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Wednesday, November 11, 2026

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@ActAccordingly

PAA Research on X

How magnanimous of Michael Intrator at $CRWV to halt his 10b5-1 stocks sales. Checking filings. Looks like he sold 10MM shares for roughly $1B in gross proceeds (mostly this year). The three founders combined cashed out $3.3B of stock since the IPO. No doubt this stock can be a fantastic trading vehicle given its volatility (250% implied vol into the print), but if you're thinking of this in any longer term context, management already told you what they REALLY think of the business on a longer term horizon....
@aleabitoreddit

Serenity on X

There's a lot of news about WT (3036) introducing their first CW DFB laser line card. More significant than people think for medium-long term. For economic impact and what revenue looks like: - $SMTC generated 74% of its revenue through distributors. $AMBA as another example, ~60-70% of their 2026 revenue went through this company. - With WT in specific, if you look at even a large company like $AVGO scaled: -> 13% of Broadcom revenue went through WT in 2020 -> 18% (2021) -> 20% (2022) -> ~21% (2023) -> ~28% (2024) -> now possibly up to ~46% (they stopped naming) Just showing how important the largest distributors in the world become to semi companies. Given how WT chairman attributed rapid growth coming from AI photonics demand (eg. DSPs to optical module makers): It becomes more interesting for a certain company that WT introduced their first CW DFB laser line card during an industry bottleneck.
@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.

Investor Letters

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Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $2.3B
Doomberg 4 clicks

Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $48B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

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
MBGL · long

Mobility Global INC -spn

Mobility Global Inc. will become a standalone public company through S&P Global’s spin-off of its Mobility division.

MBGL $5.8B
Value Investors Club 2 clicks

Keep It Simple

Apple’s 2013 valuation discount and buyback catalyst illustrate how a simple investment thesis can anchor investors through market noise.

AAPL $5T
The Owner's Memo

GameStop Is Extreme Deep Value

GameStop's collectibles mix rose to 45% of sales as gross margin reached 44%, supporting a deep-value case built on cash and store…

GME $13B
The Value Road 10 clicks

A2Gold: Research Note

A2Gold’s first Taylor drill holes returned 20.96 g/t AuEq over 1.5m and 209.4 g/t silver over 10.7m, alongside 141.10 g/t gold at…

KGC $25B
Atrium Research - Equity Research 3 clicks

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