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Wednesday, November 11, 2026

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@calvinblissett

Calvin Blissett on X

The Value Investor's SpaceX ($SPCX) : A Korean Preferred at 0.3x Book. Indrect exposure to SpaceX=~68% of price, Management Says It Wants the Gap Closed. 4% dividend, 4x conservative earnings. Brand advantage in a commodity indsutry. Fundamental Business does not earn from Space X at all 𝘈𝘭𝘴𝘰 𝘒𝘰𝘳𝘦𝘢𝘯 𝘱𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥’𝘴 𝘐 𝘱𝘢𝘴𝘴𝘦𝘥 𝘰𝘯 𝘢𝘯𝘥 𝘸𝘩𝘺, 𝘧𝘰𝘳 𝘧𝘳𝘦𝘦! 𝘈𝘴 𝘸𝘦𝘭𝘭 𝘢𝘴 𝘸𝘩𝘢𝘵 𝘐'𝘮 𝘸𝘢𝘵𝘤𝘩𝘪𝘯𝘨 𝘳𝘦𝘨𝘢𝘳𝘥𝘪𝘯𝘨 𝘵𝘩𝘰𝘴𝘦 2.
@aleabitoreddit

Serenity on X

You heard 10x demand for compute > supply from $CRWV today. Hearing from $TSM today on Nikkei Forum: "The demand on our leading node [most advanced] silicon is insatiable" Customers "want to get [their] hands around any compute capability they can have. It's truly an insatiable environment." Q: Whether AI demand was slowing? A: "we did not see any sign of slowdown" Q: How demand compared with TSMC’s ability to supply A: "the demand actually is still far above our capability today to supply." TSMC identified power and substrates as bottlenecks customers were encountering. On the mid-to-high-50s annualized growth estimate for AI accelerator revenue from 2024 to 2029. Wei said "it probably will be higher." Describing things as "insatiable" from a traditionally conservative company... doesn't quite look like any collapse in AI demand.

Investor Letters

All letters

Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $111B
Speedwell Memos 2 clicks

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

SPGI $136BICE $96B
Global Outperformers 3 clicks
IBIT · long

Ishares Bitcoin Trust Etf

IShares Bitcoin Trust ETF (IBIT) is presented as a high-conviction Bitcoin position with attractive risk-reward.

IBIT $173B
Value Investors Club 2 clicks

Apple and a Hacker’s Future

Apple’s walled garden feels limiting as AI increases the value of open systems and hacker-friendly tools.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology.

British American Tobacco: Harvest

British American Tobacco’s U.S. reset revives combustibles and rebuilds its nicotine-pouch portfolio after legacy-brand writedowns and Velo…

BTI $132B
Invariant 6 clicks

Practical Parametric Yield

Cerebras’s WSE-3 faces parametric-yield constraints that could restrict supply, making power and clock-speed tradeoffs central to its next…

CBRS $20B
Irrational Analysis 3 clicks

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