Singh runs a special-situations house book — stances reflect how each name was framed in this call (new positions, adds, arb spreads, hedges, or evidence in the data-center-delay / AI-pricing / private-credit warnings). This is a premium subscriber recording with no public video, so the Ref column has no deep-links (section timestamps 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 |
|---|---|---|---|---|---|
| AGI | Alamos Gold | QT · SA · STK · FA | Positive | New gold special situation: a cheap ~$15B mid-cap miner whose 19% Toronto plunge (earthquakes at the smaller Young-Davidson mine, ~3 days downtime) wildly overshot the ~4–6% warranted hit — Island Gold (60%+ of NAV) was unaffected and hit record rates. ~$3B of cap wiped for <$100M of real damage. Bought Canadian shares; doubling via US shares (~$30 Monday); ~65% upside to $50 in 1–2 yrs, ~8× FY2 P/E, net cash ~$500M, >20% peer discount. | — |
| FPH | Five Point Holdings | QT · SA · STK · FA | Positive | New real-estate special situation, a potential 3x (small allocation): a Southern-California master-plan land developer (Great Park/Irvine, Valencia, SF Shipyard) the market misprices as a homebuilder. Its best asset sits in an unconsolidated JV, so reported quarters look sleepy while it extracts lumpy lump-sum distributions. EV ~$750M (both share classes) vs ~$2.2–2.5B real-estate NAV; trades ~0.4× book (~$5 vs ~$15–17.5 marked NAV). Flagged originally by Black Bear Value Partners. | — |
| NOW | ServiceNow | QT · SA · STK · FA | Positive | Featured deep dive: FCF grew ~36% in 12 months while the multiple fell ~60% — a 7% 2027 FCF yield (above the S&P), 30%+ revenue growth, ~8,400 enterprise customers. A workflow platform that's an AI enabler / control-tower (governs agents across all three hyperscalers), not an AI casualty. DCF ~$180 (~90% upside); added shares ~$95.48 after the FOMC. JPMorgan reaffirmed the $1.5B AI ACV / $30–32B subscription path. | — |
| DX | Dynex Capital | QT · SA · STK · FA | Positive | High-dividend mortgage-REIT add (~16%, "15.6%") — added last week with NLY and RWT and will keep adding rate-sensitive real-estate names on the view that rates are near peaking if the Iran deal closes. | — |
| NLY | Annaly Capital Management | QT · SA · STK · FA | Positive | High-dividend agency-mREIT add (~13.5%) — one of three real-estate dividend names (with DX, RWT) added into rate-hike fear; positions here will be "much bigger" than the speculative FPH allocation. | — |
| RWT | Redwood Trust | QT · SA · STK · FA | Positive | High-dividend mortgage-REIT add (~14%) — third of the real-estate dividend basket (with DX, NLY) bought on the rate-peak thesis; a core position vs the small/risky FPH torque play. | — |
| TRIP | TripAdvisor | QT · SA · STK · FA | Positive | Existing long up ~30% from a ~$10 cost (lows ~$9): selling TheFork (~half the market cap) to American Express for ~$700M all-cash barely moved the stock (the takeover may already have been priced in). Jeff Smith / Starboard pushing the breakup; thinks TRIP is ~50% undervalued, worth >$20 as divestitures play out. | — |
| SATS | EchoStar | QT · SA · STK · FA | Positive | The flagship cheap SpaceX proxy, now hedged: shorted ~30% of the SpaceX exposure against SATS and sold juicy ~$10 October covered calls — the SPCX short + call premium absorbed most of Friday's SpaceX-complex selloff. ATM put-buying by locked-up SpaceX holders keeps the arb wide ahead of the August unlock. | — |
| GDX | VanEck Gold Miners ETF | QT · SA · STK | Positive | Added gold-miner exposure (with SIL) alongside spot-gold ETFs as the team turned constructive post-FOMC on the ~25%-from-highs selloff and record-high bearish positioning. | — |
| SIL | Global X Silver Miners ETF | QT · SA · STK | Positive | Added silver-miner exposure with GDX on the broader precious-metals add after the sharp gold selloff. | — |
| PHYS | Sprott Physical Gold Trust | SA · STK · FA | Positive | Added for spot-gold exposure (with GLD) after gold fell ~25% from the January highs (~$5,420 → ~$4,150) and bearish positioning hit its highest since 2017 — central-bank buying "not going away." | — |
| GLD | SPDR Gold Shares | QT · SA · STK | Positive | Added spot-gold ETF exposure (with PHYS) on the selloff — more positive on gold into the bearish-positioning extreme and a relentless central-bank bid. | — |
| DGXX | Digi Power X | QT · SA · STK · FA | Positive | Reiterated as a data-center-delay beneficiary ("DGX" in the call): operators with live capacity and secured power (with CoreWeave, Nebius) command premium lease rates while ~50% of 2026 / ~80% of 2027 builds haven't broken ground. | — |
| CZR | Caesars Entertainment | QT · SA · STK · FA | Positive | Incremental news on the existing Fertitta-bid long: reportedly exploring a sale of its Atlantic City (New Jersey) assets. | — |
| CRM | Salesforce | QT · SA · STK · FA | Neutral | Buyback case study — "not advocating a buy": ~$55B repurchased over three years (incl. a March $25B debt-funded accelerated buyback — ~103M shares at once) and the market ignored it. Shows how out-of-favor software is as funds sell it to crowd into semiconductors ("one of the most crowded trades of all time"). | — |
| SPCX | SpaceX | QT · SA · STK · FA | Neutral | Used as the hedge short leg against SATS (worked Friday — SpaceX fell more than SATS). Peaked ~$2.8T at the IPO on a ~4% float; ATM put-buying by allocation holders keeps the arb >40% into the August unlock to 11.8% (→30%+ by November; Musk's 46% unlocks June 2027, full unlock Sept 2027 — ~40% of shares unlock by year-end, ~9× the float). | — |
| MU | Micron | QT · SA · STK · FA | Neutral | The most important earnings print next week; the memory/semiconductor segment is "completely at a blow-off top." | — |
| CRWV | CoreWeave | QT · SA · STK · FA | Neutral | Data-center-delay beneficiary: with operational capacity and secured power it (with DGXX, Nebius) earns premium lease rates until new builds catch up — the AI bubble has "at least a year" before the delays resolve, despite Chanos's bearishness. | — |
| NBIS | Nebius Group | QT · SA · STK · FA | Neutral | Grouped with CoreWeave/DGXX as a neocloud with live capacity that benefits from the power/transformer-driven data-center delays (premium lease rates). | — |
| MSFT | Microsoft | QT · SA · STK · FA | Neutral | The "watershed": moving Copilot to usage-based token pricing and adding a heavily-modified, Azure-self-hosted DeepSeek v4 to cut AI spend — "we do not want a world where enterprises cede all value to a small number of models." Down >20% from highs; sued by a Michigan pension fund alleging it overstated AI cloud-profitability. | — |
| WBD | Warner Bros. Discovery | QT · SA · STK · FA | Neutral | The widest-spread arb he finds "quite attractive": a WSJ report (June 15) says DOJ staff lean toward suing to block the studio combination as anti-competitive — reversing the earlier "investigation closed" read. Assumes clearance after some divestitures. | — |
| LION | Lionsgate | QT · SA · STK · FA | Neutral | Special-situation arb: +14% Thursday then −6% Friday after a report Netflix isn't interested; bid up for months on a content portfolio "someone is going to buy eventually." | — |
| ROKU | Roku | QT · SA · STK · FA | Neutral | Definitive agreement to be acquired by Fox at $160/share (~$22B — "quite surprised"): ~$96 cash + 0.9693 Fox-A per Roku A/B share; shares halted June 15. Netflix confirmed it didn't counter. | — |
| FOXA | Fox Corporation | QT · SA · STK · FA | Neutral | Acquirer of Roku at $160/share — the bid hammered Fox stock as it integrates Roku's advertising-flywheel business. | — |
| WBS | Webster Financial | QT · SA · STK · FA | Neutral | Merger-arb: the ~2% Webster–Santander spread should tighten further after OCC clearance Thursday (a sign the review stayed independent and objective); still needs ECB and Fed sign-off. | — |
| HUN | Huntsman | QT · SA · STK · FA | Neutral | All-stock merger of equals with Olin (announced June 16): ~54/46 Huntsman split at an at-the-market valuation, ~$400M operational synergies on a ~$1B EBITDA base — chemicals consolidating to extract synergies and preserve valuation after sector selloffs. | — |
| OLN | Olin | QT · SA · STK · FA | Neutral | The other half of the Huntsman merger of equals — combining to extract ~$400M of synergies and preserve valuation through the chemicals downturn. | — |
| NSC | Norfolk Southern | QT · SA · STK · FA | Neutral | Named among the widest, most attractive spreads in the market (with the Union Pacific rail merger and WBD). | — |
| UNP | Union Pacific | QT · SA · STK · FA | Neutral | The other side of one of the market's widest arb spreads — the Norfolk Southern transcontinental rail combination. | — |
| CCRN | Cross Country Healthcare | QT · SA · STK · FA | Neutral | Arb housekeeping: filed the definitive proxy for a July 16 shareholder vote. | — |
| OGN | Organon | QT · SA · STK · FA | Neutral | Arb housekeeping: filed its definitive proxy. | — |
| VAL | Valaris | QT · SA · STK · FA | Neutral | Arb housekeeping: filed its transaction with the ACCC (Australian competition regulator). | — |
| HONA | Honeywell Aerospace (spin-off) | — · FA | Neutral | The Honeywell aerospace spin-off began trading when-issued Friday for a two-week period; after that it trades as an independent company under ticker HONA. | — |
| TWO | Two Harbors Investment | QT · SA · STK · FA | Neutral | Rallied after UWMC didn't submit a proposal during the waiver period it obtained to engage on a potential transaction — the long-challenged deal still hasn't closed. | — |
| UWMC | UWM Holdings | QT · SA · STK · FA | Neutral | Declined to submit a proposal for Two Harbors during the waiver window; has sold off sharply on its own problems. | — |
| ESPR | Esperion Therapeutics | QT · SA · STK · FA | Neutral | Arb housekeeping: cleared HSR. | — |
| ZIM | ZIM Integrated Shipping | QT · SA · STK · FA | Neutral | Several headlines around a takeover bid (reported as "Heim Skall") — an arb situation he's monitoring. | — |
| DeepSeek | DeepSeek (private, China) | — | Neutral | The disruptor: Microsoft adopting a heavily-modified, Western-safety-overridden, Azure-self-hosted DeepSeek v4 (~1/3 the input / ~1/7 the output cost of Claude) — stripping OpenAI/Anthropic of pricing leverage. A geopolitical paradox: a Chinese-born model inside one of America's biggest tech institutions because frontier-model economics are unsustainable. | — |
| VCX | VCX (pre-IPO fund) | — · FA | Negative | Heavily short: a closed/venture vehicle with concentrated OpenAI/Anthropic secondary allocations. The public market is applying heavy discounts to these pre-IPO wrappers as Microsoft's model-swapping shows the OpenAI/Anthropic enterprise moats are "far less secure than originally hyped." | — |
| DXYZ | Destiny Tech100 | SA · STK · FA | Negative | Heavily short (with VCX): a listed pre-IPO fund with concentrated OpenAI/Anthropic secondaries, de-rating as enterprise-AI moats look weaker than hyped. | — |
| OpenAI | OpenAI (private) | — | Negative | Body blow from Microsoft: Copilot moving to usage-based pricing and diversifying to DeepSeek/others. Though <5% of pro-forma revenue, the risk before its ~$1T IPO is that others follow suit; ChatGPT 5.5 "priced itself into a corner" vs cheaper open-source models. | — |
| Anthropic | Anthropic (private) | — | Negative | Claude 4.8 "priced into a corner": JPMorgan blocked Claude in Hong Kong on cost/compliance and Microsoft is swapping to cheaper/DeepSeek models. With DB's "Mythos" model circulating and trillion-dollar IPOs being prepped confidentially, the long-term enterprise moat looks "far less secure than originally hyped." | — |
"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): American Express (AXP, buying TheFork) and Santander (the Webster acquirer); Netflix (NFLX, passed on Roku/Lionsgate); Oracle / Marvell / Intel / Dell (extreme single-name option-flow alongside Micron); Honeywell (HON, the HONA parent); "Parallax (PWRL)" cited as another listed pre-IPO wrapper with OpenAI/Anthropic secondaries; plus the private-credit cast (Thoma Bravo's $5.1B and Blackstone's $2B write-downs, ~40¢ take-back paper, ~6% Fitch default rate) and the research desks behind the data-center-delay debate (Jefferies, JPMorgan, SemiAnalysis, SiteLight/Bloomberg). Bank of Japan hiked to its highest since 1995; the ECB hiked in June with more possible in July.
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.)
Alamos is a mid-sized gold miner (~$15 billion). One of its smaller mines (Young-Davidson) was hit by earthquakes that knocked out a few days of production, so the company trimmed its near-term output guidance — and the stock crashed 19% in a single day in Toronto. But its main mine, Island Gold, is more than 60% of the company's value and was completely untouched (it actually hit record production).
Singh's point is that the market wildly overreacted: the selloff erased about $3 billion of value for under $100 million of actual damage — roughly $46–48 million of gold sales merely pushed to later quarters. A fair hit would have been 4–6%, so the drop overshot by ~15%. It's already cheap versus rivals (about 8× earnings, a 20%+ discount), has net cash and no real debt. He's buying — Canadian shares first, then US shares around $30 — for ~65% upside to $50 over one to two years, more if gold rallies as central banks keep buying.
Five Point owns enormous tracts of prime Southern California land — most valuably "Great Park" in Irvine (wealthy Orange County), plus big master-planned communities in Valencia and on the San Francisco waterfront. The market prices it like an ordinary homebuilder, but it's really a land bank: it develops or sells parcels (often through joint ventures with builders like Lennar and Toll Brothers) and collects large, irregular cash payouts.
Because its best asset is held in a joint venture, the normal financials look sleepy — quiet quarters with tiny revenue, even small losses — which scares off investors who judge it on earnings. The right way to value it is by what the land is worth: the whole company (counting both classes of stock) is priced around $750 million, but its real estate is worth roughly $2.2–2.5 billion. It trades near $5 against a marked land value of $15–17.50 a share — so if management develops or sells the land over the next few years, it could roughly triple. It's small and thinly traded, so he's keeping it a small, higher-risk position.
ServiceNow sells cloud software that automates the workflows big organizations run — IT tickets, HR processes, customer service — all on one platform with one shared data model. Its cash profits grew about 36% over the past year, yet the stock fell about 60% because investors fear AI will make software like this obsolete. That left it at a 7% free-cash-flow yield — cheap for a company still growing revenue 30%+ with ~8,400 big customers.
Singh argues the fear is backwards: ServiceNow is becoming the "control tower" for AI — a place where a company can build and, crucially, govern AI agents no matter which AI models or tools it uses, across all the major clouds. That makes it an enabler of AI rather than a victim of it. His cash-flow model puts fair value near $180 — roughly double — once the market stops lumping it in with software that AI actually threatens. He added shares around $95 after the Fed meeting.
Dynex is a "mortgage REIT" — it borrows cheaply and buys government-backed mortgage bonds, pocketing the difference and paying almost all of it out as a very high dividend (here about 16%). These stocks get hammered when interest rates rise (their bonds lose value), which is exactly why they're cheap now.
Singh's bet is that rates are near their peak — especially if the Iran conflict winds down and the oil-driven inflation scare fades — so the worst is behind these names while you collect a fat dividend. He added Dynex alongside Annaly and Redwood last week and plans to keep adding to the group.
Annaly is the largest of the mortgage REITs — same model as Dynex (borrow cheap, own government-backed mortgage bonds, pay a big dividend, here about 13.5%). It's a core, larger position in the high-yield real-estate basket Singh is building as a bet that interest rates have nearly peaked.
Redwood is the third high-dividend mortgage REIT (about 14%) in the basket with Dynex and Annaly. Singh is adding all three on the same idea — rates are near their high, so these beaten-down, income-heavy names should do well as the rate fear eases — and these are meant to be much bigger positions than his speculative land bet, FPH.
TripAdvisor is the travel-reviews and booking site. Singh already owns it (up ~30% from a ~$10 cost) and the thesis is a breakup: it's selling off pieces for more than the market gives it credit for. It just agreed to sell TheFork — its restaurant-booking arm, worth about half the whole company — to American Express for ~$700 million in cash, yet the stock barely moved, suggesting the market hasn't woken up.
Activist investor Starboard (Jeff Smith) is pushing the sales. Singh thinks the stock is about 50% undervalued and worth more than $20 a share as the remaining divestitures play out.
EchoStar (SATS) is Singh's cheap way to own SpaceX — it holds a stake in SpaceX plus valuable wireless spectrum. With SpaceX now public and volatile, he's protecting the position rather than just riding it: he sold short some SpaceX stock (about 30% of the exposure) and sold "covered calls" (collecting ~$10 of premium that pays him if the stock stays flat or falls).
That hedge worked — when the whole SpaceX complex sold off on Friday, SpaceX fell more than EchoStar, so his short and the option premium cushioned the loss. He's keeping the cheap-proxy long but braced for turbulence into August, when locked-up SpaceX insiders start to be able to sell.
Salesforce makes the customer-management software businesses use to track sales and clients. Singh isn't recommending it — he's using it to make a point. The company has bought back about $55 billion of its own stock in three years (including a huge $25 billion, debt-funded "accelerated" buyback in March that retired ~103 million shares at once), which normally lifts a share price — yet the stock has gone nowhere.
His takeaway: software is deeply out of favor. Investors are so afraid AI will erode these businesses that they're selling software to pile into semiconductor stocks instead — "one of the most crowded trades of all time." Even tens of billions in buybacks can't move a stock the market has decided to ignore.
Summary derived from the premium Special Situations Report weekly call (transcript & report saved as PDFs in this folder; readable notes in transcript.md) for personal study. Not investment advice. © Special Situations Report for source material.