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Thursday, November 12, 2026

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Looking Back at Another Successful Thesis

DoubleU Games raised its all-cash tender offer for DoubleDown Interactive minority holders to $16.25 per ADS from $11.25 after net cash made the earlier bid untenable.

DDI $779M
The Value Road 3 clicks

From X

@StableBread

Fajasy on X

Bulls N’ Bears, an Australian investment news site, called American West Metals’ $AWMLF new exploration target at its Storm copper project in Arctic Canada a “monster maiden exploration target.” The maiden exploration target estimates 110-214Mt @ 0.59-1.02% copper outside the current resource, or 646,000t to 2.2Mt of contained copper (2.3-7.9x Storm’s 276,000t resource). An exploration target is a range of what an area could hold before there’s enough drilling to estimate a resource, and $AWMLF calls its own “conceptual in nature.” Here’s where the seven target areas sit relative to Storm’s existing deposits (in red), with Chevron ~30km south in the inset. But most of the target rests on Storm’s existing deposits used as templates, or on little to no drilling: → Deeps Zone and Central Graben (345,000-777,000t): Assumes three more deposits the size of Cyclone, Storm’s largest, one below Cyclone and two in the Central Graben, backed by 14 widely spaced holes. → SE Stratabound and SE Structural (164,000-369,000t): Sized from three existing deposits (Chinook, Lightning Ridge, and Corona) ±20%, assumed to repeat down to ~300m below surface, plus nearby ground tested by 17 broadly spaced holes. → Tornado (95,000-859,000t): Largely unexplored ground 5km east of the deposits, where the two intercepts the release lists grade just 0.12-0.14% copper. → Chevron (14,000-123,000t): ~30km south of the deposits, with no holes drilled yet. The best intercepts in the Deeps Zone and Central Graben also start more than 300m down the hole, far deeper than the open pits the pre-feasibility study (PFS) plans. Even the extensions of the existing resource (28,000-64,000t), the part of the target closest to the deposits, grade 0.53-0.80% copper, below the reserve’s 1.2%. Managing director Dave O’Neill plans to develop Storm first and fund growth from it, since an operating mine “is expected to significantly reduce the costs of exploration,” he said in the release. So I don’t attach any value to the exploration target. It shows where $AWMLF plans to drill and run geophysical surveys in 2027, but little of it would add years to the PFS mine.

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Qure Anniversary Update

UniQure’s Huntington’s disease BLA has a May 1, 2027 priority-review date, with an FDA advisory committee expected in late first quarter.

QURE $1.7B
Triple S Special Situations Investing 2 clicks

Big Short: Fidelity & Guaranty

F&G’s main insurer held $66.5 billion of assets against $1.38 billion of statutory capital, while private credit, reinsurance dependence…

FG $3.2B
Mispriced Assets 3 clicks

Top Rebound Stocks for Nov’26

Texas Pacific Land's 50% selloff reflects faded data-center expectations, while its Permian royalty business generated $498 million of 2025…

TPL $19B
Rebound Capital 2 clicks

Peloton: Beyond The Bike

Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as…

PTON $2.6B
TSOH Investment Research 3 clicks
TRIP · long

Tripadvisor INC

Tripadvisor (TRIP) is presented as a long idea.

TRIP $880M
Value Investors Club 6 clicks

Investment idea: Flowers Foods (FLO)

Flowers Foods cut its dividend to fund $300 million of debt reduction by 2027 after the $795 million Simple Mills acquisition lifted…

FLO $1.3B
Nugget Capital Partner's Substack

Seer

Seer trades at $2.04 against $3.90 per share of net cash as activists press a board that rejected five buyout proposals and won reelection.

SEER $88M
Triple S Special Situations Investing 4 clicks

DoorDash

DoorDash positions itself as infrastructure for local commerce.

DASH $78B
MBI Deep Dives 2 clicks

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