[dry-run excerpt] A software engineer whose company is looking into its own spending on AI tools pinged me with a very timely question recently, asking what other companies spend on AI, per engineer. They were also keen to find out what the PR throughput was before and after the spending on AI at other places. Spending on AI agents is ballooning at all the tech companies I talk with this year. With 2027 coming arou…
[dry-run excerpt] The geopolitics of open-weight AI are accelerating again this fall, as we would expect with the risks of all AI systems (open and closed) rising rapidly. We’ve seen many news items in the last week showing both the U.S. and Chinese governments positioning themselves for some controls on open models. MOFCOM, the Ministry of Commerce of the People’s Republic of China, released a policy proposal (it’…
[dry-run excerpt] In the last three weeks, there have been persistent headlines about an AI bubble, often taking comments from investors and technology leaders out of context. Obvious examples include Bloomberg’s reporting of Hock Tan’s comments in Singapore and of Ken Griffin’s comments in New York yesterday . The fairer interpretation of his comment ("there's almost certainly bubbles within this moment in time”) …
[dry-run excerpt] As Singapore disappears into another bout of haze, stock markets around the world seem to be getting hazier too. My portfolio has rapidly slipped into negative territory. For anyone invested in Hong Kong, this probably feels familiar. You do not always participate in the upside, but somehow you never miss the downside. That said, some companies had already spent years falling before this latest ro…
[dry-run excerpt] A double-digit selloff on a business that prints cash? Say no more. Thanks ! As you know, we tend to hang out upstream where the operational drama (and expected volatility) lives, but sometimes there’s charm in moving down the chain into the toll roads of energy infrastructure. In this case, you get rock-solid (pun intended) visibility, fee-based contracts, and a very juicy 10%+ yield that pays yo…
[dry-run excerpt] Article type: Quarterly Update Basic Market capitalisation: £494m Average daily trading volume : 316k shares over the 90 trading days ending October 19, 2026; source: Yahoo Finance Company: Wickes Group PLC Ticker / exchange: WIX / LSE Research stance: Mixed Meaning of stance: Retail and Trade Pro advanced, but D&I faced customer hesitation. Operating leverage still needs to be proven. Relevant ti…
[dry-run excerpt] Last week, LVMH reported Q3 sales and I took the opportunity to update my model of their Champagne and Cognac sales. It is been also one year since my post “ Spirits Landslide and Champagne Supernova”. Let me also be clear that the materials below only applies to the Moet Hennessy (MC) part of the LVMH and as such is a small part of this holding now. So it should certainly not be viewed as a big p…
[dry-run excerpt] Maybe some of you face the same problem, so I decided to share this. One of the things I try to do with this Substack is keep a transparent record of how the investment ideas discussed here perform over time. For that purpose, I maintain an Idea Tracking page, showing the performance of the published ideas, along with various descriptive statistics. Importantly, this is idea tracking, not portfoli…
[dry-run excerpt] We are hosting European Investing Summit 2026 from October 20-23, and ten sessions are already available for replay. We will post additional sessions this week. Each session includes a video of the presentation, the slides, and an edited transcript. Below, we highlight what each speaker found and why we think the sessions are worth your time. This year’s ideas share a common thread: businesses tha…
[dry-run excerpt] Brian Chingono of Verdad presented his thesis on European deep-value microcaps, featuring Delfingen (France: ALDEL), at European Investing Summit 2026. Thesis summary: Brian argues that Europe’s scariest corner, deep-value microcaps, offers patient investors the most attractive compensation. Every September since 1997, Verdad screens European stocks above $40M market cap for the cheapest quartile …
[dry-run excerpt] Nitin Sacheti of Papyrus Capital presented his thesis on PVA TePla (Germany: TPE) at European Investing Summit 2026. Thesis summary: PVA TePla is a German maker of scarce, hard-to-replicate equipment that sits at the center, or the very start, of the silicon carbide (SiC), indium phosphide (InP), HBM and silicon supply chains. Material Solutions (€172m of 2024 revenue, ~64%) builds the furnaces th…
[dry-run excerpt] Roshan Padamadan of Roshan 30 presented his thesis on Grifols (Spain: GRF.P) at European Investing Summit 2026. Thesis summary: Grifols is a Barcelona-based leader in plasma-derived therapies, founded in 1909, with FY2025 revenue of €7.5bn and adjusted EBITDA of €1.8bn (24.3% margin). It runs 400+ donation centers, about 280 of them in the US, which supplies ~70% of the world’s plasma. Roshan note…
[dry-run excerpt] Simon Caufield of SIM Limited presented his thesis on Barratt Redrow (UK: BTRW) at European Investing Summit 2026. Thesis summary: Barratt Redrow is the UK’s largest housebuilder, with about £6bn of revenue across three brands: Barratt for first-time buyers, mid-market David Wilson (acquired 2007) and up-market Redrow (acquired 2024). A year after Simon pitched it near £4, the shares trade at 292p…
[dry-run excerpt] Samuel Ziff of Oldfield Partners presented his thesis on The Walt Disney Company (US: DIS) at European Investing Summit 2026. Thesis summary: The Walt Disney Company is a $180bn business whose IP goes back over a century. Sam notes that Snow White, Pinocchio, Fantasia, Dumbo and Bambi all came out between 1937 and 1942 and still earn money through Disney+, the parks and merchandise. Disney took a …
[dry-run excerpt] Stuart Mitchell of S. W. Mitchell Capital presented his thesis on Getlink (France: GET) at European Investing Summit 2026. Thesis summary: Getlink, formerly Eurotunnel, was established in 1986 with a concession to build and manage the Channel Tunnel until 2086. LeShuttle leads the Channel crossing with 35% of truck and 56% of car traffic, while Eurostar, which pays Getlink a fee for every passenge…
[dry-run excerpt] Jeremie Couix of HC Capital Advisors presented his thesis on Hexaom (France: ALHEX) at European Investing Summit 2026. Thesis summary: Hexaom, founded in 1919 in Alençon, Normandy, and now run by its fifth generation, is France’s largest builder of single homes, with a market share a bit below 10%. A buy-and-build drive after its 2000 IPO consolidated about 18 regional builders; it now runs 50+ lo…
[dry-run excerpt] David Autin, a Paris-based private investor, presented his thesis on Asmodee Group (Sweden: ASMDEE B) at European Investing Summit 2026. Thesis summary: Asmodee publishes its own tabletop games, such as Catan, Ticket to Ride and Exploding Kittens, and distributes third-party titles including the Pokémon and Magic: The Gathering trading card games. Born in 1995 near Paris, it lists in Stockholm by …
[dry-run excerpt] Mesut Ellialtıoğlu of Büyükdemir Asset Management presented his thesis on Migros Ticaret (Turkey: MGROS) at European Investing Summit 2026. Thesis summary: Migros Ticaret is Türkiye’s leading organized food retailer, founded in 1964 with Switzerland’s Migros, listed since 1991 and controlled by Anadolu Group. Mesut sees it as one of the most direct ways to own the country’s growing middle class: 8…
[dry-run excerpt] Alirio Sendrea of Invexcel presented his thesis on Colonial SFL (Spain: COL) at European Investing Summit 2026. Thesis summary: Colonial SFL, long known in Spain as Inmobiliaria Colonial, is a €3.1 billion office REIT with a €12 billion portfolio, 96% of it in city centers: 63% Paris, 23% Madrid, 12% Barcelona. CriteriaCaixa, Qatar Investment Authority, Carlos Fernández González, the Puig family a…
[dry-run excerpt] Investments fail much more often than people think. After one year, 44% of stocks end in the red. After ten, 43% of stocks are in the negative. 1 If you have a portfolio of 20 randomly selected stocks, it is likely that about nine will end in the red after ten years of holding. This is why it is crucially important to prudently select, size, and watch stocks in a portfolio. When evaluating a compa…
[dry-run excerpt] In June 2018, Hutchison Ports switched the Port of Felixstowe, the UK’s busiest container port, from its old terminal operating system to Hutchison’s own in-house solution. The new system was a fiasco. It lost track of things, trucks queued for up to 16 hours outside the gates, and the disruption ran for >2 months. Hutchison didn’t switch back. It patched nGen through the summer and had productivi…
[dry-run excerpt] EV adoption remains uneven. In June 2026, EVs accounted for more than 60% of passenger vehicle sales in China, versus roughly 25% globally. Adoption was much weaker in the U.S. and Canada. These figures include battery EVs and plug in hybrids. (JPM) Sales can change quickly. Replacing the fleet takes years. EVs account for only about 7% of passenger vehicles on the road globally, versus roughly 18…
[dry-run excerpt] Yesterday was a good reminder of just how sensitive the markets are to shifts in oil prices, still. Just a quick headline suggesting some possible peace deal sent crude dumping in the morning, lifti… Read more
[dry-run excerpt] A note reviewing developments in Korea ahead – just about – of the BOK meeting tomorrow. In addition, some charts showing the continuing gap between weak auto sales in China v strong car exports. That is affecting Japan, though overall exports there in USD terms rose again in September.
[dry-run excerpt] The BOK is unlikely to move tomorrow when it hiked twice recently, the KRW has finally firmed, and there is nervousness about the AI cycle. However, if those worries are just a wobble, then there's still much room for the semi surge to feed into domestic demand, and tomorrow will just be a pause.
[dry-run excerpt] Subscribe now A lot of the price action in markets after the problems with Coreweave have been deflationary, which sort of make sense. GLD/TLT, which is my big inflation trade is looking problematic. Read more
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[dry-run excerpt] Hello, Haymakers: Today’s Daily is a bit of a change-up. First, we’ll start with a bullish reiteration of one of our favorite natural resources, one which has a truly glowing future. That adverb probably tips you off that we’re referring to uranium. It’s been an odd year for a number of commodities. Some have performed quite well such as copper, aluminum, wheat and, of course, the one almost every…
[dry-run excerpt] Introduction For the past three months, the Citrini Research team has been working with Anthropic’s internal research model 1 to see if we could create novel proteins in a computer that would do what we wanted them to in an actual lab. On the morning of August 12th, I woke to a Slack notification that our autonomous drug design campaign was concluding and the results were being compiled. The previ…
[dry-run excerpt] Welcome to Catalyst Watch at The Transcript, a report for paid subscribers that highlights investment themes from this week’s newsletter . Share The Transcript 1. A Shortage of Capital? This week we saw several quotes from CEOs hypothesizing that the reason interest rates are rising is that there is so much demand for capital that capital itself is becoming scarce. This is a dynamic that has not r…
[dry-run excerpt] London, England ASML was founded in 1984 as a joint venture between the Dutch companies Advanced Semiconductor Materials International (ASMI) and Philips. It became independent four years later, changed the name (L stands for Lithography) and since 1995, they have been listed in Amsterdam and New York (through an ADR). We have been invested in Nvidia (NVDA) for some time as it emerged as the domin…
[dry-run excerpt] You got the Discord tour this morning. Since then I’ve made one change, and paid subscribers hear about it before anyone else. The Discord opened on October 9. It has 65 members today, outside analyst… Read more
[dry-run excerpt] I have been trying to work out whether Microsoft is over-earning on its relationship with OpenAI. The question has been on my mind since Microsoft’s FY26 10-K, which for the first time disclosed how much revenue it books from OpenAI: $24.1 billion for the fiscal year ended June 2026, “inclusive of revenue-sharing payments”. Azure crossed $100 billion of revenue in the same year, so one customer, w…
[dry-run excerpt] Each time I buy a new position or exit one completely, I will send an email and also update you in the portfolio live update channels. See link below: https://substack.com/chat/group/15e96f4f-f5a4-476c-9c63-3267db89b521 I am exiting my position in this company given the solid return in less than a year and risk reward no longer as skewed to the upside. Read more
[dry-run excerpt] A billionaire already owns 39% of this company and it looks like the board just started preparing for him to own the rest. This summer, a small-cap spin-off quietly rewrote the employment contracts of its three top executives. The change was narrow but telling. It says that an acquisition by its largest shareholder, a well-known activist hedge fund, now counts as a change in control. The timing he…
[dry-run excerpt] HEICO Corporation After the successful article on Honeywell Aerospace ….. link below. Honeywell Aerospace - New buy I thought the next article should stay on topic, this time with Heico Corporation. I briefly mentioned Heico as being a competitor in aftermarket sales through their broad offering of PMA’s. “ Parts Manufacturer Approvals ”. These PMA’s offer customers the same or higher quality stan…
[dry-run excerpt] Brizo Capital’s Ben Isaac and I dig into the stuff we’ve bonded over for years: why the cavalry isn’t coming to save value investors, the opportunity set in the UK, how investors can work with boards to improve governance and alignment, and whether relisting to the US actually creates value. We also get into how the analyst role is evolving as AI keeps improving. This podcast is sponsored by Trata…
[dry-run excerpt] Here’s a walk through the Discord, channel by channel, then the math on what it costs. The tour Start here. A welcome post that walks you through the room in two minutes, plus the rules and disclosures. Read more
[dry-run excerpt] Back in mid-August we asked … … because the Hoboken NJ-based The Hain Celestial Group, Inc. ($HAIN) (“Hain” or the “company”) — purveyor of organic and natural food, beverage, and personal care products — was looking sickly due to years and years of declining sales compounded by … well, in some cases, literal GLP-1-like compounds. That there 👆coverage dove into how net sales, gross profit, gross m…
[dry-run excerpt] Back on October 7, 2026, Utah-based Diversified Botanics Inc. (the “debtor”) filed a chapter 11 bankruptcy case in the District of Delaware ( Judge Horan ) and, congratulations to the company, this is our first ever kratom seller! These cases generally suck so pardon our excitement over something new!! For the uninitiated — among whom Johnny is not — kratom is a botanical product derived from the …
[dry-run excerpt] The Acquirer’s Multiple® Small and Micro Cap screen searches a less heavily followed part of the market, where limited analyst coverage and lower institutional ownership can sometimes allow significant valuation gaps to develop. This week’s screen contains 200 companies , with a median Acquirer’s Multiple of approximately 9.1x . Of those, 82 trade below 8x and 40 trade below 5x . Where the Cheapes…
[dry-run excerpt] During their recent episode of the Acquirers Podcast, Travis and Carlisle discussed MGM and VICI Properties: Finding Deep Value in Beaten-Down Stocks. Here’s an excerpt from the episode: [Tim] Well, I mean, I think most of us are going to be impacted at some level, but I’ll tell you an interesting one. So on the value options letter, we just released a trade idea on MGM. So MGM was being acquired …
[dry-run excerpt] During their recent episode, Taylor, Carlisle, and Ryan Albert discussed How Shareholder Activism Could Unlock Hidden Value. Here’s an excerpt from the episode: [Ryan] Sure. I can talk about an engagement that I was recently doing just because I think live and stress tests some of the different aspects of governance reform. So there’s a company called Gulf Zone Holdings, and it’s all public. You c…
[dry-run excerpt] This week’s Acquirer’s Multiple® All Investable Stocks Screener highlights a broad range of potentially undervalued businesses beyond the largest and most closely followed companies. The All Investable universe includes the Large Cap 1000 but extends further into the middle of the market-cap spectrum, where companies generally receive less analyst coverage and may be more likely to become misprice…
[dry-run excerpt] During their recent episode of the Acquirers Podcast, Travis and Carlisle discussed AI Stocks vs. the Dot-Com Bubble: Are Investors Paying Too Much?. Here’s an excerpt from the episode: [Tobias] Yeah. I couldn’t agree more. I’m, I love Claude and I use a, I use a ChatGPT and Claude and I have the other, I have a few open as well. I use Grok, I use Gemini and I have Muse there as well. So I have li…
[dry-run excerpt] During their recent episode, Taylor, Carlisle, and Ryan Albert discussed Why South Korean Stocks Trade at a Discount — And Why That Could Change. Here’s an excerpt from the episode: [Ryan] Yeah. Well, first talk about the Korea discounts. I think it’s important to really zoom in on the Korea discount because it’s easy to say there’s a discount and it exists. But I think that the discount, simply p…
[dry-run excerpt] DISCLAIMER: This is not investment advice. PLEASE DO YOUR OWN RESEARCH !!!! Background/Follow up: When I wrote the initial post about CEWE a few days ago , I didn’t know that CEWE actually held a Capital Markets Day for selected investors on the very same day that I was publishing my post. They didn’t disclose it on their Website or IR calendar either. Anyway, in the meantime, the slides are onlin…
[dry-run excerpt] I recently jumped on Palisades Gold Radio with Stijn for a chat, with one topic being the opportunity I see in high shareholder yields (dividends, buybacks, and debt pay-down). My theory is that at a certain shareholder yield (usually after brutal multiple compression), active managers will risk leaving their bunkers, as the pitch is fat enough for them to stand a chance when fighting the machine……
[dry-run excerpt] For those of you who have followed our investment process closely over the past few years, you will have noticed that we don’t add stock ideas very often to the HFI Portfolio. Most energy names don’t pass the test, and whether it’s valuation or execution issues, we are very picky. Since the start of the year, we have been very selective. First, I wrote at the start of the year that crude oil would…
[dry-run excerpt] They teach you this on day 1. Equity takes first loss. Debt gets paid ahead of shareholders. The higher up you sit, the less risk you take. This is finance 101. Everybody knows this. So how can a company with a $34 billion market cap have bonds that yield 15%? This is supposed to be THE neocloud, the company that rents Nvidia’s chips to Microsoft, Meta, and OpenAI, with a $100bn+ backlog. Nvidia e…
[dry-run excerpt] The geopolitics of open-weight AI are accelerating again this fall, as we would expect with the risks of all AI systems (open and closed) rising rapidly. We’ve seen many news items in the last week showing both the U.S. and Chinese governments positioning themselves for some controls on open models. MOFCOM, the Ministry of Commerce of the People’s Republic of China, released a policy proposal (it’…
[dry-run excerpt] Technology has long constrained organizational design. To compensate for our natural inability to coordinate complex work at scale in real time, we have developed structures that make coordination possible, such as reporting hierarchies, information compartmentalization, project planning rhythms, and role scopes. If AI agents are able to absorb information from across an organization, represent pr…
[dry-run excerpt] In Today’s Update: >How are major tech earnings looking tomorrow? >What are the option market-based signals saying? >Recap from this weekend’s update >Proprietary buy/sell signals for SPY -0.60%↓ , QQQ 0.65%↑ , VIX, META -0.93%↓ , TSLA 2.23%↑ , NVDA -1.57%↓ , MSFT 0.11%↑ , GOOGL 0.90%↑ , IWM 0.15%↑ , AAPL 0.39%↑ , MSTR 3.82%↑ , MU -2.20%↓ Read more
[dry-run excerpt] Momentum is one of the most extensively documented phenomena in financial markets. Assets that have performed well over recent months often continue to outperform over intermediate horizons. But how should investors measure momentum? The simplest approach is to rank assets by their historical returns. For example, a sector rotation strategy might select the three sectors with the highest trailing …
[dry-run excerpt] Subscribe to watch the full Daily Update video Subscribe now Read more
[dry-run excerpt] Today's Iran war news: Pressures grow as Iran takes a harder posture, Israel vows infrastructure destruction, and Turkiye may back the Saudis
[dry-run excerpt] I visited the Fountain of Youth several times as a child. St. Augustine, oldest city of European origin in North America (1565), is full of tourist attractions directed primarily at children, from the Old Jail to Potter’s Wax Museum, to the remarkable Castillo de San Marcos. The latter is the only one that still has […]
[dry-run excerpt] Netflix has a solid business, which is exactly the problem: the company increasingly seems like a business and not a franchise, at least in terms of growth.
[dry-run excerpt] The map favors Republicans, but cracks in their base are leaving them vulnerable in defending House and Senate control.
[dry-run excerpt] Show Notes: On today’s show Andrew and Bill begin with a raft of proposed export controls from Beijing on AI-related technologies, solar-related technologies, and machinery, as well as continued angst surrounding Japan’s rare earth access. Then: Reactions to strong Q3 GDP numbers in the PRC, continued stock market struggles, questions about GDP targets, and speculation about the agenda for next we…
[dry-run excerpt] WARNING: This post contains spoilers for the movie You Can See Everything. A few days ago, I had the great pleasure of seeing Nathan Fielder’s new film, You Can See Everything . I’ve been a fan of Fielder’s work for a long time, so I basically knew what to expect, but it was still incredible — every bit as good as you’ve heard. Go see it if you haven’t. The film is a documentary about the notoriou…
[dry-run excerpt] Welcome back to Asia Tech Review, your curated digest to keep up to date with tech news across Asia. Sea showed its ambition with news that it is planning to spinout and list its fast-growing fintech business, and also launch a cloud computing business. These two strategies show why it is Southeast Asia’s top tech company, but they worried investors and sent the share price tumbling. To keep up wi…
[dry-run excerpt] Why do some people always need new goods, even when the ones they have are just fine?
[dry-run excerpt] I have blogged on the issue of deregulation as an organisational culture earlier. This post is an attempt to provide a framework for thinking about the bias within the Indian bureaucracy towards the prevention of inclusion errors and process abuse. Two features of India’s bureaucracy are of relevance. One, a welfare policy to support the needy and a promotional policy to incentivise something, com…
[dry-run excerpt] By: B A Hamzah By all accounts, Japan is on the road to full militarization. The evidence is everywhere: its military budget has reached a record high, exceeding ¥9 trillion ($68 billion) and hitting the target of 2 percent of GDP. By comparison, the US spends close to $1 trillion and China about $340 billion on defense. Japan has overhauled its post-Worl… Read more
[dry-run excerpt] Share For a number of years officers within the Malaysian Anti-Corruption Commission (MACC) has been alleged to blackmail victims in handing over shares and equity in corporations. However, much of this alleged corruption does not come from within the MACC, but rather those who are using MACC investigations as an opportunity to scam those under investigation. There are documented cases and related…
[dry-run excerpt] Anthony Cimino offered the closest thing to an official response we have seen on the leaked Anthropic draft bill I covered on Saturday. His response indicates that Anthropic address specific concerns on the margin. But he does not understand, or at least does not acknowledge, what was centrally wrong with its draft bill and its decision to circulate that bill. The situation is quite bad. Anthony C…
[dry-run excerpt] By Ninos P. Malek, Foundation For Economic Education Words have specific meanings. Unfortunately, capitalism is frequently misused by supporters and critics alike. Too often, what people defend or condemn is not free-market capitalism at all. Although distinctions exist among capitalism , free enterprise , and free market , for the purposes of this essay, I … Read more
[dry-run excerpt] Nigeria Nigeria has announced its first Ebola case linked to the ongoing outbreak in the Democratic Republic of Congo (DRC) and East Africa. Health Minister Muhammad Ali Pate said the diagnosis was confirmed in a woman who had traveled to the capital Abuja from Uganda. Also today, Kenya said it had discovered a new case, bringing its total to nine. The epidemic in DRC was formally declared in May …
[dry-run excerpt] The paid version of Sinocism turned nine a few days ago. I am struggling with how to keep it useful and relevant in the age of AI. I have started a chat to hear ideas on how to make it better. Please give me your feedback . Thanks for your support over the years, especially for many of you who have been with me since the beginning. In this issue: 1. Li Qiang at the SCO Heads of Government meeting …
[dry-run excerpt] Dear all, first things first! I got +300 emails since Sunday that the latest research ended up in your ‘Promotions’ or ‘Spam’ folder. I did some digging to understand why, and it seems that is because many are already sending out ‘Black Friday’ offers to people, hence email clients flag them as ‘Promotional’ or ‘Spam’ … based on idk what. Well, there is nothing ‘Promotional’ or any what I call ‘Pr…
[dry-run excerpt] The latest bugbear is “AI successionism”, the belief that AIs should succeed humans as rulers of Earth. But some critiques fail to distinguish between two different ideas. True successionism says that AIs should take over, killing humans or steamrolling over their interests. This is very bad: a compact description of the thing that AI safety is against. Handoverism says that humans should prioriti…
[dry-run excerpt] [ Author’s Note : Earlier I sent out Hasbro’s (HAS) Q3 2026 Earnings Brief. Netflix’s Q3 earnings call will go out tomorrow morning. To remind you, I am running the test for subscribers in PARQOR Platinum, the most engaged readers on the list, and subscribers who asked to participate in the test. One brief framed the call from the perspective of a studio IP owner’s licensing team, and the other fr…
[dry-run excerpt] In early September 2026, OpenAI set up a team to solve the Navier-Stokes Millennium Prize problem , a famously difficult open problem in mathematics. In the span of 88 hours, a solution was achieved by a set of over ten thousand agents operating in parallel and coordinating their behavior. They sent 2.7 million messages to one another and used around 130 billion output tokens—enough data to fill a…
[dry-run excerpt] Modern military institutions continue to invest enormous resources in tanks, crewed aircraft, aircraft carriers, and missile defense systems even as technological change challenges their strategic utility. Cultural prestige, reputational inertia, and institutional interests sustain weapons programs long after their original justifications have weakened. The resulting cult of weaponry can subordina…
[dry-run excerpt] Illustration by Mia Wu; photography by Rebecca J. Michelson started watching the reality TV show Survivor at 14, and became an early lurker in the fandom. Years later, he met cohost , and they turned their obsession with the show into the popular podcast . As the show grew, they joined Substack to offer their listeners a community space for it. Today, they have a bustling subscriber-only chat, cov…
[dry-run excerpt] Last week, the haze in Kuala Lumpur from Indonesia (that’s blanketing much of the region) seemed to be the worse in at least a decade (even my head was bothering me and I was forced to keep sliding glass doors mostly closed) with rain finally giving some relief this weekend. What seems different this year unlike a decade ago is the lack of the usual finger pointing or blame game by the governments…
[dry-run excerpt] Rubis announced quite a news yesterday: the end of the commandite structure. Remember this structure enables a shareholder with a small ownership (here 2,29% in shares but a lot more in voting rights) to control the company. Rubis has been the subject of multiple activism initiatives from some of its minority shareholders (Bolloré, Molis…) in recent years. Well it seems that this activism has work…
[dry-run excerpt] The media is speaking with almost one voice to enforce the neoliberal order: ordinary citizens must submit to the needs of the investor class.
[dry-run excerpt] Change is hard. Adapting to change in our environment can be brutal. Stressful to say the least. This is why I gain so much from being a fanboy of Radigan Carter, who literally is on the frontlines of conflicts around the world. A renaissance man, modern day Thucydides who fights, thinks and writes deeply. He is a man who knows how to handle stress. So sharing what he brilliantly wrote back in Jun…
[dry-run excerpt] Brizo Capital’s Ben Isaac and I dig into the stuff we’ve bonded over for years: why the cavalry isn’t coming to save value investors, the opportunity set in the UK, how investors can work with boards to improve governance and alignment, and whether relisting to the US actually creates value. We also get into how the analyst role is evolving as AI keeps improving. This podcast is sponsored by Trata…
[dry-run excerpt] There’s an old expression on Wall Street about trying to “catch a falling knife.” It refers to buying a stock that’s rapidly declining in price, hoping to pick it up at a bargain before it rebounds. The obvious risk is you grab the knife before it hits the ground and wind up getting cut. But the expression also carries an implicit assumption that I thin… Read more
[dry-run excerpt] Back in mid-August we asked … … because the Hoboken NJ-based The Hain Celestial Group, Inc. ($HAIN) (“Hain” or the “company”) — purveyor of organic and natural food, beverage, and personal care products — was looking sickly due to years and years of declining sales compounded by … well, in some cases, literal GLP-1-like compounds. That there 👆coverage dove into how net sales, gross profit, gross m…
[dry-run excerpt] Cozy cooking season is here! Don’t miss out on my recipes for Garlic and Herb Challah Knots Fig-Glazed Chicken with Apples or any of the other autumn deliciousness found in The Jewish Table archive . Upgrade to a paid subscription today . Subscribe now Grandma Rose’s Pineapple Rugelach Dear The Jewish Table Readers, If recipes are my “bread and butter” as a Jewish food writer, then recipes sourced…
[dry-run excerpt] Back on October 7, 2026, Utah-based Diversified Botanics Inc. (the “debtor”) filed a chapter 11 bankruptcy case in the District of Delaware ( Judge Horan ) and, congratulations to the company, this is our first ever kratom seller! These cases generally suck so pardon our excitement over something new!! For the uninitiated — among whom Johnny is not — kratom is a botanical product derived from the …
[dry-run excerpt] Ethan Mollick is probably the single best explainer of what AI models can do for people—at work, at leisure, or in the messy space in between. More than an everyman’s Virgil into the weird underworld of AI capabilities, he’s also excellent at explaining how not to use AI tools. As the media theorist Marshall McLuhan once said, every technology is both an “extension” and an “amputation.” A machine …
[dry-run excerpt] Image Credit Ana Maria Romero Velazquez/Pixabay Here is a sentence I never expected to write in the same week: Vietnam’s economy grew 9.95% year-on-year in the third quarter, one of the fastest rates among the world’s sizeable economies, while the VN-Index spent most of the month sliding. If you only read the GDP release, you would assume champagne all round. If you only checked the Vietnam index …
[dry-run excerpt] Florida has long maintained one of the nation’s most competitive state tax codes, but a fundamental change proposed by Amendment 3 could undermine that competitiveness.