The Enron-Era Tricks Are Back in AI: How These Companies Are Hiding Their Debt | The Weekly Wrap
Steve Eisman says AI companies are reviving Enron-era off-balance-sheet and circular financing, alongside concerns around Oracle and Blue Owl.
Friday, September 25, 2026
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Myles on X
@SW_Resurgo I dunno, I see lots of very real cases of people doing shit like this. Remember the guy who went all in on $PDD and then had a royal crash out?
Lee Roach on X
$CXW got a new President/CEO today. https://t.co/7WpulDuHkg
A Capital on X
@srg444 Me looking at $MGM trading at $32 when Osaka asset is worth 💰 https://t.co/jvVZZ37LP0
Fierce_beast on X
@WaterworldCapi1 $fds decent short, very big and liquid, not showing deterioration yet, still an opportunity to short into earnings revisions (if they happen)
A Capital on X
What are the most interesting “rumored deal” or “strategic alternatives” trades today? I’ll start: $FUN - 9/22, Jana pushing for sale $ONT - 8/5, strategic review $VITL - 9/17, rumored take private $CGX.CN - 9/23, strategic review/advisors hired $NFG - 9/16, strategic review (Seneca E&P assets)
A Capital on X
@WaterworldCapi1 @madthunderdome $TLN - Josh Shapiro will privatize it.
Cluseau Investments on X
Blackjack 21 Index (favorite collection of global banks and insurers) jumps to +38%, 36% ahead of $XLF Notable ATH's: Juroku Financial, Mebuki Financial https://t.co/HIBUQ57PBF
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.5B
- Janus Henderson Investors July 2026 KLAC $270BMCK $100B
- Pendelhaven Asset Management B.V. July 2026 ALM $3.8BJXN $8.8B
- Asset Value Investors Ltd July 2026 UNVGY $26B
- PenderFund Capital Management Ltd. July 2026 AUTO $4.6BGNRC $12B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.3BLDNXF $52B
- Protean Funds July 2026 EVGGF $15BNVO $169B
IonQ: Nvidia QPU Catalyst Isn't Enough
IonQ's Q2 2026 revenue rose 287% to $80.1 million, but durability hinges on its $485 million RPO and enterprise adoption for production AI…
Deep Value Investing 2 clicks
Single Stock Spotlight #15: Rocket Companies (RKT)
Rocket Companies combines Redfin, Rocket Mortgage and Mr. Cooper into an end-to-end homeownership platform, adding mortgage servicing fees…
Eckert & Ziegler: The Pick-and-Shovel Supplier of the Radiopharma Boom – Finally at a Fair Price
Eckert & Ziegler trades near €12, about 14 times expected earnings, as its isotope supply business expands with radiopharma demand despite…
Ouster (NASDAQ: OUST) Stock Rating: Accumulate - Initiating Coverage
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Research & Analysis: The Aaon Group (NASDAQ: AAON)
AAON's BASX data-center cooling business targets $1 million to $1.5 million per megawatt, with new capacity and backlog conversion expected…
Vista Energy: The Cash Engine Is On
Vista Energy's Q2 2026 production rose 32% and revenue 89% as Vaca Muerta acquisitions expand its Argentine export platform and cash…
Alan Galecki 5 clicks
Ciena & Fabrinet: The Road Ahead for Optics
Ciena and Fabrinet benefit as AI clusters require high-speed optics within and between data centers, through networking systems and…
Oracle: Hyperscaler or Neocloud? A Look into Q1 FY2027
Oracle’s Q1 FY2027 AI infrastructure push relies on leasing, debt, customer prepayments and OpenAI’s Stargate project, resembling a…
Honeywell: Post-Spin Growth Story Is Just Getting Started
Honeywell is refocusing on automation after its Aerospace and Advanced Materials spinoffs, with a 1.1x book-to-bill ratio, raised guidance…
Gen Alpha 1 click
Formula 1: Liberty Media’s Drive for Success
Liberty Media bought Formula 1 for $4.4 billion in 2017 and monetizes its exclusive commercial rights through racing, media and sponsorship.
JBTM · long JBT Marel Corporation
JBT Marel is an enduring food-equipment business with low AI risk, automation upside and favorable GLP-1 exposure.
Tidewater (TDW): a first-pass look
Tidewater’s $22,600 average day rate and $598 million FY2025 EBITDA rest on an aging OSV fleet, scant newbuilds and fleet acquisitions…
SAP: DCF Valuation
SAP’s DCF valuation sets a $260 base-case target versus a $155.09 ADR price, based on cloud migration, AI efficiencies and expanding EBIT…
Duffy’s Last Dance
CME CEO Terry Duffy moves to executive chairman while suing the CFTC over Kalshi’s approval to list perpetual futures, defending CME’s…
New Buy : Zoetis 🐕
Zoetis trades near 10x EV/EBIT after its selloff, with animal-health leadership, a $9.5 billion revenue base and companion-animal demand…
Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
Intuit Investment Case Summary
Intuit’s investment case is condensed into a one-page company overview.
I Didn't Know Then. I Know Now. — ISRG & PME.AX
Intuitive Surgical and Pro Medicus are new medical-technology positions, with robotic-assisted surgery cited as cutting femur hospital…
Cerebras June 2026 Earnings
Cerebras faces shareholder criticism over $700,000 to $850,000 WSE-3 rack pricing, alleged packaging-yield losses and SRAM-based KV-cache…
Weekend Thoughts: Malone’s Born to Be Wired Book; Thoughts on Cable; Is CHTR Cheap?
Charter’s $11 billion to $8 billion capex plan may not be durable as copper-network upgrades face fiber competition, while CHTR shares have…
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