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Thursday, October 29, 2026

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Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

From X

@Mr_Neutral_Man

Mr Neutral Man aka "Howard Marks of REITs” on X

I have consistently talked about buying $CUBE in the past year and highlighted their incredible NYC/NNJ portfolio It accounts for 1/4 of the company's NOI, up 5.5% in Q3 on a YOY basis. Moves the needle. Overall NOI up 2.1% YOY High barrier, no rent regs like housing, truly a great asset NOI declines mostly in Sunbelt high supply markets Story is as old as time Bought at a rough 6.7% cap about a year ago at $36 ish now $41.08 plus about $2.12 in dividends since Not too shabby for a 20% one year return for buying a high quality SS with low leverage
Mr Neutral Man aka "Howard Marks of REITs” CUBE $9.9B
@convequity 1 click

Convequity on X

We wouldn’t be surprised to see GPU rental revenue reach $100bn per gigawatt a year. Nebius ($NBIS) has already reported a short-term deal in the $40m–$50m per MW annualised range. That is $40bn–$50bn per GW. Likewise for Space $SPCX and others while $CRWV sold its long term capacity too early at low prices. Use 660,000 Blackwell GPUs as a simplified 1GW case. With every GPU-hour rented: • $50bn a year = $8.65 per GPU-hour. • $100bn a year = $17.30 per GPU-hour. DeepSeek reports $38 of API revenue per GPU-hour at off-peak prices for a V4.1 Flash cluster. Peak tariffs are double. Serving the same workload at those prices would imply $76 per GPU-hour. For an inference provider that can reproduce those economics on rented hardware, a move from $5–$6 rent to $9 can still be affordable. Even roughly $18 need not make the service uneconomic. Suppose another provider achieves 70% of that $38–$76 revenue benchmark across its rented GPU-hours. That gives $26.60–$53.20 of revenue per hour. After $18 of GPU rent, $8.60–$35.20 remains for other costs and profit. The condition is matching DeepSeek’s serving efficiency on the rented hardware and sustaining paid demand at those token prices. Releasing the inference code does not guarantee either. For operators that can do this, we think there is room to keep bidding up scarce GPU capacity, even at twice today’s roughly $9 hourly rate.

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CoStar: 3Q26 Business Recap

CoStar’s 3Q26 revenue growth slowed to 14% as bookings fell to $37 million, while cost cuts lifted EBIT margin to 8.8%.

CSGP $12B
Speedwell Memos 3 clicks
LWAY · long

Lifeway Foods INC

Lifeway Foods holds 95% market share in kefir, is growing 20% to 35%, and trades at 12 times projected 2027 earnings as its capex cycle…

LWAY $337M
Value Investors Club

U-Haul Bought at the Top

U-Haul’s pandemic-era fleet purchases at inflated prices now drive higher depreciation and disposal losses as truck and van prices…

UHAL $12B
scuttleblurb 2 clicks

PDD Supplemental

JD, Alibaba and Douyin are assessed for their competitive threat to PDD, with a specific investment stance on JD.

PDD $114BJD $36B
Bearstone 1 click

Deep Dive: Palantir ($PLTR)

Palantir’s forward-deployed engineering model underpins its AI software growth, but AWS, Microsoft and AI labs are copying it at scale as…

PLTR $429B
Rebound Capital

Blue Chips

Project Kilby, a planned Texas behind-the-meter data center twice Project Stargate’s size, would reshape Permian gas flows and boost demand…

GEV $241B
Doomberg

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