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Thursday, October 1, 2026

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Negligible Capital on X

*PALO ALTO'S ARORA EXPLORED ACQUIRING DATADOG: INFORMATION $DDOG currently a $80B company "Palo Alto Networks CEO Nikesh Arora has never shied away from deals, acquiring more than 40 companies in the eight years since he took the helm of the world’s biggest standalone cybersecurity firm. But over the past 18 months, Arora’s appetite for acquisitions has reached a new fever pitch as he expanded the company’s products to handle new AI threats as well as capture more revenue from existing customers. For instance, he explored acquiring Datadog, which sells software that helps businesses identify security threats and monitor how cloud applications perform, and Okta, which helps companies ensure workers have access to the right systems, according to two people with knowledge of the situation."
@pernasresearch 1 click

Pernas Research on X

I come across a class of company every now and then that I think of as a Schrödinger company. It’s a business where the market opportunity is partly endogenous to execution. In most businesses, you can reasonably separate the opportunity from the operator: you know there’s an attractive market, and execution determines how much of it the company captures. With a Schrödinger company, the two are entangled. Only exceptional execution may prove that an attractive business opportunity exists. If it fails, you may never know whether the opportunity was flawed or the execution simply wasn’t good enough. Two examples come to mind: $sfix and $tdup. In both cases there could definitely be something there but you have to prove it. And it’s very difficult to prove it.

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Not So Fast

Entravision, the portfolio’s largest position, fell more than 40% from its highs as Q3 returns dropped to 37.8% YTD.

EVC $634M
The Mikro Kap 4 clicks
ELME · long

Elme Communities

Elme Communities, a REIT, is nearing the end of a long liquidation process.

ELME $156M
Value Investors Club 3 clicks

Zentek Research Note

Zentek shipped its first ZenGUARD air-filter order to a Canadian federal facility as its Albany graphite PEA confirmed a US$3.85 billion…

ZTEKF $58M
Atrium Research - Equity Research 3 clicks

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