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Wednesday, November 11, 2026

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@calvinblissett

Calvin Blissett on X

I listened to a Bill Gurley @bgurley interview on @TKPPodcast, great interview by the way Bill. He compared the US AI labs to farmers who go to the market and just trade goods, whereas in China the farmers go to the market, trade goods, and are forced to share best practices and help each other implement them. In his words: “The competitive dynamic in China is more intense. Because it is more intense, everyone has chosen to go open source. That creates a system that is capable of innovating far faster than the competitive system we have here.” China’s way results in exponential learning and growth, which is pretty clear. Charlie Munger was a notorious China bull late in life: “The reason that I invested in China is I get so much better companies at so much lower prices.” Sentiment has also got to account for something. China’s CSI 300 just confirmed a bear market, down 20.2% from its June peak, and 19 years later it has still never closed above its 2007 high. On October 23 the Hang Seng Tech index fell 5% to a two-year low and the CSI AI index fell 3.3% in a single day. I am expressing this macro view through a bottoms-up investment I found: a shareholder-friendly, founder-led company paying an 11%+ dividend and authorized to buy back about 3% of its market cap. Revenue grew 33% in the first half of 2026, net income grew 34%, and paying users went from 3.8 million in 2021 to 18.2 million in 2025, a 48% CAGR. It has been preparing for AI since the beginning. The founder: “From the very first day of the company’s founding, we had our own AI algorithm engineers and big data team… we began applying these cutting-edge technologies as early as 2019.” Today about 70% of staff are R&D, AI-generated code is approaching half of all R&D code, and net margins run near 30%. All for the grand price of about 2.5x earnings, with a ~$494M market cap sitting below roughly $630M of unencumbered cash. Did I mention there are forced sellers selling for completely non-economic reasons because they are VC investors? VCs including Hike, Northern Light, Qiming, SIG and Sequoia China owned about 55% of the company after the IPO. Qiming alone has sold 43% of its stake in nine months, from 19.4M shares to 11.1M, per its 13G filings. Here is my writeup on Yuanbao $YB:
@InvestSpecial

Dalius - Special Sits on X

While everything is down, $RSVR keeps delivering. Another solid Q2, another guidance raise. The review of the founder-led bid keeps dragging on. Given the steady improvements in the business, I wouldn't be surprised if the special committee is holding out for a higher price. A bump certainly looks possible. But with the spread down to just 1.5%, the risk/reward isn't nearly as compelling anymore. Up 17% since SSI write-up. Trimming heavily 👇
@aleabitoreddit 1 click

Serenity on X

It think it's stupid that "AI Bubble" gets used over and over. In infra names you have: - 1-3x fwd P/E memory companies from Samsung to $ESMT. With HBM players now having hyperscaler multi-year price floor LTAs. - Optical companies like $POET traded -$97M under net cash. Valuing the operating business very negatively, not even at $0. - While AI companies with larger premiums continue to record demand over the next 3-5 years. Such as the new $20B LTAs signed w/ $COHR to $5B LTAs signed w/ $LITE. Can someone in the media honestly see negative EV high-beta optical companies, where 2 years of burnrate would still value the company below $0. or single digit memory companies with contracted demand + price floors years out and say that's a bubble? Many of these names are extremely profitable today... But obviously there's other elements inside the theme, such as: - Certain startups like Instinct that look like a private valuation bubble. - Leveraged Neoclouds that didn't finance properly - and AI lab valuations and commitments, which should be viewed cautiously. But everything gets grouped into one with the boogyman of "leverage" or "debt". Yes, valuations can compress or correct from macro, potential regulatory uncertainty, or potential capex reductions. But for the companies physically powering the AI buildout, it looks more like the Great AI Deleveraging of 2026... Than anything like fundamental demand destruction. As more earnings come out and free cash flow accumulates over time. I'm confident in a recovery, especially in bottlenecks, and for markets to eventually discern durability + growth over frothy valuations tied to AI.

Investor Letters

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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

Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $832M
Nat Stewart - Stock Picking Newsletter 26 clicks

Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

GREAT DEC-TECTIVE WORK

Diversified Energy reported $255.6 million of “true” nine-month free cash flow, while its $1.8 billion Birch acquisition would shift…

DEC $900M
The Oak Bloke 4 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $333M
The Oak Bloke 3 clicks
NGVC · long

Natural Grocers Vitamin Ctge

Natural Grocers (NGVC) returned to $27.80 after a prior long entry at $21 and exit recommendation at $46.

NGVC $682M
Value Investors Club

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $371M
TSOH Investment Research 1 click

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