Insights

November 7, 2026

People Inc trades as a publisher losing its search audience. Our four investors argued over whether the MGM shares underneath it change the margin of safety.

November 6, 2026

First American trades at 9.5x trailing earnings. Two of our four investors say that measures a good year, not a normal one, and none of them voted Buy.

November 5, 2026

Three seats answered and all three said Watch. The licensing stream held, the chip business halved its quarterly profit, and the data center bet has no filed revenue yet.

November 4, 2026

One Buy, one Watch, one Avoid. The committee agreed the cash flow is real and split on whether this management has earned trust through a breakup with no terms on file yet.

November 3, 2026

Pests are not cyclical. The way homeowners find an exterminator is changing, and no seat on our committee would pay the old multiple for Rollins.

November 2, 2026

AutoNation's service bays now out-earn its car sales, while a young in-house lender grows fast. Three of four seats voted and one said Buy.

October 31, 2026

Reddit's third quarter was its strongest yet, and its own letter says search referrals are falling fast. Our committee split on which of those facts sets the value.

October 29, 2026

A refinanced balance sheet against a tenant that stopped paying. Three seats say Avoid, one says Watch, and the 10-Q due November 9 settles most of it.

October 28, 2026

Trian's group owns 16.23% of Wendy's and wants the rest. One seat backs the deal, two refuse a franchisor carrying $3.71B of net debt and leases.

October 26, 2026

Four investors read EQT's all-stock deal for Range Resources. None voted Buy: the cash is there, and the argument is over how much of it each share keeps.

October 24, 2026

Netflix's trailing numbers carry a one-off gain from the failed Warner Bros. Discovery merger. Take it out, and three of our seats found a business they admire at a price none would vote for.

October 23, 2026

Moderna's cancer vaccine cut melanoma recurrence risk by 42% in Phase 3. Our committee accepted the result and still found nothing in the filings to carry an $80.9B valuation.