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Thursday, October 15, 2026

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Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data center sales target 60% to 80% growth.

MOD $9.2B
CV's Substack 18 clicks

From X

@DOMOCAPITAL

DOMO Capital Management, LLC on X

What makes $MNRO even more interesting is that short interest is ~22.5% of shares outstanding and 41% of the float as not only does Icahn have ~32% of shares tied up, but Gabelli (GAMCO) is also involved. This is probably why cost to borrow is so cheap. Shorts are betting on a dividend cut, but completely ignoring the fact that Icahn/Gabelli and others have 40%+ of the shares. Icahn is now flush with cash from the sale of Pep Boys to Mavis. He can either offer similar terms for $MNRO and buy the remaining shares for $25/share and come away with a superior asset vs Pep Boys or he can push for a sale of the entire company at a similar price or even more. Poison pill expires November 6th... going to get interesting. If there ends up being a proxy battle then all of these shares would have to be called back which would significantly increase short borrowing costs....
@aleabitoreddit

Serenity on X

I feel like traditional "value investing" went into hibernation. Before it was finding a 10x -12x P/E company like $UPWK or $PYPL, Dominoes, Pepsi. Or even a cheap Japanese company below book value. Then just enjoying slow growth but buyback/dividend appreciation from their cashflow. Now you can find 1.8x runrate P/E company like $ESMT that grew revenue 605.24% Y/Y. And the main thing you need to argue about is duration. Or a 16.2x trailing P/E Sumitomo, despite having way too many hyperscaler LTAs in AI from fiber to lasers. AI created much bigger medium-term anomaly, where "value investing" went towards high growth, "deep value" companies.

Investor Letters

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October 2026 Random Ramblings

October 2026 market commentary covers SOLS’s cancelled merger, a hypothetical Starbucks-Chipotle deal, Russell 2000 weakness and AI…

SOLS $9.7B
Yet Another Value Podcast 87 clicks
BLND · long

Blend Labs INC

Blend Labs (BLND) is presented as a long investment idea, with prior VIC writeups cited for business background.

BLND $217M
Value Investors Club 2 clicks

LQDA: finer powder, higher doses

Liquidia’s Yutrepia sales reached $170.4 million in Q2 2026, while a patent ruling threatens its PH-ILD label but leaves PAH sales and a…

LQDA $3.1B
Trade Ideas Flow 4 clicks

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