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Friday, November 13, 2026

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Industry Primer: Alternative Asset Managers

Alternative asset managers earn durable fees on committed capital, but 2026 losses followed retail-credit redemptions, lender-fraud allegations and AI fears around portfolio software…

BN $94B
Latticework by MOI Global 2 clicks

From X

@StableBread

Fajasy on X

I calculated how much of the Storm copper project’s build American West Metals $AWMLF has to fund beyond a US$40M loan from Storm’s future copper buyer, after its new pre-feasibility study (PFS). Ocean Partners, the metals trader that holds Storm’s offtake (the right to buy all of its output), agreed in April 2025 to lend up to US$40M of the initial capex defined by the PEA (Storm’s first-pass study) through a senior secured loan, subject to a bankable feasibility study and a final investment decision (FID). The loan covered 84.4% of the PEA’s US$47.4M, and covers 49.4% of the PFS’s US$81.0M. Counting pre-development, the part of Storm’s US$108.3M pre-production cost that the loan doesn’t cover tripled to US$68.3M from US$22.1M. $AWMLF’s 80% of the US$68.3M gap is ~US$55M, more than twice its ~US$24.6M market cap. The PFS lists offtake prepayments, project debt, build-own-operate deals, and Canadian critical minerals programs as non-dilutive options. Its cash flow model also counts a ~US$24M refund from Canada’s 30% clean technology manufacturing tax credit, but the refund only arrives in the second year of production, after construction. Aston Bay Holdings (TSXV: BAY), which owns the other 20% of Storm, only starts funding its share after the DFS (the next, more detailed study) and the FID, so $AWMLF pays for everything until then. After the FID, Aston Bay’s 20% of the gap is ~US$14M, more than its own ~US$11M market cap. If Aston Bay doesn’t pay, its stake gets diluted, and below 10% it turns into a 2% royalty. So $AWMLF may end up funding more than 80% of the build, and its stake in Storm would grow as well.

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QXO Inc Earnings Update: Q3 2026

QXO's Q3 sales rose 79% to $4.9 billion after TopBuild and Kodiak acquisitions, while acquisition debt lifted interest expense to $163…

QXO $14B
SixSigmaCapital: Navigating the Financial Markets 2 clicks

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
SILC · long

Silicom LTD

Silicom (SILC) is pitched as inexpensive on its existing hardware business, with upside framed as a cheap call option.

SILC $184M
Value Investors Club 4 clicks

Recycle Bin

Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.

EQT $33BRRC $12B
Doomberg 8 clicks

TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $34B
Cestrian Capital Research 3 clicks

Namib Minerals: Research Flash

Namib Minerals accelerates Redwing’s restart, targeting first gold this month and a ramp from 338 ounces monthly to 835 ounces by Q2 2027.

NAMM $41M
Atrium Research - Equity Research 7 clicks

Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3…

STVN $3.8B
Best Anchor Stocks 3 clicks

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