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Monday, October 12, 2026

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@DeepSailCapital

Deep Sail Capital on X

Good article about how $CRDO is bringing together multiple layers of connectivity: “The operational angle is equally important. At 1.6T, the issue is not simply moving twice the data of an 800G port. Large AI fabrics can contain enormous numbers of optical links, making intermittent faults and link flaps increasingly consequential to cluster availability and troubleshooting. Credo is therefore positioning telemetry and diagnostics as part of the optical link architecture itself rather than treating observability as a separate management layer.” Having a full suite of connectivity options will give them a big advantage in 1.6T. https://t.co/K7TtgjECoa
@DeepSailCapital

Deep Sail Capital on X

Good article about how $CRDO is being together the multiple layers of connectivity: “The operational angle is equally important. At 1.6T, the issue is not simply moving twice the data of an 800G port. Large AI fabrics can contain enormous numbers of optical links, making intermittent faults and link flaps increasingly consequential to cluster availability and troubleshooting. Credo is therefore positioning telemetry and diagnostics as part of the optical link architecture itself rather than treating observability as a separate management layer.” Having a full suite of connectivity options will give them a big advantage in 1.6T. https://t.co/K7TtgjFadI
@BrokenMoats 2 clicks

Broken Moats on X

$CHRW shareholders not buying. Incredible amount of uncertainty in brokerage and how that will look in a few years from litigation impacts on costs (insurance and liability) and AI on margins/take rates. It is a phenomenal deal for $QXO shareholders as they get to exit at cyclical high pricing into incredible uncertainty. (why CHRW down) Also in your multiple assessment above, you need to consider a whole bunch more factors than putting a multiple on a several year out synergy target number (1 chew trading under 20x forward 27' numbers), Ch share count will increase 16%+ (for accretion/dilution scenerios), debt costs will significantly increase (that is stripped out of there) as well as all the severance and integration costs they will incur in the next few years. This deal is quite risky in my opinion. I Also as someone in your shoes knows covering the industry for years, the history of Brokerage acquisitions paying off is quite poor (just see QXO's Coyote acquisition a few years ago)
@StableBread

Fajasy on X

The CEO of Nubeva Technologies $NBVAF (TSXV: $NBVA) owns 25.4% of the shares, and a 12% holder keeps buying more. Investing in Nubeva largely means trusting Randy Chou. He’s been CEO since the 2018 listing and sits on the board. Per the company’s site, he built SSL (web encryption) security at Alteon WebSystems, which Nortel bought for $7.8B in 2000. He then joined the founding team at Aruba Networks, a Wi-Fi company started in 2002 that HP $HPQ bought for $3.0B in 2015. In 2008, he co-founded Panzura, a cloud storage company that private equity firm Profile Capital Management bought in May 2020 for $225M, per Nubeva’s July 2023 investor deck. Granted, Panzura replaced him as CEO with Patrick Harr in May 2016, a month after Nubeva was incorporated, and the sale came four years later under Harr. Regardless, every company Chou helped build before Nubeva ended in a sale, and a partnership or sale is Nubeva’s own fallback if AI doesn’t fix its costs. Canadian insiders report their trades on SEDI, and Nubeva’s file since January 2024 has one active buyer. Clayton Davis, an Edmonton-based individual investor, crossed 10% on September 8, 2025 with 7,038,268 shares (10.03%), per the Form 62-103F1 he filed a year later, on September 10, 2026 (the disclosure Canada requires from anyone who crosses 10%). He then made 96 open-market purchases on 46 trading days through September 4, 2026, buying 1,755,797 shares for ~CAD$306K at CAD$0.09-0.26. Net of four small sales totaling 134,500 shares, he now holds 8,659,565 shares (12.34%). Davis’s latest purchase, on September 4, came a week after Nubeva filed its FY2026 results. In other words, he kept buying after seeing the full-year numbers. Chou hasn’t bought or sold in the open market over the same period, and Nubeva’s annual meeting filings list the same 17,797,741 shares for him in 2024, 2025, and 2026. In April 2024, Chou moved 3,630,000 of those shares into a donor-advised fund he still controls, and in a February 26, 2026 interview on Nubeva’s YouTube channel, he said he’d have to pre-announce any sale by the fund.

Investor Letters

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“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…

RL $22B
TSOH Investment Research 1 click
DB · long

Deutsche Bank AG

Deutsche Bank trades at 1.0x tangible book, with projected ROTCE above 13% and a favorable setup ahead of earnings.

DB $63B
Value Investors Club

Deep Dive: Inter & Co

Inter & Co, Brazil’s second-largest neobank, grew over 20% with controlled delinquencies and 15% book-value compounding while trading at…

INTR $3.3B
Capitalist Letters 7 clicks

A temporary glitch?

Coupang’s November 2025 cybersecurity breach tests whether a selloff is temporary despite its 28% Korean e-commerce share, 14 million-plus…

CPNG $27B
Asian Century Stocks 9 clicks

You Understand Now, Why You Came This Way

Brazil’s October 25 runoff puts Bolsonaro’s likely victory at the center of a bullish regional-stock case; Golar LNG (GLNG) also reports…

GLNG $4.7B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

TSOH Weekly Roundup (10/09/2026)

Paramount Skydance’s debt-heavy Warner Bros. Discovery acquisition, streaming bundle pricing and alcohol-industry diversification anchor…

WBD $78B
TSOH Investment Research

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