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Saturday, November 7, 2026

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@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

$EMBC: Embecta (EMBC), spun out of Becton Dickinson in 2022, makes the pen needles and syringes people with diabetes use to inject insulin. Its U.S. pen needle business is shrinking from lost share and price cuts, and more patients are moving from daily insulin shots to weekly GLP-1s. To offset that, it is selling its needles inside the boxes of generic GLP-1 drugs, already launched in India, Canada and Brazil and targeted at $100M+ in revenue by 2033. It is also launching cheaper needles and syringes for new markets and buying into other drug-delivery products beyond insulin. Quick Pitch $350m Market Cap/$1.62B Enterprise Value. Less than 3x P/E. Warren Buffett Owners Earnings of $122m ex SBC. Cut dividend switched to $100m Buyback authorization that's being used. CEO/CFO/Director/CLO all bought August 12th
@calvinblissett

Calvin Blissett on X

$GTN ~$4.90. Joel Greenblatt always wanted to do an LBO, his way of doing one was finding very leveraged stocks. This is the ultimate public LBO. Gray owns local TV stations: the CBS/NBC/ABC/Fox channel in 117 US markets (~37% of homes), #1 rated in 78 of them. It gets paid three ways: local ads, fees cable and streaming companies pay to carry its channels, and a flood of political ads every other year. It is the most sensitive to political out of any broadcaster. Miller Value Partners’ latest 13F reported 7.24 million shares as of June 30, 2026, worth about $28.8 million at quarter end; the firm had increased the position by roughly 35% from the prior quarter. In recent Q they just pushed debt maturity to 2030 from 2028 ~$500M of equity on ~$6.3B of net debt + preferred. ~6.8x 2-yr avg EBITDA. Consensus FCF: $388M ‘26, $115M ‘27, $450M ‘28, or ~50% a year on average vs the market cap. The record 2026 political year ($630-640M) is going to debt: ~$1B of 10.5% notes refinanced or repurchased, another $175-200M paid down in Q4. Free options: FCC loosening ownership caps (more duopolies, M&A) and a future spectrum sale. $SPCX sensible buyer of part portfolio. Risks: core ads down mid-single digits ex-acquisitions, cord-cutting, and a former Gray VP sees retrans under “severe pressure” after 2028 (Alphasense). At 5.7x leverage the equity is a stub, so it cuts both ways. Miller Value Partners and Bill Miller Thesis: The GTN thesis is that the market was pricing Gray Television as a highly leveraged broadcaster in decline, while underestimating the cash-generating strength and value of its local stations and other assets. Miller Value Partners argued that: Gray’s local stations were often market leaders, giving the company a strong audience and an advantage in political advertising. Political ads, retransmission contract renewals, and growth in digital advertising could lift cash flow. The firm also saw potential in the Assembly production studio and, later, ATSC 3.0. That cash flow could pay down debt; if the market’s pessimism eased, the equity could be worth multiples of its then-current price. They acknowledged the debt and advertising-cycle risks. Their counterpoint was that near-term maturities were limited and that expected cash generation could support deleveraging. The particular forecasts changed over time: the 2023 letter estimated more than $2.5 billion of free cash flow over five years; the 2025 update estimated $2 billion-plus over five to six years. Those were the firm’s projections at the time, not realized results.
@calvinblissett

Calvin Blissett on X

$BLBD ~$60 Blue Bird makes the yellow school buses. It’s one of only three big US makers (vs Thomas Built and IC Bus) and the leader in propane and electric buses. Districts buy them with local budgets and state/federal grants, and keep them ~15 years. ~$2.1B market cap, ~0 net debt. ~8.5x FY26 EBITDA ($247M guide), ~6% FCF yield. The bear case was EV subsidies running out. A VIC short at $57 in Aug ‘25 said FY27 EBITDA would fall to $92M. 15 months later: 776 EVs still in backlog, ~14% margins, price per bus +5.7%. 8x flat EBITDA = ~$57, so today’s price assumes zero growth. You get for free: A full year of Micro Bird, its small-bus arm ($16.5M EBITDA in its first quarter owned) Ford F-53/F-59 chassis deal (the frame RVs and delivery vans are built on), $1.4B added TAM, production starts 2028 Risks: legacy units -4.6% YTD, dealers say EV grant activity has “whittled down,” FY27 estimates getting cut. Q4 + FY27 guide ~Nov 23.
@calvinblissett

Calvin Blissett on X

“The next best thing to having your own private securities analyst.” — Peter Lynch on the Value Line Investment Survey It's Saturday, you know what that means. I went through Value Line Small and Mid-Cap because that is more fertile hunting ground evidenced by small cap stocks base rate performance. A Duff & Phelps analysis of CRSP portfolios reports a 20.19% average annual arithmetic return for the smallest decile over 1926–2017, versus 11.19% for the largest. My favorite stock was $GTN, high risk high reward. Joel Greenblatt always wanted to do an LBO because when they work the leverage magnifies your returns. His compromise? Finding highly leveraged public companies. $GTN is just that. 50% FCF yield, highly sensitive to political spend, debt maturities just extended from 2028 to 2030. FCC removing cap limits is free optionality. $SPCX logical buyer of parts of the portfolio. Bill Miller is bullish and has a position that he increased 35% last Q.

Investor Letters

All letters

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

AMD Q3 FY26, Annotated

AMD's Q3 revenue rose 45% to $13.4 billion as data center reached $8.5 billion, 64% of sales, driven by EPYC and Instinct ramps.

AMD $660B
Chipstrat 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
GFL · long

Gfl Environmental INC

GFL Environmental, North America’s fourth-largest waste manager with a US$19 billion market cap, is pitched long.

GFL $20B
Value Investors Club

The Next Consumer is a Computer

Meta’s Muse illustrates how persistent AI agents shift compute from per-query to per-user, driving heavier GPU, CPU and memory demand.

META $1.6TNVDA $4.6T
SixSigmaCapital: Navigating the Financial Markets 6 clicks

Microsoft: The Xbox Segment Revamp

Microsoft plans to rebuild Xbox after FY2026 through studio cuts, higher hardware prices, Game Pass growth, exclusive releases and the 2028…

MSFT $4T
Khaveen Investments 2 clicks

Research Roundup Vol. LIV

Research Roundup covers AAON's data-center cooling ramp, Knife River's margin recovery, ChronoScale's Microsoft-backed neocloud buildout…

AAON $5.7BKNF $3.5B
Monte Independent Investment Research

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