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Monday, November 9, 2026

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Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office assets to fund future deals.

XRN $402M
Orphan REITs

From X

@valuedontlie

Colin King on X

Ugly chart at $APTV Maybe one of my favorite setups right now despite "tough industry" dynamics... Lapping one-time VGNT spin costs so FCF should jump to $1B+ next year (on $8B market cap = 12.5% FCF yield) and committed to buyback stock with 100% of FCF through 2027 Assuming no operational/industry improvement, it's not hard to get $7-8 EPS by 2028 (vs. $5.70 in '26) As a bonus, this management team has done 2 spins in 10 years and wouldn't be surprised if they spin the (better) engineered components business
@InvestSpecial

Dalius - Special Sits on X

While everything is down, $RSVR keeps delivering. Another solid Q2, another guidance raise. The review of the founder-led bid keeps dragging on. Given the steady improvements in the business, I wouldn't be surprised if the special committee is holding out for a higher price. A bump certainly looks possible. But with the spread down to just 1.5%, the risk/reward isn't nearly as compelling anymore. Up 17% since SSI write-up. Trimming heavily 👇

Investor Letters

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DoorDash and Google

DoorDash and Google.

DASH $86B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 3 clicks

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 2 clicks

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click
ELALF · long

El Al Israel Airlines Ltd.

El Al Israel Airlines, $ELAL, cut costs 20% in its 2020 COVID restructuring and was taken over by U.S. investors.

ELALF $3.7B
Value Investors Club

Brookfield of Dreams

Brookfield is recasting itself from an industrial owner into a $1.3 trillion asset manager and insurer, betting AI infrastructure can…

BN $96B
Net Interest

Who Really Runs Crocs? The Autopsy.

Crocs CEO Andrew Rees turned around the core brand, then borrowed $2 billion for HEYDUDE, whose $737 million write-down followed wholesale…

CROX $7B
Cannibal Stocks 4 clicks

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