Friday, October 2, 2026

EXCLUSIVE: Lennar’s Big New Customer Is Its Own Spinoff, Millrose

Lennar is selling homes to former spinoff Millrose, whose revenue largely comes from Lennar and whose largest voting shareholder is Lennar’s CEO.

LEN $20BMRP $4.3B

Hunterbrook Oct 2 2 clicks

Oct 2 NKE $53B

Nike: The Defense Holds, the Offense Is Unproven

Latticework by MOI Global 1 click

Oct 2 NKE $53B

Nike, Part Two: The Deep Dive

Latticework by MOI Global

From X

@MaiusPartners 46h ago 1 click

Maius on X

Some $PSIX thoughts off the recent 8-K: The banking syndicate lifted committed capacity from $135m to $220m (+$85m), cut the SOFR margin from +2.60% to +1.80%, and pushed maturity from July 2027 to September 2029 (~26 months). Credit committees are structurally risk-averse. More exposure, less spread, and longer tenor only clears if they like the repayment case. So what are they underwriting that most equity investors still won’t touch? Two things the disclosures imply: 1) Weichai’s North American strategy is locked in. Change-of-control remains tied to Weichai keeping board control and ≥40% ownership (same economic threshold as before). The extension removes left-tail risk that Weichai pursues a different go-to-market path. 2) The extra capacity isn’t for today’s balance sheet. Net debt was essentially zero at Q2’26 (cash ~$70m, debt ~$73m). The new investor materials flag Prime Power as a deliverable for the first time—ranges that overlap $INIO’s data-center gas engines, a segment where $INIO recently highlighted as an area "Chinese players have historically struggled to break in" and hence command "100% market share in several datacenter power ranges". As Bezos put it: your margin is my opportunity. Have a great weekend, everybody!

@ACapitalLP Oct 2 2 clicks

A Capital on X

@GuptaSach1988 I was thinking ~0.55 $SPCX shares short per $ECHO share long, roughly the tax-adjusted look-through ratio...

@leevalueroach Oct 2 2 clicks

Lee Roach on X

Ryan Cohen just bought another $17 million of $GME. Wall Street is completely unaware and brain dead here. https://t.co/sy5wCrmcKN

@negligible_cap Oct 2 1 click

Negligible Capital on X

*EQUAL-WEIGHT S&P 500 DOWN FOR 7 STRAIGHT WEEKS, MOST SINCE 2022 $RSP has been horrendous. I miss when breadth was healthy https://t.co/hsKW5s6ODt

@marginofdanger Oct 2

marginofdanger on X

Blows my mind that the 3x semiconductor ETF $SOXL has $25 billion of assets. Seems like an incredible value destruction machine.

@irbezek Oct 2

Ian Bezek on X

@elcolombiano More good news for Sureste Airports $ASR and Corporacion America Airports $CAAP. "Medellin has peaked bro" folks in disbelief. https://t.co/d7nDOraQbO

@irbezek Oct 2

Ian Bezek on X

@aurelius28 I think $CIB is worth about $100 so you're hoping for overshoot of fair value if you buy it here. I much prefer its smaller and much less liquid peer $AVAL as the "catch-up" trade.

@finphysnerd Oct 2

Myles on X

I've been out for a while due to opportunity cost, but $CTOS has sold of to 55c or 12x earnings and looks very juicy again here. https://t.co/p7vKdPj0bZ

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $53B

Latticework by MOI Global Oct 2 1 click

Boeing F/A-XX Win: A Surprise Blow For Northrop

Boeing won the $20 billion Navy F/A-XX contract after securing the Air Force F-47, concentrating U.S.

NOC $69B

Dhierin Bechai Oct 2

Rocket Lab (NASDAQ: RKLB) Stock Rating: Accumulate After Q2 FY12/26 Earnings

Rocket Lab reported Q2 revenue up 62% to $234.1 million and backlog up 137% to $2.36 billion, while operating losses and cash burn…

RKLB $42BIRDM $5.1B

Cestrian Capital Research Oct 2 1 click

Research & Analysis | AAR Corp. (NYSE: AIR): MRO Holdings Reshapes the Margin Profile

AAR’s $1.8 billion acquisition of a 65% stake in MRO Holdings adds widebody aircraft maintenance and targets a 19% to 20% EBITDA margin by…

AIR $4B

Monte Independent Investment Research Oct 2 4 clicks

The Trade Desk (NASDAQ: TTD) Stock Rating: Do Nothing After Q2 FY12/26 Earnings

The Trade Desk's Q2 revenue grew 3% to $715 million as Q3 guidance called for a year-over-year decline; TTD has fallen over 90% from its…

TTD $5.8B

Cestrian Capital Research Oct 2 1 click

$TPB: can Turning Point Brands be the third player in nicotine pouches? | Saberpoint Capital

Turning Point Brands' FRE and Alp nicotine pouches aim to become a third C-store brand behind ZYN and Velo as PMTA rules limit new entrants.

TPB $1.1B

Yet Another Value Podcast Oct 1 3 clicks

Mattel: M&A Buzz And A CEO Change Create Substantial Uncertainty

Mattel rose 19% on takeover speculation, but a potential $20-per-share bid, margin pressure and CEO transition leave its standalone…

MAT $3.6B

Seeking Profits Oct 1

Twilio (NYSE: TWLO) Stock Rating: Hold After Q2 FY12/26 Earnings - Distribute Below $260

Twilio posted Q2 revenue of $1.50 billion, up 22%, and guided 16% Q3 growth; the note rates TWLO Hold at $305, with a $260 risk line.

TWLO $45B

Cestrian Capital Research Oct 1 1 click

Constellium: The Spread Between Feedstock And End Prices Keeps Widening

Constellium’s widening feedstock-to-end-price spread supports 2026 EBITDA guidance of $980M-$1.02B and free cash flow above $300M.

CSTM $3.3B

Andres Veurink Oct 1

Why Muse May Never Need Ads

Muse could sidestep ads by becoming a neutral commerce agent, while DoorDash and Airbnb build proprietary agents that steer users toward…

DASH $81BABNB $94B

MBI Deep Dives Oct 1

SLVM · long

Sylvamo CORP

Sylvamo, a $1.6 billion uncoated freesheet paper producer, has fallen about 60% from its November 2024 high above $95 to roughly $40.

SLVM $1.3B

Value Investors Club Jun 16 2 clicks

BREAKING: Modine's Anchor Multi-Billion-Dollar Customers Are Google and Amazon

Modine's leaked database identifies Google behind a $4 billion agreement and $4.5 billion of additional demand, with nearly $15 billion of…

MOD $9.9B

Hunterbrook Aug 21

Adobe Investment Case Summary

Adobe’s investment case centers on its software business.

ADBE $92B

Global Outperformers Aug 21

$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners

El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…

ELALF $3.6B

Yet Another Value Podcast Aug 20 13 clicks

Moderna: An Atypical Investment with an Asymmetric Payoff

Moderna's Phase 3 intismeran autogene trial met its recurrence-free survival endpoint in adjuvant melanoma, supporting an asymmetric…

MRNA $81B

Bireme Capital - Investor Letters Aug 20 1 click

Instacart’s Unit Economics, and Implications for DoorDash

Instacart’s per-order unit economics provide a benchmark for assessing DoorDash’s LTM profitability and operating model.

DASH $81B

MBI Deep Dives Aug 20 5 clicks

The Neoclouds Series, Part 2: CoreWeave

CoreWeave built the most leveraged neocloud model, stockpiling Nvidia GPUs and renting AI compute from rapidly expanded data centers.

CRWV $49B

Kakashii's Materials Aug 20 1 click

What Top Funds are Buying & Selling

June 2026 13F filings show Baupost doubling Genuine Parts ahead of its 2027 split and Ratan Capital making Silicon Motion its largest…

GPC $17BSIMO $9.5B

Rebound Capital Aug 20

NBIS 2026-08-20

Nebius: The Market Is Arguing About The Wrong Number

Nebius posted 454% revenue growth and a 41% EBITDA margin, while Meta’s $27 billion agreement supports its AI infrastructure backlog.

NBIS $64B

The Quality Growth Investor Aug 20 2 clicks

CCC Is in the Middle of the Wreckage

CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…

CCC $3.8B

scuttleblurb Aug 20 17 clicks

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