Haiku of the Day for "Hidden Value on the Balance Sheet: An Investor's Guide to R&D Tax Incentives." Tax credits reduce What balance sheets truly show. IP worth far more. substacktools.com/sharex/WpeKTGhP

Haiku of the Day for "Mind the Gap: An Intangible Twist on Warren Buffett's Owner Earnings" R and D spending Hidden growth masked as spending. Mind the gap, find gems. substacktools.com/sharex/bKBZAeBQ

IWG $IWG.L is no longer a real estate company; it’s a platform that just opened ~1,000 locations for negligible net capital cost. The market seems to price it as a recessionary landlord. The financials show a tech-enabled franchise model. substacktools.com/sharex/sgcm2Z-A

Haiku of the Day for "The Financial Fingerprints of a 'Scaled Economies Shared' Business" Margins stay steady, Customers gain from the scale. Costco’s quiet moat. substacktools.com/sharex/3Vvu2Eyr

Haiku of the Day for "To the Moon, or Sinking? Separating 'Rockets' from 'Torpedoes'" Machines learn the truth: Strong balance sheets, lean profits — Winners hide plainly. substacktools.com/sharex/_s4tDWAq

Haiku of the Day for "The Architecture of Understanding: From Synapses to Serendipity" Neurons fire, then wire. Knowledge webs spin, thoughts connect. Learning never stops. substacktools.com/sharex/6YZFgUb4

Haiku of the Day for "The Discomforts of my Investing Style" Red numbers persist, Conviction wrestles the price. Hold or exit? Wait. substacktools.com/sharex/Hkhed44j

Haiku of the Day for "La Grande Complication: How To Value Hidden Options in Ring-Fenced Balance Sheets" Consolidated Math assumes you own the loss, But the lender does. substacktools.com/sharex/P1eE1EEs

Happy 3rd Advent! I realized my previous method for adjusting Owner Earnings for intangibles was too optimistic & fixed it. Today, I propose a practical way to account for intangible growth investment w/o inflating earnings or building complex schedules. substacktools.com/sharex/-1M3Qyb8

Haiku of the Day for "Mind the Gap (Part II): Correcting the Calculus of Intangibles" Expense growth times life, Halved to find the asset base, True capex revealed. substacktools.com/sharex/-1M3Qyb8

Let's start with the second pass of Haikus... Haiku of the Day for "'Float' & Invested Capital" Deferred revenue Cancels cash out on both sides Add back gross profit. substacktools.com/sharex/PiQbNkYd

Idea thread time! What's your best idea heading into 2026? (Any style, any market cap, any geography). Be sure to add why you like it + valuation. I will compile the responses and share. Appreciate a RT for visibility! 🙏

Haiku of the Day for "Adjusting SaaS Profits & ROIC For Churn" Ten percent churn means Ten years of subscription life. Spread costs truthfully. substacktools.com/sharex/OoE8ASux

Haiku of the Day for "Margin × Turnover: A Fresh Look at ROIIC Through DuPont's Lens" Track how new dollars Earn through margin or through speed. Strategy revealed. substacktools.com/sharex/fXLwbo8i

Haiku of the Day for "Behavioral Edge = Triage + Bicycle + Kill Criteria?" Write kill rules before You fall in love with the stock. Cold logic saves you. substacktools.com/sharex/gGz9yV6U

Nickel Extends Rebound After Indonesia Signals Mine Output Cut Nickel advanced for a third day, extending its rebound from an eight-month low on the prospect of reduced supply from top producer Indonesia. financialpost.com/pmn/business-p… #Nickel $CNIKF $NOB.V $CNC.V $SHL.V #Timmins

Nothing says "Happy Holidays" like a distressed airline on the OTC dropping a liquidation bombshell on Dec 18th. 🎄 $HRBR is selling its core assets for $113M, but many questions (and issues) remain... substacktools.com/sharex/N86zik8n

Haiku of the Day for "The Cash Flow Conundrum" Split lease principal From interest in the notes, Cash flows bloom brighter. substacktools.com/sharex/1JSsz5zd

Haiku of the Day for "Beyond Working Capital: Spotting Business Model Strength in the Numbers" When CCC* falls While normal CCC climbs: Hidden gem signal. substacktools.com/sharex/DKTMdMqi

Haiku of the Day for "Hidden Value on the Balance Sheet: An Investor's Guide to R&D Tax Incentives" Aussie tech appears Thirty percent cheaper now, Incentives distort. substacktools.com/sharex/WpeKTGhP