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The Discount That Did Not Close
Stray Narratives, Issue 19 - Marking the Xunlei position to market, seven weeks after the four-week catalyst
6 hrs ago
1
June 2026
The Patient Is Not Dying
Stray Narratives, Issue 18 - The medical-device makers are the cheapest they have been in a generation, and the market has the diagnosis backwards.
Jun 29
5
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Booking the War Premium
Stray Narratives, Issue 17 - Closing the "Wrong Map" tanker basket after the Hormuz deal
Jun 26
1
2
Blood in the Orchards
Stray Narratives, Issue 16 - Ad-Hoc: Select Harvests (ASX:SHV) - Almond supply is being bulldozed, and the lowest-cost grower trades below its asset…
Jun 19
1
1
The Bull Market In Politics
Stray Narratives, Issue 15: What happens when AI hollows out the middle class and the political system comes for the winners.
Jun 12
1
What Will Be Scarce After AI?
Stray Narratives, Issue 14: The Post-Commodity Economy and What AI Cannot Make
Jun 5
1
May 2026
The Case for China
Stray Narratives, Issue 13 - Trading the Gap Between Perception and Reality
May 29
7
2
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Who Gets Paid After AI
Stray Narratives, Issue 12 - What actually becomes scarce after AI, and why the signature is what is being bought
May 22
1
An 80% Discount to NAV, Four Weeks to Close
A $398m market cap. $986m of Shanghai-listed Insta360 stock, $230m of net cash, plus an operating business that already clears the market cap on its…
May 14
24
3
5
What We Got Wrong About the Internet (and May Get Wrong Again)
Three times the consensus got the technology shock wrong — talkies, IT, the internet. AI in 2026 has the same shape, and the next iPhone is already…
May 10
2
Anyone Care for Some Ice Cream?
The market voted before it counted the votes. Magnum drew 34% on forced selling and became Europe's eighteenth-most-shorted name. Then the Q1 print…
May 4
2
3
April 2026
Is Now the Time to Invest in Nuclear?
In late 2024, Dogecoin's market cap topped the tradable uranium equity universe. The thesis has been right for years. The market bet on the wrong…
Apr 27
4
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