BB

God First | Social Arb 📲☎️🤳

[BB @BBbojangles]

2025 Mindset

“Everything I do is about early detection of change. That’s it.” - @ChrisCamillo

[Patrick OShaughnessy @patrick_oshag]

It's not a coincidence Jamie Dimon, Elon, Jensen, and Barry Diller all share the same management philosophy: getting the truth from the source

Dara on what he learned from Barry Diller in his 20+ years working with him:

"I was an analyst at Allen & Company working on the LBO model for Paramount.

Barry didn't want to talk to the MD or the VP or the associate.

He'd say, 'Who built the model? I'm going to talk to that guy.'

He wanted to hear straight from the source.

It's the filtering that gets the edge out of the situation, and it's often the edge that gives you an edge. It's not the average."

@GavinSBaker in our conversation from 2024 explained how Elon, Jensen, and Jamie work:

"Wherever in the company the problem is, that is who Jensen and Elon go to work with — the subject matter expert, whether they're 23 or 50, there's no hierarchy.

When JPMorgan was buying Bear Stearns, the best modeler in the company was 24 years old.

They set up a desk for him side-by-side with Jamie. Jamie would say, "Change that, change this."

He didn't ask for that guy's boss. He said, 'This guy is the best, I want to work with him.'"

[Chris Camillo @ChrisCamillo]

Been distracted by other opps so haven’t had time to dig in, but @DumbMoneyTV social arb peeps telling me squishy dumplings could light up $FIVE earnings tonight. No rec from me, just watching and playing a little for fun

[Chris Camillo @ChrisCamillo]

Real $AMZN conviction loves this.

[George Coyle @gfc4]

Reminder, the new Market Wizards book by @jackschwager and yours truly comes out on the 9th. Pre order at the links below. And here again are the X handles of the traders in the book.

Kristjan Kullamägi @Qullamaggie
Lance Breitstein @TheOneLanceB
Simon Russo @simonrusso__
Lukas Fröhlich @TheShortBear
Phil Goedeker @Tradestl
Kelvin Chiu @KC_SilverCape
Jason Berry @JasonHBerry
Kenny Sharkness of @smbcapital (Kenny has no public X account)
Rick Bandazian Jr. @Off_The_Tape

Order here: https://t.co/yJ9wjrvBZR

For discounted bulk orders (US only) go here: https://t.co/gJoKIF1FBx

[BB @BBbojangles]

This is everything

Don’t overcomplicate it 🤌🔥

[Chris Camillo @ChrisCamillo]

Pay attention to changing information, data, and knowledge dissemination.

Not stock price.

[Howard Lerman @howard]

Everyone is obsessed with AI making a 10x engineer a 1000x engineer.

The recent reductions at CloudFlare and Click have me me realize the plot is equally about the inverse: AI amplifies the *negative* impacts of poor performers.

If a person with poor taste, who makes mediocore judgement calls, and doesn't properly build things customers love is able to produce 10x more work - does a company want that?

Hell no! Productivity isn't just about as many people as possible tokenmaxxing. AI is a double edged sword, especially when it's used to produce net new work.

If you give a bad artist a pen that can draw 100x as fast, you're going to pile up with a lot of junky artwork very quickly.

And since it happens so quickly leaders are now able to see quickly who is Picasso and who is not and adjust accordingly.

[Chris Camillo @ChrisCamillo]

Key word: “almost.”

Only because most people are still stuck playing by old fundamental and technical rulebooks.

[Nitin Gupta @nitininvests]

Over the last several weeks, the market has started realizing the sheer importance of testing and validation companies within the AI and semiconductor supply chains. Over the past few days, I have been adding a some small-cap, pure-play exposure to this theme and initiated a position in Calnex Solutions $CLX.L. Please keep in mind that as a smaller cap, this stock will be volatile. But the fundamental setup here is incredibly asymmetric, and I believe the market is drastically mispricing their operating leverage inherent in their business model.

The Viavi/Spirent Read-Through & Growth Inflection:

Calnex is deeply integrated with $VIAV, as VIAVI white-labels Calnex's products. Historically, Calnex worked closely with Spirent (which made up nearly 70% of Calnex's business). When Keysight announced its acquisition of Spirent, Calnex was effectively boxed out and had to aggressively pivot to diversify its client base.

However, VIAVI recently closed the acquisition for Spirent's high-speed Ethernet and channel-emulation test lines (divested as part of the Keysight deal). This brought the Spirent division and its partnership back to VIAVI, meaning Calnex got their most critical partner back in November 2025.

VIAVI has been posting blockbuster numbers recently, which acts as a massive read-through for Calnex. Back in November, Calnex guided for low single-digit revenue growth for the upcoming years on their H1 earnings call but on their latest Spring 2026 trading update they are going to do 19% revenue growth with highly robust margins and profitability.

Multi-Theme Ecosystem & The Road to 1.6T: Just as VIAVI launched 1.6T test systems specifically for AI workloads, Calnex has their own 1.6G (1.6T) product launching next year.

Top-Tier Partnerships: Calnex's ecosystem includes titans like Nokia, NVIDIA, and Arista. As Nokia and NVIDIA scale their new AI-RAN and digital twin cloud environments, Calnex's emulation tools are critical for validating interoperability and performance.

Compounding High-Margin Revenue: Warranty and support revenues are scaling alongside their booming data center hardware business, layering on highly profitable, recurring cash flow.

Financials & Valuation: There is tremendous operating leverage embedded in this business model. My model currently puts them at a shockingly low ~5.5x EV/EBITDA based on the latest profitability updates.

Furthermore, the balance sheet is strong As of March 31, 2026, Calnex held £9.3m in cash, with absolutely zero debt. Additionally, due to the phasing of shipments through Q4, there is a further £3m in customer receipts expected to land in the early months of FY27.

Finally, the founder and CEO has deep skin in the game, owning 20% of the company.

TLDR
Calnex ($CLX.L) is a highly profitable, zero-debt network testing play trading at roughly 5.5 EV/EBITDA. They are deeply tethered to VIAVI's explosive AI datacenter growth. After guiding for low single digits, they are now tracking for 19% growth. They just released a breakthrough 400G AI validation tool, are getting repeat hyperscaler orders, and have 1.6T solutions coming in 2027.

[Leopold Aschenbrenner @leopoldasch]

Full series as PDF: https://t.co/sVfNoriSoW

Read online: https://t.co/YrKqmElMG0

[Nitin Gupta @nitininvests]

$RBLX 🙂

[Chris Camillo @ChrisCamillo]

He who does not risk, never drinks champagne

[Chris Camillo @ChrisCamillo]

@LordPos3idon Take a beat. Research who you’re talking to.

[Chris Camillo @ChrisCamillo]

No surprise if you’ve been watching @DumbMoneyTV

Highest conviction. Biggest. Most levered trade of my life.

On one of the largest companies on earth.

Covered and still misunderstood by most of Wall Street.

“Smart Money” isn’t dead. It never existed. $AMZN

[Chris Camillo @ChrisCamillo]

what a ride since doubling down on $BE in the 70s at peak fear just months ago.

[amit @amitisinvesting]

$HOOD

ROBINHOOD INCREASES BUYBACK PROGRAM FROM $400M TO $1.5B.

“Robinhood is a generational company with a massive long-term opportunity,” said Shiv Verma, Chief Financial Officer of Robinhood.  “This authorization reflects the confidence of our management team and board in our ability to continue delivering innovative products for customers and creating value for shareholders while returning capital over time.”

Robinhood bought back $1.1B of stock, 25M shares, at an avg price of $45 over the past two years.

[Chris Camillo @ChrisCamillo]

bringing Ghana into the investor class, thanks to @MrBeast @BeastPhilanthr

[Cloudflare Developers @CloudflareDev]

Introducing the new /crawl endpoint - one API call and an entire site crawled.

No scripts. No browser management. Just the content in HTML, Markdown, or JSON.

[Nitin Gupta @nitininvests]

$FNKO Could it have been any more obvious? As I said, this asset and its cultural significance are too high for it to fail.

[Braden Marshall @SirBraden1996]

When @BBbojangles says buy 15 mins before close, you buy. +18% move, whoosh. $ESTY

[Nitin Gupta @nitininvests]

8050.T reported great numbers as expected. You are not bullish enough on Casio.