Debt, And The OpenAI Question
Oracle’s $88.3 billion net debt and $90-95 billion capex plan pushed five-year CDS to 215 bps, despite 121% OCI growth and a $664 billion…
MKS Instruments: Penang Expansion Boosts WFE Outlook Despite Margin Pressure
MKS Instruments posted $1.25 billion in Q2 revenue and is expanding Penang capacity for a $200 billion to $250 billion wafer-fab-equipment…
The Straits Strategist 
Adobe 3Q26 Update: Nothing Broken, Nothing Explained
Adobe’s fiscal 3Q26 revenue grew 13%, while ARR growth was about 9.3% excluding Semrush.
The AI Trade Is Rotating From Memory To Interconnects, And Corning Is The Best Way To Play It
Corning targets AI data-center optical interconnect demand, backed by customer-funded supply agreements and operating margins above 20%.
Alpha Mantra 
Booking Holdings Deep Dive: An Attractive Setup
Booking Holdings trades at 19x earnings, its lowest since 2022, after a 20% annual decline, with the thesis resting on durable online…
Nintendo: The Software Payoff Is Still Ahead
Nintendo expects software, digital sales and character licensing to drive growth, with FY2027 revenue forecast at ¥2.05 trillion and…
LL Insights 
AI Terminator Fears Grow & Rates Breach 4.9% | The Weekly Wrap
Ten-year Treasury yields breach 4.9% as Steve Eisman discusses AI fears, OpenAI's price cut, Oracle's 30% revenue growth and Tesla's…
Lululemon: The 15-Minute Thesis
Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…
Why “Affordable Luxury” Doesn't Compound
Lululemon’s growth stalled as affordable-luxury apparel brands face fading post-Covid demand, cheap social-media influence and China…
PRYMY · short Prysmian Spa
Prysmian (PRYMY) is presented as a short position.
API Group: A reasonable path to $50+ per share
API Group targets $10.4 billion of 2028 revenue and 16% EBITDA margins as recurring compliance inspections expand, supporting a $50-plus…
[$VEEV] Veeva Systems
Veeva serves 1,500 life-sciences customers with cloud software and targets AI-driven industry efficiency gains as new commercial and R&D…
Brookfield's New Lawsuit
Brookfield faces whistleblower allegations over its VC funds; $569 million of Q1 buybacks challenges claims that $8 million of remaining…
Brookfield Corp. - Get a Buck for Fifty Cents
Brookfield Corp. trades at 13.2x 2025 distributable earnings and $45.97 against management’s $91.76 sum-of-the-parts Plan Value, discounted…
Industrial and Commercial Bank of China
ICBC’s chairman describes embedding Chinese Communist Party leadership, anti-corruption campaigns and Xi Jinping Thought into governance at…
AngelAlign - Chinese clear aligners (6699 HK)
AngelAlign holds 3% of global clear aligners and sells about HK$10,000 below Invisalign in Hong Kong, alongside speculation that MBK could…
MNST Trading Below $53 Offers Nearly Risk-Free Return
Monster Beverage’s modified Dutch auction lets odd-lot holders buy 99 MNST shares below $53 and tender them at $53 to $60.
Some Thoughts on Roaring Kitty
Roaring Kitty’s GameStop resurgence revisits GME shareholder activism and the meme-stock trading episode, with references to Bed Bath &…
(C)riminally (V)alued (S)caled Healthcare Services
CVS Health fell 20% after cutting 2024 adjusted EPS guidance to $7, but its Aetna insurance and Caremark PBM businesses support a…
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Conor Maguire | Value Situations
Convequity
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Deep Sail Capital
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DOMO Capital Management, LLC
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JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
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Lee Roach
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marginofdanger
mavix
Mike
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SG
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Investor letters we follow
- 1851 Capital
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- Akre Capital Management, LLC
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- Ariel Investments
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