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Tuesday, November 10, 2026

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@AsifSuria

Asif Suria on X

While rummaging through insider purchases last night, I came across a company that I almost discarded at first look. It scored poorly in our quantitive model (IA Score of 36), free cash flow was just a smidgen positive in 2025, debt on the balance sheet was growing and it remains unprofitable. Yet an independent director with deep industry experience was buying. This is his fourth insider purchase since joining the board in 2023 and he picked up $408,600 worth of stock according to the Form 4 filed yesterday. The company is California-based Alphatec Holdings $ATEC and they make a robotics platform focused on spinal surgery. The stock is down an astounding 62% over the last year. Dave Demski, the independent director that bought shares, used to previously be the COO and then the CEO of Globus Medical $GMED Globus Medical built a robotics platform to help with spinal surgery, hip reconstruction and more. During Demski's nearly 5 years as CEO of Globus Medical from 2017 to 2022, revenue increased from about $700 million to over $1 billion and the stock more than doubled despite the disruption due to COVID-19. So what made me take a closer look at Alphatec? I love companies that could be at a point of inflection and I'll let the income statement speak for itself. Last quarter the company almost broke even and free cash flow was positive. Year-over-year revenue growth was about 13% but it missed consensus estimates. For the full year they expected adjusted EBITDA of $137 million and free cash flow of $10 million. With an enterprise value of just $1.65 billion, I can see this company being an acquisition target for Medtronic $MDT, Zimmer, Boston Scientific or more importantly Globus Medical.
@convequity

Convequity on X

Compute & Accelerators screen (43 names). Our Rule of X = forward growth x a sector coefficient + free cash flow margin - SBC %. The coefficient starts from Bessemer’s 2.3 for software and is scaled by how much profit a sector earns per $ of growth versus its cost of capital. More profit and cheaper capital means growth counts for more. Compute mostly runs 2.3 to 2.7. Colours: green = high score, cheap, or price down (more upside from here). High score + attractive valuation + flat or falling price: $NVDA (DCF 91% discount), $AVGO (94%), $ASML (EV/FCF 24.8x). High score but priced for it: $AEHR (EV/GP 95x), $AMD (EV/FCF 125x). Data from Koyfin, prices at 30 Oct close. A screen, not advice. Do your own research.
@KEDM_COM 1 click

KEDM.com on X

More on #nicotine: While the market potential in the US is many times larger than in Sweden and Norway, the dynamics are very different. In Sweden, the market is mature and largely saturated, with pouch growth mostly cannibalizing Snus. In the U.S., it is more fragmented and experimental. The large players include Philip Morris $PM’s Zyn, British American Tobacco $BTI’s Velo and Altria $MO’s On!. There are some niche brands, of which Alp is the most notable because of its promotion by Tucker Carlson. It is owned by a JV between Tucker and Turning Point Brands $TPB. TPB is widely covered in our Discord channel, mainly by KEDM subscriber @stonksbusinessman.

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 $6.1B
Cannibal Stocks 1 click

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…

PWR $77BRIOT $5.8B
Monte Independent Investment Research 1 click

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 1 click
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
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 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

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

Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

RBLX $35B
TSOH Investment Research 1 click

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