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Saturday, November 7, 2026

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@leevalueroach

Lee Roach on X

Any rational person should lever themselves up until infinity on 0% convertible debt when rates are pushing 6%. You would be irrational to not do that. Especially if you are any good at capital allocation. How do you think $GME got $5bn of cash on the balance sheet and 10% of eBay. Oh and they made over $1bn in mark to market returns on eBay so far. And 6% on the remaining $5bn is $300 million of interest income per year. All for a zero percent convert that is still out of the money. One of the best capital allocation moves I’ve ever seen on Wall Street.
@aleabitoreddit

Serenity on X

So two things: 1. I'm now fundamentally positive on $IREN post Mirantis acquisition and after their recent earnings. Their operating outlook and ability to finance has looked more compelling. 2. That doesn't always translate to appreciating share price and ROI to shareholders. I have caution regarding their existing $6B ATM, which now has $2.37B left (so they have been going through it). As well as CEO executive compensation, which I'd argue would be more beneficial if this were done through appreciating share prices rather than dilution. Obviously optics on their NBA Warriors deals are very bad while they're unprofitable... but I'd treat this as noise relative to the scale of the ATM overhang + executive comp. So a lot of weighing different float + market dynamics vs. operational business, but I'd argue this is something that still can be addressed.

Investor Letters

All letters

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 23 clicks

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 3 clicks
GPK · long

Graphic Packaging Holding CO

Graphic Packaging (GPK) is pitched as a long with $22 fair value, implying roughly 100% upside, based on its low-cost paper-based packaging…

GPK $3.5B
Value Investors Club 2 clicks

JBG Smith

JBG Smith trades at an estimated 40% discount to NAV, backed by National Landing multifamily assets, Amazon HQ demand and $1.3 billion of…

JBGS $922M
Raging Bull Investments

Some Thoughts on Roaring Kitty

Roaring Kitty’s GameStop resurgence revisits GME shareholder activism and the meme-stock trading episode, with references to Bed Bath &…

GME $13B
Rod’s Ruminations

IOFNF- Iofina (buy)

Iofina’s IO10 iodine plant is due in Q3 2024, adding 100 to 150 metric tons of capacity while higher brine costs pressure earnings.

IOFNF $107M
Sylence Capital

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