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Friday, November 13, 2026

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TSOH Weekly Roundup (11/13/2026)

Tripadvisor’s CEO and CFO will depart after weak Q3 results, while Roblox’s CEO discusses AI and Berkshire repurchases $9.6 billion of stock.

TRIP $855M
TSOH Investment Research 2 clicks

From X

@StableBread 1 click

Fajasy on X

Boost Run $BRUN shows $218.6M of new GPU leases in Q3, and its September 30 lease schedule still implies a ~7% interest rate, the same as the June 30 schedule implied. $BRUN had to put $96.0M of its own cash up front on two of the three GPU leases it signed in Q3: → 36-month lease: $59.2M advance, then $2.7M/month. → 24-month lease: $36.8M first payment, then $4.3M/month. For reference, the $59.2M advance alone is more than the $39.4M of advances across all 34 GPU leases $BRUN signed in H1 2026. In Q3, $88.2M of warrant exercises covered most of the $109.8M of lease principal $BRUN paid, and cash still rose $36.9M to $170.0M ($157.0M unrestricted). All 11.4M warrants are now exercised, and GPU lease payments due from January to December 2027 rose to $186.2M as of September 30, from $103.5M as of June 30. The two big Q3 leases alone add $6.9M/month of payments in 2027. The ~$221M of 2027 payments I counted across $BRUN's signed commitments in my October 19 update is now ~$307M, before the five equipment leases $BRUN signed in October, which require $83.1M of payments over the next two years. Four of those five are six-month leases that end with $39.6M of final payments, 59.8% of their $66.2M of total payments. Against those payments, $BRUN says $482M of customer prepayments are due as upcoming projects deploy. So 2027 now runs on (1) those prepayments arriving on schedule and (2) monthly billings, since the warrant cash won't repeat.

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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

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

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.

GRPN $513M
Mispriced Assets 5 clicks
ELALF · long

El Al Israel Airlines Ltd.

El Al Israel Airlines, $ELAL, cut costs 20% in its 2020 COVID restructuring and was taken over by U.S. investors.

ELALF $4B
Value Investors Club

The Last Bidder

Aquarian won Brighthouse Financial despite a lower bid after higher offers failed to secure reinsurance for its legacy liabilities and thin…

BHF $2.6B
Mispriced Assets

TSOH Weekly Roundup (08/07/2026)

TSOH’s weekly roundup covers Crocs’ $218.6 million Malta tax savings, Roblox’s forecast bookings decline and Lululemon’s CEO change amid…

CROX $7.2B
TSOH Investment Research

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