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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.
@aleabitoreddit

Serenity on X

Even with current narratives like biotech eg. $TWST, there's 100%+ Y/Y growth from their AI testing segment with Anthropic. But if you look at company overall revenue projections, they're only calling for double revenue growth by 2031 (implying 15% annual growth). I'm sure they can beat, but this seems relatively slow compared to AI supply chains growing hundreds to 1000% Y/Y and seeing record levels of net income growth Q/Q. Not all bottlenecks have the same economic impact the way hyperscaler capex in AI supply chains does.
@calvinblissett

Calvin Blissett on X

$PDEX: Pro-Dex (PDEX) makes powered surgical handpieces (drivers and shavers) used mainly in orthopedic, thoracic (chest), and CMF (face/skull) surgeries. They design, build, and repair them primarily for medical device OEMs (one big customer drives most sales), plus some precision machining for aerospace/defense after a 2026 acquisition.⁠ New/upcoming products: Ongoing next-generation orthopedic handpiece for their largest customer (contract through 2028). Helios Pro: latest off-the-shelf CMF/cranial driver with their adaptive torque-limiting software (released for production). Articulating attachment (in development; targeting production spring/summer 2027). Monogram validation units (with Monogram Technologies/Zimmer Biomet; expected later in FY2027). Other roadmap items include a spinal driver and smart driver. Quick Pitch Market Cap $202m=Enterprise Value. Warren Buffett's Owner's Earnings of $13.45m resulting in a 15x multiple. W/C consistently a drag on cashflow. Feb 2026 acquired APM getting them into aerospace and defense. Repair revenue (probably high margin reoccurring) declining as largest customer shifts away from legacy devices. CEO been with co since 2006 and CEO since 2015. CFO been CFO since 2015

Investor Letters

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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 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
TYL · long

Tyler Technologies INC

Tyler Technologies, TYL, is positioned as a resilient govtech software provider if AI disrupts enterprise SaaS.

TYL $16B
Value Investors Club

Thinking Notes

AI capex rests on coding-centric benchmarks, cheap-model commoditization and circular financing: OpenAI’s $60 billion annual Oracle…

ORCL $363B
Bearstone

Groupon Built a Brain

Groupon is building an AI “Brain” to personalize its app for each user, turning its turnaround plan into a product initiative.

GRPN $704M
Mispriced Assets

Thoughts on PayPal Buyout Offer

PayPal faces a $60.50-per-share buyout offer from Stripe and Advent, with a rejection or counteroffer above $80 viewed as more likely.

PYPL $49B
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