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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 2 clicks

From X

@calvinblissett

Calvin Blissett on X

$TZOO. Something happened after I posted this. For the second time someone intelligent reached out sharing their thoughts and insists. They were one of the only people to speak to the CEO in the past year. I’d never looked too deeply but it’s been on Joel Greenblatt magic formula for years now. They underwent a significant business model change. I can attest to the value proposition personally because recently I traveled somewhere where they posted a very popular (very good value) deal. AI is not as much of a threat as it may seem and actually is more likely to be a tailwind which I explain. The business model grew through 2008 so I’m not overly concerned about recession risk, and their reports show that 74% of their affluent travel loving customer base would cut travel last. I think the stock can 4x. It reminds me of $BMBL sentiment and accounting wise. Writeup tommrow
@calvinblissett 2 clicks

Calvin Blissett on X

$SSTK: $4.14, $153M mkt cap, ~$317M EV, ~$90M of TTM FCF. That's ~59% of the market cap in one year of free cash flow, ~3.5x EV/FCF, and 0.17x sales. Down 78% this year. This is the crazy one. Shutterstock sells stock photos, footage and music to marketers, and AI image generators are eating that business. Revenue is down 11% to $901M. The Getty merger died in July after the UK regulator demanded a sale of Shutterstock's editorial business and Getty walked away. Getty then filed Chapter 11 on Oct 21, and Shutterstock suspended its dividend to pay down debt. Then on Oct 28 founder Jon Oringer came back as CEO and Chairman. He owns ~30%, and his stake is down ~80% this year. X is split: one guy called him checked out since 2020 and "an even worse COB," another called it the start of a serious shake-up. Either way, the founder who owns almost a third of the company now has every reason to fix it or sell it. Value Line still rates Financial Strength B. You're paying 3.5x free cash flow for a melting ice cube, so the question is how fast it melts. If FCF falls 20% a year it still roughly pays back the whole EV in about five years. Q3 is Nov 5. Size it like a lottery ticket. Not investment advice. Do your own work.

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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

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 1 click

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
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
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