Research Roundup Vol. LIV
Research Roundup covers AAON's data-center cooling ramp, Knife River's margin recovery, ChronoScale's Microsoft-backed neocloud buildout and Bitdeer's shift from bitcoin mining to AI…
Wednesday, September 30, 2026
Back to today 
From X
BDC on X
Specs might be the only tech in the world that could fully replace your phone and your life would be better. What's that worth? $snap
BDC on X
Learning applications for Specs are going to insane. Forget tablets or laptops. Every school in America should give their kids some Specs. $snap
BDC on X
Wow - kinda nailed the need for cellular partner except the partner is VZ, not $SPCX. Good, regardless. $SNAP https://t.co/SaiRhAUmRr
BDC on X
Based on what we've seen so far from Specs, and given private market valuations, could easily see $SNAP sell 20% minority stake in Specs for $2B. Implication is insanely bullish for SNAP equity.
BDC on X
Specs are really cool. All sorts of real world applications. The enterprise apps might have the most commercial potential. This tech is legit. Minority equity investors will be lining up. $snap
⚽️📡 on X
Interesting to note $DKNG largest volume gain in prediction mkt volume over last seven days https://t.co/34Zg2HaCoT
JabroniCoin.USD on X
Publicly traded Lifetime Fitness $LTH actually did engineering and product innovation in pickleball. Built a more durable and consistent ball that eventually became PPA tournament-official. https://t.co/w8N1bsRIpW
Investor Letters
All letters- Quercus Fund 2026 (Jan-Aug) FCODF $4.7B
- Protean Funds August 2026 BVNKF $2.5B
- PenderFund Capital Management Ltd. July 2026 KXS $3.4BMDA $4.8B
- Pendelhaven Asset Management B.V. July 2026 ALM $3.8BJXN $8.8B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
- Lindsell Train Limited July RMVEY $3.3B
- Asset Value Investors Ltd July 2026 9301 $3.2B
- Smead Capital Management 2Q26 SCR $5.8BTVE $4.4B
Monte Investments Market Brief Vol. CXXX
Monte Investments upgrades Karman Holdings to Buy with a $133 target after a 65% drawdown, citing 28.83x EV/aEBITDA and governance changes.
Applied Optoelectronics: The Biggest Growth Phase Starts Now
Applied Optoelectronics targets $1.1 billion in 2026 revenue as 800G and 1.6T data-center demand drives capacity expansion, despite…
Infinity Curve 2 clicks
Quick Value #332 - Gentherm (THRM)
Gentherm’s Oct. 1 Reverse Morris Trust with Modine adds commercial and off-highway operations, leaving THRM at 7.4x pro forma EBITDA with…
QuantumScape: Sell The Stock That Has No Revenue And No Factory Until 2029
QuantumScape faces a 2029 PowerCo plant delay, reduced partner commitments and no revenue, with a scenario-weighted $2.12 per-share…
Bears of Wall Street 
On’s Premium Playbook
On Holdings targets premium growth through 2029, using LightSpray soccer cleats and higher pricing, with ASPs rising from $145 to $170…
Shake Shack: The Perfect Storm For A 2027 Breakout
Shake Shack combines 23% restaurant-level margins, 703 locations and positive free cash flow; the bullish thesis targets $4 billion…
Security Analysis 1 click
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…
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…
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…
SFM · long Sprouts Farmers Market
Sprouts Farmers Market benefits from GLP-1 adoption, scrutiny of ultra-processed foods and dietary restrictions driving demand for natural…
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
Firefly Aerospace q2’26 Earnings Update
Firefly Aerospace ended Q2 2026 with $1.5 billion backlog and a 2.49x book-to-bill ratio, adding lunar, defense and launch contracts for…
Birkenstock: Sector-Leading Growth At An Attractive Valuation
Birkenstock targets 13–15% annual revenue growth through FY2028, driven by APAC expansion and closed-toe footwear, while trading at 13.44…
Roman Vitasek 4 clicks
A special situation with a 23% spread (110% IRR) by Q4 2026. Where the worst-case scenario is the deal closing and upside is higher if it doesn’t
ZIM’s proposed deal carries a claimed 23% spread and 110% IRR by Q4 2026, with Q3 and Q4 dividends potentially raising returns if closing…
Research Roundup Vol. LIII
Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…
ZIM Integrated Shipping Services: Strategic Crossroads - Acquisition Or Dividend Bonanza Ahead
ZIM faces Israeli review of Hapag-Lloyd’s $35-per-share bid, with $2.46 billion cash and elevated transpacific rates supporting potential…
Melissa Tucker 
$FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital
Shift4 trades at 6.5x EBITDA despite 11% reported organic growth, with Shift4 Dine equipment leases cited as evidence of net-new merchant…
Analog Semiconductor Smorgasbord, Feat. TXN, ON, VSH
Texas Instruments, ON Semiconductor and Vishay are rated Accumulate on rising robotics demand for analog, power and discrete chips after a…
Monte Investments Market Brief Vol. CXXVIII
Firefly Aerospace grew backlog to $1.5 billion, won two 2028 lunar missions and acquired Space-ng for autonomous navigation across its Blue…
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Newsletters 93
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Seeking Alpha 42 of 199
Albert Anthony
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Bay Area Ideas
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A Capital
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catechwilliams
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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
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
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marginofdanger
mavix
Mike
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Negligible Capital
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SG
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Timyan Bank Alert
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ToffCap
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Voss Capital
Yaron Naymark
Investor letters we follow
- 1 Main Capital
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