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Saturday October 31st, 25 stock ideas |
| New investor letters |
| Aristotle Core Bond Fund Commentary |
| Aristotle Short Duration Income Fund Commentary |
| Aristotle Ultra Short Income Fund Commentary |
| Technology and AI |
 | Microsoft's AI Boom Has A Cost Microsoft’s Azure grew 48% as AI monetization accelerated, but doubled CapEx, largely for CPUs and GPUs, reduced quarterly free cash flow to $18.6 billion. |
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| Consumer Discretionary |
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| Financials |
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 | When the liquidity does not add up Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet 2027 debt maturities. |
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| Healthcare |
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| Communication Services |
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| Consumer Staples |
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| Industrials |
𝕏 @calvinblissett $UPWK: $9.15, $1.14B mkt cap, $614M of cash and securities vs $379M of debt, ~$907M EV. ~$204M of TTM FCF, an ~18% FCF yield, 7x forward earnings, and 5% fewer shares than a year ago. Upwork is where companies hire freelancers for code, design, writing, and more and more, cleaning up after AI. The market decided agents replace freelancers and took the stock down 46% in a year. The business is… |
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 | Verra veerer Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance points to a sharp slowdown. |
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