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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 $515M
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@calvinblissett

Calvin Blissett on X

$BBGI update: Between the recent equity research report and a hedge fund managers conversation with the director of finance and strategy at $BBGI. It seems as if they will pay off their first lien debt and refinance the PIK notes (things that created the timeline and dilute us to oblivion of timeline failed). Director mentioned this route as everyone knows they are on the clock and won’t be able to get fair prices for the assets. +they won’t go bankrupt and the stock should re rate a turn or two when this happens -the Beasley family can continue their horrible governance and keep a great amount of value trapped that otherwise would have to be realized. I’ll probably buy a bit more
@StableBread

Fajasy on X

10 of the 11 insider trades at Magna Mining $MGMNF (TSX: $NICU) since November 2024 were buys, and its CEO says he’s “never sold a share.” CEO Jason Jessup owns 10,441,196 shares, 3.3% of the count, mostly held through Mine Management Partners, a holding company. Five of the 10 buys came from Magna’s November 2024 financing, where insiders including Jessup and Dundee Corporation $DDEJF, a Toronto investment company, took new shares at CAD$1.05. No officer or director sold shares in the open market between November 2024 and March 2026. The only open-market insider buys were incoming CFO Greg Huffman’s 5,200 shares at CAD$2.10-2.35 in March 2026 and director John Seaman’s 10,000 shares at CAD$1.41 in December 2024. The only sale came from TFG Asset Management, part of Tetragon Financial Group $TGONF, which sold 15,000,000 shares at CAD$2.62 (US$27.7M total) on October 3, 2025, two weeks after Magna’s CAD$2.40 share offering. TFG was a 10% holder at the time. Here’s the management team: → Jason Jessup (CEO and Director): 25+ years in mining at FNX Mining, Sandstorm Gold, Premier Royalty, and Inco. At FNX, he “led the team there to restart the mine in the Morrison deposit” at Levack, now Magna’s flagship restart project, and he says FNX returned “about 4200%” from 2000 to 2010. → Jeff Huffman (COO): Joined in November 2023; most recently President and COO of Dumas Contracting, an underground mine contractor. → Greg Huffman (SVP Capital Markets, incoming CFO): Global Head of Mining Sales at Canaccord Genuity $CCORF, the Canadian investment bank, from 2016 to June 2024, then CEO of Nuclear Fuels, a uranium explorer, until its sale in September 2025. Beyond Jessup, the five-person board includes chair Vern Baker, FNX’s former VP of Operations, and Jonathan Goodman, CEO of Dundee, which owns 16.0% of Magna. Greg Huffman will be Magna’s fourth CFO since early 2023, after co-founder Derrick Weyrauch, Ann-Marie Finney (who left in October 2024 after 17 months), and Scott Gilbert, who’s retiring by the end of 2026 after ~2 years. On mgmt's ability to execute, two of Magna’s timelines have slipped: 1) Crean Hill grid power: In November 2025, Jessup said Magna could have power at Crean Hill, its permitted nickel mine, in Q1 2026. In February 2026, he said power would come “hopefully by the end of Q2,” and in August 2026, he moved the target to Q4. 2) Free cash flow: In February 2026, Jessup said “we believe we’ll be generating free cash flow at these prices,” and Q1 2026 brought a US$14.2M free cash outflow, though US$11.0M of it was cash tied up in working capital, mostly money owed to Magna that came in after the quarter. Magna did deliver its other recent milestones, from the Levack resource estimate to the US$99M investment from Alpayana, a Peruvian mining group.
@BrokenMoats 1 click

Broken Moats on X

Secular theme of increasing competition in the coffee space, no issue taking a position against SBUX which still carries a premium valuation largely on that premise. My flip side to that, is why also be long Dutch $BROS? Trades worked against you for almost the same reasons - intensifying competition from direct copy cat 7 Brew. But there are many regional players that are aggressively scaling - Summermoon, Foxtail, Lala land, Merrit, etc and those are the ones just geographically close to me but it's a countrywide phenomenon. Turns out yes coffee is habitual and generates good cash returns, but barriers to entry are low. The bidding war for the Salads real estate was insane, and shows how deep pocketed 7 Brew is in their expansion, and being PE backed and not public means they might be less disciplined...... So why Bros? There might still be potential there, the model is efficient and a cult service culture, but even at current levels I find the valuation difficult to digest not to mention overhangs from GLP1s, affordability/gas prices

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Solid Power Still Has Promise

Solid Power reported a $0.11 Q2 loss and $419.3 million of cash, with its electrolyte pilot line and BMW and SK On validation central to…

SLDP $528M
Quad 7 Capital 2 clicks
ABG · long

Asbury Automotive Group INC

Asbury Automotive Group's changed setup and underperformance versus other public dealers form the basis for a renewed long thesis.

ABG $3B
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