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.
Friday, October 2, 2026
Back to today 
From X
Barbarian Capital on X
Grail’s Multi-Cancer Blood Test Gets FDA Committee Vote for Premarket Approval $GRAL https://t.co/bdcNEQtgT5
Barbarian Capital on X
Activist Starboard Urges Construction Company to Explore Sale $KNF https://t.co/SaDmClimTV
Barbarian Capital on X
Barry Diller Withdraws Bid for MGM Resorts $MGM https://t.co/2iXlXJ49gY
Barbarian Capital on X
$CROX is the footwear for historic moments https://t.co/BWIcDcD92J
A Capital on X
The $MGM bid was fugazzi. Now we buy? https://t.co/Zi2T462m8v
John_Hempton on X
@StanG42548339 @420yooper69AMC I appreciate it. By putting all that money into $AMC you allowed $AMC to issue more shares. It used that to repay bonds owned by hedge funds and bought at a discount. Hedge funds made money. You lost. Thanks for playing.
Trevor Scott on X
@HatedMoats the pump is crazy, but people comparing this to $TTD when it's already down by half and at pretty reasonable valuation given growth seems a bit excessive. I find the company pretty intriguing.
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
The Trade Desk (NASDAQ: TTD) Stock Rating: Do Nothing After Q2 FY12/26 Earnings
The Trade Desk's Q2 revenue grew 3% to $715 million as Q3 guidance called for a year-over-year decline; TTD has fallen over 90% from its…
Belden Inc.: The Ruckus Debt Looks Scarier Than The Math
Belden targets net leverage of 2.9x by 2027 from 3.9x, using RUCKUS's 65%+ gross margins and free cash flow to reduce debt.
Lee Bailey 
How Ethos Sold Wall Street on AI While Powering an Analog Boiler Room
Ethos Technologies ($LIFE) sells AI-driven life insurance while relying heavily on multilevel marketing agencies using aggressive cold…
Karman Holdings q2’26 Earnings Update
Karman Holdings reported 58% Q2 revenue growth, $1.3 billion backlog and margin expansion while replacing leadership and remediating…
Innodata: The 45% Pullback Has Changed My View (Rating Upgrade)
Innodata's 45% pullback resets its valuation after two quarters of 50% revenue growth, though two customers still supply 71% of revenue and…
Kurt Christensen 
This Week in Special Situations: Pearson, CarMax, Talen Energy, KBR, Apollo Commercial Real Estate
Pearson, CarMax, Talen Energy, KBR and Apollo Commercial Real Estate lead a 33-company survey of activist campaigns, buybacks, M&A and…
Group 1's CEO Said "Competitive Advantages and Opportunities." A Car Dealer? I Went Looking.
Group 1’s 19% ownership cap, tied to automaker franchise agreements, frames Conifer’s 1.9 million-share stake and potential buyback-driven…
Research Roundup Vol. LIV
Research Roundup covers AAON's data-center cooling ramp, Knife River's margin recovery, ChronoScale's Microsoft-backed neocloud buildout…
Sezzle: The Market Does Not See The Next Growth Phase
Sezzle’s Q2 revenue rose 51.7% as subscribers grew 76.4%, while SezzleCash and Sezzle Send add growth potential and greater underwriting…
Investor Overview 
Dark arts or infinite reload? $TTD’s CEO options and the repricing proxy
The Trade Desk’s CEO received a new 10-year option package targeting $105 per share as the company seeks shareholder approval to reprice…
Group 1 Automotive (GPI) vs Alpha Metallurgical Resources (AMR)
Alpha Metallurgical Resources director Ken Courtis bought $10.5 million above $190 after a blackout lifted, while Conifer’s 12.7% Group 1…
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…
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…
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…
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
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…
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Convequity
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Deep Sail Capital
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DOMO Capital Management, LLC
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Evan Tindell
Farmer
Fierce_beast
Fred Liu
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Investor letters we follow
- 1 Main Capital
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- Pershing Square Holdings
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- Wedgewood Partners
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