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Friday, September 18, 2026

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@MultiplesCap

Multiples Capital on X

I recently sat down with @StockJabber at @IdeaBrunchEmail to discuss the strategy behind Multiples Capital's outperformance in 2025. The full interview is behind a paywall, but here are 4 core themes we discussed: 1/ The Multi-Asset Edge While many leaned on the "Magnificent 7," we found alpha in global de-dollarization and the massive electricity demands of AI data centers. This approach delivered a 3.15 Sharpe Ratio—with roughly half the turbulence of the S&P 500. 2/ Garrett Motion ($GTX) Update Since my last feature, $GTX has surged ~170%. We discussed the "perfect storm" of index inclusion and aggressive capital allocation that drove this run, and why the "EV-only" fear proved to be premature. 3/ AI Disruption vs. Mispricing The market is correctly identifying "AI Losers" in SaaS, but it’s applying that same anxiety with broad stroke. We broke down why Expedia ($EXPE) is a prime example of this mispricing, trading at a 12%+ FCF yield despite its essential role in the global travel ecosystem and it's growing B2B setment. 4/ My Favorite "Tokenization" Play We closed with a deep dive into the digitalization of finance. I shared my top idea for playing the tokenization trend, a company currently acting as the "digital infrastructure provider" for institutions and growing it's subscription and service revenues. Read the full deep dive here: https://t.co/kuRyJtSPMh Note: As this is premium content, I cannot share the PDF on a open platform. However, if you’d like to join my quarterly investor letter distribution list to see how we are positioning for the "Broadening Trade" in 2026, please send a DM.

Investor Letters

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Deep Dive: Grab Holdings ($GRAB)

Grab generates 53% of revenue from delivery, 36% from mobility and 10% from financial services, using its Southeast Asian marketplace to…

GRAB $13B
Rebound Capital 1 click

Power Semiconductors: The Follow-Up

STMicroelectronics, Navitas and Wolfspeed offer contrasting power-semiconductor cases tied to NVIDIA’s 800V AI data-center architecture,…

STM $47B
SixSigmaCapital: Navigating the Financial Markets 1 click

Copart 4Q26 Business Update

Copart's U.S. insurance volumes fell 7.5% in 4Q26, largely from one customer loss, while international insurance units rose 11.2% and…

CPRT $27B
Speedwell Memos 3 clicks

A2Gold: Research Note

A2Gold's McIntosh drilling found 0.23 g/t gold over 65.5m, 370m southwest of the existing resource, and extended mineralization 86m…

KGC $34B
Atrium Research - Equity Research 2 clicks

Research Roundup Vol. LII

Dell’s AI-server demand and Microchip’s data-center components lead updates on Cirrus Logic and STMicroelectronics, alongside a weekly…

STM $47B
Monte Independent Investment Research
ZM · long

Zoom Communications INC

Zoom Communications (ZM) is presented as a long investment idea.

ZM $27B
Value Investors Club 2 clicks

Adobe 3Q26 Update

Adobe’s fiscal 3Q26 revenue grew 13%, while ARR growth slowed to 9.3% excluding Semrush.

ADBE $99B
Speedwell Memos 2 clicks

The Monday Morning Briefing

Latticework’s weekly briefing covers NVIDIA’s AI demand, Deckers’ de-rating, Shurgard’s asset discount, Flitto’s translation-data backlog…

DECK $11B
Latticework by MOI Global

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