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Friday, November 6, 2026

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Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $832M
Nat Stewart - Stock Picking Newsletter 19 clicks

From X

@MaiusPartners 1 click

Maius on X

$PSIX Q3 results and recent power sector thoughts: The company delivered an exceptional Q3 clean “beat and raise” by any measure — even better than the record Q2 2025, when the stock peaked at over $100, with a much better story today. Yet the stock trades at a fraction of the valuation, Why? Long-term followers know we turned constructive on $PSIX only recently after an extensive amount of fundamental work and have not been afraid to be critical in the past. It was a meaningful position heading into the print. Given broader sector risks, we also held several related short positions as a factor hedge. However, after analysing $ANT S1 filings and election results, we think the narrative has shifted materially over the past week and when the facts change, it’s always important to reassess one’s central beliefs and have opted to close the majority of the long positions in $PSIX (retaining an OTM call option), while keeping all the shorts. The high level math: ~30 GW of behind-the-meter power capacity is scheduled to become available in 2027, scaling to >100 GW by 2030 if the dozen suppliers deliver on announced expansions (many won’t). Absent major changes in U.S. politics or AI model diffusion rates to support far higher collective monetisation rates across the entire industry, rapid buildout of new data centres on American soil can neither be justified economically, nor politically, a view held by the credit markets for some time, but only just beginning to be priced in by equity investors. The behind the meter power industry risks moving quickly into excess in such a scenario, with incremental suppliers at especially high risk. $PSIX has been one of the top-performing behind-the-meter power plays we track since our recent full note. Its unfortunate market conditions changed so quickly, substantially reducing the probability of developing into the multi-bagger we envisioned. Congrats to everyone who made money in this sector the past few months, it certainly hasn’t been easy (especially on the long side!) — and have a great weekend! DMs always open for those wanting to discuss further.
@Mr_Neutral_Man 1 click

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

Not denying nor confirming my VIC identity and I generally would refrain from doxxxing That write up had zero mention of tax analysis which is why funds can't own it. Buying $1mm of $ARI could result in $520k to $833k of cap gain in 2026 before you get any distribution. IMO, whoever ranted against that write up is doing all the members a tremendous service. I personally did a week worth of work on it and talked to some of the smartest folks about REIT liquidations and taxes. I finally found a solution that I feel comfortable with. I didn't buy it in the fund I manage due to the 2026 cap gains. But I found a bespoken solution that I think works for me
Mr Neutral Man aka "Howard Marks of REITs” ARI $310M

Investor Letters

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Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

Axon 3Q26 Business Update

Axon cut full-year guidance after delayed federal Dedrone contracts slowed 3Q revenue growth to 28%, while software and services grew 43%.

AXON $31B
Speedwell Memos 2 clicks

GREAT DEC-TECTIVE WORK

Diversified Energy reported $255.6 million of “true” nine-month free cash flow, while its $1.8 billion Birch acquisition would shift…

DEC $900M
The Oak Bloke 2 clicks
SAP · long

Sap Se

SAP shares are down 45% since February 2025 as AI disruption fears create a long thesis on its risk-reward.

SAP $277B
Value Investors Club 2 clicks

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 $15B
CV's Substack 10 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 $76B
Doomberg 13 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 $27B
WHAT ARE WE DOING? “Contrarians At The Gate” 13 clicks

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