DetectiveCapital

[DetectiveCapital @cloudetective]

@JakeTheLarp No it’s the investor of poly market suggested the change.

[DetectiveCapital @cloudetective]

@RepPatHarrigan @FCC So please shut down your home router cause I’m pretty certain it’s foreign made. Do what you say. Without your home router, it also potentially helps reduce the ridiculous post from you.

[DetectiveCapital @cloudetective]

@BrendanCarrFCC Ridiculous, which router is not foreign made?

[DetectiveCapital @cloudetective]

@BaudaJonas39366 @MartinShkreli @XTownSquareX commission fees

[DetectiveCapital @cloudetective]

@BaudaJonas39366 @MartinShkreli @XTownSquareX its negative sum game

[Taalas Inc. @taalas_inc]

24 dedicated people.
$30M spent on development.
Extreme specialization, speed, and power efficiency.

Today we launch Taalas’ first product. Check it out:
Details: https://t.co/88CA0XAL71
Demo chatbot: https://t.co/ec4ladcKnw
API: https://t.co/M3EkaxEqPj

[DetectiveCapital @cloudetective]

@TheTranscript_ $pltr did this several times, no?

[DetectiveCapital @cloudetective]

$PLTR's 10K mentioned that Alex Karp’s total expenses related to Executive Aircraft in 2025 were 17.2M. In contrast, $UI's Robert Pera had variable expenses related to private jets of 630,709. The “variable expenses” mentioned here refer to fuel, landing and parking fees, etc., and do not include pilot salaries, hangar costs, insurance, and other expenses. According to the data on this website, https://t.co/BU5A2nXQxF, the variable cost per hour is roughly 6,000–7,000, which means Robert Pera flew only about 100 hours in total over the year. No wonder Grizzlies fans complain that they never see the team owner at home games, because he really didn’t waste time flying over to watch the games.

[DetectiveCapital @cloudetective]

Congratulations. However I think the move that Leonard Green takes MCW private is not a good thing for the public investors. For example, if the stock keeps getting lower after your purchase and to $4 per share and they announced $5 per share to go private, you have no choice but to take the loss. I'm glad you will make profit on this one, but it's not a good news for many who bought above $7.

[DetectiveCapital @cloudetective]

Market manipulation won't end well, $UI up 10%+ for consecutive two days.

[DetectiveCapital @cloudetective]

Folks in Hunterbrook are desperate, they will burn themselves by shorting Ubiquiti.

[DetectiveCapital @cloudetective]

@SammyKoppelman Thanks for doing free promotion for Ubiquiti. The shorting is really unsuccessful from Hunterbrook.

[DetectiveCapital @cloudetective]

@SammyKoppelman @PabloTorre ugly, boring and disgusting coordinated short attack.

[DetectiveCapital @cloudetective]

@PabloTorre Cause you are not presenting facts. You keep saying they made a lot of money selling things to Russian. However UISP line only accounts for 10% of revenue and devices purchased by Russian should be even smaller, I don’t think it will be more than 1%.

[DetectiveCapital @cloudetective]

@SammyKoppelman I know you are desperate by shorting Ubiquiti. A friendly reminder: be sane.

[DetectiveCapital @cloudetective]

Folks in Hunterbrook are desperate, they will burn themselves by shorting Ubiquiti.

[Hunterbrook @hntrbrkmedia]

BREAKING: Grizzly Affair — American tech company’s networking gear is powering Russian battlefield communications in Ukraine. The company is Ubiquiti, $UI, a $34 billion Wi-Fi giant whose founder became the youngest owner of an NBA Team in 2012.

[DetectiveCapital @cloudetective]

I dug into $SRAD while researching sports data distributors, and I spent New Year’s Eve going line-by-line through their 2024 annual report. I came away thinking there’s an accounting presentation here that looks pretty ugly and worth flagging.

At a high level, Sportradar’s core business model is straightforward: it buys data rights from sports leagues (e.g., the NBA) and then resells/distributes that data to downstream customers, mostly the betting operators. The issue is how those long-term data rights licensing costs show up in the financials.

These rights deals are typically long-duration contracts. Think something like an 8-year, $800M agreement. Under IFRS, when an intangible asset is acquired with payments spread over time, the accounting effectively splits the economics into two components. First, the contract is recorded at the present value of the future minimum payments. Using a simple example: if the $800M of contracted payments discounts to $700M today, that $700M gets capitalized on the balance sheet as an intangible asset and amortized over the contract term. The remaining $100M isn’t “extra” in economic terms, it’s the unwinding of the discount over time, recognized as interest expense on the associated rights payable.

Economically, the company still pays the full $800M in cash. But on the income statement, part of that cash outlay flows through amortization, while the rest is routed through interest expense.

Here’s where it gets problematic: Sportradar then presents an Adjusted EBITDA metric and, quite aggressively, treats this rights-related “interest” as if it were ordinary financing interest and excludes it from Adjusted EBITDA, despite the fact that it is, in substance, part of the ongoing cost of acquiring the core product they sell (sports data rights). And they justify the presentation with the following statement:

“We present Adjusted EBITDA because our management believes that some excluded items are non-recurring in nature and this information is relevant in evaluating the results of the Company relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures.”

Partnering long-term with a management team that frames things this way is hard to get comfortable with.

[DetectiveCapital @cloudetective]

@CliffordSosin @CCM_Brett Doubt Munger would disagree. A quote from Poor Charlie’s Almanack. “As I have shared the observation of life with Warren Buffett over decades, I have heard him wisely say on serveral occasions - it’s not greed that drives the world but envy”

[DetectiveCapital @cloudetective]

@StockPromoData A friendly suggestion: The amount paid in each event is not accurate as it double counts the data from the same promoter. e.g, for "bullseye trades", they reported the accumulated compensation rather than two different payments.

[DetectiveCapital @cloudetective]

@fiscal_ai all right, 12 years!