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Monday, October 19, 2026

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@majgeoinvesting 1 click

Maj Soueidan on X

Linda actually just bought a little not too long ago. So, not sure she’s a seller anytime soon. But, I need to be honest. I really liked Linda. I viewed her as one of those high quality CEOs you rarely see at the microcap level. I’m surprised/saddened she’s moved on from $KRMD, although she’s exiting at the top of some of her accomplishments at the company. •Pharma partner platform •Product innovation (high volume infusion, pre-filled syringes) •Reaching profitability, although minor. This is where I was hoping to see better traction (been a while since i looked, but not sure if they hit original timeline on gross margin target). All and all, KRMD is a recurring revenue machine. I’m surprised no one has bought them yet. The new CEO looks legit, but I would have loved to have seen Thomas Patton involved in the company, at least at the Board level. He never seemed interested whenever I brought it up - when the founder and Board were battling. So much of what he has touched has turned into home runs and in exits… Although $ECOR didn’t quite workout, but to be fair, he was only on the Board. His CEO record is impeccable. @ipo_candy @MoneyMarkStocks @neilcataldi - Tom should be your next call.
@convequity

Convequity on X

Jeff Dean’s departure is a seminal moment for $GOOG I’ve been watching this closely and the picture keeps getting clearer — and more concerning. Google is still treated as the safe consensus AI bet. Full-stack ecosystem, consumer reach, TPU muscle. But the competitive status of its frontier models looks increasingly dubious. The one-way talent flow tells the story. Google has seen massive outflows to OpenAI and Anthropic (reports put the numbers in the high hundreds to over a thousand in recent periods) while inbound from those labs remains tiny. This is not normal churn. It signals a structural talent problem that shows no sign of being fixed anytime soon. Jeff Dean leaving with Sanjay Ghemawat, Quoc Le and Oriol Vinyals, while Demis Hassabis steps back from day-to-day leadership, is the clearest signal yet that the research edge has peaked. Top talent does not want to waste cycles inside a large, conservative organization when the progress window is this narrow. We’ve flagged Google’s cultural and leadership issues in our recent rebalancing work. This just cross-validates it hard. What’s especially striking is the internal dynamic. All signs point to Koray Kavukcuoglu having been central to the environment that produced these outcomes — yet he has now risen to Chief AI Architect and the unchallenged operational AI leader, reporting directly to Pichai. The research org is fraying rapidly while the executive who oversaw much of that period moves up the ranks. That is a strange incentive structure. Large orgs struggle to deliver breakthrough AI. Talent density, bold vision and nimble execution matter more than scale. Meta rebuilt around an independent lab. SpaceX is doing the same with xAI. Google may eventually follow, but the current setup still seems unwilling to fully accept the reality. That said, the TPU and infra side continues to execute well with far less leakage. The competitive edge is shifting toward infrastructure, chips and consumer distribution — not frontier model leadership. This remains the biggest news of the week for a reason.

Investor Letters

All letters

LXS.DE: a 2028 sale it can force

Lanxess can force Advent to buy at least half its Envalior stake in April 2028, potentially raising about €745 million to reduce net debt.

LPTH $492M
Trade Ideas Flow 21 clicks

Build-A-Bear: A Narrower Path

Build-A-Bear's push into prestuffed toys and broader retail distribution tests brand stretchability, but recent results warrant caution.

BBW $292M
TSOH Investment Research 18 clicks
SKIN · long

Skinhealth Systems INC

SkinHealth Systems owns a dominant professional skincare consumables franchise but trades at roughly $115 million market cap and $255…

SKIN $71M
Value Investors Club 3 clicks

Do You Trust Apple?

Apple’s HomeView strategy ties Siri, privacy and smart-home control to consumer trust in its vision for the home.

AAPL $5.1T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 3 clicks

Semtech Analyst Day Review

Semtech raised Q3 guidance and targets $3.2 billion of fiscal 2030 revenue, excluding upside from its AI data-center optical and copper…

SMTC $12B
CV's Substack 14 clicks

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