$CIFR is one of the higher quality PSPs with HY project finance bonds I am tracking offering clear excess spread
700 MW of contracted HPC capacity underpinned by 2x 15Y triple-net leases with $AMZN and 1x Fluidstack lease (backstopped by $GOOG through the principal)
Black Pearl
This is the bull case for $KLAR if it can expand into incremental high margin revenue streams
120m customers and only <$5B EV vs. Revolut at >$100B and 75m customers
At current levels the stock is a 2-3x as a pure BNPL business standalone so the asymmetry is incredible
$XYZ 6 months on from this
Apparently product dev team cuts were closer to 70% yet they seem to be shipping harder and faster than ever
Trading at ~13.5x 26E EBITDA with lots of runway to increase existing customer LTV imo
Also a Q2 buy from @DanielSLoeb1
GIH TLB now 84c on BBG but quoted closer to 78-80c
This is the $1.2B loan backed by the asset management fee stream of Guggenheim Partners:
• Insurance SMAs: $135B AUM
• Registered funds: $71B
• Other 3P (banks, pensions, SWF etc.): $35B
From what was reported Q2 earnings
After a +40% rally $KLAR has retraced back to my original entry on the back of (i) revised top-line guidance (lower) and (ii) CFO/CMO departures
While mgmt. deserves a PhD in botched guidance most of the thesis remains intact / increasingly validated and R/R is arguably more
Some updated thoughts on the $PYPL 3.25% 2050s post the WSJ report on Friday
Asymmetry arguably more compelling here at 67-68c with accelerating timeline
https://t.co/KeHAE9Y6Qc
