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Wednesday, November 11, 2026

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@KEDM_COM

KEDM.com on X

GungHo Online Entertainment $3765.JP has spent more than a decade living off Puzzle & Dragons, drifting into irrelevance. This could be over, and we might finally see some value unlock. Strategic Capital mounted a year-long activist campaign, forcing the company’s long-time boss out. So now we have a new CEO (with a big pay cut compared to the previous chief) and a TSR-linked incentive plan. But this is not the most interesting part. GungHo holds a stake in Gravity $GRVY (~59%). Worth more than GungHo’s entire enterprise value. Gravity itself is interesting, btw: profitable and with a net cash position equal to its market cap. Now let’s see if Strategic can get this thing over the finish line.
@pernasresearch

Pernas Research on X

I come across a class of company every now and then that I think of as a Schrödinger company. It’s a business where the market opportunity is partly endogenous to execution. In most businesses, you can reasonably separate the opportunity from the operator: you know there’s an attractive market, and execution determines how much of it the company captures. With a Schrödinger company, the two are entangled. Only exceptional execution may prove that an attractive business opportunity exists. If it fails, you may never know whether the opportunity was flawed or the execution simply wasn’t good enough. Two examples come to mind: $sfix and $tdup. In both cases there could definitely be something there but you have to prove it. And it’s very difficult to prove it.

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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
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

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

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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