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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 $778M
The Value Road 4 clicks

From X

@gnoble79 2 clicks

George Noble on X

Attention $OPEN army. I could not have been any more explicit and persistent in urging you to sell your $OPEN at 8 one year ago. You did not listen. Instead I was met with profane invective. They say revenge is a dish best served cold. It is indeed. The ridicule was loud. The analysis was weak. The result was decisive. Some arguments are best settled by the scoreboard. The media is complicit for promoting this garbage. The Noble Update has generated a long/short spread of 63% from selecting longs and shorts over the last year. I Check it out. You want performance? We got this. @natbrunell @philrosenn @APompliano @ericjackson @rabois @MebFaber @dayetweets @MarkNeuman18 @nejatian @piovincenzo_ @MollySOShea @shaneparrish @JonErlichman @Mindset4Money_X @cvpayne @SaraEisen @carlquintanilla @michaelsantoli @jonathanrstern
@StableBread 2 clicks

Fajasy on X

I tried to work out who’s behind the AI data labeling companies that approached Nubeva Technologies $NBVAF (TSXV: $NBVA). CEO Randy Chou didn’t name the data labeling companies (firms that turn experts’ knowledge into training data for AI labs) or the customers behind them. “If a data labeling company’s coming to us, somebody behind them is asking,” Chou said, adding that the customer typically isn’t limited to cybersecurity companies. OpenAI is one potential candidate, since my previous write-up concluded that the frontier model Nubeva got access to in September was most likely OpenAI’s, through its Daybreak program for vetted defenders. OpenAI launched GPT-6 Astra on September 3, 2026, the day Nubeva announced its access. It’s the first model OpenAI rated Critical for cybersecurity capability. But access to OpenAI’s model wouldn’t prove OpenAI is also behind the data labeling companies, since any lab building cyber models could want labeled malware. Among data labeling companies, three of the largest are publicly recruiting or selling binary analysis expertise, the skill of figuring out what malware programs do: → Scale AI: Its product manager posting calls the cybersecurity portfolio “a product line that does not exist yet” and says the hire will recruit “malware analysts.” → Turing: Sells CyberBench, security tasks for training and testing frontier models, with malware analysis and reverse engineering among its ten categories. TechCrunch called Turing “a key coding provider for OpenAI” in March 2025. → Mercor: Recruits security experts, preferring reverse engineering or binary analysis backgrounds, and counts OpenAI, Anthropic, and Meta $META as customers. OpenAI cut ties with Scale in June 2025, after Meta bought 49% of Scale and hired its founder, Alexandr Wang. So if OpenAI is behind the approach, Turing and Mercor are the likeliest data labeling companies, since both sell to OpenAI and already sell or buy binary analysis expertise. Either way, these data labeling companies are worth $2.2-29B, so even Turing, the smallest, could pay the top of my $12-19M sale range for Nubeva for less than 1% of its last valuation.
@KEDM_COM

KEDM.com on X

A small but interesting one. Bombe AM disclosed a small stake in Mobile Infrastructure $BEEP and is thinking about taking BEEP private. The Chairman and CEO, Manuel Chavez, and the CEO, Stephanie Hogue, are Bombe partners. No price has been offered yet, as Bombe wants due diligence on property performance, capital needs, and capital structure before setting a premium (not our words). BEEP owns and operates parking lots. Shares have been under pressure as earnings don't cover interest expenses. The thing is now trading at roughly 0.5x book, and it looks like their parking lots are being aggressively amortized on the books.

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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 $3.1B
Mispriced Assets 4 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 3 clicks

ASML ($ASML) Deep Dive

ASML monopolizes EUV lithography, a critical tool for leading-edge chips, with production capacity stretched through 2028 and customer…

ASML $591B
Jimmy's Journal 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 $2.5B
TSOH Investment Research 3 clicks
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.

MONOY $7.4B
Value Investors Club

ON THE TAPE with Guy Adami

Guy Adami discusses Nvidia, Anthropic's IPO prospects, energy, gold and the AI trade.

NVDA $4T
WHAT ARE WE DOING? “Contrarians At The Gate” 5 clicks

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