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Thursday, August 27, 2026

Late August 2026 Random Ramblings

Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven capital allocation.

UWMC $2.3B
Yet Another Value Podcast 14 clicks

From X

@LittleOwlRes

Little Owl Research on X

In September I had the pleasure of attending the Howard Hughes $HHH annual shareholder meeting. I met the man himself! @BillAckman Not to get ahead of myself, but this could be the beginning of something very special. Today’s quarterly results help to reinforce my views on the quality of both the asset base and management. The company is firing on all cylinders. Management continues to execute on the MPC strategy, and an acquisition seems highly likely in the short term. However, the shares still trade at a deep discount to intrinsic value. Do I care? No—at least not yet. Pershing Square has a truly remarkable track record. Since adopting their “permanent capital” strategy they have done 23.5% net of fees annually since January of 2018. Not too shabby. I suspect they’ll be acquiring a small insurer in the 1.0x-1.4x P/B range, if that’s the case, and they continue to put up those returns, the acquisition will be monstrously accretive. When Buffett took control of Berkshire, it was a failing textile mill with a negative terminal value. Ackman is starting off with assets of much higher quality and that are beginning to generate a lot of excess cash. A lot of work has to be done, but I’m happy to hold my shares here. If you’re interested in learning more about the real estate operations, I’ve attached my $HHH report from November of 2023–obviously outdated, but should help get you up to speed on the history, RE strategy, and asset base—and I will be putting out an updated report after the details of the insurance acquisition are announced. https://t.co/ueKI0TWY9R

Investor Letters

All letters

NCLH or her grandma Saga?

Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…

NCLH $7.7B
The Oak Bloke 16 clicks

Late August 2026 Random Ramblings

Higher rates threaten equity multiples and AI data-center economics, while UWMC and Cogent raise questions about CEO-driven capital…

UWMC $2.3B
Yet Another Value Blog 2 clicks
RGLD · long 2026-05-29

Royal Gold INC

Royal Gold, a $19 billion precious-metals royalty and streaming company, benefits from mine production without operating mines directly.

RGLD $22B
Value Investors Club 1 click
CC · long 2026-05-29

the chemours inc.

Chemours (CC) is presented as a long investment in its three-segment specialty chemicals business.

CC $2.4B
Value Investors Club 1 click
HGV · long 2026-05-29

Hilton Grand Vacations

Hilton Grand Vacations faces an inflection point in profitability growth and free cash flow generation.

HGV $3.4B
Value Investors Club 1 click
NEXPF · long 2026-05-29

Nexi SpA

Nexi, continental Europe’s largest merchant acquirer, is presented as a long investment using normalized EPS and EBIT that exclude…

NEXPF $6.1B
Value Investors Club

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