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Wednesday, October 7, 2026

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What I’ve Been Up To

Cogent Communications and AI data-center bottlenecks feature in a newsletter update on recruiting, financial media and conference takeaways.

CCOI $430M
Stock Thoughts 2 clicks

From X

@convequity

Convequity on X

$NTSK began as a CASB vendor, governing how employees use SaaS applications at the point of use. Years of that work gave it application-specific knowledge of user behavior, data movement, and risk inside cloud apps. That knowledge carries over to AI. Netskope inspects prompts, responses, and file transfers inline and in real time, and it can respond with something more precise than a block: preventing a risky copy-and-paste, stepping up authentication for a sensitive interaction, or coaching the user as they work. The part that matters more comes after the prompt. AI adds autonomy and chaining, so a single human interaction can trigger many machine-executed actions across tools, data stores, and services, often outside one user session. If data is over-permissioned and tools are loosely scoped, an agent can stay inside its allowed permissions and still cause harm faster than a person can intervene. The context Netskope gathers at the interaction can be carried forward to constrain that downstream execution: who the user is, what data is involved, which action was taken, and how risky it looks. So Netskope's edge is that it already knows the user, the data and the action at the moment of the prompt, and it can use that context to limit what an agent does next. It is now building the agent side directly. Its Agentic Broker rates agent actions by risk before they run, and its AI posture management for agents built on AWS, Azure and GCP is still in preview. That is the part to watch.
@orrdavid 1 click

David Orr on X

I bought the dip in the RV parts company $PATK in 2022. Back then everyone was sure we'd have a recession even though we had super negative real rates. Today $PATK is once again down 50%+, a spot I usually contemplate buying. However, today nobody is talking about a recession (except the perma doomers who don't count) and we have super positive real rates. The housing market is also weak, vs very strong back then. IE Home owners (a big group) suddenly had a lot more cash than they had a few years prior. That setup is gone today, too. I don't think I'll buy $PATK this time. It'll be the first time since I started that I pass on the opportunity. The whole setup here is very concerning for the general market, something I try not to think about too much.

Investor Letters

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LWAY · long

Lifeway Foods INC

Lifeway Foods holds 95% market share in kefir, is growing 20% to 35%, and trades at 12 times projected 2027 earnings as its capex cycle…

LWAY $320M
Value Investors Club

XPEL's Manufacturing Build-Out

XPEL plans to spend $75 million to $150 million on manufacturing, targeting 52-54% gross margins and high-20s EBIT margins by 2028.

XPEL $1.2B
Hidden Gems Investing

Portfolio Update January 2026

DInvests sold Thermo Fisher, Dollar General, Dollar Tree and Edwards Lifesciences, then bought Pool Corp and Kraft Heinz while adding to…

POOL $5.8B
D Invests

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