The Art of Doing Financial Engineering
AI infrastructure’s $6.3 trillion financing gap is driving structured debt and asset-backed solutions, starting with Meta’s planned 5GW Louisiana data center.
Saturday, October 3, 2026
Back to today 
From X
Myles on X
Adding long exposure (through $IWM and $RSP mainly) makes me feel sick, which backs up my belief that the timing is good to add long exposure.
Trevor Scott on X
@TSOH_Investing this is what $nke tried to do unsuccessfully
Ian Bezek on X
@coffeesnob @DELAESPRIELLAE Fun because this is 1. my local airport and 2. an $ASR property.
Myles on X
@whatsgoingoninm $HHH is a little different. The fee structure is weird and they have a weirder collection of assets, not just a bunch of publically listed stocks anyone can buy. Though no capital returns. Still not a great structure but not as egregious as PSH.
Trevor Scott on X
@realroseceline Kind of crazy that $APP was at a quarter trillion market cap
Ian Bezek on X
@SayNoToTrading @YehiaElgohary Would need to do a stock split, $1000 share price ruins a price-weighted index. $TXN has to get in on one of these Dow additions eventually.
Lee Roach on X
You can't find the Switch Two Zelda Edition anywhere. It is sold out at GameStop $GME. This 40th Anniversary game for Ocarina of Time is going to sell so much hardware and accessories. And then you have GTA 6 coming out too. Insiders at GameStop are loading up on shares like crazy. They see internal sales and how much money they are about to print.
Trevor Scott on X
$LULU peaked at 14x EV/S and 82x NTM PE in 2020. $NKE EBITDA margin has collapsed from 18% in 2021 to 10.7% today. https://t.co/qF1yYC18dz
Investor Letters
All letters- Protean Funds September 2026 DSV $42BNTOIF $28B
- Quercus Fund 2026 (Jan-Aug) FCODF $4.7B
- Asset Value Investors Ltd August 2026 MSLOF $15B
- Guinness Global Investors August 2026 AFL $57BCRM $197B
- Protean Funds August 2026 BVNKF $2B
- PenderFund Capital Management Ltd. July 2026 KXS $3.4BMDA $4.7B
- Janus Henderson Investors July 2026 KLAC $261BMCK $109B
- Pendelhaven Asset Management B.V. July 2026 ALM $3.3BJXN $8.8B
[scuttleslops] Cloudflare wants bots to pay; OpenAI’s ad ambitions; Memory chip competition; Muse is a proactive assistant; the Wintel of cars and robots; Atlassian as a coordinating layer
Cloudflare is building HTTP 402 payments for AI agents, using its web network to let publishers charge bots for content access.
Nike, Part Two: The Deep Dive
Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.
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…
ServiceNow: Still A 'Strong Buy' As AI Revenues Gain Traction
ServiceNow expects AI annual contract value to reach $1.5 billion by year-end, with assist-pack consumption pricing supporting growth…
Jetstream Research 1 click
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…
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…
American Healthcare REIT: A Dip Buy Driven By Senior-Care And Outpatient Tailwind
American Healthcare REIT’s senior-housing and outpatient portfolio is driving FFO growth and dividend safety, while a rich valuation limits…
Albert Anthony 1 click
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 
Crocs: Double-Digit Buyback Yield (Ticker: CROX)
Crocs has $2 billion of buyback authorization, more than a third of its market cap, as North American sales stabilize and HeyDude drags on…
NEXPF · long Nexi SpA
Nexi, continental Europe’s largest merchant acquirer, is presented as a long investment using normalized EPS and EBIT that exclude…
Weekend Digest 348: Buy-And-Hold Purchases: MKTX, BSX, BAH, JD, Various LatAm Names
Weekend Digest 348 adds MarketAxess, Boston Scientific, JD and Walmex to a buy-and-hold portfolio, alongside views on Colombian markets,…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
Under The Hood, Wingstop Inc. ($WING)
Wingstop generates most of its $697 million revenue from franchise royalties across a 3,153-restaurant, 98%-franchised system while…
Staying the course on H&R REIT
H&R REIT’s renewed talks with Blackstone cover some assets, following office and U.S.
Tidewater (TDW): a first-pass look
Tidewater’s $22,600 average day rate and $598 million FY2025 EBITDA rest on an aging OSV fleet, scant newbuilds and fleet acquisitions…
SAP: DCF Valuation
SAP’s DCF valuation sets a $260 base-case target versus a $155.09 ADR price, based on cloud migration, AI efficiencies and expanding EBIT…
Duffy’s Last Dance
CME CEO Terry Duffy moves to executive chairman while suing the CFTC over Kalshi’s approval to list perpetual futures, defending CME’s…
New Buy : Zoetis 🐕
Zoetis trades near 10x EV/EBIT after its selloff, with animal-health leadership, a $9.5 billion revenue base and companion-animal demand…
Airbnb: Building Blocks (Ticker: ABNB)
Airbnb is expanding beyond lodging into services, experiences and hotels while using AI tools and buybacks to support growth and…
Publications we follow
Every publication on this site, hand-picked.
Newsletters 106
- 310 Value’s Newsletter
- Absurdly Cheap Stocks
- Altay Capital - Mostly Value Investing
- AmsterdamStocks
- Aurelion Research
- Base Hit Investing
- Bearhold Research
- Bearstone
- Behind the Balance Sheet
- Best Anchor Stocks
- Bilbel's Substack
- Bison Insights
- Brevarthan Research
- Bristlemoon Capital
- Byron Street Research
- Calvin Blissett
- Cannibal Stocks
- Capital Employed
- Capitalist Letters
- Cassandra Unchained
- Chipstrat
- Citrini Research
- Cluseau Research
- CV's Substack
- D Invests
- Daniel Romero
- Deep Value Insights
- Dismissed & Asset-Backed
- Doomberg
- Eagle Point Capital
- Easy Value
- Emerging Moats Research
- Exploring with Alluvial Capital
- Fabricated Knowledge
- First Strike Research
- Flyover Stocks
- Global Outperformers
- Glocal Investor
- Guardian Research
- Hated Moats
- Healthy Stock Picks
- HFI Research
- Hidden Gems Investing
- Hidden Rock Capital's Newsletter
- Ian’s Insider Corner
- Iggy on Investing Newsletter
- Inglenook Growth
- Invariant
- Invested Capital
- Investing 501
- Irrational Analysis
- Jimmy's Journal
- John Hempton's Newsletter
- Kairos Research
- Kakashii's Materials
- Key Context by Tae Kim
- Latticework by MOI Global
- Lewistown Capital
- Librarian Capital's Research Library
- Maius Partners
- MBI Deep Dives
- Mispriced Assets
- Modern Value Investing
- Monte Independent Investment Research
- Multibagger Monitor
- Nat Stewart - Stock Picking Newsletter
- Net Interest
- Nongaap Investing
- Nugget Capital Partner's Substack
- Obscure Stocks
- Open Insights
- Overlooked Alpha
- P Equity Research
- PETITION
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- Real Assets, Real Value
- Rebound Capital
- Rod’s Ruminations
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- scuttleblurb
- Sector Stories
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- SixSigmaCapital: Navigating the Financial Markets
- Sleep Well Investments
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- TSOH Investment Research
- Underlying Value
- Value Don't Lie
- Vik's Newsletter
- WHAT ARE WE DOING? “Contrarians At The Gate”
- XIX Value
- Yet Another Value Blog
Blogs 17
- Asian Century Stocks
- Atrium Research - Equity Research
- Bireme Capital - Investor Letters
- Cestrian Capital Research
- Choice Equities Capital Management
- Clark Street Value
- Crossroads Capital | Research-driven, Value-centric
- Hunterbrook
- Kerrisdale Capital
- NoNameStocks
- Raging Capital
- Research - Alta Fox Capital
- Speedwell Research
- Stratechery by Ben Thompson – On the business, strategy, and impact of technology.
- The Technology Letter
- Undervalued Shares
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Seeking Alpha 46 of 222
- Albert Anthony
Andres Veurink
Bay Area Ideas
Capital Connoisseur
David Zanoni
Deep Value Investing
Dhierin Bechai
Equity Eagle
Eudaemon Research
Fernanda Galvez Jalil
Henrik Alex
High Alpha Professor
Investor Overview
IWA Research
Jaden Mealy
Khaveen Investments
LL Insights
Long Player
Marc Gerstein
Melissa Tucker
Mike Zaccardi, CFA, CMT
Miletus Research
Myriam Alvarez
Petri Dish Reports
Philip Wang
Prakhar Agarwal, CFA
PV Research
Quantryon Capital
Robert J. Lake
Ron Ferrie
Sam Mancini
Sharon McArd
SiliconBytes Insights
Simple Investment Ideas
Sorrento Research
Stephen Ayers
Steven Fiorillo
The Alpha Analyst
The Asian Investor
The Bullionaire
The Curious Analyst
The J Thesis
The Supercycle Investor
The Undercovered Dozen
Value Capital Research
Vishal Jadaun
X accounts we follow
Every account on this site, hand-picked.
⚽️📡
💥PETITION💥
A Capital
absreturnchaser
Adam D. Wyden
Alpha Vulture
AltayCap
Asif Suria
Bank Reg Blog
Barbarian Capital
BDC
Bill Ackman
Brian McGough
Broken Moats
BuccoCapital Bloke
Calvin Blissett
catechwilliams
Charles Frischer
Chris Camillo
Clark Square Capital
Cluseau Investments
Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
Dalius - Special Sits
David Orr
Deep Sail Capital
Derek Pilecki
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
Kevin Mak
Kuppy
Laughing Water Capital
Lee Roach
Little Owl Research
Maius
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Multiples Capital
Myles
Nat Stewart
Negligible Capital
Odd Diligence
Odd Lot Arbitrageur
PAA Research
Paradis
Pernas Research
Porter Collins
Prepared Remarks
Psyop Capital
Raging Capital Ventures
Red Dog Capital- RiverRoadPartners
Rusholme Capital
Sahil Khetpal
Serenity
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
- Alpine Capital Research
- Alpinum Investment Management AG
- Andrew Hill Investment Advisors
- Andvari Associates
- Angel Oak Capital Advisors
- Ariel Investments
- Aristotle Funds
- Artisan Partners
- Askeladden Capital
- Asset Value Investors Ltd
- Auxier Asset Management
- Azvalor Asset Management
- Baird Equity Asset Management
- Baron Funds
- Berkshire Hathaway
- Biglari Holdings
- Bireme Capital
- BlackRock
- Blue Tower Asset Management
- Brasada Capital
- Bretton Fund
- Brighton Jones
- Bristlemoon Capital
- Broadleaf Partners
- Broyhill Asset Management
- ByteTree
- Cambiar Investors
- Cantor Fitzgerald Asset Management
- Cedar Creek Partners
- Cedar Grove Capital Management
- Chautauqua Capital Management
- Chilton Capital Management
- Choice Equities
- Claret Asset Management
- Comus Investment
- Conestoga Capital Advisors
- Confluence Investment Management
- CrossingBridge Advisors
- Crossroads Capital, LLC
- Curreen Capital
- Davenport Asset Management
- Davis Advisors Global ADR
- Davis Advisors Large Cap Value
- Davis Opportunity Fund
- Davis Real Estate Fund
- Diranko Capital
- Distillate Capital
- Dodge & Cox Stock Fund
- DoubleLine
- East 72
- Easterly Asset Management
- EdgePoint Wealth Management
- Evolve Private Wealth
- FPA Crescent Fund
- Fairlight Capital
- Fairtree Asset Management
- Fenimore Asset Management
- Fiduciary Management
- Fiera Capital
- Financial Synergies Wealth Advisors
- First Eagle Investments
- Forager Funds Management
- Frank Capital Partners
- Fred Alger Management, LLC
- Gabelli Funds
- Giverny Capital
- GoodHaven Capital Management
- Grandeur Peak Global Advisors
- GreenWood Investors
- Greenhaven Road Capital
- GreensKeeper Asset Management
- Greenwood Gearhart
- Grey Owl Capital Management
- Guinness Global Investors
- Halvio Capital
- Harding Loevner
- Harry Qelm Baabsman
- Hayden Capital
- Heartland Advisors
- Highwood Value Partners
- Hinde Group
- Hoisington Investment Management
- Hood River Capital Management
- Horizon Kinetics
- Hosking Partners
- Infuse Asset Management
- Intrepid Capital
- Invenomic Capital Management
- JM Finn
- Janus Henderson Investors
- Jemekk Capital Management
- Kathmandu Capital
- Kaydan Wealth Management
- Kennedy Capital Management
- Kernow Asset Management
- Kingdom Capital Advisors
- LVS Advisory
- Langdon Equity Partners
- Lansing Street Advisors
- Latitude Investment Management
- Laughing Water Capital
- Leonard Rickey Investment Advisors
- Lindsell Train Limited
- Long Cast Advisers
- Lyrical Asset Management
- Mar Vista Investment Partners
- Maran Capital Management
- Markel Group
- Marram Investment Management
- Massif Capital
- Matrix Asset Advisors
- Matthews Asia
- McIntyre Partnerships
- Merion Road Capital
- Miller Value Partners
- Moon Capital Management
- Muhlenkamp & Company
- Myrmikan Capital, LLC
- Nelnet
- Next Century Growth Investors
- Night Watch Investment Management
- Nightview Capital
- Nixon Capital
- North Sky Capital
- O'Keefe Stevens Advisory
- Oakmark Funds
- Oldfield Partners
- Ophir Asset Management
- Optimist Fund
- Orange Investment Advisors
- Palm Harbour Capital
- Palm Valley Capital
- Patient Capital Management
- Peapack Private
- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Pittenger & Anderson
- Polaris Capital Management
- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
- Praetorian Capital
- Protean Funds
- QuantStreet Capital
- Quercus Fund
- RF Capital Management
- RGA Investment Advisors
- Regency Wealth Management
- Rewey Asset Management
- Right Tail Capital
- RiverPark Funds
- Riverwater Partners
- Robinson Capital Management
- Rowan Street Capital
- Royce Investment Partners
- Saga Partners
- SaltLight Capital
- Sequoia Fund
- Shelton Capital Management
- Smead Capital Management
- Sound Shore Management
- Southeastern Asset Management
- SouthernSun Asset Management
- Stone Sentinel Capital
- Stonehearth Capital Management
- Summers Value Partners
- Sustainable Growth Advisers
- TIFF Investment Management
- The London Company
- Third Avenue Management
- Troy Asset Management
- Tweedy, Browne
- Upslope Capital Management
- Vision Capital Fund
- Vltava Fund
- Vulcan Value Partners
- Warden Capital
- Wealthspire Advisors
- Wedgewood Partners
- Weitz Investment Management
- White Brook Capital
- White Falcon Capital Management
Sectors
Ordered by how often our editor reaches for them.
