Insights

October 7, 2026

Our committee found real land under Howard Hughes and an insurer nobody outside can yet size. No seat voted Buy.

October 6, 2026

Investment gains make Markel look cheap. Our committee split three ways on what is left once the stock market comes out of the earnings, and on whether an activist and a chairman change can move the structure.

October 5, 2026

Nike's own guidance turns a 16x screen into roughly 25x to 29x. Four investors returned three Avoids and a Watch, and China's distributor reset starts on January 1, 2027.

October 5, 2026

The week the regulator put a rival score on equal footing in mortgages, four investors returned three Watches and an Avoid on Fair Isaac. They expect less cash than the price already pays for, and the number that would settle it is not filed.

October 5, 2026

Cineplex looks like a deep-value stock until the theatre rent is counted. After lease payments, its free cash flow yield is 5.3% and the price assumes growth. Two Buys, two Avoids, a new CEO and a sale process.

October 5, 2026

Anyone can create a token called Apple. The desk now accepts a tokenized stock only from the issuer's own list, verified by the exchange and controlled by the issuer's keys, and only if a round trip actually prices.

October 3, 2026

A 49.8% margin and a courtroom: our committee splits one Buy, two Avoids and a Watch on Liquidia the week the judgment filings land.

October 2, 2026

Constellation is priced for its free cash flow to shrink 2% a year. Management guides flat. Weighted by their own probabilities, our four investors expect about $1.69 billion in three years, in line with both. Two Buys, one Watch, one Avoid.

October 2, 2026

Investor D's Buy, the first from any seat in eight days, met an Avoid from Investor B held at the same conviction of 8. Amazon joins no basket, and the open question is what the $220 billion build pays back.

October 2, 2026

Microsoft's best quarter since 1998 added $1 trillion of market cap. Four investor seats read the same filings and returned two Watch, one Avoid, one Hold.

September 30, 2026

Micron closed at 1,096.16, through the 1,089.29 level we published on August 12. The desk caught it in minutes. The record took eight days.

September 30, 2026

Eighteen committee sessions, none scored yet. The rule that will score them, published before a single result is known, and the one part of it that could flatter us.