DBL

Loud as the silent majority. Tired of narratives and experts; especially narratives perpetrated by experts. Investor imitator.

[DBL @educated_rube]

@kingdomcapadv @Divergent7651 Yes, he has researched the narrative of the business.

[DBL @educated_rube]

@Uzocapital @everyonehatesp1 Did you sell $ASPI?

[DBL @educated_rube]

@GWInvestors Steven, how much influence could a united group of shareholders have when the gov’t is involved? Thanks!

[DBL @educated_rube]

@celtics1844 @GreenhavenRoad Ask for a refund from all the people in your life who should have taught you to think independently and to have personal accountability. Also he never recommended it, he explained why he owned it.

[DBL @educated_rube]

@Zerosumgame33 Do you think they need to address the 28s with an asset sale? Seems like by that time debt concerns will be in the rear view mirror.

[DBL @educated_rube]

$HROW earnings reactions are so funny. Add back the acquired R&D this quarter and it did $32m EBITDA on $89m revenue. The guide is super conservative: at $360m run rate today and $120m EBITDA but they guide to $350-365m and $80-100m and stock is down ~15% AH. Stupid.

[DBL @educated_rube]

@Uzocapital @ragingbullcap @BoxLongs If you could sum up the relevant incentive what would it be? Like is there a risk in being too offsides?

[DBL @educated_rube]

@usernamedntmtr @AggieCapitalist The core biz is strong and it’s only them and Sportrader. They are trying to build out the network w/ an acquisition that looks great financially, time will tell strategically. Also you should “buy growth” would be bad to buy something that didn’t add to already 20%+ growth.

[DBL @educated_rube]

I don’t understand this $GENI reaction? If assume transaction closes halfway through Q2 I’m getting c~ 5x EBITDA using $1.2bn headline. Hugely margin accretive and cash flow accretive. Only thing I can think is people think Legend is at a cyclical top? thoughts @AggieCapitalist

[DBL @educated_rube]

@Vince85623723 @NestBetter “And with the massive adoption of Claude Code internally at SemiAnalysis, there has been no bigger share shift than Microsoft’s seat-based Office 365.” Other parts of the article point to Claude-Excel integration but maybe they mean replacement?

[DBL @educated_rube]

@FoldedThroneCap @AggieCapitalist Did you listen to the call? Obvi mgmt is going to be bullish but Legend doesn’t seem to be as bad as you make it sound. ‘Old’ GENI biz is going strong. Pro-forma EV is like 5x 2028 est EBITDA now. Seems cheap to me.

[DBL @educated_rube]

@NestBetter What does this look like after tax? Not snark just curious - think maybe I worry too much about taxes…

[DBL @educated_rube]

@kingdomcapadv @Ron284Ron Sellling Air Wisconsin and only 25 of their planes for $113m seems pretty good?

[DBL @educated_rube]

@Uzocapital Yep. Think it’s clear they prioritized the upsized loan in order to pay off the prefs over optimizing for interest savings.

[DBL @educated_rube]

@NestBetter It’s so hard now cause it’s a situation where they’ve invested in more capacity and capacity isn’t filling up enough to makeup for increased cost structure. It feels close to “trough multiple on trough earnings” but agree you can wait to you actually see it and still so well.

[DBL @educated_rube]

This earnings season has been hell - companies beating and/or raising and getting punished. Even ones that initially rose have given up most of it soon after. $AIOT $FIVN $FLYW

Then something like $XPOF shows signs of stabilizing and gets zero relief. Tough.

[DBL @educated_rube]

@VKumarEsq @KonstantinKisin @krystalball @esaagar That was the flaw in Breaking Points. They were never not partisan, but they thought having one partisan on each side would improve the existing one-sided partisanship of news outlets. But this way, you just get two different partisan takes to work through instead of one.

[DBL @educated_rube]

@AggieCapitalist @JoeCandito12 This is basically the tariff tantrum lows. Think we are at pound the table levels here. I like to think of it as CP is getting priced at 7x and everything else is 0.

[DBL @educated_rube]

@ohcapideas This is how I feel about CZR. They are at close to 25% yield to equity on 2026 numbers. Capex going forward will be much lower than recent past. Digital ramping. Think it will be aggressive with buybacks and debt paydown.