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Sunday, November 8, 2026

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@Mr_Neutral_Man

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

I have consistently talked about buying $CUBE in the past year and highlighted their incredible NYC/NNJ portfolio It accounts for 1/4 of the company's NOI, up 5.5% in Q3 on a YOY basis. Moves the needle. Overall NOI up 2.1% YOY High barrier, no rent regs like housing, truly a great asset NOI declines mostly in Sunbelt high supply markets Story is as old as time Bought at a rough 6.7% cap about a year ago at $36 ish now $41.08 plus about $2.12 in dividends since Not too shabby for a 20% one year return for buying a high quality SS with low leverage
Mr Neutral Man aka "Howard Marks of REITs” CUBE $10B
@convequity 1 click

Convequity on X

We wouldn’t be surprised to see GPU rental revenue reach $100bn per gigawatt a year. Nebius ($NBIS) has already reported a short-term deal in the $40m–$50m per MW annualised range. That is $40bn–$50bn per GW. Likewise for Space $SPCX and others while $CRWV sold its long term capacity too early at low prices. Use 660,000 Blackwell GPUs as a simplified 1GW case. With every GPU-hour rented: • $50bn a year = $8.65 per GPU-hour. • $100bn a year = $17.30 per GPU-hour. DeepSeek reports $38 of API revenue per GPU-hour at off-peak prices for a V4.1 Flash cluster. Peak tariffs are double. Serving the same workload at those prices would imply $76 per GPU-hour. For an inference provider that can reproduce those economics on rented hardware, a move from $5–$6 rent to $9 can still be affordable. Even roughly $18 need not make the service uneconomic. Suppose another provider achieves 70% of that $38–$76 revenue benchmark across its rented GPU-hours. That gives $26.60–$53.20 of revenue per hour. After $18 of GPU rent, $8.60–$35.20 remains for other costs and profit. The condition is matching DeepSeek’s serving efficiency on the rented hardware and sustaining paid demand at those token prices. Releasing the inference code does not guarantee either. For operators that can do this, we think there is room to keep bidding up scarce GPU capacity, even at twice today’s roughly $9 hourly rate.

Investor Letters

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MTMTY · short

Metlen Energy & Metals PLC

Metlen Energy & Metals faces a 40% short case centered on its overpriced aluminium, alumina and Greek power businesses.

MTMTY $6.8B
Value Investors Club

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

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