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Tuesday, October 6, 2026

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New Position (ONON): Game is On

On Holding (ONON) is gaining sportswear share, expanding store space and launching soccer with Kylian Mbappé as investors debate U.S. consumer weakness and China growth.

ONON $12B
Aurelion Research 4 clicks

From X

@BrokenMoats

Broken Moats on X

$FIS I appreciate the ai narrative and stable coins narrative for broad payment sector names...but $FIS at current prices seems like a good Depp value opportunity. In general the rubber band seems very far stretched between the momentum names in semi capX and the ai "losers" and mega cap tech. Whether its sell the news on $MU earnings, end of quarter rebalancing etc, seems we are on the cusp of a rotation. (even if its only short lasting, should be quite volatile as we say several weeks ago). [going long Amzn, select software, fis, select med tech to play that versus short the SOXX, some derivative names like $CAT]
@BrokenMoats

Broken Moats on X

$BFLY the Midjourney ultrasound full body announcement is a highly entertaining read. Sadly I cannot back into what the "ultrasound on a chip" pricing is and what 50,000 units * 40 chips would equate to at Midjourneys target opening in 2031 (as a potential full revenue opportunity). But I do know there are limitations in what ultrasound can scan for versus MRI/CT - their are advantageous for both and why they are used for different imaging needs (pregnancy, organ, blood flow for ultrasound v. skeletal, brain ct) ...So the companies promotion of using ultrasound pools to replace CT is either misleading or an outright lie, it is simply not possible. The story gets worse, they plan on opening spas, with water pools to conduct their scanning. Only doing body composition and no actual medical diagnosis scans to open in SF hopefully in 2027...the maintenance costs will be significant as they have to treat the water before each usage and limits throughput. Plus the renderings imply significant capX that will need to be recouped at some point (either throughput or higher prices than they are leading on). So no idea the propensity of vc funded AI companies to spend irrationally and without regard for economics so perhaps BFLY will be a beneficiary here (seems difficult at their current valuation and the likelihood of Midjourney ever scaling their operation but who knows....) the free spending train rolls on for now. I encourage someone to watch the videos put out by Midjourney its truly something......
@BrokenMoats

Broken Moats on X

Odd two day movement in $KMX after earnings... Agree with the day 1 action - a stock that came into the report on a blistering run, and while the co. reported "improved" results, there are significant challenges still in front of them. Most of the improvement is driven by a dramatic lowering of sale prices to increase sales (gross profit dollars still lower). And that is a lever that will likely remain a permanence as they try and respond to efforts from $CVNA and others. I will credit them on lowering expenses as well, likely low hanging fruit and moves to reduce ("automate") reconditioning again following the caravan playbook of leaving cars closer to as returned. issues on loans remains in a market that is significantly challenged and does not appear on the verge of improving any time soon. The cha cha move Thursday and Friday would argue sets up a better short opportunity in the name as you have removed the IV from earnings to now look out the next few months on put/spreads looking for a cooling off. *even sell side numbers I put little stock in almost all are below, and most significantly from the current price (one could argue thats bullish to rerate but I see this more like Birk that is behaving more like a squeeze than actual fundamentals, hence the wide divergence)
@BrokenMoats

Broken Moats on X

$BSX ?? flat over the past 5 years. Can point to slowing growth from very elevated levels as farapulse and watchman have larger bases, some competition entering these spaces, glp1 on the margin to case loads over time, new inhibitors that could be coming from Lilly, novo, but at current $ sure seems like a lot is baked in at current prices. Innovative cardio franchise that has: Revenue has effectively doubled - predominately from farapulse and watchman (not m&a) Operating income 1.8B to 4.1B EBIT - $1.4B to 4.1B 3.5x on EPS (.69 to $2.40/share current) gross, operating, net, ebit, ebitda margins all expanded over that timeframe FCF more than 2x, opcf 2.5x The difference is you get to buy it at the same share price today, shares outstanding are virtually flat. Perhaps the defensive nature of medtech is sold in the aggressive risk on market we are in but growth still solid here with dividend and margin of safety versus other areas certainly seems worth a look, as is the rest of medtech as a place to hunt for value to wait until the market rotates back
@BrokenMoats 1 click

Broken Moats on X

Pretty incredible market sells off software again aggressively at the same time ramping up public private credit exposed names like $MFC, $ARES, $FG (CEO left suddenly yesterday) all because they ride alongside the aggressive buying in money center banks in financial etc flows ($JPM up 14% in June). Seems like there needs to be some dispersion in public private credit and software - one side at current prices has to be wrong, guessing private credit lower is how the dispersion resolves itself
@BrokenMoats

Broken Moats on X

Intensity and rapidness of recent moves is worth acknowledging. Not sure what to make of it. I understand the concept of oil/rates lower improving the backdrop for consumer discretionary but its not as if oil had not been trending lower for weeks, the deal always seemed more priced in versus priced out of markets *and china and us, Japan heavily released reserves to temper oil - so outside front month price movement - oil has been massaged lower for quite some time* Trying to understand what sets off names besides the incremental delta of lower rates.oil to send retail oriented names up 30-50% in a week or two? $ELF $CAVA $SHAK etc and some of these reported weak sales with lowered outlooks. Shak as recently as <2 weeks ago $MGNI - heavy insider selling past few days, stock is 30%+ in short time frame ELF $48-$70 in basically a week CAVA - $70-$92 in a few days -- $bros, shak similar moves $BIRK - pure short squeeze off float dynamics, but stock basically up 60% in a few weeks. Certainly a different market, but not sure its healthy to either see these names artificial pinned down in relation to the rest of the market narrative or react to slight incremental news with the some of the biggest runs in each individual companies entire trading history.....

Investor Letters

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Canterra Minerals: Research Note

Canterra Minerals increased Lundberg indicated tonnage 55% to 26.1Mt, with 226.2Kt of contained copper equivalent, supporting a Buchans…

EQX $13B
Atrium Research - Equity Research 1 click

Kenorland Minerals: Research Flash

Franco-Nevada bought 10.0 million Kenorland shares, a 12.4% stake, for C$22.2 million in a secondary transaction that issued no new shares.

FNV $47B
Atrium Research - Equity Research 2 clicks
GFL · long

Gfl Environmental INC

GFL Environmental, North America’s fourth-largest waste manager with a US$19 billion market cap, is pitched long.

GFL $15B
Value Investors Club

Practical Parametric Yield

Cerebras’s WSE-3 faces parametric-yield constraints that could restrict supply, making power and clock-speed tradeoffs central to its next…

CBRS $33B
Irrational Analysis 3 clicks

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.

NKE $52B
Latticework by MOI Global 1 click

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