Uber: robots, start your engines!
Volume is slowing, cash is strong. On 20% growth, the firm's case, without the float, its model gives about $89 a share against $68.78. The firm stays long.
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Independent equity research
Follow the thread to the number.
SER-0001 → SER-0013
Every note on one web: a spoke for each company written up, a ring for each month, and the thread in the order the notes were written. Pick a point.
Flutter after Q3: who keeps the $100?
Flutter's value turns on the courts: about $61–$74 a share if Kalshi wins, $86 if they stay split, $105–$120 if the states win. The firm stays long.
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Intel Fab Watch, Issue 03: revenue before the customer
External foundry revenue rose to $411M, 2.5% of total. Intel credits the rise mainly to a non-recurring contract; $126M of the total is Altera.
Firm’s positionLongMonitorRead the note
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Porsche: a turbocharged recovery?
Porsche is shrinking to earn more per car. The price already pays for the plan on time; upside needs prices per car to hold through the 2027 trough.
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Carnival is buying its shares. Moody's is still waiting
Record yields, but the fuel premium held and Q3's buybacks stalled the deleveraging. The firm stays long while Moody's stays in reach.
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Adobe is buying users. The bill comes due in 2027
Adobe is trading paid growth for reach. The firm stays long while that looks like strategy rather than decline. December is the first real test.
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Carnival Corporation: the recovery is priced in, the re-rating isn't
The recovery is priced in; the credit re-rating is not. Two of three agencies rate Carnival investment grade, yet it trades at half Royal Caribbean's multiple.
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Flutter Entertainment plc: a global compounder navigating a contained shift
A still-dominant US sportsbook in a deliberate investment year, beside a larger, insulated International business earning three-quarters of group profit.
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Intel Fab Watch, Issue 02: building and subtracting at the same time
Intel committed to its next node without a customer, bought out its most productive fab and guided capex higher — while closing or cancelling three plants.
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Uber Technologies, Inc.: pricing 6% growth into a 20%+ compounder
The market prices 6% perpetual cash flow growth for a business compounding bookings above 20%. Either something breaks it — or the shares are mispriced.
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Intel Fab Watch, Issue 01: the baseline issue
Manufacturing firsts are arriving on schedule while external foundry revenue stays at 1.3% of total — where the buildout stands as of mid-July 2026.
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Adobe: results keep improving, the multiple keeps falling
Revenue grew 13% and AI-first ARR more than tripled, yet the shares trade at a five-year-low multiple, some 60% below their 2024 peak.
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Flutter Entertainment plc: a sum-of-the-parts case for a contrarian long
Valuing FanDuel against DraftKings and International against Entain implies about $137 a share against a $106 quote — if the margin squeeze is temporary.
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- Notes published
- 13
- Companies written up
- 6
The firm · as of 27 October 2026
- Founded
- 2026
- Equity positions held
- 15
Latest research
All 13 notesUber Technologies, Inc. · NYSE: UBER
Uber: robots, start your engines!
LongValuation
Flutter Entertainment plc · NYSE: FLUT
Flutter after Q3: who keeps the $100?
LongValuation
Intel Corporation · NASDAQ: INTC
Intel Fab Watch, Issue 03: revenue before the customer
LongMonitor
Dr. Ing. h.c. F. Porsche AG · XETRA: P911.DE
Porsche: a turbocharged recovery?
LongValuation
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