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Tuesday, November 10, 2026

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@AsifSuria

Asif Suria on X

"We believe mgmt. wants to make sure it gets credit for that ramp, which could happen by letting the next 1-4 quarters play out." Management at $LION has been deeply entrenched and the company has become an "activist black hole". Carl Icahn's protege Mark Rachesky disappeared into it and it also swallowed our former Treasury Secretary Steven Mnuchin. At least after Mnuchin got involved, we managed to get rid of the dual class structure and Starz $STRZ was spun out. Like @valuedontlie I should have doubled down on Starz instead of $LION. Still long Lionsgate Studios and still willing to be patient but it feels like Feltheimer has perfected the art of moving the goal post.
@KEDM_COM

KEDM.com on X

Middle Coast Investing @DanielShortman said it owned Trimas $TRS, a metal and plastic packaging company, for over a year and added significantly this quarter. Under activist pressure to break up its conglomerate structure, the company sold two units, most recently its aerospace unit last March. Remainco is a $1.5bn market-cap packaging business that, according to the fund, is in a sweet spot to acquire or even be acquired. Based on Middle Coast’s estimate, it trades at 9.2x EV/EBITDA after spinning off its aerospace unit. (We note that TRS hired a CEO in 2025 with packaging experience, and he’s more likely to be an acquirer than to be acquired).
@StableBread 4 clicks

Fajasy on X

“We are in active discussions with some of the largest GPU consumers in the world, with requirements ranging from 10,000-50,000 GPUs. Those discussions are not yet contracts, and we will announce them only when they are.” That’s what Boost Run $BRUN CEO Andrew Karos said on the Q2 call. None of my bear, base, or bull cases considers a contract with one of those buyers. At Thinking Machines’ $3.59/GPU-hour, a single 10,000-GPU contract would bring in $314.5M/year, 78.6% of the $400M 2026 target. Karos also said $BRUN is procuring another $4-5B of computing hardware from multiple manufacturers. If all of it were rented out on three-year contracts at 1.4x TCV-to-capex (contract value divided by what the GPUs cost), the hardware would bring in $1.9-2.3B/year, 4.7-5.8x the 2026 target. But if lessors fund 79.5% of the purchases, as they did in H1 2026, $BRUN would also take on $3.2-4.0B of new lease debt. So how $BRUN finances the procurement decides how much of the $1.9-2.3B reaches shareholders.

Investor Letters

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The 10-Q Fills In the Buyback

Empire State Realty Trust bought $86.1 million of stock through November 6, while corrected sum-of-the-parts values range from $9.12 to…

ESRT $1.3B
Orphan REITs 1 click

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

RIOT $5.8B
Monte Independent Investment Research 1 click

Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie 2 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 2 clicks
AUTLF · long

Austal Limited

Austal is a naval and commercial shipbuilder operating in the U.S., Australia and Asia.

AUTLF $1.3B
Value Investors Club

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 1 click

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 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 3 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

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