An open letter to Senator Elizabeth Warren
NAIC oversight missed Delaware Life’s $13.34 billion affiliated-bond exposure and permits capital treatment that props up Brighthouse’s Delaware captive.
Sunday, September 27, 2026
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From X
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 1/x ) $NN it is not me that says the spectrum is considered clean. it is industry pros with decades of experience across engineering and valuation that consider it clean. I am happy to change my mind if you feel your use of ChatGPT should be weighted more heavily than pros.
Laughing Water Capital on X
@yummyCenturyEgg @MGardnerDA1235 @dylan55917 thank you for the work you did on $NN. I can see why you reached the conclusion you did when only looking at the trees you wanted to see. However, industry pros will tell you that the forest is very different, and that this spectrum is likely to be quite valuable. We will see.
Fred Liu on X
Forrest's latest memo echoes his recent podcast interview - belief that the AI platform-shift has created a window of opportunity. For Sea Ltd $SE to be a $1TN company, if they play their cards right. https://t.co/s9IiqSfd4w https://t.co/Q5AEMfnl7P https://t.co/EYgD8uK51z
Multiples Capital on X
Poland picks BAE Systems to boost artillery production, with the goal to produce 200K rounds of 155mm caliber per year from 30K today. Defense spending is as major theme as countries look at boosting their own military capabilities. Long $BAESY (not an investment advice) https://t.co/iOiWIbjzFH
Multiples Capital on X
Foreign Central bank gold holdings go above US Treasuries first time since 1996. $GLD https://t.co/QmZhXchEvA
Multiples Capital on X
$LYFT vs $UBER https://t.co/jsAZEak1pQ
Multiples Capital on X
$BKNG vs $EXPE https://t.co/zzuhmvsl0k
Multiples Capital on X
$SPY vs $IWM https://t.co/5PhVIbpBfq
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.5B
- Janus Henderson Investors July 2026 KLAC $261BMCK $109B
- Pendelhaven Asset Management B.V. July 2026 ALM $3.3BJXN $8.8B
- Asset Value Investors Ltd July 2026 UNVGY $27B
- PenderFund Capital Management Ltd. July 2026 AUTO $4.9BGNRC $13B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.3B
- Lindsell Train Limited July 2026 RMVEY $3.7BLDNXF $56B
- Protean Funds July 2026 EVGGF $15BNVO $168B
Sezzle: The Market Is Underestimating This High-Growth Fintech
Sezzle’s Q2 2026 revenue rose 51.7% and adjusted net income 58.4%, while revenue per GMV reached 11.7% as Premium subscriptions lifted…
Blake Winiecki 1 click
Abridged - Capital Cycle IQ & Forensic Files on the Big 5 Hyperscalers (MSFT, AMZN, ORCL, META, GOOG)
Microsoft, Amazon, Oracle, Meta and Alphabet face another two years of record AI data-center investment amid $3 trillion in commitments,…
Intuit: Bargain Price, But With Some Risks
Intuit trades at historically low multiples as DIY tax pricing pressure and customer losses test its growth, while assisted tax, Money and…
Daniel Schönberger 4 clicks
New Buy : Honeywell Aerospace $HONA
Honeywell Aerospace, newly spun off as HONA, fell 41% from post-listing highs after Q2 2026 as supply-chain bottlenecks delayed revenue…
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…
Reddit: DCF Valuation
Reddit’s DCF values shares at $225, driven by international ARPU expansion from $2.2 to $8.3 by 2035 and 38% operating margins.
The Agents Revolt
Meta’s Muse reached 2.8 million downloads in two weeks, using AI agents to automate insurance shopping and erode customer inertia that…
Oklo: Shares Have Plunged, But I'm Still Bearish
Oklo shares have fallen 77% since October 2025 as commercialization slips beyond 2027, revenue estimates fall and dilution continues.
Ian Bezek 6 clicks
TSOH Weekly Roundup (09/25/2026)
TSOH Weekly Roundup covers Ralph Lauren’s $1 billion distribution pullback, Peloton’s $2,195 foldable treadmill and $800 million…
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…
THC · long Tenet Healthcare CORP
Tenet Healthcare generates roughly two-thirds of profits from hospitals and one-third from ambulatory surgery centers.
Kratos Defense & Security Solutions: Buy Even At A Double Premium
Kratos raised 2026 guidance to $1.75–$1.81 billion revenue and $173–$176 million adjusted EBITDA after an equity raise, with drones,…
Dhierin Bechai 
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
Ouster began coverage at Accumulate as lidar revenue rose 56% in Q2, while annual cash burn near $80 million has driven an 86% share-count…
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 6 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
Capital Cycle IQ & the Forensic Files of the Big 5 Hyperscalers
Microsoft, Amazon, Alphabet, Meta and Oracle have $3 trillion of commitments and are driving net investment to 2.07% of GDP, reviving…
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Seeking Alpha 44 of 216
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Mike Zaccardi, CFA, CMT
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Petri Dish Reports
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Every account on this site, hand-picked.
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Calvin Blissett
catechwilliams
Charles Frischer
Chris Camillo
Clark Square Capital
Cluseau Investments
Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Fajasy
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
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Lee Roach
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marginofdanger
mavix
Mike
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Negligible Capital
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RiverRoadPartners
Rusholme Capital
Sahil Khetpal
SG
Sheel Mohnot
Tim Eriksen
Timyan Bank Alert
Todd Wenning
ToffCap
Trevor Scott
Undiscovered Compounders
Voss Capital
Yaron Naymark
Investor letters we follow
- 1 Main Capital
- 1851 Capital
- Advisory Research
- Aegis Value Fund
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
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- Curreen Capital
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- Dodge & Cox Stock Fund
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- FPA Crescent Fund
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- Forager Funds Management
- Frank Capital Partners
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- Gabelli Funds
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- Laughing Water Capital
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- Lyrical Asset Management
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- Markel Group
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- Myrmikan Capital, LLC
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- O'Keefe Stevens Advisory
- Oakmark Funds
- Oldfield Partners
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- Optimist Fund
- Orange Investment Advisors
- Palm Harbour Capital
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- Patient Capital Management
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- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
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- Polaris Capital Management
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- Riverwater Partners
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- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
- Warden Capital
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- Wedgewood Partners
- Weitz Investment Management
- White Brook Capital
- White Falcon Capital Management
Sectors
Ordered by how often our editor reaches for them.
