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Sunday, September 20, 2026

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Deep Dive: Brookfield Corporation

Brookfield Corporation, down 20% YTD, manages $1.27 trillion across asset management, insurance and operating businesses as rates, debt and private-credit concerns pressure its valuation.

BN $82BBAM $72B
Capitalist Letters 2 clicks

From X

@convequity

Convequity on X

Jeff Dean’s departure is a seminal moment for $GOOG I’ve been watching this closely and the picture keeps getting clearer — and more concerning. Google is still treated as the safe consensus AI bet. Full-stack ecosystem, consumer reach, TPU muscle. But the competitive status of its frontier models looks increasingly dubious. The one-way talent flow tells the story. Google has seen massive outflows to OpenAI and Anthropic (reports put the numbers in the high hundreds to over a thousand in recent periods) while inbound from those labs remains tiny. This is not normal churn. It signals a structural talent problem that shows no sign of being fixed anytime soon. Jeff Dean leaving with Sanjay Ghemawat, Quoc Le and Oriol Vinyals, while Demis Hassabis steps back from day-to-day leadership, is the clearest signal yet that the research edge has peaked. Top talent does not want to waste cycles inside a large, conservative organization when the progress window is this narrow. We’ve flagged Google’s cultural and leadership issues in our recent rebalancing work. This just cross-validates it hard. What’s especially striking is the internal dynamic. All signs point to Koray Kavukcuoglu having been central to the environment that produced these outcomes — yet he has now risen to Chief AI Architect and the unchallenged operational AI leader, reporting directly to Pichai. The research org is fraying rapidly while the executive who oversaw much of that period moves up the ranks. That is a strange incentive structure. Large orgs struggle to deliver breakthrough AI. Talent density, bold vision and nimble execution matter more than scale. Meta rebuilt around an independent lab. SpaceX is doing the same with xAI. Google may eventually follow, but the current setup still seems unwilling to fully accept the reality. That said, the TPU and infra side continues to execute well with far less leakage. The competitive edge is shifting toward infrastructure, chips and consumer distribution — not frontier model leadership. This remains the biggest news of the week for a reason.
@junkbondinvest

junkbondinvestor on X

Strategy ($MSTR) has $15bn of preferreds, all yielding 10%+ Here's a quick summary of the situation > ~$22bn of debt + preferred vs. ~$54bn of BTC > Current interest/dividend obligation is now $1.75bn+ per year > $6bn+ of converts (1st tranche putable beginning in '27); all busted > Saylor beginning to sell $BTC and has a $4bn USD reserve which funds 2+ years of fixed obligations > Most junior preferred, $STRD, trading at 64 cents / 15.8% > Most senior preferred, $STRF, trading at 96 cents / 10.6% Is there a relative value trade here? My thoughts below

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Brookfield of Dreams

Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…

BN $82B
Net Interest

Groceries, Aggregators, and Agents

DoorDash's grocery push targets a shift from weekly stock-up trips to frequent online fill-in orders, though smaller baskets complicate…

DASH $81B
MBI Deep Dives 1 click

TSOH Weekly Roundup (09/18/2026)

TSOH Weekly Roundup covers organized retail crime, Home Depot’s centralized operating missteps under Bob Nardelli, and research updates on…

HD $305B
TSOH Investment Research 1 click

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
CPT · long

Camden Property Trust

Camden Property Trust owns multifamily properties across the U.S. Southeast and Southwest.

CPT $12B
Value Investors Club 2 clicks

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 $26B
Speedwell Memos 3 clicks

Why I Think Uber Is Too Cheap

Uber trades at 14.5 times trailing free cash flow, while robotaxi competition and a Delivery Hero acquisition test its growth and leverage…

UBER $142B
M&M Capital

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…

DELL $339BSTM $47B
Monte Independent Investment Research

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