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
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From X
Raging Capital Ventures on X
This does not read well $NVDA
George Noble on X
The collapse of $NVDA and the AI ecosystem will be truly epic. @GavinSBaker @chamath @Jason @darioperkins @DarioCpx @JG_Nuke @MichaelMOTTCM @biancoresearch
Raging Capital Ventures on X
Does the crash of Jensen’s “Bank of $NVDA” lead to a nuclear funding winter for underfunded AI neoclouds and startups?
Mr Neutral Man aka "Howard Marks of REITs” on X
When investing in liquidations, sometimes your security stops trading and gets priced at $0.00 and you have to just ignore how it looks in your brokerage account From a 5 figure cost to $0 in my IRA NOT MY FIRST RODEO!!! $ARI P.S. This illiquidity is kind of awesome!
Investor Letters
All letters- 103 Advisory Group October 2026 AMZN $2.9TGOOGL $3.7T
- Asset Value Investors Ltd October 2026 4347 $112M6727 $598M
- Robinson Capital Management October 2026
- Sandon Capital — Activist Fund October 2026 CYG FWD $134M
- Minotaur Capital October 2026 META $1.6TAVGO $1.7T
- Bell Asset Management October 2026 CRH $64BEXPGF $34B
- Lakehouse Capital Small Companies Fund October 2026 COGZF $411MFNCHF $520M
- Lakehouse Capital Global Growth Fund October 2026 ADYEY $30BNOW $104B
GrabAGun Q3 2026: Where Did the Cash Go?
GrabAGun’s $34 million Camfour acquisition cuts pro forma net cash to about $54 million as sales decline, losses widen and its buyback…
Nvidia and the World Without Jensen
Nvidia’s Jensen Huang resignation leaves a flat organization built around his direct control as China GPU restrictions tighten.
This Week in Special Situations: Coursera, eToro, Fluor, Trade Desk
Coursera trades at roughly $150 million enterprise value after Pale Fire Capital took 14.7%, with cash and Treasuries covering 83% of its…
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.
Floor & Decor 3Q’26: Déjà Vu, But Priced For A Lost Decade
Floor & Decor cut its 2026 outlook again, with EBITDA guidance falling to $535-550 million and 2027 openings slowing to 10-15 as housing…
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.
Quanta Services (PWR): Backlog Up 63% While Shares Fall 30%
Quanta Services' backlog rose 63% year over year to $64 billion as shares fell 30%, with AI and power-infrastructure demand driving revenue…
Jensen Huang Resigns. Who Should Replace Him to Keep Nvidia Successful?
A hypothetical Nvidia succession scenario names Colette Kress interim CEO and favors Arm's Rene Haas or Nvidia's Ian Buck as permanent…
Petrobras: Record Earnings, Shrinking Dividends, And The Lula IV Problem
Petrobras posted record 3Q26 production and earnings, but higher investment needs are shrinking dividends as a possible Lula IV government…
Bernard Zambonin 8 clicks
NXPI · long Nxp Semiconductors NV
NXP Semiconductors, the global automotive-chip leader, has delivered 12.5% compounded EPS growth and is presented as a long investment.
Uber Stock Breakdown (Five Minute Money)
Uber’s $50 billion revenue and $4.5 billion operating profit reflect a turnaround from years of subsidy-heavy growth, with autonomous…
Pool Corporation "Undisputed Industry Leader"
Pool Corporation derives 65% of sales from maintenance and repair, while scale and acquisitions support a 40-50% share of pool supplies.
Green Dot: Creating a Standalone BaaS Bank
Green Dot creates a standalone banking-as-a-service bank.
Obscure Stocks Annual Review
Obscure Stocks reviews 2025 positions, including ELMSQ’s illiquid bankruptcy stock and DallasNews’ Hearst buyout, while setting stricter…
Operating Leverage as a Source of Market Inefficiency
Mastercard added $2.6 billion of revenue from 2005 to 2010 while expenses rose only $0.3 billion, illustrating how extreme operating…
Telephone and Data Systems (TDS): The New TDS
Telephone and Data Systems, a $4.8 billion telecom holding company, is being reassessed after a decade of convoluted investor messaging.
Return of the Power King
China Yuchai (CYD) seeks a 2026 rerating as governance normalization, global expansion, AI data-center power demand, and green-powertrain…
Low-Entropy Businesses: Why Some Companies Quietly Endure
Service Corporation International, a tree-based materials company and a retailer illustrate how fixed rituals, biological cycles and…
Greg Abel’s Unique Challenge
Greg Abel must preserve Berkshire Hathaway’s decentralized culture while improving lagging subsidiaries as Warren Buffett’s successor.
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Sectors
Ordered by how often our editor reaches for them.
