Another High-Premium, Multi-Billion-Dollar Canadian Oil Deal
Strathcona Resources will acquire Greenfire Resources for C$2.8 billion including debt, valuing the Canadian heavy-oil producer at up to a 39% premium.
Tuesday, November 10, 2026
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From X
Raging Capital Ventures on X
Agreed, $GOOG was cheaper at the time, but it was still 10x-ish revenues at the time. Tech multiples were different at the time and the tech crash was still fresh in investor’s memories. Search was also still intensely competitive. I’ve been impressed with $ANT’s capital efficiency, operating leverage, and profitability to date. I think there are a lot of similarities.
Raging Capital Ventures on X
I am short $SPCX. It has a giant market cap, everyone and their brother (endowments and VCs included) is full up on the stock, and most of the company's big growth initiatives are capital intensive and aimed at highly competitive industries. Oh, and Elon is persona non grata in Washington now.
Prepared Remarks on X
Was there any reason for the $bkd rip into the close? +5% in 30 minutes on decent volume and from -5% intraday
Myles on X
@valuedrift @irbezek $KORU has way higher financing costs. The $SOXL and $SOXS are only like .5% above risk free. Koru significantly underperforms it's underlying. It's actually the better short even with the higher borrow. (I'm short to hedge some SK positions).
Barbarian Capital on X
Toyota Plans to Sell a Kei Pickup Truck in the U.S. $TM
Barbarian Capital on X
On Holding’s Sales Mix Surprises, as Direct-to-Consumer Growth Underwhelms $ONON
Investor Letters
All letters- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.6BSN $31B
- Forager Funds Management October 2026 TUA $525M
- Rathbones October 2026 SBGSF $143BSIEGY $233B
- FCL Capital October 2026 ANPDF $28BASML $576B
- Protean Funds October 2026 AAK $4.8BLFABF $13B
- Auxier Asset Management Third Quarter 2026 META $1.6TAMZN $2.9T
- Mawer Investment Management Third Quarter 2026 2059 $25BBN $97B
- Marram Investment Management 2026 3rd Quarter CSGP $12BPAY $4.2B
Irreplaceable Assets, Explosive Growth, On Sale: LandBridge Q3 2026 Update
LandBridge’s Q3 revenue rose 39%, while newly acquired pore space could lift pro forma EBITDA and cut its 2027 EV/EBITDA multiple from…
Constellation Software 3Q26 Recap: When 2% is Good
Constellation Software’s 3Q26 organic revenue grew 2%, while $609 million of acquisitions and improving acquired-business margins supported…
Airbnb 3Q26: Business Update
Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…
Joby Aviation (NYSE: JOBY) Stock Rating: Accumulate After Q3 FY12/26 Earnings
Joby Aviation reported $55.1 million in Q3 revenue, raised 2026 guidance to $135 million to $140 million, and expects FAA pilot training in…
Airbnb 3Q26 Business Update: “Growth Mode”
Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights grew 16%; app rebuild, AI-assisted releases and social travel features aim to…
MARA Holdings Q3: Massive Deleveraging Sets The Stage For The AI Colocation Premium
MARA Holdings cut debt by $1.4 billion after an $885 million Bitcoin gain, while 1.9 GW of energy assets and a $79 million GPU contract…
Mandela Amoussou 1 click
Sin of Hubris: Jensen’s Affair Scandal and What It Means for Nvidia, AI Players and the Market
Nvidia faces unverified allegations involving CEO Jensen Huang, a customer executive and claimed China-linked influence over AI chip…
Research update
S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…
Q3 Earnings: XPEL, Liberty Capital, Douglas Dynamics, Strattec, Seaport (XPEL, GLIBA, PLOW, STRT, SEG)
Liberty Capital’s GCI business grew 5% in high-margin healthcare and school contracts, while Quintillion could lift EBITDA to $440 million…
Occidental Petroleum (NYSE: OXY) Stock Rating: Distribute After Q3 Earnings
Occidental Petroleum generated $4.3 billion of Q3 EBITDA and cut principal debt to $10 billion, but each $1 WTI decline reduces annual…
PPTA · long Perpetua Resources CORP
Perpetua Resources (PPTA) is a development-stage gold mining project.
Ferrari Exploratory Report
Ferrari sells about 13,000 vehicles annually, generating €7 billion of revenue and 28% operating margins; its shares trade at 32 times…
FDA vs. HIMS: Why the Oral “Wegovy Copy” Crackdown Changes the GLP-1 Game
FDA’s crackdown on HIMS’s $49 compounded oral Wegovy copy reshapes GLP-1 competition after Novo Nordisk forecast 2026 sales and profit…
Evolution: 4Q25 Business Update
Evolution's fourth-quarter revenue fell 4% as Asia cyber disruption and European channelization outweighed U.S.
Adobe Inc (ADBE): slowly, then all at once
Adobe’s sub-20x forward GAAP P/E reflects AI disruption fears, with the investment case hinging on whether Digital Media’s creative…
2026: Radio silence, software setbacks and more from me in 2026
RELX and Sage have fallen 46% and 35% as markets label them AI losers, creating potential value opportunities alongside risks of genuine…
My Biggest Position: A Monopoly Priced for Failure
A former value-investor darling, down 50%, pairs a monopoly with a recurring-revenue razor-and-blade business; debt paydown, margin…
InMode (INMD): Low-risk Take-Private Opportunity *Exited*
InMode faces $1 billion to $1.1 billion take-private bids, including Centroid and a management-led group, while Steel Partners offers $18…
Mispriced Kalshi Contract: Snapchat Family Center
Kalshi’s 87% odds of “Family Center” on Snap’s earnings call far exceed its 2.9% historical mention rate and a 15–20% street-adjusted…
CrowdStrike: A Glass DeathStar during SaaSmageddon | Short Thesis
CrowdStrike faces a renewal cliff after its July 2024 outage, with Microsoft Defender bundling, litigation, SEC and DOJ scrutiny, and a…
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