Sunday, October 25, 2026

WD 361: Brazil, JetBlue Bankruptcy, Mexican Airlines Merger

Brazil’s Lula victory leaves Nu and Inter’s thesis intact, while JetBlue heads toward bankruptcy and Mexican airlines pursue a merger.

NU $56B

Ian’s Insider Corner Oct 25 11 clicks

Oct 25 SIG $4.5B

Signet Jewelers (SIG): The Next Dillard’s?

Cannibal Stocks 20 clicks

Oct 24 TSEM $18B

Tower Semiconductor Deep Dive

CV's Substack 10 clicks

From X

@LittleOwlRes Nov 10

Little Owl Research on X

In September I had the pleasure of attending the Howard Hughes $HHH annual shareholder meeting. I met the man himself! @BillAckman Not to get ahead of myself, but this could be the beginning of something very special. Today’s quarterly results help to reinforce my views on the quality of both the asset base and management. The company is firing on all cylinders. Management continues to execute on the MPC strategy, and an acquisition seems highly likely in the short term. However, the shares still trade at a deep discount to intrinsic value. Do I care? No—at least not yet. Pershing Square has a truly remarkable track record. Since adopting their “permanent capital” strategy they have done 23.5% net of fees annually since January of 2018. Not too shabby. I suspect they’ll be acquiring a small insurer in the 1.0x-1.4x P/B range, if that’s the case, and they continue to put up those returns, the acquisition will be monstrously accretive. When Buffett took control of Berkshire, it was a failing textile mill with a negative terminal value. Ackman is starting off with assets of much higher quality and that are beginning to generate a lot of excess cash. A lot of work has to be done, but I’m happy to hold my shares here. If you’re interested in learning more about the real estate operations, I’ve attached my $HHH report from November of 2023–obviously outdated, but should help get you up to speed on the history, RE strategy, and asset base—and I will be putting out an updated report after the details of the insurance acquisition are announced. https://t.co/ueKI0TWY9R

@LaughingH20Cap Nov 10

Laughing Water Capital on X

below relates to how the extreme upside case for $NN spectrum could develop. Satellite direct to phone requires low band spectrum to be effective. $AAPL may want to control its own satellite destiny. There simply is not much low band to go around. https://t.co/Z2JM9yR7tk https://t.co/5NRaPZlWMI

@AltaFoxCapital Nov 6 2 clicks

Connor Haley on X

Good quarter from $NATL and thesis on track. -The ATMaaS business continues to outperform... 37% y/y growth in Q3... and it's on track to be 40%+ in Q4, well ahead of our expectations -SSB delivered >50% incremental EBITDA margins in Q3, fueling 21% EBITDA growth for the segment

@LaughingH20Cap Oct 31

Laughing Water Capital on X

@MGardnerDA1235 @yummyCenturyEgg @dylan55917 $NN has wanted to collaborate with the opposition for ~18 months. They repeatedly talk about how they want "engineer to engineer conversations", but the opposition will not engage. 1 explanation is b/c the opposition knows what the tests will say, but yes real tests are possible

@LaughingH20Cap Oct 31

Laughing Water Capital on X

@yummyCenturyEgg @MGardnerDA1235 @dylan55917 4/x) for tolls, why slightly moving part of 2 of the 3 technologies by a few mhz crazy? $NN has said this would cost "tens of millions." no big deal. Not to mention that half of toll reading is already done by camera an AI. Why use limited spectrum when better tech is available? https://t.co/75Yxn4PCu4

@LaughingH20Cap Oct 31

Laughing Water Capital on X

@yummyCenturyEgg @MGardnerDA1235 @dylan55917 3/x) beyond the pros view, consider for RFID in Europe they get 6 mhz. Japan 6. China 5. Why does US need 28? why aren't the 11 mhz between $NN's proposed 5 up and 10 down enough? not to mention that NN has already demonstrated they don't interfere with part 15

@LaughingH20Cap Oct 31

Laughing Water Capital on X

@yummyCenturyEgg @MGardnerDA1235 @dylan55917 1/x ) $NN it is not me that says the spectrum is considered clean. it is industry pros with decades of experience across engineering and valuation that consider it clean. I am happy to change my mind if you feel your use of ChatGPT should be weighted more heavily than pros.

@LaughingH20Cap Oct 31

Laughing Water Capital on X

@yummyCenturyEgg @MGardnerDA1235 @dylan55917 thank you for the work you did on $NN. I can see why you reached the conclusion you did when only looking at the trees you wanted to see. However, industry pros will tell you that the forest is very different, and that this spectrum is likely to be quite valuable. We will see.

Expert Call | AI Server OEM: 2026 xAI Orders, GB300 Price Hikes & B300 Margin Gains

Super Micro’s 2026 xAI rack orders, GB300 price increases and B300 mix frame its gross-margin outlook.

SMCI $22B

P Equity Research Oct 24 8 clicks

I went through all 142 companies in Value Line this morning. Here are the 6 that made it

Six Value Line small caps including Blackbaud, Marqeta, Ranger Energy and Definitive Healthcare trade on net cash, buybacks, low multiples…

BLKB $2.4B

Calvin Blissett Oct 24 81 clicks

Ares Capital: This 10%+ Yield Is An Undervalued Buy

Ares Capital’s 10%+ yield is supported by a $30.5 billion portfolio with over 70% floating-rate debt, though dividend coverage remains…

ARCC $14B

Jonathan Weber Oct 24 6 clicks

Margin Call

Petrobras’s Morpho-1 well revived hopes that Brazil’s Equatorial Margin can become a major new oil frontier after hydrocarbons were…

PBR $81B

Doomberg Oct 24 13 clicks

AI Narrative Switched, Debt Yields Spike | The Weekly Wrap

CoreWeave’s rising debt yields and fading confidence in AI data-center economics frame a weekly review of Meta, Tesla, SpaceX, Netflix,…

CRWV $34B

Steve Eisman Oct 23 29 clicks

Our Views on CoreWeave

CoreWeave's financial statements point to a business model familiar to the authors after a closer review of the AI infrastructure company.

CRWV $34B

WHAT ARE WE DOING? “Contrarians At The Gate” Oct 23 13 clicks

DigitalOcean's AI Flywheel: Unleashing Massive Growth Potential For Bold Investors

DigitalOcean is pivoting toward affordable AI infrastructure and inference workloads, targeting share from AWS and Google Cloud amid…

DOCN $11B

Star Investments Oct 23 9 clicks

Bloom Energy (NYSE: BE) Q3 FY12/26 Earnings - Revenue Up 138% On The Datacenter Power Race

Bloom Energy’s Q3 FY26 revenue rose 138% to $1.24 billion as datacenter power orders lifted operating margin to 18%; capex drove $181…

BE $63B

Cestrian Capital Research Oct 23 10 clicks

Capital Wars

CoreWeave’s $35 billion to $39 billion 2026 spending plan relies on debt as unsecured yields reach 15%, making its GPU cloud expansion a…

CRWV $34B

Net Interest Oct 23 12 clicks

TSOH Weekly Roundup (10/23/2026)

TSOH Weekly Roundup covers Ally’s improving credit and capital returns, Pepsi’s weak beverage brands, and Match Group’s plan to revive…

ALLY $12BMTCH $9.7B

TSOH Investment Research Oct 23 5 clicks

JBFCY · long

Jollibee Foods CORP

Jollibee Foods trades at PHP 144, about 56% below its January 2019 high, framing a long thesis on the Philippine restaurant operator.

JBFCY $2.6B

Value Investors Club Jul 27 1 click

SLB Stock: Upgrading Back To A Buy As The Earnings Recovery Takes Shape

SLB’s Q3 beats, sequential margin gains and roughly $10 billion Q4 revenue guide support an earnings recovery despite flat Middle East…

SLB $78B

Steven Fiorillo Oct 24 3 clicks

Putting bear cases to rest

Medpace authorized $1 billion of buybacks through 2028 after Q3 revenue rose 8.5% to $716 million; service revenue grew roughly 12% as…

MEDP $18B

Best Anchor Stocks Oct 23 15 clicks

Industry Primers Podcast: Natural Resources Royalty & Streaming, Part One: The Story

Franco-Nevada, Wheaton and Texas Pacific Land built royalty and streaming businesses by buying fixed shares of mines and wells, tracing the…

FNV $43BWPM $52B

Latticework by MOI Global Oct 23 5 clicks

Oscar Health: Up Over 200% From The March Lows, Still Room To Run (Ticker: OSCR)

Oscar Health raised 2026 operating earnings guidance to $600 million-$800 million after ACA-marketplace expansion drove 60% membership and…

OSCR $9.4B

Emerging Moats Research Oct 23 5 clicks

It’s time to sell the winners again as Western Digital, Bloom report outstanding results, shares drop

Western Digital and Bloom Energy fell after strong quarterly results, extending the selloff in AI-linked stocks.

BE $63B

The Technology Letter Oct 22 6 clicks

OCP 2026: MicroVCSELs are gaining attention, but microLEDs still have a case

Credo’s microVCSEL pivot targets 10–20m data-center links where copper falls short, while microLEDs compete nearer compute on integration,…

CRDO $28B

Vik's Newsletter Oct 22 6 clicks

Trade Alert - Long RIG

HFI Portfolio bought 94,214 shares of Transocean, RIG, for $570,000 at $6.05 per share.

RIG $6.6B

HFI Research Oct 22 10 clicks

CoreWeave: Why Patient Investors Should Hold Through Volatility

CoreWeave targets 8 GW of active power by 2030, expands into India and builds its AI cloud ecosystem through Google Cloud and partner…

CRWV $34B

Jack Elias Oct 22 6 clicks

MYR Group q3’26 Earnings Preview

MYR Group’s Q3 2026 preview cites data-center and power transmission demand, with long-term service agreements supporting margin growth and…

MYRG $4.3B

Monte Independent Investment Research Oct 22 6 clicks

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Sunday, October 25, 2026

Little Owl Research on X

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Connor Haley on X

Laughing Water Capital on X

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Laughing Water Capital on X

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