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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

$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
@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

$AIRT: Air T is a holding company for aviation businesses. Its companies fly cargo and regional feeder routes, sell and repair aircraft parts, and provide airport equipment, software, and aircraft leasing. Air T owns cargo/feeder flying, aircraft parts and repair, airport equipment/software, and leasing businesses. At $27.70, market cap is about $75m. Enterprise value is about $304m including debt, or ~$351m including leases, earnouts, and minority claims. FY25 cash flow less all capex was $7.8m: a tempting 9.6x market-cap multiple. But working capital contributed ~$22m of cash that year; adjusting for it makes that owners’ earnings proxy negative ~$14.6m. FY26 cash flow less capex was -$41.5m. FY26 net income included a $111m noncash bargain-purchase gain—not operating earnings. No open-market common-stock insider buys found; a July Form 144 tied to CEO Nick Swenson proposed selling 10k preferred securities, which doesn’t confirm a completed sale. Rex could drive growth, but integration, debt, inventory, thin margins, and fuel costs are risks. Air cargo demand is growing: IATA reported +4.4% in August.
@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.

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 2 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
WDC · long

Western Digital CORP

Western Digital, a hard-disk manufacturer, is pitched as a long after significant share-price moves deter investors.

WDC $104B
Value Investors Club 7 clicks

The Week That Was

Treasury yields surged as the Fed’s expected hike shifted to December, while Micron beat guidance and forecast $61.5 billion in quarterly…

MU $743BJBL $25B
CV's Substack 1 click

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