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Thursday, November 5, 2026

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From X

@ACapitalLP

A Capital on X

𝗣𝗲𝗿𝗰𝗲𝗽𝘁𝗶𝗼𝗻 𝗜𝘀 𝘁𝗵𝗲 𝗧𝗿𝗮𝗱𝗲. It’s funny: most people think the proliferation of information has made finding dislocations harder. I’d argue the opposite. When information was scarce, speed was the edge. Today the problem is information overload. Social media, AI, headlines, experts, hot takes. Just like different news organizations (CNN, Fox, MSNOW) can frame the same political candidate through completely different lenses, markets create narratives that can overwhelm the underlying facts. Every trade is a spread between perception and truth. Merger arb just makes that spread explicit because you have a relatively fixed endpoint (the deal consideration). Regular-way equities are harder because “truth” is a moving target. But you don’t need to know whether $TLN is worth $350, $370 or $390 to recognize when Josh Shapiro and data-center pushback have distorted perception enough to send it to $270. You don’t need to perfectly value every business line of $OWL to recognize when a Bloomberg story has caused the market to paint the entire business with the private-credit apocalypse brush. And it works both ways: $GLND wasn’t suddenly a critical-minerals bonanza because of a Trump headline. Sometimes the narrative creates the overvaluation. Having the best model or talking to the most experts helps you estimate truth. But truth without an understanding of perception isn’t a trade. You can be a little wrong on intrinsic value and still make a lot of money if you correctly identify that the market’s narrative has overshot reality. The edge today isn’t knowing whether something is worth exactly $37 or $39. It’s understanding why it’s trading at $27 in the first place, whether that perception is wrong, and what makes the gap close…
@StableBread

Fajasy on X

The restart study due in the first half of October at Levack, the flagship mine of Magna Mining $MGMNF (TSX: $NICU), leaves out a zone where a hole reported in June cut 29.7% copper equivalent over 3.4 meters. Magna found the zone itself. In July 2025, a hole drilled into the footwall below Levack’s No. 3 orebody hit nickel-rich veins. Magna calls the area R2, short for “Rob’s 2,” and says R2 resembles the top of the Morrison deposit, where the nickel-rich veins of Rob’s Zone gave way to copper- and precious metal-rich veins at depth. As of June, R2 spanned ~300 meters vertically and ~150 meters north-south, and all 14 holes Magna had reported hit metal-bearing rock. The June hole’s 3.4 meters included 57.0% copper equivalent (CuEq, which converts every metal into copper at set prices) and 44.3 grams per tonne (g/t) of gold over 1.5 meters. In September, another hole extended R2 ~30 meters toward the No. 3 orebody. The veins are narrow. Magna reports lengths along each drill hole and estimates the veins’ true widths at 30-80% of those lengths, so the June hole’s 3.4 meters could be a vein 1.0-2.7 meters wide (30% × 3.4 and 80% × 3.4). In August, Magna finished a 2950 Level drift (a horizontal tunnel) that stops ~300 meters short of R2. CEO Jason Jessup said on September 24 that Magna plans to extend the drift to R2 “sometime in Q4.” From there, Jessup says Magna could start mining along the veins “as early as Q1 of 2027” and ship the ore to Vale $VALE, ahead of a resource estimate “potentially by the end of 2027.” Jessup says R2 can’t go into the restart study, a preliminary economic assessment (PEA), because it isn’t in a resource estimate yet. Once it’s added, he expects R2 ore to “displace some material in the PEA,” meaning replace some of the plan’s lower-grade tons, since it’s “much much higher margin.” Even after mining 1-2 tons of waste rock with every ton of vein (100-200% dilution), Jessup expects R2 ore to grade “10 to 15% copper equivalent,” 3-4.5x the 3.3-3.4% at McCreedy West, Magna’s producing mine (10% / 3.4% and 15% / 3.3%). Jessup also says “there are no streams or royalties on the precious metals” at R2. Franco-Nevada $FNV, the royalty and streaming company, holds a precious metals stream on two areas of Levack, but the technical report doesn’t publish their boundaries, so for now, investors only have Jessup’s word that R2 sits outside the stream.

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Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 clicks

Intel: The CPU Comeback, Discounted

Intel's Q3 2026 results were hit by memory costs and an Israel shutdown, but enterprise AI inference could lift CPU demand as server…

INTC $287B
Monte Independent Investment Research 2 clicks

Problems at Twist Bioscience (TWST)

Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…

TWST $8B
Hunterbrook 4 clicks

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

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
CHWY · long

Chewy INC

Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.

CHWY $9.2B
Value Investors Club 5 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

Oracle: The Party Is Almost Over

Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…

ORCL $363B
David Desjardins 1 click

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

CURB $3.6B
Real Assets, Real Value 5 clicks

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