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Tuesday, November 10, 2026

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@eriksen_tim 1 click

Tim Eriksen on X

Is $EVC is a classic case of thesis drift for its investors? It was all about sequential hypergrowth (with a supposed SOTP margin of safety). Mgmt said Q3 will be below Q2. Now the thesis is about strong year over year growth. What happens in a few quarters when year over year growth is gone, or is low single digits? Is this really a seasonal business? For me it was a small position due to the nature of the situation. Q2 growth was lighter than I expected so I was selling after hours and have fully exited.
@KEDM_COM

KEDM.com on X

SEACOR Marine $SMHI has launched a strategic review, looking for value maximizing transactions – tough, clearly preferably a full sale. This comes after a ton of pressure from Pointillist (the largest shareholder), which argued SMHI’s market cap massively undervalues a fleet. Their thesis: the offshore cycle has fully recovered, but SMHI’s equity still trades at well below its $22/share broker appraised value. Seacor remains weighed down by high interest costs, G&A expenses, and subpar utilization, forcing asset sales to bolster liquidity. The premium PSV fleet alone should be worth ~$11/ share, with FSVs and Middle East liftboats pushing embedded value to $15/share+, vs. today’s price.
@BlueDuckCap 2 clicks

BDC on X

$XGN remains a top holding for us. Even after the big move higher post a beat and raise Q2, the shares trade for a material discount versus comps. The discount is silly. Especially when we consider that they are launching a new marker for Myositis. XGN tells us that Rheumatologists are BY FAR requesting a precise diagnostic for Myositis more than any other condition. The reason is because Myositis is treatable if caught early, but problematic if not. "this is the #1 asked for product amongst our rheumatologists clinical base... it's not even close to the #2 asked for offering" $XGN trades for 2x 2026 revenues. Comps go for 10x.

Investor Letters

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The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 4 clicks

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 2 clicks

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 $6.6B
Monte Independent Investment Research 3 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

Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research 3 clicks

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 3 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 3 clicks

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 2 clicks

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