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Sunday, November 15, 2026

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From X

@aleabitoreddit

Serenity on X

My thesis is very narrow. It's also no longer speculation when it shows up in reported earnings. HBM is a very large component cost in an AI server and not what I'm arguing. There's also many bottlenecks outside of memory. An obvious example is $AXTI InP substrates, where not securing enough capacity (where cost is in hundreds of millions) would trigger ceilings to competitor optical programs. And we'd likely see accelerated procurement patterns into 2027 where capacity is hard to scale.
@StableBread

Fajasy on X

Where tf did all those crap accounts and "analysts" who pitched buying $CCXI (now $AGLT), pumpers, and degens go? I thought I was regarded for not buying the only humanoid listed company in the U.S!!! ... At least according the 4-5 accounts that blocked me for calling out their sh*t DD or simply disagreeing w/their thesis. Thought it was supposed to run up 500% post SPAC like FinTwit claimed??! Thought I was completely missing the point?? "99% of households haven't heard of the stock. Imagine when they do." That was another one of the "arguments" I heard quite often. 😅 Even offered my full deep dive for completely free to read. 🤷‍♂️
@ACapitalLP 1 click

A Capital on X

On a serious note, $CODI is one of the more glaring mispricings I’ve ever seen. People can argue whether NAV is $25 or $40/share, but I’m convinced that if you liquidated the entire company tomorrow, the assets would be worth at least 2x where the stock trades today. So why does this divergence exist? And more importantly, what closes the gap? Asset sales, replacing management, simplifying the structure, eliminating the governance discount? You don’t even need the stock to trade at 100% of NAV. What gets it to 80%? And at $12/share, how much downside are you really underwriting relative to the potential upside? That’s the asymmetry that interests me. I just don’t think there’s enough eyeballs on this given the size…
@StableBread

Fajasy on X

FORT Robotics, the robot-safety maker going public through the SPAC Newbury Street II $NTWO, grew revenue 53% in the first nine months of 2026 and still ended September with $1.7M of cash. The S-4 (merger filing) out November 13 says FORT's losses and low cash "initially raised substantial doubt" about the company staying in business for the next year. Management says the doubt is gone now that existing investors committed $10.0M of new SAFEs from October 21 to November 6, and FORT drew $1.5M more on its bank loans. Operating expenses grew faster than sales, mostly from hiring and from preparing to go public. After holders redeemed 82% of the public shares on October 28, the S-4 estimates $36.0-54.2M of cash at closing after costs, including the $10.0M of SAFEs. The August investor deck showed $181.8M to FORT after costs, with no redemptions. Estimated deal costs barely moved, from $19.0M in the deck to $17.8M in the S-4, so the deal spends $0.33-0.49 on costs for every $1 FORT keeps. The price stayed the same: FORT's holders still get 50.0M shares and options at $10.00 each ($500M). Newbury's board approved the $500M price without a fairness opinion (an outside adviser's view that the price is fair), and the S-4 says the board "did not receive any financial projections of Fort Robotics." At $10.89/share, the combined company's EV is ~$582M whether or not more holders redeem, or 36.7x FORT's $15.9M of TTM revenue. At the 7.5-11.2x sales multiples I used in my September 16 deep dive, FORT needs $52-78M of revenue to justify ~$582M, 3.3-4.9x its TTM revenue. In my November 8 update, I said I'd wait for the S-4 to show what the cash would fund before considering $FROB (the post-merger ticker). FORT CEO Samuel Reeves pitched the deal's cash on the August 18 investor call for product development, a bigger sales push, and acquisitions. At $36.0-54.2M, the cash looks more like runway: ~3.6-5.5 years at the ~$9.9M/year FORT burned through September.

Investor Letters

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Q3 Earnings Updates

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The Spy Who Shagged The Market

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Daniel Romero 6 clicks
ATS · long

Ats CORP

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ATS $1.7B
Value Investors Club

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SVM $1.9B
The Oak Bloke 27 clicks

Vicor Update, Part Three

Vicor’s $66.6 million in AI power-delivery royalties generated about $50 million of operating profit, eclipsing its module business as…

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CV's Substack 28 clicks

Carecloud News

CareCloud may attract a private-equity buyer after its Q3 call, with acquiring enough shares the main obstacle to a take-private deal.

CCLD $103M
Calvin Blissett 12 clicks

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