Wednesday, November 11, 2026

I Called the YB CFO. Here’s What I Learned.

Yuanbao’s CFO says China’s new online-insurance rules target abusive sales practices, while Beijing increasingly frames commercial health insurance as a system pillar.

YB $476M

Calvin Blissett 1h ago 2 clicks

24h ago PLOW $850M

Q3 Earnings: XPEL, Liberty Capital, Douglas Dynamics, Strattec, Seaport (XPEL, GLIBA, PLOW, STRT, SEG)

Hidden Gems Investing 2 clicks

28h ago CARS $701M

Is Cars.com a Buy on the Basis of Owner Earnings?

The Owner's Memo 1 click

From X

@stockgutter 7m ago

SG on X

good thread on $WU $IMXI

@StableBread 54m ago

Fajasy on X

I went through American West Metals’ $AWMLF new pre-feasibility study (PFS) for its Storm copper project in Arctic Canada to see how much of the mine plan now rests on a reserve. The PFS converts part of Storm’s resource into a maiden probable ore reserve (the part of a resource shown to be economic to mine, at the lower of the two confidence levels) of 12.58Mt @ 1.2% copper and 3.7g/t silver, or 151,000t of contained copper and 1.5Moz of silver. All 11 years of the mine plan come from the reserve, with inferred tonnes (the lowest-confidence resource category) treated as waste, which settles my August concern that 22% of the mine plan in the PEA (Storm’s first-pass study) was inferred. The plan averages ~10,000t/year of copper, up to 14,000t/year, and starts in the higher-grade Chinook and Corona deposits, where first-year ore grades ~2% copper. The PFS calculates economic cut-off grades (the lowest grade worth processing) of 0.25-0.27% copper, but the reserve uses 0.32-0.34% because test work on lower-grade ore is limited. Three of Storm’s seven deposits (Cirrus, Gap, and Lightning Ridge) are also still inferred only, so the reserve comes from the other four. So the definitive feasibility study (DFS), the next study, could add ore without a new discovery through (1) test work that supports lower cut-offs and (2) drilling that upgrades the inferred-only deposits.

@calvinblissett 1h ago

Calvin Blissett on X

I spoke with the $YB CFO and IR team. Regulation was what worried me most going in. It worries me a lot less now. My takeaways:

@StableBread 2h ago

Fajasy on X

Read $FTEK’s M&A language in its Q3 release here: Continue reading here for what $FTEK’s cash and book value say about the downside:

@StableBread 2h ago

Fajasy on X

Ramesh Nuggihalli, the new CEO of power plant pollution-control company Fuel Tech $FTEK, spent most of the Q3 call on strategy rather than the quarter. He’s running a planning process with outside advisors he’s worked with before, plus a smaller team already identifying acquisition targets, and plans to take the strategy and an “M&A playbook” to the board in early 2027. He listed three gaps acquisitions would fill, in this order: 1) Products: Technologies Fuel Tech doesn’t offer today. 2) Markets: Customers and end markets it doesn’t serve. 3) Business models: Such as turning its informal service work into a standalone business built on long-term service contracts. He didn’t say how much of the $27.8M of cash and investments the board would spend, but at an H.C. Wainwright conference in September, he said he doesn’t need “$50 million-$100 million deals,” just “a $2 million EBITDA company” that fills a product or channel gap. Nuggihalli’s also reviewing R&D spending on DGI, $FTEK’s technology for dissolving oxygen into water. Adoption in aquaculture (fish farming) “has been slower than anticipated,” so $FTEK is evaluating larger parts of the water market. In August, a first commercial hatchery system was the DGI milestone I said to watch. But DGI barely matters to the thesis: it’s still in pilots, Nuggihalli called $FTEK’s investment in it “modest,” the only 2026 revenue management has mentioned is $100K from a wastewater rental, and I gave it no value in August.

@leevalueroach 3h ago

Lee Roach on X

I built a tool last night that scrapes ammo and gun prices across hundreds of different websites. I am seeing 9mm ammo prices up 47% y/y and .22 LR up 50% y/y. Gun market is still soft but the ammo market is tightening pretty fast and guns will likely follow. With dems sweeping I think demand for ammo and guns will continue to outpace supply. $RGR looking good here with Beretta taking massive position. I like $SWBI here too. If Olin wasn't going through that merger with Huntsman I would probably drop my nuts on the table here with their ammo division but I hate big mergers.

@stockgutter 3h ago

SG on X

update: $IMXI to fight termination

@convequity 4h ago

Convequity on X

Why AI's next optical winners may come from headlights, displays and LiDAR 🔍 Scarce, high-power lasers are hitting limits. Lighting, display and LiDAR makers are adapting their tech for cheaper AI links. $AMS $HIMX $AEVA $MVIS $QUBT $VECO