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.
Thursday, August 27, 2026
From X
PAA Research on X
Wynn Resorts trades near January 2007 levels despite EBITDA growth; Al Marjan's planned opening in about 13 months follows 7-8 rangebound years.
PAA Research on X
Furniture retailers including $BOBS, $W and $BSET gained 34% to 65% in three months as cash generation, buybacks and easier housing comparisons support a spending recovery.
PAA Research on X
BSP’s Airtable takeout delivered uneven investor outcomes, with some receiving only a return of capital.
PAA Research on X
Enormous applause for Edwin (@StockJabber) today for all of his hard work on $RBLX. I traded this name poorly given the opportunity set. His persistence here really paid off. This was a spectacular call.
PAA Research on X
Ethan Allen ($ETD), a $600 million furniture retailer, holds $133 million in cash, no debt and unencumbered real estate valued at $175 million to $275 million.
PAA Research on X
Huron Consulting CEO sold all 27,000 shares under a 10b5-1 plan in one day, realizing $4.0 million after a sharp stock rally.
PAA Research on X
Steve Eisman's podcast covers residential real estate names Zillow, Compass, Rocket and CoStar, structural problems in for-profit education, and a short case against Alphabet.
PAA Research on X
Cheesecake Factory posted 5%+ same-store sales growth, with menu changes and technology lifting traffic as unit growth continues across its restaurant brands.
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $140M
- Protean Funds July 2026 DVYSR $107M
- Royce Investment Partners Year-to-Date Through 6/30/26 AAP $2.6B
- Maran Capital Management second quarter SPCX
- Intrepid Capital 2Q 2026
- Polaris Capital Management Second Quarter 2026 ENI $81B
- First Eagle Investments second quarter 2026 032830 $41B
- Oakmark Funds 2Q 2026 META $1.5T
BHVN 2026-08-27 Biohaven: Sale Of Opakalim Rights To SK Biopharmaceuticals Makes Sense On Many Levels
Edmund Ingham KSTR 2026-08-27 KSTR: Exposure To China's Chips And Potential Diversifier For SOXX
Chetan Woodun ACIW 2026-08-27 ACI Worldwide: An Undercovered Payments Compounder Getting Better
SiliconBytes Insights 
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
AWS AI campuses cost $40–$45 billion per gigawatt, with Trainium 3 expected to lift compute per megawatt and improve infrastructure returns.
Big Tech Off-Balance Sheet Concerns
Big Tech’s $3 trillion AI commitments are disclosed and largely long-dated, with nearly 60% of Amazon’s $650 billion commitments falling…
Atlas Engineered Products ($AEP.V) FINS Review
Atlas Engineered Products reported Q2 revenue up 19% to $16.2 million, but ended cashless on its credit line as inventory rose 47% and…
The Junk (Mail) Merger Arb
Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
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