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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

@leevalueroach

Lee Roach on X

The market's greatest gift this year to me was when $EVC posted a killer Q2 and the market sold it off as a dying radio company. It allowed me to buy even more when the piggies were panicking. Volatility is the greatest gift to active fundamental investors. People's brains have been fried from constant dopamine releases from social media and need instant gratification. No one can hold a business for the long term anymore. If you can, that is your competitive edge.
@gnoble79

George Noble on X

From my friend Mr. X: As Anthropic apparently starts their road show, which I would call “We Work Part Deux.” Remember, as I said before, We Work cut their valuation 3x, still couldn’t get it done, and then eventually ended up bankrupt. And in my view, We Work and Adam Neumann had better governance and were a better deal, for a variety of reasons. And that was before everything started coming undone and prior to policy heading in the wrong direction and prior to the head of the central bank of NVDA, who is also financing them, was caught canoodling with a Chinese spy. This is why it does not work. This is not .COM or railroads. The $ are being spend on an incredibly dis-economic technology that will decay as opposed to sticking around. This is rapidly depreciating immature broken software and compute that is the equivalent of UNIX, SPARC, and VAX or a Mainframe. Then, the more they are spending, the less they are getting. It is sort of like the impact of every incremental dollar of debt on GDP, very diminishing marginal returns. There is no scaling. If the underlying technology does the opposite of scaling, the business cannot scale. Said simply, cost per unit is going way up (Anthropic’s S-1 tells you this too), revenue per unit is plummeting. See this tweet and subtweet: [] More on Jensen the China lobbyist: [] ICYMI re my last: $NVDA @JG_Nuke @DougKass @edzitron @MacrostrategyP @GaryMarcus

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

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
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

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