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Thursday, November 5, 2026

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@Mr_Neutral_Man 2 clicks

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

This is the main reason why we own 3 to 4 times as much of $CPT vs $MAA and $NXRT Blended leases up 1.0% in Q3 with new lease down 2% YOY vs new leases down 6% for MAA and down 4.5% for NXRT The renewal - new lease is too high for MAA for my liking. Much healthier for Camden Same store NOI -0.2% in Q3 vs -1.8% for MAA and -8.2% for NXRT (large chunky expenses that is not run rate for NXRT) @jayparsons
@calvinblissett 1 click

Calvin Blissett on X

That’s a good question Drew and I guess if it is certain there will be a payoff eventually with a good ROC adjusting for time value of money then no. I would lean to $MELI due to logistics being pretty certain in getting that payment, as to the TVM of money part of that equation I have no idea. I remember Wall Street got really mad at $COST due to basically this and that’s when Nomad invested. Maybe I am being too harsh. You’d do it better than me but I’ll do it if you won’t, analyzing $MELI from a Sleep Zakaria scale economies shared framework that they used on GEICO, $COST and $AMZN. I cherish your thoughts and insights so I would love those
@calvinblissett 1 click

Calvin Blissett on X

Honestly my English and prose is sometimes poor, leading to me missing things that are frankly really important. $ARKO was a good example see comments by NA. I read all the reports and calls on $TLK for weeks I started looking 10/20 during the initial crash. I dictated key points and audited it thoroughly for days, editing it how I saw fit and removing things I didn’t like. I can find messages with time stamps to prove this. Would love your thoughts on this in terms of using AI as someone who isn’t a Warren Buffett level writer to help with the English and prose/structuring style of things. All quotes and case studies are from me. I would say it’s a good writeup I wonder if you agree?

Investor Letters

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Thursday Tailwinds #13: Nov 5, 2026

Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…

SUI $14B
Trade Ideas Flow 6 clicks

New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Coupang: 3Q26 Business Recap

Coupang’s product-commerce growth rose 9% as data-leak effects fade, while management expects margins to return to pre-incident levels by…

CPNG $27B
Speedwell Memos 3 clicks
MSI · long

Motorola Solutions INC

Motorola Solutions’ core value proposition remains intact after business changes since 2022, supporting a growth-at-a-reasonable-price…

MSI $86B
Value Investors Club 2 clicks

A letter to founding members

Cannibal Stocks favors cash-generative companies that retire shares at low valuations, citing Dillard’s 80% share reduction and…

DDS $11B
Cannibal Stocks

Lululemon: The 15-Minute Thesis

Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…

LULU $12B
Hated Moats 3 clicks

The Five Deals That Made Apollo

Apollo Global Management’s five defining deals, from Executive Life to Intel, built a $1 trillion asset manager spanning insurance and…

APO $69B
Net Interest 1 click

TSOH Weekly Roundup (09/11/2026)

TSOH weekly roundup covers Meta’s child-safety settlement, Markel’s leadership transition, Peloton’s gym strategy and an upcoming Alarm.com…

MKL $24B
TSOH Investment Research 2 clicks

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