Interesting to see the apartment REIT AvalonBay $AVB get acquired today. I wrote about the company and bought it in February 2009, a few weeks before the market bottomed in one of the most brutal bear markets of this century. It was also my first submission to @SumZero It was trading at around $44 per share and the yield was 8%. I doubled my money but should have held on longer, as the yield would have been unbelievably attractive over time. Part of that writeup below:

New Buy-Side Insights is out! Sat down with Chris Murphy — 17 yrs scaling a multi-billion fund, now running a pre-IPO PA strategy — on why $CBRS is his largest position. Also in the issue: • Tracking the AI Capex Supercycle • Walleye picks GPT-5.5 over Claude • Inked deals, broken deals, and the mercenary ethos of HFs • $META: compute > people • Getting into T. Rowe with Priyal Maniar Coming up: $META deep dive w/ @DivyaNarendra (@SumZero ), @SemiAnalysis_ on $CBRS Become a subscriber today! pitchthepm.substack.com/

🚨 GLOBAL CYBERINTELLIGENCE ALERT: TELEGRAM WAVE OF ATTACKS TARGETING GOVERNMENT AND ACADEMIC SECTORS 📡📂🔓 A series of coordinated attacks and data exfiltrations—executed by various malicious actors and distributed via specialized Telegram channels—has been detected. The activity recorded today, May 3, 2026, reveals an aggressive pattern targeting institutions across Latin America, the United States, and Europe. 🇵🇪 Ministry of the Interior (Peru) Threat Actor: CHRONUSTEAM Sector: Government Impact: Exfiltration of confidential data from the Ministry. This actor has recently demonstrated a tendency to target critical infrastructure and healthcare facilities within the region. 🇨🇱 Universidad de Los Lagos (ulagos.cl) - Chile Threat Actor: NemorisHacking Sector: Education / Academic Impact: Compromise of university infrastructure. Attacks on educational institutions typically aim to acquire databases containing student, staff, and research project data. 🇺🇸 Senzing.com and SumZero Threat Actors: ijpys Sectors: Technology / Data Analytics / Finance Impact: Compromise of platforms specializing in entity resolution and investment networks. These attacks suggest an interest in exfiltrating intellectual property or data belonging to high-profile users. 🇪🇸 Tiwel (tiwel.es) - Spain Threat Actor: l0wiqq Sector: Commercial / Retail Impact: Compromise of the official website. The actor l0wiqq is operating simultaneously across multiple geographic regions today. ⚠️ Risk Implications (VECERT Intelligence) Transnational Attacks: The ability of actors such as l0wiqq and CHRONUSTEAM to strike targets across different continents within a single 24-hour cycle indicates a high level of operational capability and the use of automated tools. Governmental Risk: The compromise of the Ministry of the Interior in Peru poses a national security risk, potentially allowing access to the identities of government officials or public security records. Sensitive Data Exposure: In the case of the University of Los Lagos, the leakage of personal data belonging to the university community could lead to large-scale academic phishing campaigns. 🛡️ Immediate Response Recommendations 🔒 Perimeter Audit: Organizations within the affected sectors must review their access logs for anomalies linked to the TTPs (Techniques, Tactics, and Procedures) of the aforementioned threat actors. 🔑 Credential Updates: Mandate password resets for administrative accounts and verify the integrity of accounts with elevated privileges on compromised systems. 👁️ Telegram Monitoring: Maintain active surveillance of "leak" channels where these actors typically distribute data samples or announce their upcoming targets. Monitor: analyzer.vecert.io #CyberSecurity #Peru #Chile #Spain #USA #DataBreach #ChronusTeam #NemorisHacking #l0wiqq #VECERT #InfoSec #CyberAlert 🌎🛡️⚠️🚨📂

Long Vicore and Short Pliant! We published last year an investment idea on SeekingAlpha, SumZero and Fitinvestmentideas Long Vicore and Short Pliant Short Pliant went quite well. The stock is down from USD 23 to USD 1. Congrats to who played this with me. Long Vicore will be our best performer in 2027. We believe the stock has easily 10x potential. Do read the thesis. Today´s announcement is very positive. I am very bullish on Vicore: Phase 2b trial fully enrolled, ahead of schedule Vicore today announced that the Phase 2b ASPIRE trial completed enrollment with more than 360 patients across 100 sites in 14 countries, including 29 sites in the US. This comes surprisingly early (the expectation was around late summer) and reflects strong interest by investigators and patients. As a result of the fast enrollment, we now expect the potentially transformative trial results between end of May 2027 to June 2027. The company has a cash runway into 2H 2028.

SumZero doing an AI Infra Trade expert panel? Finally a top signal I can trust.

Closing my long $IAC short $MGM. No real progress on non-core asset sales. “Barry being Barry” means this could take a year . Still long $IAC (but smaller size) bc I like the $mgm asset and I think it’s a coiled spring given the valuation buyback rate at $mgm. @SumZero

After reading about $ddi on @SumZero I made it a decent size position. It may be the cheapest stock I’ve ever seen. $440m market cap with $400m in cash. Ltm $139mm in FCF. So in theory they could pay a 90% dividend then buy back the rest of the stock with <4 month of FCF. Risks👇

My 2026 Investing Research Stack. I’ve curated 25 essential tools to upgrade your research workflow this year (Free & Paid). The full list below👇 1. Fundamental Data & Filings (The Bedrock) Best-in-class for searching SEC filings and earnings transcripts instantly: @getBamSEC My go-to for global financial data, transcripts, and valuation metrics: @theTIKR Plugin to pull historical financials/live data directly into Excel & Google Sheets: @wisesheets Visualizing 15 years of historical financials (mostly free): roic.ai/ Calculate true long-term stock returns instantly (dividends reinvested inflation adjusted): totalrealreturns.com/s/VFINX 2. Tracking "Smart Money" The easiest way to track superinvestor portfolio changes and 13Fs: dataroma.com/m/home.php Tracks the latest hedge fund letters: @buysidedigest Screens for C-Suite insider buying (cluster buys, opportunistic trades): openinsider.com/ I maintain a curated list of 70 high-quality funds to follow (updated every year): x.com/InvestSpecial/status/1… 3. Market Mechanics & Shorts Check historical/current borrow rates and share availability (IBKR data): iborrowdesk.com/ Quick check for short interest data on US-listed names: shortsqueeze.com/ Real-time look at the order book. Shows top bids/asks and volume on Cboe exchanges: cboe.com/markets/us/equities… 4. Idea Generation Company/Industry Research valueinvestorsclub.com (Global). @smartkarma (Asia-Pacific) @MicroCapClub (International). @SumZero (Global) @joinyellowbrick Newsletter aggregator highlighting best ideas from the blogosphere/Twitter. @DealintCB Must-follow for tracking merger announcements globally. 5. Global Forums Investment Forums. Fantastic tools to fast-track your research, especially in foreign markets. wallstreet-online.de (Germany) hotcopper.com (Australia) advfn.com (UK) lse.co.uk (UK) 6. Bonus Sources Historical RINs and LCFS prices (free). This one is for all $CLMT $DAR investors: epa.gov/fuels-registration-r… The best free source for energy prices, S&D numbers, and crack spread inputs: eia.gov/petroleum/supply/wee…

What’s the most interesting leveraged large-cap setup you’re watching right now? We're currently running a competition in partnership with Mariner Investment Group that explores those opportunities. High-conviction ideas. Complex capital structures. This is a fantastic opportunity to gain direct access to senior decision-makers at Mariner Investment Group. $38k in awards on the line as well. Compete on sumzero . com. Reach out with questions. Mariner Investment Group, LLC (“Mariner”) is a leading alternative investment management firm founded in 1992, specializing in delivering sophisticated investment solutions across public and private markets. The firm manages approximately $9 billion in assets globally.

$LRN..I’m very humbled to share that I won SumZero's Top Stocks 2026 Investment Competition! A huge thank you to SumZero and the judges for the opportunity, and to AlphaSense for sponsoring the event. Please DM if you want the write-up or the Slide Deck. Important Reminder: This is not investment advice. Do your own work. This is a long-term thesis and could be volatile. $LRN #Sumzero #AlphaSense #Stride

100 high conviction opportunities were shared into our Top Stocks 2026 Investment Competition, sponsored by @AlphaSenseInc. The SumZero Community voted for the top 10, who moved on to the Semis and were put in front of our 30 person judges panel made up of allocators and senior investors from our network. Today, we host the Finals, live at 11am EST where we'll hear pitches from the top 3. $DKNG, $LRN, $IPCO.CN SumZero members, check your emails for registration details. See you there.

It’s not about oil we need. It’s about oil that others need. It’s a sumzero game. And the more we control the more we can drive Price the more we can influence economies. The world is physical now financial manipulation doesn’t work anymore. Controlling Venezuela oil puts other economies, importers, or exporters of oil more at our mercy… while keep domestic product low in cost

🔴 क्या Facebook का आइडिया एक भारतीय से “चुराया” गया था? दुनिया Mark Zuckerberg को एक जीनियस मानती है—जिस इंसान ने लोगों के जुड़ने, बात करने और मिलने का तरीका बदल दिया। लेकिन Facebook की कहानी इतनी सीधी नहीं है, जितनी दिखती है। इसके पीछे एक ऐसा नाम है, जो अक्सर चर्चा से बाहर रह जाता है—Divya Narendra। कहानी की शुरुआत साल 2003–04 में Harvard University में पढ़ रहे दिव्य नरेंद्र और उनके दोस्त Cameron Winklevoss व Tyler Winklevoss एक ऐसा प्लेटफॉर्म बनाना चाहते थे, जहाँ कॉलेज के छात्र प्रोफाइल बनाकर आपस में जुड़ सकें। इस आइडिया का नाम था Harvard Connection (बाद में ConnectU)। Zuckerberg की एंट्री दिव्य ने इसी आइडिया को कोड में बदलने के लिए हार्वर्ड के ही एक छात्र Mark Zuckerberg से संपर्क किया। ई-मेल्स और मीटिंग्स में पूरा कॉन्सेप्ट समझाया गया। मार्क ने वेबसाइट बनाने में मदद का भरोसा दिया—लेकिन काम टलता रहा। 4 फरवरी 2004 अचानक हार्वर्ड कैंपस में एक नई वेबसाइट लॉन्च हुई—Facebook। दिव्य और विंकलवॉस भाइयों के लिए झटका यह था कि Facebook का बेसिक आइडिया—कॉलेज स्टूडेंट प्रोफाइल, नेटवर्किंग—उसी सोच से मिलता-जुलता था, जिसे उन्होंने पहले साझा किया था। कानूनी लड़ाई मामला कोर्ट पहुँचा। 2004 से 2008 तक चली इस लड़ाई में ई-मेल्स और बातचीत के सबूत सामने आए। आखिरकार 2008 में आउट-ऑफ-कोर्ट सेटलमेंट हुआ—जिसमें Facebook की ओर से करीब 65 मिलियन डॉलर (कैश शेयर) देने पर सहमति बनी। यह सेटलमेंट इस बात का संकेत था कि दावा पूरी तरह निराधार नहीं था। इसके बाद क्या हुआ? दिव्य नरेंद्र ने आगे बढ़ते हुए SumZero नाम का स्टार्टअप शुरू किया, जो आज प्रोफेशनल इन्वेस्टर्स के बीच जाना-माना प्लेटफॉर्म है। इस पूरी कहानी को हॉलीवुड फिल्म The Social Network में भी दिखाया गया—हालाँकि फिल्म में कुछ बातें नाटकीय ढंग से पेश की गईं। निष्कर्ष तो क्या Facebook का आइडिया “चुराया” गया था? तथ्य यह कहते हैं कि आइडिया साझा हुआ था, विवाद हुआ था, और सेटलमेंट हुआ था। इतिहास अक्सर उसी को याद रखता है जो आइडिया को सबसे तेज़ी से स्केल कर लेता है—भले ही शुरुआती चिंगारी किसी और की हो। सवाल वही है: क्या इतिहास पहले सोचने वाले को याद रखता है, या सबसे तेज़ आगे निकल जाने वाले को?

Last few minutes to get involved in the voting for SumZero’s Top Stocks 2026 Investment Competition. Rate 20 ideas to be eligible for a complimentary year of SumZero access on sumzero . com. Your ratings determine the Top 10 that move on to the 2nd round. Voting closes TONIGHT Dec 29 at 11:59pm ET.

Some thoughts on $DR.TO from a SumZero pitch:

@sprucepointcap I’m happy to debate this with you publicly. Shorting is an important role in the financial system , when it’s done properly it’s a cleansing mechanism , when it’s done incompetently it destroys capital , in this case it seriously imperils your own country

We should have another convo around cogent. Really interesting right now.

always investigate whether a point of view carries weight or content

Replay of my interview with Jack Lundin, CEO of Lundin Mining. @LundinGroup @SumZero youtu.be/a9ZsCnOY73c

As a follow-up to the 2-part @massifcap Lundin Mining Report released in Oct and Nov (Part 1: tinyurl.com/64b3dwbh & Part 2: tinyurl.com/36dvh6uw), @SumZero will host a fireside chat between Jack Lundin and me next week on Wed. Sign Up Below: tinyurl.com/LundinFiresideCh…