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.
Thursday, November 12, 2026
Back to the front page 
From X
A Capital on X
@leevalueroach Also potential Democratic control of the House will be bad for $GEO / $CXW
Mr Neutral Man aka "Howard Marks of REITs” on X
Dear MF gps, Looking for feedback on Walker and Dunlop $WD How are they as underwriters? How much if that 21/22 toxic vintage of Sunbelt MF with floating rate debt did they underwrite? Any views on the quality of their book? How is their servicing? Stock looks very interesting here
Tim Eriksen on X
Cedar Creek Partners Q3 Letter released. Up 6.5% in Q3, 19.9% YTD, net of fees and expenses. $SODI $EXCE $HRBR $EVRC $PAWH $MMTMF $MMY.V
Lee Roach on X
One dollar for a dozen eggs. $CALM earnings going to suck.
absreturnchaser on X
@essential6t7 @ChopraUSA Wonder if $WU Western Union tries to get out of the deal because they have received takeover offers themselves. @bharringtonw11
Mr Neutral Man aka "Howard Marks of REITs” on X
What's your favorite 2026 Tax Loss selling candidate for 2027 recovery? For me: Basically my entire REIT book probably all have the best torque $ARE $LINE $NXRT
JabroniCoin.USD on X
Latest $CENX 10-Q shows in addition to the 6.8% non-dilutive equity interest, Century Aluminum has a $300m put option on Hawesville written by $WULF
junkbondinvestor on X
Remember when Avis went from $100 to $714 in just a few weeks this spring? Today it’s back at $100. What goes up, must come down. $CAR
Investor Letters
All letters- Asset Value Investors Ltd October 2026 6727 $597M9742 $318M
- Minotaur Capital October 2026 CROX $7.3BHUT $7.3B
- Lakehouse Capital Small Companies Fund October 2026 COGZF $411MFNCHF $530M
- Lakehouse Capital Global Growth Fund October 2026 SNSNF $1.8B
- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.7B
- Forager Funds Management October 2026 TUA $576M
- FCL Capital October 2026 INTR $1.8BRSGN $946M
- Protean Funds October 2026 AAK $4.8BVIMGF $2.2B
Floor & Decor 3Q’26: Déjà Vu, But Priced For A Lost Decade
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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…
AutoNation (AN): The CEO Takes a Driving Test
AutoNation’s new CEO Mike Manley brings Jeep and Fiat Chrysler experience after the dealer chain cycled through three leaders in 30 months.
International Seaways: Q3 Earnings Point To A Stronger Q4
International Seaways reported $291.4 million of Q3 adjusted net income and has 53% of Q4 booked at strong spot rates, supporting projected…
Kevin Avroutskii 1 click
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…
DHT Holdings: Over A 20% Dividend In A Single Quarter
DHT Holdings earned $1.68 per share in Q3 and projects Q4 EPS of $4.25, supporting a single-quarter dividend above 20% at projected spot…
Melissa Tucker 1 click
Quick note on LSAK and GRPN
Lesaka expects its Bank Zero acquisition to close by end-January 2027, though it could still close this calendar year.
WaterBridge Q3 Update: Speed Ramp Powers Record Quarter and Datacenters on the Horizon
WaterBridge grew Q3 revenue 16.9% year over year as Speedway Phase I lifted produced-water volumes, while pursuing large-scale data center…
Lumen Technologies (NASDAQ: LUMN) Stock Rating: Upgrade To Accumulate After Q3 FY12/26 Earnings
Lumen was upgraded to Accumulate after Q3 revenue fell 12% to $2.7 billion, while strategic business revenue rose 10% and reached 55% of…
TransMedics: 2027 Setting Up To Be A Pivotal Year
TransMedics targets multi-organ transplant growth through 2027 trials, OCS Kidney and European expansion after Q3 revenue rose 41% to $203…
Conviction Queue 
MONOY · long Monotaro CO LTD
MonotaRO, traded as MONOY in the U.S. and 3064 in Japan, is a Japanese MRO distributor recommended as a long.
Undercovered Dozen: Coherent, Bank Of America, MaxLinear And More
Coherent, Applied Optoelectronics and MaxLinear are pitched on AI optical-networking demand and earnings growth, alongside Bank of America,…
The Undercovered Dozen 5 clicks
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…
Village Farms Well Positioned For Entry Into Texas Cannabis Markets (Rating Upgrade)
Village Farms posted record quarterly cannabis revenue, driven by international sales and expanded capacity, while positioning for Texas…
Alan Sumler 5 clicks
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…
Another High-Premium, Multi-Billion-Dollar Canadian Oil Deal
Strathcona Resources will acquire Greenfire Resources for C$2.8 billion including debt, valuing the Canadian heavy-oil producer at up to a…
Irreplaceable Assets, Explosive Growth, On Sale: LandBridge Q3 2026 Update
LandBridge’s Q3 revenue rose 39%, while newly acquired pore space could lift pro forma EBITDA and cut its 2027 EV/EBITDA multiple from…
Joby Aviation (NYSE: JOBY) Stock Rating: Accumulate After Q3 FY12/26 Earnings
Joby Aviation reported $55.1 million in Q3 revenue, raised 2026 guidance to $135 million to $140 million, and expects FAA pilot training in…
MARA Holdings Q3: Massive Deleveraging Sets The Stage For The AI Colocation Premium
MARA Holdings cut debt by $1.4 billion after an $885 million Bitcoin gain, while 1.9 GW of energy assets and a $79 million GPU contract…
Mandela Amoussou 1 click
Q3 Earnings: XPEL, Liberty Capital, Douglas Dynamics, Strattec, Seaport (XPEL, GLIBA, PLOW, STRT, SEG)
Liberty Capital’s GCI business grew 5% in high-margin healthcare and school contracts, while Quintillion could lift EBITDA to $440 million…
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Sectors
Ordered by how often our editor reaches for them.
