Clay Bruning

Views expressed are my own. Not investment advice.

[Clay Bruning @cbruning2]

For those interested in electrification & grid infrastructure, I just posted a brief piece on Nexans $NEX-FR. The company should continue capturing secular growth thanks to outdated grids and the subsea cable oligopoly.

https://t.co/l9lM0wipKZ

[Clay Bruning @cbruning2]

@JW_EIC Corp office continues to gain momentum too. US vacancies posted 1st annual decline in 3Q. ABI project inquires at highest levels in 18 months. Office furniture suppliers like HNI seeing + volumes. I think 2026 will be a year of rev acceleration & LT gross margin guide raised.

[Clay Bruning @cbruning2]

Just published my first research report on Substack! If anyone is looking for an under-the-radar play on the corporate office market, take a look at Interface $TILE.
https://t.co/l35E26FrbH

[Clay Bruning @cbruning2]

@JW_EIC Sorry Project Duart! Missed this. To me, $TKTT mgmt is distracted with the squeeze out, likely providing some relative outperformance for $TILE. 3Q25 for TILE looked stellar. GPM now at the LT 38.5% target. Continue to invest in more high ROI automation for carpet and now rubber.

[Clay Bruning @cbruning2]

@typesfast Why Don’t We Learn from History

[Clay Bruning @cbruning2]

@typesfast @typesfast do you have similar images for 2020?

[Clay Bruning @cbruning2]

@RyanReeves_ Before the 40%+ mortgage originations price increase announced in November too

[Clay Bruning @cbruning2]

@TechFundies Seeing any headlines or think just a rotation? $DDOG, $NET & the like ripping seemingly on no material news.

[Clay Bruning @cbruning2]

@TechFundies To me, the % should be lower for big tix travel vs. $UBER no doubt. But still feels 17-18%+ is feasible over time w/o push back from consumers

Anecdotally, I hear more anger by cleaning fees (set by host) vs. service fees. Can’t speak to host side of fees tho

[Clay Bruning @cbruning2]

@RadnorCapital Disappointed in the non-water acquisition too. Was hoping/expecting the product quality business would be spun off not prioritized from an M&A perspective.

[Clay Bruning @cbruning2]

@RadnorCapital To me, feels like $GENI is in a better spot to win. Recent extensions of two of the world’s most important leagues (NFL & Premier League) with exclusive contracts through late 2020’s removes renewal risk. Feels like 2nd spectrum if differentiated too. Thoughts?

[Clay Bruning @cbruning2]

@AndrewRangeley ~20mins into this podcast. https://t.co/HDk4k2KQLU

[Clay Bruning @cbruning2]

@CCM_Brett Market share across just about every bond category has been consistently falling. Losing share to tradeweb & bloomberg. LT, why wouldn’t bond trading fees compress to $0 like equity markets?

[Clay Bruning @cbruning2]

@InvestiAnalyst Do you worry about brand & reputation of Okta with the various breaches (and poor responses imo) over past few years? To me, feels like best outcome is a buyout.

[Clay Bruning @cbruning2]

@DeepSailCapital What makes you say $WSC has an excellent mgmt team?

[Clay Bruning @cbruning2]

@JRogrow @mbrushstocks Short $NVDA long $TSM feels like a nice semi/AI pair trade to me…

[Clay Bruning @cbruning2]

@bchesky Loyalty / subscription offering for frequent users

[Clay Bruning @cbruning2]

@InvestSpecial What about debt & lease obligations? $11.3b net debt and just 1.5x debt service ratio… sure the business is better vs. pre-covid but the balance sheet sure isn’t

[Clay Bruning @cbruning2]

@eric_seufert Feels like an opportunity for $NET to expand their existing relationship with OpenAI after announcing GDPR Compliance yesterday. https://t.co/1vJmxF7Ir7