BGIN: a $34mm tax bill and $31mm of cash
BGIN holds $31.4 million of cash against $34.1 million in taxes payable as first-half revenue fell 85% and self-mining costs exceeded coin output.
Friday, November 13, 2026
Back to the front page 
From X
George Noble on X
@natbrunell You should have me on your show. I was right on $OPEN and am tight on AI. Stop wasting your time with shysters like @APompliano and @ericjackson
SG on X
Investors love $CHA plans for a $1.95 special dividend. I'm still long but its pretty extended here.
Asif Suria on X
Another director joined him in buying Alphatec $ATEC this week.
Edwin Dorsey on X
@blondesnmoney $DKNG $SERV
Investor Letters
All letters- Asset Value Investors Ltd October 2026 079940 $486M093320 $626M
- Minotaur Capital October 2026 CROX $7.2BHUT $7.3B
- Lakehouse Capital Small Companies Fund October 2026 COGZF $411MFNCHF $520M
- Lakehouse Capital Global Growth Fund October 2026 SNSNF $1.7B
- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.7B
- Forager Funds Management October 2026 TUA $588M
- FCL Capital October 2026 INTR $1.8BRSGN $949M
- Protean Funds October 2026 AAK $4.7BVIMGF $2.2B
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…
Paymentus: The $2 Billion Vision Maintains My Buy Rating
Tech and Growth 
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.
International Seaways: Q3 Earnings Point To A Stronger Q4
International Seaways reported $291.4 million of Q3 adjusted net income and has 53% of Q4 booked at strong spot rates, supporting projected…
Kevin Avroutskii 3 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…
DHT Holdings: Over A 20% Dividend In A Single Quarter
DHT Holdings earned $1.68 per share in Q3 and projects Q4 EPS of $4.25, supporting a single-quarter dividend above 20% at projected spot…
Melissa Tucker 4 clicks
ANAB · long Anaptysbio INC
AnaptysBio is pitched for a 50% to 80% return over four to six weeks after its April 2026 taxable spin-off of R&D-heavy operations.
GCI Liberty: Cheap, Tax Asset, Malone Fatigue?
GCI Liberty trades cheaply, holds tax assets, and faces investor fatigue with John Malone.
AAON
AAON shares have fallen 45% from November 2024 highs as core HVAC bookings weaken, while BASX supplies hyperscale data-center growth.
Quiet Compounders, a Hidden Moat and an 18% FCF Yield at Pitney Bowes (PBI)
Pitney Bowes trades at an 18% FCF yield, with 25% operating margins, 30%-plus ROIC and plans to return free cash flow mostly through…
BSR REIT (TSX:HOM.U)
BSR REIT’s $618.5 million sale to AvalonBay valued Texas apartments near a 5% cap rate and removed consent rights that had constrained…
Performance review: H1 2025
Abrdn European Logistics Income, Dream Residential and FrontView REIT returned 19%, 15% and 4% through June, with asset sales and strategic…
Alta Fox NATL Presentation
Alta Fox values NCR Atleos at $100 a share, citing ATM-as-a-Service growth, deleveraging and buybacks.
Pt III: A High Quality Tech Provider with an Emerging Event-Angle
IMAX China, Hong Kong-listed 1970, is IMAX’s exclusive Greater China licensee, earning box-office-linked fees from premium large-format…
NL Industries
NL Industries’ $330 million market value is backed by $626 million of public stakes and cash, less estimated legal fees, creating a…
Special Situation: Trading at Net Cash, 35% FCF Yield
DoubleDown Interactive (DDI) traded at net cash and a 35% free-cash-flow yield after a secondary offering, while its social casino business…
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Mike Arnold
Mike Zaccardi, CFA, CMT
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Oakoff Investments
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Broken Moats
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Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
Dalius - Special Sits
David Orr
Deep Sail Capital
Derek Pilecki
Devin LaSarre
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Fajasy
Farmer
Fierce_beast
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Hunterbrook
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Idea Brunch
JabroniCoin.USD
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junkbondinvestor
kab60
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Kuppy
Laughing Water Capital
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Little Owl Research
Maius
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marginofdanger
mavix
Mike
Mikro Kap David
Mr Neutral Man aka "Howard Marks of REITs”
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Myles
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Negligible Capital
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Prepared Remarks
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Raging Capital Ventures
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Rusholme Capital
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SouthernValue
Steve Eisman
The Friendly Bear
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Timyan Bank Alert
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ToffCap
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Undiscovered Compounders
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Investor letters we follow
- 1 Main Capital
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- Crypto Native Capital
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- Donville Kent Asset Management Inc.
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- Frank Capital Partners
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- Fred Alger Management, LLC
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- GoodHaven Capital Management
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- Greenhaven Road Capital
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- Highwood Value Partners
- Hinde Group
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- Holland Advisors
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- Hosking Partners
- Hotchkis & Wiley
- Impax Asset Management
- Infuse Asset Management
- Integrity Asset Management — Micro Cap Value Equity
- Intrepid Capital
- Invenomic Capital Management
- Invesco — Discovery Fund
- Invesco — Small Cap Value Fund
- Ironvine Capital Partners
- Ithaka Group — US Growth Strategy
- JB Global Capital
- JM Finn
- Jacob Asset Management
- Janus Henderson Investors
- Jemekk Capital Management
- Jenga Investment Partners
- Kathmandu Capital
- Kaydan Wealth Management
- Kennedy Capital Management
- Kernow Asset Management
- Kingdom Capital Advisors
- LVS Advisory
- Lakehouse Capital Global Growth Fund
- Lakehouse Capital Small Companies Fund
- Langdon Equity Partners
- Lansing Street Advisors
- Latitude Investment Management
- Laughing Water Capital
- Lazard Asset Management
- Leonard Rickey Investment Advisors
- Lindsell Train Limited
- Long Cast Advisers
- Loomis Sayles — Global Growth Fund
- Lyrical Asset Management
- MJG Capital
- Madison Investments — Small Cap Fund
- Mairs & Power
- Manole Capital Management
- Mar Vista Investment Partners
- Maran Capital Management
- Markel Group
- Marram Investment Management
- Massif Capital
- Matrix Asset Advisors
- Matthews Asia
- Mawer Investment Management
- Mayar Capital
- McIntyre Partnerships
- Meridian Growth Fund
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- Merion Road Capital
- Miller Value Partners
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- Moerus Capital Management
- Mondrian Investment Partners
- Moneta Group
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- Moon Capital Management
- Mott Capital Management
- Mountain Vista Wealth Management
- Muhlenkamp & Company
- Munro Partners
- Myrmikan Capital, LLC
- NS Partners
- Nelnet
- Newport Capital Group
- Next Century Growth Investors
- Night Watch Investment Management
- Nightview Capital
- Nixon Capital
- Nomura Asset Management — Large Cap Growth Fund
- North Sky Capital
- Northern Funds — International Equity
- O'Keefe Stevens Advisory
- Oak Associates Funds
- Oak Ridge Investments
- Oakmark Funds
- Oceana Investimentos
- Oldfield Partners
- Open Insights Capital
- Ophir Asset Management
- Optimist Fund
- Orange Investment Advisors
- Oujo Wealth Strategies
- Overseas Asset Management Asian Recovery Fund
- Overseas Asset Management European Value Fund
- PM Capital
- Packer & Co
- Palm Harbour Capital
- Palm Valley Capital
- Parnassus Investments
- Patient Capital Management
- Peak Asset Management
- Peapack Private
- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Penn Davis McFarland
- Pershing Square Holdings
- Pittenger & Anderson
- Platinum Asset Management — International Fund
- Plural Investing
- Polaris Capital Management
- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
- Praetorian Capital
- Private Capital Management
- ProChain Capital
- Protean Funds
- Pzena Investment Management
- QV Investors
- QuantStreet Capital
- Quercus Fund
- RD Capital Partners
- REQ Capital
- RF Capital Management
- RGA Investment Advisors
- ROCKLINC Investment Partners
- Rathbones
- Regal Partners Global Investments
- Regency Wealth Management
- Renaissance Investment Management — Large Cap Growth
- Rewey Asset Management
- Right Tail Capital
- Rivemont
- RiverPark Funds
- Riverwater Partners
- Robinson Capital Management
- Rowan Street Capital
- Royce Investment Partners
- Rozendal Partners
- SRK Capital
- Saga Partners
- SaltLight Capital
- Sandon Capital — Activist Fund
- Sands Capital — Select Growth Fund
- Sawgrass Asset Management
- Seafarer Capital Partners
- Sequoia Fund
- Seven Corners Capital
- Sharp Capital
- Shelton Capital Management
- Sigil
- Signia Capital Management
- Skybound Wealth Management
- Smead Capital Management
- Social Capital
- Sorfis Investments
- Sound Shore Management
- Southeastern Asset Management
- SouthernSun Asset Management
- Sparrow Wealth Management
- Spheria — Global Smaller Companies Fund
- Spyglass Capital Management
- Starvine Capital
- Staude Capital — Global Value Fund
- Stenham Asset Management
- Stewart Asset Management
- Steyn Capital
- Stone Ridge Asset Management
- Stone Sentinel Capital
- Stonehearth Capital Management
- Summers Value Partners
- Sustainable Growth Advisers
- Symmetry Invest
- TEAM Asset Management
- TIFF Investment Management
- Tall Oak Capital Advisors
- Tapasya Investment
- The London Company
- Third Avenue Management
- Third Point
- TimesSquare Capital Management
- Touchstone — Balanced Fund
- Troy Asset Management
- Tweedy, Browne
- Unconventional Value
- Upslope Capital Management
- VH Standard Asset Management
- Value Line Funds
- Victory Capital — Sycamore Mid Cap Value Equity
- Vision Capital Fund
- Vltava Fund
- Voss Capital
- Voya Investment Management — MI Dynamic Small Cap Fund
- Vulcan Value Partners
- Warden Capital
- Wasatch Global Investors — Micro Cap Fund
- Wasatch Global Investors — Small Cap Growth Strategy
- Wealthspire Advisors
- Wedgewood Partners
- Weitz Investment Management
- Wellington Management — Quarterly Market Review
- WestEnd Capital Management
- Westfield Capital Management
- Westwood — Quality SmallCap Fund
- White Brook Capital
- White Falcon Capital Management
- YCG Investments
Sectors
Ordered by how often our editor reaches for them.
