1. Executive Summary We recommend establishing a SHORT position in Dakota Gold Corp. (DC) with a price target of $2.25, representing a 67% downside from the current price of $6.87. Our conviction is high. DC's current $0.78 billion market capitalization is a monument to a
1. Executive Summary We recommend initiating a SHORT position in United States Antimony Corporation (UAMY). Our thesis is that a compelling, but ultimately flawed, geopolitical narrative has inflated the company to a $1.52 billion market capitalization that is catastrophically disconnected from its underlying financial reality. The market is pricing
1. Executive Summary We are initiating a HIGH CONVICTION LONG recommendation on Telephone and Data Systems, Inc. (TDS). Our thesis is centered on a profound corporate metamorphosis that the market has failed to correctly price. The divestiture of its UScellular assets is a "great uncoupling" event, transforming TDS
1. Executive Summary We recommend initiating a SHORT position in Lotus Technology Inc. (LOT) with a price target of $0.50, representing a 65% downside from the current price of $1.43. Our high-conviction thesis is that LOT is a structurally unprofitable, cash-incinerating entity whose equity is being propped up
1. Executive Summary We recommend initiating a SHORT position in Wheels Up Experience Inc. (UP) with high conviction. The market is fundamentally misinterpreting Delta Air Lines' involvement as an equity floor—a strategic backstop guaranteeing survival. Our analysis indicates the opposite is true. Delta is positioned not as a
1. Executive Summary We recommend initiating a SHORT position in Strive Asset Management (ASST) with high conviction. The current market price of $0.87 reflects a profound misunderstanding of the company's structure, valuing it as a clever Bitcoin accumulation vehicle when it is, in fact, a structurally flawed
1. Executive Summary We recommend initiating a high-conviction Buy on Adobe Inc. (ADBE). The market has created a historic mispricing, valuing a premier enterprise platform as a commoditized toolmaker at a mere 11.41x forward P/E. This pessimistic consensus is fixated on the threat of consumer-grade Generative AI, a
1. Executive Summary We are initiating a LONG position in Sea Limited (SE) with a probability-weighted price target of $187, representing approximately 50% upside from the current price of $124.78. Our high-conviction thesis is predicated on the market's fundamental mispricing of Sea's two core growth
1. Executive Summary We recommend initiating a LONG position in enCore Energy Corp. (EU) with a 24-month price target of $6.60, representing approximately 100% upside from the current price of $3.29. Our conviction is high. enCore is fundamentally miscategorized by the market as a speculative developer, a classification
1. Executive Summary We are initiating a BUY recommendation on Coinbase Global, Inc. (COIN) with a probability-weighted price target of $310, representing a 42% upside from the current price of $217.97. Our thesis is predicated on a profound market mispricing. The market continues to value Coinbase as a highly
1. Executive Summary We recommend initiating a long position in Coupang, Inc. (CPNG) with a high degree of conviction. The market fundamentally misprices Coupang by viewing it through the rearview mirror—as a mature, low-margin South Korean e-commerce operator facing existential threats. This consensus narrative, reflected in a seemingly high
1. Executive Summary We recommend initiating a LONG position in AppLovin Corporation (APP) with a base-case 18-month price target of $815, representing 55% upside from the current price of $524.41. Our conviction is high. The market fundamentally mischaracterizes APP as a cyclical, gaming-centric ad network, pricing in a permanent