Singh runs a special-situations house book — stances reflect how each name was framed in this call (new longs, adds, arb spreads, spins, held trades, or evidence in the memory-cycle / private-credit / Fed threads). This is a premium subscriber recording with no public video, so the Ref column carries the section time as plain text (no deep-links; section cues live in the saved notes). Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis (FA fiscal.ai added by the build).
| Ticker | Name | Research | View | What Singh said | Ref |
|---|---|---|---|---|---|
| KGC | Kinross Gold | QT · SA · STK · FA | Positive | The featured value-gold long, adding Monday (with Alamos & Barrick). A de-risked tier-1 senior after the 2022 Russia/Ghana exit — 34% US / 30% Brazil / 25% Mauritania / 11% Chile, ~15% Canada by 2029 via the Great Bear (Red Lake) growth asset. $1.4B net cash → ~$4B by year-end; record $837M Q1 FCF; the highest FCF/oz of the big miners ($1,488); cheapest senior at 7.7× fwd P/E / 4.4× EV-EBITDA; 12% FCF yield; a legally-committed 40%-of-FCF return (already −3% float). Asset-by-asset NAV ~$23.50 → $34 at a 1.3× premium multiple, bull $38 with minorities/cash, vs a beaten-down ~$24 stock (down from the high-$30s with gold). | 21:48 |
| VISN | Vistanc Networks (ex-CommScope) | QT · SA · STK · FA | Positive | The featured capital-arbitrage special situation (5bp tracker Monday → 20bp on a war flush below $12.50). The old CommScope sold its CCS unit to Amphenol for $10.5B, wiped out all debt, and paid a $10 return-of-capital special dividend (the sole reason the chart "crashed" from $20 to $12.38). Now selling Ruckus to Belden for $1.846B (13× EBITDA) → ~$1.7B cash = >60% of the $282M cap, teeing up a conservative ~$5 special dividend (Aug/Sep). That leaves the growing Aurora broadband core (DOCSIS 4.0 super-cycle; Comcast's key vendor; Q1 rev +32% / EBITDA +32%) at ~4× EBITDA vs peers Vincima 7×, Tellabs 8×, Harmonic 20× → $15 base to a ~$30 triple. Risk: the special dividend could be diverted to M&A, stranded costs, a $150M lender lawsuit (~$0.63/sh), rising DDR4 costs. | 57:57 |
| AGI | Alamos Gold | QT · SA · STK · FA | Positive | Named as an existing holding in the SSR value-gold bucket that Kinross is being added alongside ("adding to our value gold miners in addition to Alamos and Barrick"). | 21:48 |
| GOLD | Barrick Gold | QT · SA · STK · FA | Positive | The third held value-gold name (with Alamos), and a comp on the July miner sheet where KGC screens cheaper on price/FCF, fwd P/E (7.7× vs 8.9×) and FCF/oz ($1,488 vs $1,050). | 21:48 |
| MU | Micron | QT · SA · STK · FA | Positive | Bought in the Tue/Wed memory flush (−26% from its high) and it's since rallied. BofA says the memory cycle is nowhere near a peak; Micron's 2026 profit ≈ 35 years of combined prior profit; DRAM ASPs +13-18% in Q3 (TrendForce) with disciplined supply and shortage risk into 2027. | 78:12 |
| MSFT | Microsoft | QT · SA · STK · FA | Positive | Added during the quarter — used the "distinct Q2 underperformance of high-quality, strong cash-generating equities as an opportunity to build exposures like we added to Microsoft." | 32:34 |
| INMD | InMode | QT · SA · STK · FA | Positive | Held deep-value long, now validated: the board confirmed an unsolicited Steel Partners buyout bid (Jul 9), popping it $13.25→$15.28. ~$555M cash vs a ~$421M net-cash EV ≈ 5× its ~$80M EBITDA. Would add aggressively below $14. | 12:31 |
| RWT | Redwood Trust | QT · SA · STK · FA | Positive | "A great trade" — bought at $4.23 (a 42% discount to book / 17% yield) after the stock was mechanically dumped on S&P 600 index exclusion; rallied ~10% to $5.10 in a week. Trimmed 35bp → ~25bp to harvest gains but keeping two-thirds for the 15-16% yield. | 07:16 |
| SPGI | S&P Global | QT · SA · STK · FA | Positive | Shares have rallied 12% since the Mobility (MGGL) spin to 17× '27 EBITDA — in line with the SOTP multiple for Moody's/MSCI/FDS; a cleaner pure-play data/ratings compounder. | 07:16 |
| ZIM | Zim Integrated Shipping | QT · SA · STK · FA | Positive | Q&A: still holds a small position and it's "frankly more interesting" — the stock trades at a >30% discount to a standing bid for its assets; trying to add in the low $20s. | 87:07 |
| PZZA | Papa John's | QT · SA · STK · FA | Positive | Q&A: still holds a small legacy long — the buyout thesis is intact, "will be bought out"; current stagnation is just market distraction. | 87:07 |
| STRC | Strategy 'STRC' preferred | SA · STK · FA | Positive | "Massively benefited" — bought the MicroStrategy/Strategy STRC preferreds in the low-to-mid $70s, they rallied to the high $80s, and sold a lot of the position into it (Strategy sold 3,588 BTC to fund pref coupons). | 83:47 |
| STRD | Strategy 'STRD' preferred | SA · STK · FA | Positive | Kept the riskier Strategy STRD perpetual preferreds at a 60 cost basis after trimming STRC into its rally. | 83:47 |
| QGEN | Qiagen | QT · SA · STK · FA | Neutral | Popped 10% on early PE buyout interest (EQT, Advent) — a cash-generative European molecular-testing name that sold to $33 in May (Jan peak $56, now $41); a ~$50 bid = ~20% upside. Just starting work; needs the bid substantiated. | 09:34 |
| NFLX | Netflix | QT · SA · STK · FA | Neutral | Starting to look cheap, but the pre-earnings WSJ leak that management is exploring live-TV bundles / Peacock aggregation to fight declining engagement is a bad signal. Not adding ahead of the print; would buy aggressively only on a clear miss. | 09:34 |
| WBD | Warner Bros. Discovery | QT · SA · STK · FA | Neutral | A "fat" 15-20% merger-arb spread on the Paramount ("Peace Sky") deal — state AGs (Oregon's requesting a 60-day delay + Monday injunction hearing) may sue; WBD at $26.59 with consensus downside only ~$25-26 (~5-6%) if a lawsuit lands. Peace Sky committed not to close before July 22 (= EC phase-one deadline); final ruling likely Q1 2027. | 09:34 |
| SKX | Skechers | QT · SA · STK | Neutral | Hedge funds are fighting to lead a Delaware class action challenging 3G Capital's $9.4B buyout as too low (fair-value appraisal + a fiduciary-breach claim). An event to track, not yet a position. | 12:31 |
| MFP | Midera (Middleby food-processing spin) | SA · STK · FA | Neutral | The food-processing business spun out of Middleby — +20% in two sessions to a premium over comp JBTM (~12× vs 11.7× '27 EBITDA) on lower leverage and a food-processor M&A roll-up story. | 07:16 |
| MIDD | Middleby | QT · SA · STK · FA | Neutral | The RemainCo parent after spinning off its food-processing arm (Midera, MFP); flagged in the large-cap spins recap as a successful-spin case study. | 07:16 |
| HON | Honeywell | QT · SA · STK · FA | Neutral | Post-spin of its Aerospace arm (HONA); parent and Aero closed at almost identical caps, another spin that "has done well" this year. | 07:16 |
| HONA | Honeywell Aerospace | SA · STK · FA | Neutral | The aerospace spin — trades at 17× vs peer RTX at 18×, so investors see "some juice left" if it re-rates toward RTX. | 07:16 |
| MGGL | Mobility Global (S&P spin-off) | SA · STK | Neutral | The S&P Global automotive-data spin closed at 11× '27 EBITDA — a one-turn discount to the 12× peer group, so "a little juice left, but not super compelling." | 07:16 |
| GTLS | Chart Industries | QT · SA · STK · FA | Neutral | Merger-arb: being acquired by Baker Hughes for $9.6B; Bloomberg reports the deal is set to win conditional EU antitrust approval. | 09:34 |
| AVGO | Broadcom | QT · SA · STK · FA | Neutral | Two positive tells: it's Meta's design partner for the AI chip heading to production in September (TSMC-fabbed), and it rallied late in the week on an expanded ~$30B Apple deal (15B of US-made chips, a $1.5B Fort Collins plant). | 83:47 |
| META | Meta Platforms | QT · SA · STK · FA | Neutral | The key memory-demand tell: despite the AI-slowdown fear, "Meta orders for AI have been stronger than ever" per the semi supply chain. Its AI chip (Broadcom-designed, TSMC-made) starts production in September — the stock dipped 2.5% on the Reuters report then rallied. | 48:57 |
| AAPL | Apple | QT · SA · STK · FA | Neutral | The memory-cost casualty: raised iPad/iPhone prices 20-30% and is now testing CXMT DRAM with US-government sign-off — read by Singh as a bargaining chip to pressure SK Hynix/Micron on pricing (China restricts CXMT exports anyway). A possible CXMT-Apple deal is a memory bear case. | 54:28 |
| SBUX | Starbucks | QT · SA · STK · FA | Neutral | Q&A: reportedly using AI to build in-house software to replace Microsoft/Oracle. Singh hasn't dug in yet but flags the ability of non-tech mega-caps to self-build admin software as a structural headwind for enterprise-software monocultures (a future short thread). | 87:53 |
| CRCL | Circle Internet Group | QT · SA · STK · FA | Negative | Crashed 14% to $65.39 (from $235 a year ago) on OpenUSD — a zero-fee dollar-stablecoin utility backed by a 140-corp consortium (Visa/Mastercard/Amex/Stripe/Block and, critically, Circle's own partner Coinbase) that returns reserve yield to partners. An existential, structural (not macro) threat to Circle's USDC yield-capture model. | 78:12 |
| OWL | Blue Owl Capital | QT · SA · STK · FA | Negative | The private-credit manager "is continuing to underperform" — flagged again as part of the running private-credit-stress thread. | 74:54 |
| TCPC | BlackRock TCP Capital | QT · SA · STK · FA | Negative | The week's private-credit markdown marker: its NAV has collapsed 54% from a post-COVID $14.36 to $6.72 — "you can see how BDCs can make a lot of mistakes." | 83:47 |
"View" is the house's stance in this call (Positive / Neutral / Negative), not a price rating. Referenced only (kept in the talking points, not tickerized here): the gold comp set — Agnico Eagle (AEM), Newmont (NEM), AngloGold (AU), Gold Fields (GFI), Harmony (HMY) (KGC screens cheaper than all), plus RenTec as a holder; the memory / hardware cast — SK Hynix ($25B NY ADR listing, 7× oversubscribed, +14%), Samsung (+19× profit, −14%; +20% Q3 DRAM), CXMT (China DRAM, Apple testing), Western Digital (WDC −33%), Sandisk (SNDK −30%), Seagate (STX −29%), Intel (INTC −18%), Dell (DELL −15%); the AI-debt borrowers — Amazon (AMZN, $100B), Alphabet (GOOGL, $90B), Oracle (ORCL, $50B), Nvidia (NVDA, >$20B), SpaceX (2056 bonds shorted as a hedge; ~200 ETFs hold it); the AI-model / lab cast — DeepSeek (own AI chip), OpenAI & Anthropic (discounting to win startups); deal/arb context — Baker Hughes (BKR), Amphenol (AMPH), Belden (BDC), Paramount ("Peace Sky"), Caesars (CZR, go-shop expired), Hologic (TPG/Blackstone sale), Dominion (D)/NextEra (NEE) S4; VISN comps/customers — Vincima (VNM), Harmonic (HMI), Tellabs, Charter (CHTR), Comcast (CMCSA), AT&T (T), Verizon (VZ), T-Mobile (TMUS), Vodafone; JBTM (Midera comp); the earnings-week preview — ASML, TSM, plus the bank/insurer cast (C, GS, JPM, BAC, WFC, MS, BLK, PGR, JNJ, ELV, PNC, MTB, USB, GE, ABT, STT, CFG, PLD, AA, ISRG, UAL, JBHT, RF, TFC, FITB, TRV, UNH); the stablecoin consortium — Visa (V), Mastercard (MA), Amex (AXP), Stripe, Block (SQ), Coinbase (COIN); MicroStrategy/Strategy (MSTR) as the STRC/STRD parent; and the macro tail — France's 30-yr yield (4.75%), Volkswagen (100k job cuts), Shein/Temu/AliExpress (EU parcel fee), the Kospi bear market, wheat (+4.5%), Bitcoin (−31% YTD) & gold (−6%), and Goldman's Hatzius (recession risk 25%→15%).
A jargon-free summary of the thesis behind each name — what it actually is and why he holds that view. (Plain-language companion to the table above; renders on each ticker's consolidated page.)
Kinross is one of the biggest pure gold miners, producing about 2 million ounces a year. Its whole pitch is that it used to be "cheap for a reason" — a huge chunk of its gold came from Russia, so the market slapped a permanent discount on it. In 2022 it took the pain and sold out of Russia and Ghana entirely, so today its mines sit in safe places: the US, Canada, Brazil, and low-cost Mauritania. The market, Singh argues, still hasn't given it credit for that clean-up.
The balance sheet went from $2.2B of debt to $1.4B of cash (heading to ~$4B), and it throws off more free cash per ounce mined than any big rival — so much that it's legally committed to handing 40% of it back via dividends and buybacks. Singh values the mines piece by piece at about $23.50 a share, and because they're premium US/Canada assets he thinks they deserve a premium, getting him to $34 and as high as $38 — versus a stock that's fallen with gold to about $24. He's adding Monday.
This is the old CommScope, and the reason the stock chart looks like a disaster ($20 down to $12) is actually good news: it sold its biggest division to Amphenol for $10.5 billion, used the money to pay off all its debt, and handed shareholders a $10-per-share cash dividend (tax-free, as a "return of capital"). Chop $10 off any stock and the chart cliff-dives — but nothing bad happened.
Now it's doing it again: it's selling a second business (Ruckus) to Belden for ~$1.8 billion, which after taxes brings in about $1.7 billion of cash — more than 60% of the company's entire $282M market value. Management has said it will pay most of that out as another special dividend of roughly $5 a share this fall. So you buy at $12.38 and get about half your money back in cash within months. And what's left over — Aurora, which sells the upgrade kits cable companies like Comcast need to keep up with fiber (the "DOCSIS 4.0" boom) — is a growing business the market is pricing at almost nothing (~4× earnings vs 7-20× for rivals). Singh starts a small position Monday and adds if war fear pushes it lower.
InMode makes aesthetic-medicine devices, and the whole reason Singh owned it was the balance sheet: it's sitting on about $555 million of cash against a business the market valued at only ~$421 million net of that cash — roughly 5× its annual profits. That's a classic "you're paying almost nothing for the actual company" setup. The bet just paid off: activist fund Steel Partners made an unsolicited offer to buy it (July 9), and the stock jumped from ~$13.25 to ~$15.28. If the market forgets and it drops back below $14, he'd buy more.
Micron makes the memory chips that both AI servers and ordinary electronics need, and there's a massive shortage driving prices up sharply. The stock had run up and then got caught in a violent sell-off of everything AI-related — it fell about 26% from its high. Singh used that panic to buy it on Tuesday and Wednesday, and it bounced. His view (backed by Bank of America and the price-tracker TrendForce, which just raised its forecast) is that the shortage is real and lasts into 2027, so the pullback was about nervous positioning, not the business breaking. Micron's 2026 profit alone is expected to roughly equal 35 years of its past earnings combined.
Nothing dramatic here — Singh simply used a window where high-quality, cash-rich companies lagged the market in the second quarter to add to Microsoft. The idea is that when the best "compounders" go on sale because money is chasing hotter AI-chip names, that's the time to build a position in them.
Redwood is a mortgage company that pays a big dividend. It got mechanically dumped when it was kicked out of a small-cap index — index funds are forced to sell no matter the price, so it fell to a 42% discount to book value and a 17% dividend yield. Singh bought that forced-selling dislocation at $4.23; it snapped back ~10% to $5.10 in a week. He's taken some profit (trimming from a 35bp to ~25bp position) but is holding two-thirds to keep collecting the 15-16% yield. In hindsight he says he should have sized it bigger.
Qiagen is a European medical-testing company that reliably generates cash. It jumped 10% on rumors that two big private-equity firms (EQT and Advent) are circling it. It had already fallen hard — from $56 in January to $33 in May, now $41 — so a buyout around $50 would be about 20% upside. Singh is intrigued but honest that it's just a rumor: he's "starting our work" and needs to confirm a real bid before taking a position.
Netflix is finally getting cheap enough to interest him, but there's a red flag. Right before earnings, the Wall Street Journal reported management is exploring live-TV bundles and packaging in rivals' services to fight declining viewer engagement. Announcing "fixes" for a soft spot just before you report is rarely a good sign, so Singh is deliberately waiting: he won't buy ahead of the print, but if the numbers miss and the stock gets flushed, he'll buy aggressively.
This is a merger-arbitrage play: Warner Bros. is being bought (in the "Peace Sky"/Paramount deal), and the stock trades below the deal price, leaving a fat 15-20% gap you'd earn if it closes. The gap is wide because state attorneys general may sue to block it on antitrust grounds. The appeal is the limited downside: if a lawsuit tanks it, consensus says WBD falls to about $25-26 — and it already trades at $26.59, so you're risking only ~5-6% to make ~20%. The catch is time: a final ruling may not come until early 2027.
Skechers agreed to be taken private by 3G Capital for $9.4 billion, and now hedge funds are jockeying to lead a lawsuit arguing the price is too low — asking a court to set a "fair value" and claiming management shortchanged shareholders. Singh is flagging it as a situation to watch (a possible bump to the deal price), not a position he's taken.
Middleby (a kitchen/industrial-equipment maker) split off its food-processing arm into a separate company, Midera. The spin popped 20% in two days and now trades at a premium to its closest rival (JBT Marel) because it carries less debt and investors think it can buy up small food-processing companies and grow. It's a "spin worth watching" more than a screaming buy at these levels.
Another merger-arb: Chart Industries is being bought by Baker Hughes for $9.6 billion, and Bloomberg reports the deal is about to clear its European antitrust review with conditions. It's on Singh's board of live deals to track as the approval firms up.
The big fear in the market is that AI spending is about to slow. Singh's counter-evidence is Meta: according to the chip supply chain, Meta's orders for AI hardware are "stronger than ever" — the people actually placing the orders clearly haven't gotten the slowdown memo. Meta is also about to start making its own AI chip in September (designed with Broadcom, built by TSMC); the stock dipped on that news then recovered.
Apple is caught in the memory-price squeeze — it's already raised iPad and iPhone prices 20-30% because memory got so expensive. The news is that Apple is testing memory chips from CXMT, a Chinese supplier, with US-government sign-off. Singh reads this less as a real supply switch (China restricts those exports anyway) and more as a negotiating tactic — waving a cheaper Chinese option to pressure its usual suppliers, SK Hynix and Micron, to cut prices.
Starbucks reportedly used AI to build its own internal software and cut what it pays Microsoft and Oracle. Singh hasn't studied it in depth yet, but flags the bigger implication: if ordinary big companies can now use AI to write their own business software, that's a long-term threat to the traditional enterprise-software giants — a potential short idea he wants to dig into.
Circle issues USDC, a "stablecoin" (a digital dollar), and makes money by pocketing the interest earned on the real dollars backing it. That business model just got attacked: a consortium of 140 giants — Visa, Mastercard, Amex, Stripe, Block, and even Circle's own partner Coinbase — launched OpenUSD, a rival stablecoin with zero fees that hands the interest back to partners instead of keeping it. The stock crashed 14% (and is down from $235 a year ago to $66). Singh's point is that this is a structural, permanent threat to how Circle makes money — not a passing dip — with Coinbase defecting the most damaging blow.
TCPC is a "business development company" — a fund that makes private loans to companies. Its net asset value (roughly the worth of its loan book per share) has collapsed 54%, from $14.36 to $6.72, as those loans went bad. Singh uses it as a stark example of the hidden losses piling up in private credit — "you can see how BDCs can make a lot of mistakes" — part of his running warning that the private-credit stress isn't over.
A small, patient holding: Singh still thinks Papa John's gets bought out. The stock isn't doing much because the market is distracted by bigger events, but the takeover thesis is unchanged, so he's holding.
Analysis distilled from the premium Special Situations Report weekly call (subscriber recording — no public video) and its written report/deck. "View" reflects how each name was framed in this call, not a price target. Not investment advice.