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.
Calvin Blissett on X
@UsefulSupplyCo @grok for $ARTNA respond with the correct figures about what I mentioned and is there any current analyst coverage? If so how many, who and what price target
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.
Maj Soueidan on X
$FEIM (defense) was a great example of this. Not only was backlog growing, it was replacing sub 30% gross margin backlog with over 40% GM. You had all day to buy the stock between $8 & $15 in 2024. Now it’s pushing $100. $SIF (defense) might be approaching that type of set-up. https://t.co/wZh0Jqi3dz
Trevor Scott on X
@realroseceline Kind of crazy that $APP was at a quarter trillion market cap
Cluseau Investments on X
For the $GOOGL haters, Gemini 4 Argon now topping leaderboards for Text, Math, Instruction Following, Creative Writing, even Coding, at 20% of the cost of Fable 5 High https://t.co/BHxOkqQ6Hg
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
- PenderFund Capital Management Ltd. August 2026 VHI $320M
- Forager Funds Management August 2026 BVSFF $971MIDPUF $612M
- Guinness Global Investors August 2026 AFL $57BCRM $183B
- Protean Funds August 2026 BVNKF $2.5B
- Forager Funds Management July 2026 BVS $978M
Nike: The Defense Holds, the Offense Is Unproven
Nike targets EBIT margin recovery from 5.2% in FY2027 to 13% by FY2032 as revenue declines persist and wholesale, China and digital remain…
[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 
GLIBA · long Liberty Capital CORP
Liberty Capital Corp, GLIBA, is pitched long following its July 2025 spinoff from Liberty Broadband.
Palo Alto Networks (NASDAQ: PANW) Stock Rating: Do Nothing After Q4 FY7/26 Earnings
Palo Alto Networks posted 34% Q4 revenue growth to $3.41 billion, boosted by CyberArk and Chronosphere, while NGS ARR reached $9.1 billion…
Thoughts on GFL’s Take Private - Is Dovigi Indifferent?
GFL’s take-private process has drawn KKR, Blackstone, Brookfield and IFM, while CEO Patrick Dovigi signals he will accept only the right…
Brookfield of Dreams
Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…
Who Really Runs Crocs? The Autopsy.
Crocs CEO Andrew Rees turned around the core brand, then borrowed $2 billion for HEYDUDE, whose $737 million write-down followed wholesale…
Why Dario Amodei and Sam Altman Are Faking the AI Doomsday Crisis | The Weekly Wrap
Steve Eisman argues AI extinction warnings from Dario Amodei and Sam Altman seek regulation that creates pricing moats.
$NTDOY: is Nintendo's flywheel actually there? | Accrued Interest
Nintendo's Switch 2 attach rate, flat Switch Online accounts and rising memory costs fuel a bear case, while Spotify and Netflix margins…
Groceries, Aggregators, and Agents
DoorDash's grocery push targets a shift from weekly stock-up trips to frequent online fill-in orders, though smaller baskets complicate…
Planet's Next Constellation Is Bigger Than Just An Upgrade
Planet Labs’ $116.1 million second-quarter revenue, 70% defense mix and planned Owl constellation position satellite imagery and AI data as…
Petri Dish Reports 2 clicks
TSOH Weekly Roundup (09/18/2026)
TSOH Weekly Roundup covers organized retail crime, Home Depot’s centralized operating missteps under Bob Nardelli, and research updates on…
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