The 6th most visited website on the internet, $RDDT, is still dramatically under-monetized. I think they’re going to 7x operating profit by 2028. In about 20 minutes, this free writeup will tell you exactly how that’s going to happen. Link below.

New York: destroying their city Boston: partying with Scotland

$ADBE is currently trading almost exactly at 10x EV / LTM FCF (ex-SBC)

Abaxx - Not Even Worth A Crumb Viceroy is short Abaxx $ABXX. The Exchange is comprised of wash-traded churn sustained by incentives, which collapses the moment incentives are switched off. There is limited genuine hedging activity or price discovery supporting this façade. 1/

I'm don't know how to analyse exchanges, but I look at track records. Here are the publically listed companies $ABXX CEO Josh Crumb has been involved in. 1. Founded Goldmoney $XAU: Started as a Peter Schiff promoted Gold based Fintech, pivoted to Crypto in the 2017 boom.

i wonder if hunter biden has ever heard of 140 dubstep

It’s interesting, $RDDT is already poaching people from Meta in measurement and feed/algorithm dynamics. I wonder if some of these people laid off end up applying straight to Reddit.

🚨 Kneat $KSI.TO to be Acquired by US Private Equity Firm Thoma Bravo 🚨 The $6.50/share all-cash offer values Kneat at $650 million, or about 8.5x ARR. It represents a 40% premium over the unaffected share price before Kneat disclosed an ongoing strategic review last month. High-quality software firms can still fetch attractive valuations amid the chaos in the sector!

$meta trading at less than 15x core GAAP EBIT LTM. If Zuck wasn’t top 5 current worst CEO rn this is easiest long of all time

$RDDT confirms search ads are coming:

At the 64-day (QTD) average price, $RDDT has repurchased $150mm worth of shares this quarter, 15% of their $1Bn buyback authorization, and about 0.5% of S/O. If $RDDT wants to exhaust its entire remaining buyback authorization, at current prices they could shrink S/O by a further 2.3%. Management basically telling us they think the stock is a good deal, and that they are serious about turning their rapidly growing cash flow into cold, hard shareholder capital returns.

Financial infrastructure is on sale. $CME $CBOE $ICE

1/ $CME - LONG! The world's largest derivatives exchange and the clearinghouse for global rates, energy and ag risk. A toll booth on hedging itself, and the stock is now sitting at 52-week lows despite record results. Q1'26: record revenue $1.88B, adjusted EPS $3.36 ( 20%). Quality on sale.

$CME yielding 4.5% this year (probably, half the dividend is variable) has to be some kind of good deal. Rarely under 20x fwd earnings

$PTC seems criminally underrated in current software discussion, for such a cash producing, AI resistant business that arguably has quite a few things going for it at the moment: - Has real cash flow, guiding to 1Bn in 2026 on 19Bn EV (~800mm ex SBC) - Divesting lower-margin assets in H1 ‘26 (160m ARR shrinking 1%, sold to PE for 365mm minimum net proceeds, ~10x FCF multiple). 365mm minimum net proceeds, PE sale earnout could up that to ~500mm - Divestiture proceeds to be plowed into 2Bn buyback authorization through 2027, midpoint estimate ~200mm/quarter in 2026, easily lapping SBC dilution with potential ~4% decrease in s/o through 2027 assuming mgmt target of 50% of FCF to share reductions - Grows a slow but steady 8-9% annually at 2.75Bn ARR but critically manages expenses to 4% growth annually, generating 50% incremental EBIT margins. Half of sales growth is pricing with 3-5% annual escalators - Seemingly rather high quality of earnings, avg. contract term shifted up from 2 —> 3 years between Q4 ‘24 and ‘25. Multiple products taking share, PLM (Windchill) ARR growth of 11% compared to ~8% expected for that market (from some online sources). Codebeamer ALM also doing fairly well it seems? They also run CAD through Creo and Onshape which appears to be at least holding share. Investing some into new features of core products - Vanishingly low capex, guided to 1% of sales in 2026 and 2/3 of that is one-time relocation of an RnD center to a new office. Beyond capex, historically they have been an acquirer and have guided to bolt-on acquisitions as a use of capital in addition to repurchases - Seems like can grow FCF at 15% for at least a few years under pretty simple assumptions, trades at 20x EPS. Slow but steady wins the race? Anyone have pushback?

Baby has gotten good at identifying “dada” but still struggling with surrealism, cubism, even baroque.

“An anomaly.”