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Friday, November 13, 2026

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@calvinblissett

Calvin Blissett on X

$ZIM @ZeeContrarian1 @Chuckyb22074706 @ROICRHODES @christankerfund @MarkGroskyEsq. How are we thinking about $HLAG circa ~600m incentive to close this thing before March record date (giving us Q4 26’ div and top up). Thoughts and why would be appreciated. @Chuckyb22074706 is the only one to really touch on this and has a good point about better directors potentially moving up the record date. @ZeeContrarian1 first love your content and evident clarity of thought, thank you! I feel like your thesis is bulletproof except for this risk? How do you think about it especially since if I’m not mistaken you haven’t really touched upon it.
@StableBread

Fajasy on X

Boost Run $BRUN granted 6.23M RSUs in Q3, 7.4% of its 84.2M shares outstanding, and will expense $103.4M for them over a weighted-average 3 years, a cost its adjusted EBITDA excludes. The 6.23M includes the 4.59M granted to the CFO, CTO, and COO on September 29, and the 10-Q doesn't name who got the other 1.64M. Q3's stock comp was only $0.25M, since most of the RSUs came on September 29. $BRUN's adjusted EBITDA adds stock comp back, so from Q4 it will exclude ~$8.6M/quarter of RSU expense on average, equal to 47.9% of Q3's $18.0M of adjusted EBITDA. And $BRUN's 2026 equity plan still has 2,986,298 shares left to grant, another 3.5% of the shares outstanding. The bear, base, and bull cases in my October 19 update counted 88.8M fully diluted shares, including only the executives' 4.59M RSUs. The full 6.23M takes the count to 90.4M, which trims each case's per-share value by 1.8%.

Investor Letters

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Qure Anniversary Update

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CHWY · long

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Mosaic, Part Two: The Deep Dive

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Latticework by MOI Global 5 clicks

Unicycive (UNCY):

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