earnings The last Bristol Myers' blog post was wrong on the core thesis
Ivonescimab plus chemotherapy extended median overall survival by 4.2 months versus Tevimbra plus chemotherapy in HARMONI-6, challenging…
SMMT $10B John Hempton's Newsletter
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83 articles about companies over $10B
earnings 
balance sheets A non-consensus thesis: the forthcoming demise of Bristol Myers Squibb.
Bristol Myers Squibb’s bear case centers on patent-cliff revenue losses, debt, and failed drug investment after $28.3 billion of 2019–23…
BMY $132B John Hempton's Newsletter
Brambles - the pallet maintenance issue
Brambles cut earnings guidance after US repair-capacity constraints, raising questions about its earlier disclosure of 4 million excess…
BXB $26B John Hempton's Newsletter
Trying to get access to Google's new agentic AI
Google’s A$205-a-month AI Ultra subscription advertised Project Mariner access, but Australians were excluded from the agentic AI trial.
GOOGL $4.1T John Hempton's Newsletter
Industrial and Commercial Bank of China
ICBC’s chairman describes embedding Chinese Communist Party leadership, anti-corruption campaigns and Xi Jinping Thought into governance at…
IDCBF $402B John Hempton's Newsletter
business models Brambles - some thoughts
Brambles’ CHEP pallet pool combines global network effects and strong returns, but its patchy history leaves the stock discounted despite…
BXB $26B John Hempton's Newsletter
healthcare Does anyone remember when Alnylam went up 50 percent in a day on a phase three result
Alnylam’s 2022 50% phase-three gain faces FDA advisory-panel scrutiny over its amyloidosis drug’s label extension.
ALNY $28B John Hempton's Newsletter
asset management Too Many Cooks Spoil The Pot
Baron’s BARAX and BGAFX hold SpaceX at a $1.25 trillion valuation, creating a potential NAV uplift if its IPO prices higher.
SPCX $1.5T Cluseau Research
buybacks Kazakhstan, Japan, and Trimming a Winner
Kaspi.kz’s 850 KZT ADS dividend establishes a roughly 9% yield after Hepsiburada spending; Japanese buyback disclosures test whether 0.61x…
KSPI $17B Cluseau Research
ai Carving Up the TPU
Google’s TPUs give it vertically integrated AI training and inference economics as Anthropic and Meta consider adoption, challenging…
GOOGL $4.1T Citrini Research
advertising $FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
FOX $22B Yet Another Value Blog
An Open Letter to the TPL Board
Texas Pacific Land shareholders urge two board additions, data-center expertise, and capital spending beyond mineral royalties toward…
TPL $28B 310 Value’s Newsletter
energy First Takes on GFL's Acquisition of Secure
GFL Environmental is buying Secure Waste at 11x 2026E EBITDA before synergies, adding high-margin produced-water and waste assets with $25…
GFL $15B 310 Value’s Newsletter
corporate governance Ryanair’s €256M Fine May Be Tip of The Iceberg
Ryanair’s €256 million Italian antitrust fine targets its OTA-blocking system, while internal documents raise questions about Michael…
RYAAY $31B 310 Value’s Newsletter
ai Data Centers in the Permian Basin Part 3 - First Comes Power
Chevron’s proposed $6.5 billion, 2.5GW West Texas gas plant could support Permian AI data centers, with TPL, Oxy and WaterBridge land…
TPL $28B 310 Value’s Newsletter
asset management Brookfield's New Lawsuit
Brookfield faces whistleblower allegations over its VC funds; $569 million of Q1 buybacks challenges claims that $8 million of remaining…
BN $95B 310 Value’s Newsletter
asset management Brookfield Corp. - Get a Buck for Fifty Cents
Brookfield Corp. trades at 13.2x 2025 distributable earnings and $45.97 against management’s $91.76 sum-of-the-parts Plan Value, discounted…
BN $95B 310 Value’s Newsletter
ai Under the Hood - Adobe Inc. ($ADBE)
Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…
ADBE $99B Bearhold Research
business models Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
TSCO $16B Bearhold Research
business models Under The Hood - Rollins ($ROL)
Rollins ($ROL) pairs automatically renewing pest-control contracts with route density and family-business acquisitions, producing 24…
ROL $19B Bearhold Research
balance sheets Under The Hood, Universal Health Services - $UHS
Universal Health Services faces a $432 million–$480 million annual Medicaid supplemental-payment hit by 2032, offset by behavioral-health…
UHS $10B Bearhold Research
balance sheets Under The Hood: Domino's Pizza - $DPZ
Domino’s 99%-franchised model converts global retail sales into royalties and supply-chain revenue, but $4.8 billion of debt and mature…
DPZ $11B Bearhold Research
business models Under The Hood: Ulta Beauty, Inc. ($ULTA)
Ulta Beauty’s 46 million-member loyalty model drove strong historical cash flow, but earnings have stalled since fiscal 2022 as SG&A rose;…
ULTA $22B Bearhold Research
business models Under The Hood, HCA Healthcare - $HCA
HCA Healthcare generated $75.6 billion of 2025 revenue and an 18.9% ROIC, pairing hospital-market scale with expanding margins and lower…
HCA $91B Bearhold Research
