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Friday, November 13, 2026

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The Spy Who Shagged The Market

Nvidia’s leadership scandal puts its AI-market role under scrutiny, with comparisons to AIG’s pre-GFC liquidity influence.

AIG $43B
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

From X

@AsifSuria

Asif Suria on X

I wanted to think about it for a bit before responding and time go away from me this week. I think NBCU makes a lot of sense as an acquisition for Netflix $NFLX given its size and the optionality it provides the company. However beyond the tax part, getting this deal through antitrust will not be easy and integration will be even harder given all the moving parts to an organization of NBCU's size and Netflix's current culture as a tech company. $LION is much easier tuck-in acquisition on both those fronts.
@kevin__mak

Kevin Mak on X

$CMPS Some questions about the CNPV program being shelved and how it will affect Compass' application. The honest answer is "nobody knows", though FDA has said on the record that career staff are still reviewing applications that already hold a voucher (a bit vague!). My hope is that they continue the existing process. CMPS (and Usona) have been on a rolling submission, so there is an established workflow to "keep the ball moving". See the transcript below for a sense of the relationship they've built with the FDA over the past months. Also, my guess is that 30-70% (yes, wide range) of the review is already "done", so FDA isn't starting from scratch as of the Nov 9th submission date. Even if they reallocate resources and "slow things down", I could see a plausible slowdown case where it takes 3-4 months (instead of 1-2 months on a full CNPV program, but not the 8-12 months of the regular non-CNPV track). Disclosure: Creek Drive and its affiliated funds holds a long position in CMPS. Views expressed are current opinions for information only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future performance. See the disclosures link in my bio for more important information. -- Related/unrelated, the "race" between Usona and Compass is actually kind of moot. The actual "approval effective date" will likely be the DEA rescheduling date. Once the FDA gives the nod to EITHER drug, that starts the process on DEA rescheduling (which people are guessing will take around 90 days).
@StableBread

Fajasy on X

Storm, American West Metals’ $AWMLF copper project in Arctic Canada, can only receive fuel and equipment during the August-September shipping window each year. $AWMLF plans to file its final mining application with the Nunavut Impact Review Board (NIRB), the territory’s environmental review agency, in Q4 2026, after the Nunavut Planning Commission approved the project description. The full review typically takes ~3 years, and the company has been working with regulators for over 12 months. $AWMLF targets a final investment decision (FID) in early 2028, pre-development in H2 2028, construction in 2029-2030, and first copper in 2030. To start pre-development before the full review ends, $AWMLF plans to ask NIRB for an exception covering limited early works, such as fuel storage, the transport corridor, and a construction camp. The schedule in its pre-feasibility study (PFS) runs the NIRB review and environmental assessment through the end of 2028, in line with the ~3 years the PFS calls typical, and ends ~6 months before the Q3 2029 shipping season, when infrastructure construction starts. If the review runs past mid-2029, construction could slip a full year, since fuel and equipment only arrive during the August-September shipping window. Part of the review will also run through the April 1, 2027 handover of land and resource management from Canada’s federal government to Nunavut’s government, although NIRB keeps reviewing projects after the handover. So I treat 2030 as the earliest year for first copper, not the base case. Each year of delay would take ~US$8M off the US$119M NPV at a 7% discount rate.

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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 $13B
SixSigmaCapital: Navigating the Financial Markets 2 clicks
BLND · long

Blend Labs INC

Blend Labs (BLND) is presented as a long investment idea, with prior VIC writeups cited for business background.

BLND $250M
Value Investors Club 2 clicks

Is The Bond Market Running On Empty?

U.S. Treasury yields are testing credit and equity markets, while the discussion also targets recent changes at Glass House (GLAS).

GLAS $176M
WHAT ARE WE DOING? “Contrarians At The Gate” 1 click

Reddit: DCF Valuation

Reddit’s DCF values shares at $225, driven by international ARPU expansion from $2.2 to $8.3 by 2035 and 38% operating margins.

RDDT $19B
Hated Moats 5 clicks

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