Monday, October 12, 2026

Q3 2026 Jenga IP Quarterly Letter

Jenga Global Master Fund returned 8.10% in Q3 2026, added Adobe and Mexican airports, and later initiated S&P Global.

Howmet Aerospace: Strong Q2, But The Valuation Is Too Rich

Howmet Aerospace posted 24% Q2 revenue growth and 46% adjusted EPS growth, but HWM trades about 87% above a $120.69 DCF fair-value estimate.

HWM $88B

SA Alexander I. Velasquez Oct 12 2 clicks

Global-e: The Invisible Engine Behind the Brands You Buy From Directly Online! $GLBE

Global-e provides cross-border merchant-of-record, payments, tax and fulfillment services to more than 1,500 brands, including Shopify…

some thoughts on FICO

FICO’s mortgage credit-score monopoly sits at the center of a GSE-dominated U.S.

Penguin Solutions: Explosive AI Growth At A Surprisingly Low Valuation

Penguin Solutions grew FY2026 revenue 26% as AI data-center and memory demand expanded, while negative free cash flow and cyclical memory…

PENG $3.5B

SA Investor Overview Oct 12 5 clicks

“Is Ralph Lauren Still Relevant?”

Ralph Lauren’s 2017 CEO change put Patrice Louvet in charge of reversing nine quarters of same-store sales declines and restoring the…

53 Quality Stock Pitches (5th-11th October) 🖨️

Dassault Aviation leads a 53-pitch roundup with a €45 billion order book against €7.4 billion of sales and a 26.6% Thales stake.

Figma (NYSE: FIG) Stock Rating: Accumulate After Q2 FY12/26 Earnings

Figma’s Q2 revenue rose 48% to $370.1 million as AI credit adoption lifted retention to 136%; FY2026 revenue guidance increased to $1.463…

Fannie Mae, Freddie Mac, Hong Kong stocks Value Stocks late in a Bull Market, and Consolidating a Big Short

Fannie Mae and Freddie Mac common shareholders face at least 90% dilution if Treasury converts its growing senior preferred stakes into…

Rocket Lab: The Biggest Test In Its History Is Coming

Rocket Lab’s $2.36 billion backlog and Iridium acquisition support growth, but delayed Neutron testing, dilution and losses leave RKLB…

RKLB $35B

SA Bohdan Kucheriavyi Oct 11 7 clicks

ADBE · long

Adobe INC

Adobe's dual network effects and platform entrenchment make AI fears a buying opportunity for the software compounder.

Kaspi ($KSPI)

Kaspi trades at 7 times earnings while growing 40%, with its $1 billion Hepsiburada acquisition adding Turkish expansion risk.

CoreWeave (CRWV): Artificial Returns

CoreWeave (CRWV) has risen 30% in a week and nearly 200% above its IPO price, becoming a focal point of the AI infrastructure bubble.

Fair Isaac Corporation (FICO) – Pricing Power Impaired?

Fair Isaac raised FICO Score royalties from roughly $0.50–$0.60 in 2022 to $4.95 in 2025, drawing regulatory scrutiny over its…

Bristlemoon Capital on Business Breakdowns – MercadoLibre (MELI)

MercadoLibre’s Daniel Wu discusses MELI’s Latin American e-commerce operations, fintech business model, growth opportunities and risks on…

Global Spirits: Q2 Earnings Update

Diageo and Campari remain preferred as spirits sales face destocking, elevated inventories and weak guidance, while Campari increases…

Crane Co.

Crane Co. sells sole-source aerospace and process-control components, with 40% aftermarket revenue and margin expansion following its 2023…

RH - the Universe Intervenes?

RH’s debt-funded luxury expansion faces weakening demand, deeper member discounts and a balance sheet strained by $2.4 billion of net debt.

[P] TENB: Tenable Reasons to Sell

Tenable Holdings faces a potential sale, with attention on M&A signals around the cybersecurity software company.

Earnings: Hyperscalers, AMD, ALAB, ANET