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Wednesday, November 11, 2026

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@StableBread 1 click

Fajasy on X

U.S. inflation is still sticky, and it’s not only the government’s numbers saying so. Inflation shows up in both the government’s price indexes and the price of gold: → Growth × Policy: Core PCE inflation, the PCE price index minus food and energy, rose to 3.1% in September from 3.0% in August, 1.1% above the Fed’s 2% target. CPI inflation rose to 3.7% from 3.4%. I focus on core PCE because the Fed sets its 2% target on the PCE index, and leaving out food and energy, whose prices swing the most, provides a better read on where inflation is headed. → Charles Gave’s Four Quadrants (from Gavekal): At the end of October, an ounce of gold bought 42.5 shares of $IEF (a 7-10 year Treasury ETF) vs. a 7-year average of 26.3. That’s down from 47 at the end of September, since gold fell 6.9% in October while $IEF rose 3.1%. Gave reads gold beating bonds as the currency losing value, and gold has been beating bonds since March 2020. Gave’s framework still places the U.S. in an inflationary boom, where the U.S. has been since November 2023, apart from four weeks in March and April 2026. That’s the quadrant where he favors gold, commodities, real estate, value stocks, emerging markets and cyclicals with high fixed costs, and avoids long-duration bonds. These assets either rise in price with inflation or earn more when the economy runs hot, while long-duration bonds pay a fixed amount that inflation eats away. High Treasury yields don’t change that call, since Gave’s gold/IEF ratio divides the gold price by $IEF’s total return (interest included), and the ratio is still 61% above its 7-year average even after October.
@leevalueroach

Lee Roach on X

GameStop $GME is doing a Magic the Gathering meet up at stores across the board. Wall Street simply does not understand the significance of this as they don't follow nerdass card market and they definitely don't follow Hasbro $HAS and see how much their Magic the Gathering revenues are up. And they most certainly don't understand that GameStop is a card shop now because Wall Street suits are too busy going to the Peter Luger Steak house and ordering overpriced hunks of meat and a nice side of mashed potatoes while their big fat bellies fall over their legs and wives secretly hate them because they are too busy buried in their financial models and not their wives bosoms.
@StableBread

Fajasy on X

TOYO Co., Ltd $TOYO went from a $123.9M working capital deficit and a going-concern warning to $29.8M of positive working capital in six months. Here’s the balance sheet: → Cash: $103.5M as of June 30, plus $20.0M of restricted cash, up from $51.6M as of December 31, helped by $52.6M of net proceeds from the June offering and its at-the-market (ATM) program. → Debt: $25.7M of short-term bank loans and $51.4M owed on the VSUN loan, including interest, which VSUN (the Vietnamese panel maker $TOYO was carved out of) extended to June 17, 2028, plus $37.6M of leases. → Working capital: $29.8M, vs. a $123.9M deficit as of December 31 that had drawn the auditor’s going-concern paragraph. The $52.6M of offering and ATM cash and the VSUN extension, which moved the $51.4M loan out of current liabilities, account for $104.0M of the $153.7M improvement, and $TOYO said substantial doubt no longer exists. → Customer prepayments: $114.0M of contract liabilities (products customers have paid for but $TOYO hasn’t delivered), including $64.7M from related parties. Before June 30, current liabilities had exceeded current assets at every balance sheet date since December 2023. The June offering (4,545,456 shares at $11.00) and the ATM (414,495 shares at an average $13.78) also raised $TOYO’s share count 13.1% to 42.7M as of June 30, from 37.8M as of March 31. So the balance sheet is no longer the risk it was in March, but part of the cash is customers’ prepayments, and the $51.4M VSUN loan comes due in June 2028.

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Sea Ltd Earnings Update: Q3 2026

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