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Sunday, October 18, 2026

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@junkbondinvest

junkbondinvestor on X

The Cable One deal is getting messier by the day. The company had lined up a $1.3bn financing (backed by GTCR) to buy the rest of MBI and pay off its B-4 TL. CoBank then bought ~$90mm of the RCF the day before the deal was set to close (according to Cable One) and sued to block it the next day, claiming cable was insolvent and overpaying. Now a judge has granted a TRO. Bear in mind, all of this is happening while the business keeps shrinking.. $CABO
@convequity

Convequity on X

$TSEM remains one of our highest-conviction holdings, even after we trimmed the position in our 4Q26 rebalance. We wanted to keep Tower at its 6.1% portfolio weight despite a roughly 25% fall in its share price over the past quarter. To make room for new holdings, we trimmed the weight to 4.75% and banked some profits. With SpaceX ($SPCX) also becoming a larger holding, we are limiting further additions to avoid concentrating the portfolio in a few companies. Our confidence in Tower's technology remains strong. We think Tower's competitive advantage comes from combining chips that send and receive data using light with the electronic chips that drive and control them. Next-generation optical connections require these components to exchange more data within a smaller space. Hybrid bonding achieves this by joining the chips through densely packed electrical connections that move large amounts of data in a compact package. In our view, Tower's capabilities here are effectively unmatched among Western suppliers. Tower has also added manufacturing capacity more successfully than we expected. It can fulfill more customer orders itself, leaving less business for $GFS. Customers have less reason to switch to a supplier whose technology they consider weaker when Tower can meet their needs, so the capacity expansion strengthens our Tower thesis and weakens the case for competitors that rely on orders Tower cannot accommodate.

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2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 6 clicks
FINV · long

Finvolution Group

FinVolution, a China and ASEAN unsecured consumer lender, trades at 4x earnings and 0.5x book value.

FINV $711M
Value Investors Club 4 clicks

Twenty Years in the Dark

Tower Properties, $TPRP, went dark after a 2006 squeeze-out cut holders below 300, leaving a Kemper-controlled apartment and office…

TPRP $128M
Orphan REITs 4 clicks

Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 53 clicks

PesoRama: Research Flash

PesoRama will reach 54 JOi Dollar Plus stores by November after raising C$28.4 million, funding more than 50 additional Mexican store…

TBBB $6.8B
Atrium Research - Equity Research 7 clicks

Modine Deep Dive

Modine, soon Modexus Solutions, has a $4 billion hyperscaler cooling contract but must ramp factory output and restore margins as data…

MOD $9.2B
CV's Substack 19 clicks

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