We used to be a proper country

Brad Jacobs had Paine Webber and Alex Brown. David Cote has Tom Knott, who effectively gets paid a percentage of future $CMPO EBITDA. Let’s see if they too can make a few billion dollars…

If the market starts to value cold storage $COLD & $LINE like the operationally intensive & capital intensive oversupplied low-moat businesses they are, on an EV to unlevered FCF basis (after all appropriate capex)… oof

Aluminum Midwest Premium keeps mooning, so $CENX numbers need to be taken up even more. It’s amazing that few know this is a the largest US producer of critical mineral aluminum 🇺🇸 Q4 numbers should be a monster and an AI datacenter leasing deal at Hawesville would be nice

Add to the things you never thought you’d see: $CENX might be so delivered they could buy back shares! A true new world order #Aluminati

I don’t know how much GLP-1 usage is hurting cold storage demand $COLD $LINE But what we do know: 1) there’s a secular increase in use, & will likely continue due to intent, access & availability 2) negative impact of frozen food spend on these 3) industry is oversupplied

Well, the $CMPO acquisition happened as did margin expansion, which JPM was skeptical of. I for one am looking forward to the full update from here, and whether it will still be an Underweight.

Former bulls RBC finally downgrade $COLD. Take down numbers for 2026 & 2027. They note leverage could go to mid 7s & company needs to be “more judicious with its capital”. Dividend cut?

There’s a constellation of issues to address because their star has departed. Don’t need a galaxy-brain to be nervous about their astronomical multiple after the stock mooned for years…

Freefalling

The fate that befalls jabronis who espouse stupidly self-fulfilling prophecies like “If you want a friend on Wall Street, get a dog”

So curious that such a wealthy man never posts anything that indicates that he enjoys or is even aware of what virtually everyone appreciates— scenes from nature, pet dog or cat, praise for a movie, music, a book (but doubt that he reads); pride in a friend’s or relative’s

You post screenshots of your brokerage account. I post screenshots of my CitiBike stats. We are not the same.

You have to give Bill Ackman credit for his accountability here. I don't know any of the facts, but I have never before seen a billionaire activist man take responsibility as he does here. It reflects well on him and the possibility of a more favorable outcome for AI

Lots of confusion over which N.A. metal producers will be affected by SCOTUS ruling against IEEPA. Canada/U.S. metals tariffs are 232, not IEEPA. Century Aluminum $CENX - 232 beneficiary, will continue to benefit. Algoma Steel $ASTL - 232 loser, no relief incoming.

✅ Investindustrial to Acquire TreeHouse Foods $THS for $2.9 Billion ✅ $CMPO announces business combination with Husky Technologies in a $7.4B deal

Former bulls NBC with a balanced view of Constellation Software $CSU. Editorializing mine.

We’re baaaaaack! $ACMR — we bought hand over fist after earnings and it’s now our third biggest holding after Buzzi and Aixa. We’ll write up an update and host a twitter spaces as soon as we can, this is still a multibagger. Chinese semicap localization is a massive theme and

UBS update on cold storage states “we think it should take at least 2 years to absorb the remaining supply” which is quite concerning for $COLD & $LINE However, they are still reliant on “square feet” estimates, which significantly *understate* the amount of oversupply 😬

Aluminum vet (and former bear) Timna Tanners takes up PT on $CENX to $37 using just 6x 2026 numbers, and no credit for Hawesville 500 MW of power (getting increasing interest). While Midwest Premium continues to rise…