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Monday, October 26, 2026

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Merger Monday & Election Implications

EQT’s $50 billion merger with Range Resources and Ovintiv’s $1.26 billion acquisition of Logan Energy reshape North American oil and gas alongside Brazil and British Columbia election…

EQT $34BRRC $11B
Bison Insights 6 clicks

From X

@ActAccordingly 2 clicks

PAA Research on X

Gavin, you're always generous with your time on this platform and forthcoming with your views, which I genuinely appreciate. Where are you getting the $35Bish in future annual commitments when they have $500B in compute purchase commitments over a 5-7 year span PLUS the $AMD chip leasing deal (uncertain tenor) which is another $160B? Anthropic might very well grow fast enough not to burn cash, but that's not how the company frames it in their S-1. Rather than take my word for it, here's the relative language in the S-1: "As a result, we expect these investments to result in significant net cash used in operating and investing activities for the foreseeable future, and our net cash used in these activities may increase regardless of whether our financial performance improves" The business model is changing going forward. $ANT

Investor Letters

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Molina & Kinsale

Molina Healthcare and Kinsale Capital’s earnings are reassessed through a long-term lens, emphasizing conviction and detachment during…

MOH $11B
Bearstone 4 clicks

“Our Strategy Is Unchanged”

Netflix’s $51 billion FY26 revenue outlook and global streaming scale underpin its core strategy as management addresses slowing…

NFLX $511B
TSOH Investment Research 4 clicks
DLTR · long

Dollar Tree INC

Dollar Tree is long after divesting Family Dollar, separating its stronger banner from its weaker business.

DLTR $25B
Value Investors Club

Tower Semiconductor Deep Dive

Tower Semiconductor’s low-loss photonics chips halve lasers in 1.6T optical modules, supporting a $680 million annualized photonics run…

TSEM $19B
CV's Substack 9 clicks

Deep Dive: $ASML

ASML’s €230 million EUV machines underpin advanced AI chip production, with demand booked through 2028 after nearly $9 billion and two…

ASML $616B
Rebound Capital 8 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 $83B
Doomberg 9 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 $30B
WHAT ARE WE DOING? “Contrarians At The Gate” 12 clicks

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