Portfolio Update September 2026
Portfolio added Otis Worldwide in the mid-$60s, increased Pool, Copart and Floor & Decor, and sold Berkshire Hathaway.
Monday, October 5, 2026
Back to today 
From X
Laughing Water Capital on X
In case you had any doubts on the case for terrestrial GPS. $NN https://t.co/js8mXHYTA6
Laughing Water Capital on X
@JonoJohnson8 @cfrischer1 Carr also references Cruz who first sponsored legislation calling for a terrestrial backup to GPS in 2017. As head of the Senate Commerce Committee, Cruz is effectively Carr’s boss. All tea leaves, but hard to think they’re not bullish $NN
Laughing Water Capital on X
@JonoJohnson8 @cfrischer1 Interesting to note that Carr 1st comments on increasing accuracy, and then calls GPS a “related issue”. He clearly makes a distinction between the 2 ideas. Maybe splitting hairs, but there is only 1 company that addresses both points: $NN.
catechwilliams on X
@TonyTony9999991 There is a massive shortage of capacity industrywide. AI DC vacancy rates running 2-3%. Tenants are scrambling for access to computing power. The customer loss was referenced as it would strongly signal that $WYFI won't get a new one (ie. likely performance issues at NC-1).
catechwilliams on X
The $WYFI data center which was formerly a food distribution center. https://t.co/t2cpUNZXqp
catechwilliams on X
$WYFI Retrofitted a food distro warehouse into a NC-1 DC. Lost anchor tenant ($20M rev), promising a new large customer since 10/27. CEO claiming “very very soon” for last 20 days. Increasingly evident will not happen. Sell-side & stock prices assume huge rev ramp. Burning cash.
Laughing Water Capital on X
@mil01425146 @yummyCenturyEgg @JBonfato @23Titan31 Happy to talk about $NN, Part 15, antenna science, radar science, tolling, etc., but I prefer to not be tagged on anything having to do with baked goods and personal proclivities. TYIA.
Laughing Water Capital on X
Interesting framing for $NN. $95 is pretty far above my upside case, but agree the $T / FirstNet arrangement is interesting context, despite some obvious differences. https://t.co/b3FsHVkivk
Investor Letters
All letters- Protean Funds September 2026 YUBCF $1.1B
- Quercus Fund 2026 (Jan-Aug) FCODF $4.8B
- PenderFund Capital Management Ltd. August 2026 VHI $324M
- Forager Funds Management August 2026 BVSFF $981MIDPUF $618M
- Protean Funds August 2026 BVNKF $2.6B
- Forager Funds Management July 2026 BVS $999M
- PenderFund Capital Management Ltd. July 2026 KXS $3.5BMDA $4.7B
- Pendelhaven Asset Management B.V. July 2026 DR0 $461MALM $2.8B
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Innodata: The 45% Pullback Has Changed My View (Rating Upgrade)
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Group 1's CEO Said "Competitive Advantages and Opportunities." A Car Dealer? I Went Looking.
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Q3 2026 Consolidated Holdings, Performance, and Ideas
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Sectors
Ordered by how often our editor reaches for them.
