earnings The last Bristol Myers' blog post was wrong on the core thesis
Ivonescimab plus chemotherapy extended median overall survival by 4.2 months versus Tevimbra plus chemotherapy in HARMONI-6, challenging…
SMMT $10B John Hempton's Newsletter
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earnings 
balance sheets A non-consensus thesis: the forthcoming demise of Bristol Myers Squibb.
Bristol Myers Squibb’s bear case centers on patent-cliff revenue losses, debt, and failed drug investment after $28.3 billion of 2019–23…
BMY $132B John Hempton's Newsletter
Brambles - the pallet maintenance issue
Brambles cut earnings guidance after US repair-capacity constraints, raising questions about its earlier disclosure of 4 million excess…
BXB $26B John Hempton's Newsletter
Trying to get access to Google's new agentic AI
Google’s A$205-a-month AI Ultra subscription advertised Project Mariner access, but Australians were excluded from the agentic AI trial.
GOOGL $4.1T John Hempton's Newsletter
When extend and pretend is a virtue
Upstart says longer repayment terms lifted Q1 debt-settlement acceptances 50%, but does not disclose delinquency changes or the number of…
UPST $2.6B John Hempton's Newsletter
Industrial and Commercial Bank of China
ICBC’s chairman describes embedding Chinese Communist Party leadership, anti-corruption campaigns and Xi Jinping Thought into governance at…
IDCBF $402B John Hempton's Newsletter
business models Brambles - some thoughts
Brambles’ CHEP pallet pool combines global network effects and strong returns, but its patchy history leaves the stock discounted despite…
BXB $26B John Hempton's Newsletter
activism Hibbett – why did the management choose to sell – and should we accept?
Hibbett shareholders are urged to reject the sale at roughly 10× current earnings, or 5× forward earnings, despite management’s projections…
HIBB delisted John Hempton's Newsletter
Nvidia, Nano-X and the interpretation of 13F filings
Nvidia’s $380,000 Nano-X stake came from Zebra Medical Vision’s acquisition and is managed by another reporting person, undermining the 50%…
NNOX $67M John Hempton's Newsletter
buybacks Hibbett - an informal stock note
Hibbett’s small-town sporting-goods chain and City Gear acquisition give it access to sneaker and streetwear demand; decades of growth and…
HIBB delisted John Hempton's Newsletter
Sarepta Risk and the FDA
Sarepta’s Exondys 51 approval despite a 12-patient trial frames FDA regulatory risk and a call to remove Commissioner Robert Califf.
SRPT $1.6B John Hempton's Newsletter
healthcare Does anyone remember when Alnylam went up 50 percent in a day on a phase three result
Alnylam’s 2022 50% phase-three gain faces FDA advisory-panel scrutiny over its amyloidosis drug’s label extension.
ALNY $28B John Hempton's Newsletter
hedge funds Purecycle and the good money after bad decision...
PureCycle’s largest shareholder, Sylebra Capital, keeps financing its delayed, over-budget plastic-recycling plant despite covenant…
PCT $1.2B John Hempton's Newsletter
We can get some extra votes. Pity they are worthless and scumbags are in charge of governance.
Campari’s five-year loyalty plan grants five votes per share, letting its controlling shareholder sell stock while retaining control and…
DVCMY $8.1B John Hempton's Newsletter
asset management Too Many Cooks Spoil The Pot
Baron’s BARAX and BGAFX hold SpaceX at a $1.25 trillion valuation, creating a potential NAV uplift if its IPO prices higher.
SPCX $1.5T Cluseau Research
dividends Go Stub Yourself
Vistance Networks’ Aurora stub trades at an implied 4.1x EBITDA after $10.5 billion and $1.846 billion asset sales, with DOCSIS 4.0 demand…
COMM delisted Cluseau Research
buybacks Kazakhstan, Japan, and Trimming a Winner
Kaspi.kz’s 850 KZT ADS dividend establishes a roughly 9% yield after Hepsiburada spending; Japanese buyback disclosures test whether 0.61x…
KSPI $17B Cluseau Research
buybacks Earnings Updates and A Software Shot in the Dark
Ategrity Specialty’s 30% premium growth, stable reserves and $50 million buyback target an undervalued, thinly traded specialty insurer.
ASIC $1.1B Cluseau Research
earnings Tis The (Earnings) Season
Argentine banks, tariff-exposed stocks and Customer’s Bancorp anchor an earnings-season watchlist after Milei’s election victory,…
CUBI $2.6B Cluseau Research
ai Carving Up the TPU
Google’s TPUs give it vertically integrated AI training and inference economics as Anthropic and Meta consider adoption, challenging…
GOOGL $4.1T Citrini Research
EUA 2026-07-10 europe Eurasia Mining – 20-100x if Trump vies for Russian Arctic minerals?
Eurasia Mining is pitched as a 20–100x bet on a Ukraine peace deal opening Russia’s Arctic minerals to US investment.
EUA Undervalued Shares
ZCC 2026-07-03 emerging markets ZCCM – is the Zambian mining giant finally awakening?
ZCCM Investments Holdings is a Zambian mining small-cap positioned to become a multi-billion-dollar company after a long dormant period.
ZCC delisted Undervalued Shares
business models $LNW: a slot machine oligopoly at half Aristocrat's multiple | Zack Buckley
Light & Wonder trades at 7–8x EBITDA versus roughly double for Aristocrat despite 70%+ recurring revenue, with game-launch timing, AI fears…
LNW $8.8B Yet Another Value Podcast
buybacks $PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin
United Parks trades at 8x EBITDA with an 8%+ unlevered cash yield, aggressive buybacks and roughly 80% effective short interest, while…
PRKS $2.1B Yet Another Value Podcast
