| Ticker | Name | Research | View | What Singh said | Ref |
|---|---|---|---|---|---|
| EXE | Expand Energy (ex-Chesapeake) | QT · SA · STK · FA | Positive | New long — bought a 20bp starter on Friday and will keep adding through March (the transcript garbles the ticker as "EXC"; the title, report and model say EXE). "One of the most compelling larger cap natural gas longs… it could be a good time over the next six months to accumulate something like EXE because… Europe is a strategic disadvantage and LNG exports have been growing in the US by 10 to 15% every year." The balance sheet: "a 20 billion market cap, but has very little debt… it used to have over 10 billion of debt… before 2019. Today… 3.6 billion of debt, 600 of cash." The numbers: "13.6 billion of sales… 6.7 billion of EBITDA, 2 billion of net income, basically $9 a share… less than 10 times earnings… two and a half billion of free cash flow going to 3 billion… It trades at a 15% free cash flow yield to equity on 2026." The model (full version in the SSR Q&A tab): "even in our bear case, the price would be about 80… around 10% downside. Our bull case is around 152… 70% upside… the mid-case being around 50%… basically like up seven down one in a two-year time frame," with a $129 base target (47% from $88) on "$70 of oil in 2028, 2029," Henry Hub $3.53 (2026) / $3.34 (2027) → $3.75, and "a mid-five times multiple, EV to EBITDAX." Assets across the Marcellus, Utica and Haynesville: "a very diversified natural gas company with a very low-cost base." "We added 20 basis points here on Friday, which is a very big starter position, and we'll continue to add to it through March." | 24:16 · 00:00 |
| WAY | Waystar Holding | QT · SA · STK · FA | Positive | New special-situation long — a company exploring a sale, bought after the rumour pop faded. "Shares of Waystar were up 12% in early hours on Tuesday. We waited for them to sell off a little bit, to up 6-7%, we added a position. We still have room to add more to the position in the 25s as we think the potential takeout could be in the 35 range… almost 40% upside." The setup: a Reuters report that it hired bankers — "Evercore, which is one of the best boutique M&A banks… Barclays is also advising" — with EQT (13%), CPPIB (10%) and Bain as legacy holders. The valuation: "trading at… around 10-11 times forward EBITDA and if it were to sell itself, it would probably sell… in the 13-14 times EBITDA range" on $535-545M of adjusted EBITDA (a 42% margin), ~$300M of unlevered FCF, ~$1.3bn net debt. The cases: "a private equity firm… about 14 times EBITDA… about $31 a share… a strategic… around 16 times… about $37… the high synergy bull case… around $40… My base case is between the sponsor LBO floor and the strategic M&A… low 30s to mid-30s." The moat: "Healthcare providers cannot operate without receiving payment," integrated into Epic, Cerner and Athenahealth, net revenue retention over 100%, and "an essential software business that in my opinion cannot be fully disintermediated by AI because healthcare is quite regulated." The buyers: "the most obvious buyers could be Optum… CVS Health… or Veritas or Thoma Bravo, those four"; Oracle "a low probability because it's having its own problems." | 11:16 · 00:00 |
| NOK | Nokia | QT · SA · STK · FA | Positive | New long on a sum-of-the-parts — bought in the alerts on Friday. "Nokia, which is the biggest optical business that competes with Ciena. The reason why it trades so cheap is it has a legacy mobile business." The comp: "Ciena trades at a 50 billion market cap and has only done about 1 billion of EBITDA this year… 50 times trailing… about 1.4 billion of EBITDA next year… a 36 times forward multiple, and if you were to value Nokia's optical segment at a similar kind of 35 to 40 times multiple… Nokia is probably worth around $13 a share" — "from where Nokia is currently trading around 10.68 after the big AI pullback in the summer… about 20% upside." His grading is candid: "So this one's not as interesting, but it's also one of the lower volatility AI names. This is not a name that's going to sell off 20, 30% in short order." The week's news flow is the support: AI-RAN trials with operators across four regions and an expanded Microsoft partnership on agentic AI in telecom networks — "one of the reasons why we like Nokia, it keeps announcing new contracts… another Nokia deal, by the way." | 33:51 · 01:25:58 |
| PDO | PIMCO Dynamic Income Opportunities Fund | SA · STK · FA | Positive | Being added — the income response to the hike. "We've even been adding to PDO, PDI, and PAX, the Pimco funds which now trade at discounts to their NAV, which they haven't traded in many months. And so I've been adding to PAX, PDO. They trade at like 5% discounts to NAV and they pay about 13% monthly dividends. So that is a low volatility way to take advantage of this interest hike, and the average duration on those bond funds is also lower than TLT, but they do have a little bit of leverage." The trade-off stated: "you can earn basically twice what you can earn in munis, while munis are a lot safer." (The report mislabels PDO as "PIMCO Dynamic Credit and Mortgage Income Fund (PCI / PDO)" — PDO is Dynamic Income Opportunities.) | 01:22:05 |
| PDI | PIMCO Dynamic Income Fund | SA · STK · FA | Positive | Being added alongside PDO and PAX — the PIMCO closed-end funds that "now trade at discounts to their NAV, which they haven't traded in many months," paying roughly 13% monthly with duration below TLT and "a little bit of leverage." Listed in his closing count of actionable income names: "RWT, RWTQ, PDO, PDI, and PAX are just some examples of where you can earn 13%, without taking a boatload of risk." (He names PAX and PDO as the ones he has personally been adding.) | 01:22:05 |
| PAX | PIMCO Access Income Fund | SA · STK · FA | Positive | Being added — "I've been adding to PAX, PDO. They trade at like 5% discounts to NAV and they pay about 13% monthly dividends… 13%… a year, monthly, isn't that bad, especially at a discount to NAV." The framing is allocation, not a single-name call: "it may be a good time for investors whose portfolios have fallen out of balance in the 2020s with overexposure to stocks to allocate more to closed-end funds, more to perhaps more to bonds," because "the long-term return outlook for bonds rivals that of stocks for the first time in about 25 years." | 01:22:05 |
| RWT | Redwood Trust | QT · SA · STK · FA | Positive | Still adding — common and the baby bonds — as part of a six-name income sleeve. "There are a lot of prefs that have sold off. We've also been adding to RWT and RWTQ. Those are also double-digit yields… there's six names we've been adding to just on the income side already and we're going to try to find more baby bonds to buy." The sign-off names "RWTS, RWTQ" among the actionable income names. (The baby bonds stay inside this row, as on SEP-13; the report lists RWTQ as "Redwood Trust 7.75% Senior Notes due 2027," which sits awkwardly with last week's remark that Redwood "just repaid its '27 bonds at par" — not resolved here.) | 01:22:05 · 01:45:24 |
| SE | Sea Limited | QT · SA · STK · FA | Positive | Q&A: still an adder at $100, sized small until Q3. Asked about a 30% drop from $130 after a Q2 revenue miss and insider sales: "I have added to SE as you know this year. I think that the earnings were a slight disappointment. But the company is still one of the strongest gaming and e-commerce growers. Around $100 a share… with 5 billion of expected EBITDA in 2027, it's trading at about 11 times EBITDA for a business that's growing 30 to 40% a year… 4.4 billion divided by a $62 billion market cap is a pretty healthy 7% free cash flow yield for a business growing this quickly. I still think the company is cheap. I wouldn't make it a very big position yet because… it still will be volatile… I will continue to add to the stock at 100 and under 100. It's probably one of the cheapest growth stocks of its size." Closing caveat: "you need the company to actually beat in Q3 for it to start inflecting above 120." | 01:42:21 · 01:45:24 |
| UBER | Uber Technologies | QT · SA · STK · FA | Positive | Insider buying on a name he already calls cheap — a watch to add, not yet a size-up. "That doesn't necessarily mean that it's a buy. We've always thought that it's kind of cheap in the 60s, 70s." Later: "we didn't add much of Uber, but it's very interesting that Andrew Macdonald and Dara Khosrowshahi… bought about 15 million worth of stock in the first two weeks of September. So if they continue to buy… Uber's trading near the lows of the year… we might increase some exposure there." (The intro sizes the buys as "two kind of half a million to a million" — inconsistent with the ~$15M later and with SEP-13's $5.3M + ~$10M.) | 00:00 · 01:25:58 |
| IMPP | Imperial Petroleum | QT · SA · STK · FA | Positive | Still owned, as spot tanker rates head toward $1M/day. "IMPP, which we still own, Imperial Petroleum, which we think is really, really cheap, that could double. The only issue is that management is a little bit annoying, is not the most transparent." The driver: "tanker rates have gone from… 50,000 a day to over a million dollars a day… if you wanted to charter out a VLCC… today and you didn't have a contract… you would have to pay a million dollars a day… because some of these ships have to go all the way around Africa." In Q&A the whole group is reframed as a hedge — see STNG. | 36:23 · 01:43:58 |
| ETN | Eaton | QT · SA · STK · FA | Neutral | A high-conviction business at the wrong price — a watch-list buy under $400, "although I'm not buying that one now." "We think Eaton Power is a very, very good company to own. We think it's kind of expensive at the moment, but we think it's a buy on pullbacks under $400 a share… an equity long thesis in Eaton is effectively a tollbooth play on the physical layer." The bottleneck: "while tech hyperscalers order GPUs in months, bringing grid interconnections, switchgear, substations, and transformers will take many, many years" — a 342 GW tracked pipeline (up from 307 GW in six weeks) against ~50 GW of global capacity (he first says US, then corrects to global), "6.8 times the total installed base in computing history," most of which "will not show up on P&L… until 2028 and beyond, which gives us a head start." Content: "1.5 million per megawatt… has expanded to 3.4 million per megawatt" (800V DC, Boyd Thermal). Execution: electrical backlog +103% (54% organic), book-to-bill 1.2-1.3, Electrical Americas margins 27.5-33%, a 2030 target built on 17% data-centre growth against 65%+ actual — "an understated floor" — and the mobility spin to become "a pure-play electrical aerospace platform." His call on the cycle: "It'll shift from chips, which I think will slow down in 2027, to power." | 28:31 · 00:00 |
| CTVA | Corteva | QT · SA · STK · FA | Neutral | A spin-off special situation in a business he admires but no longer owns. "I no longer own Corteva, but it is a high-quality agricultural company… the stock had rallied all the way to 90." The spin math: the seed SpinCo ("Vialores") valued at "between 16 and 17 times… EBITDA, which implies a $45 billion market cap for the seed business, whereas… the RemainCo… about eight times EBITDA… 11 to 12 billion… one of the few scenarios where the RemainCo should probably sell off and… the seed business could actually catch a bid." The obstacle: "California's AG along with 19 other states asked a federal court in South Carolina to temporarily block the October 1st spin" over PFAS liabilities, which Corteva will contest. In Q&A: seeds ~57% of revenue on a century of Pioneer germplasm ("unless you were to actually break down their seeds… you really can't replicate this"), Enlist traits licensed to 100+ seed companies, a 2026 flip "from a net royalty expense to a royalty positive company," +3% seed price-mix while farm prices fall ("farmers buy yield, not commodity inputs"), and "about 3 billion of free cash flow" — "It's a gem of a business." Promised a fuller recap next Sunday. | 07:51 · 01:41:34 · 01:45:24 |
| WBD | Warner Bros. Discovery | QT · SA · STK · FA | Neutral | The flagship arb, traded around rather than held — and a possible re-add. "The FCC approved Paramount's foreign investment backing… it just makes it one step closer for this deal to close." The spread path: "we were adding to this arb spread at about 20%… then it tightened to like seven, now it's back at 10. So, if it widens past 10, we might add a little bit more after we sold." The method, stated: "when they widen out a lot, you can buy them, when they shrink, you sell them and then you can buy them again. You can do it multiple times. We've been in and out of Warner Brothers–Paramount like three times." (The transcript's "Peacock" is Paramount; "after we sold" implies the position described on SEP-13 as "the only one… we own in size" was reduced.) | 07:51 |
| STNG | Scorpio Tankers | QT · SA · STK · FA | Neutral | Owned earlier in the year; now the worked example for tankers as a hedge, not an outright long. "Where names like STNG trade right now… the highest levels of the year… around 87. But when you actually look at its valuation… only like five times EBITDA… it's going to do a billion and a half of free cash flow this year… It's a 33% free cash flow yield… this company could pay a 30% dividend if it wanted to. Right now it's only paying a 2% dividend… it's going to raise its dividend and… buy back shares." In Q&A: "I think of tanker stocks as basically a hedge to the portfolio… the market is only expecting one year of super high earnings… if they were to generate as much cash… next year… they would be able to pay 20, 30% one-time dividends… I wouldn't add them now as an outright long. I would add them as… one of the few ways to actually benefit from the war extending… they don't even need tanker rates to go higher… just… the older contracts to roll off at higher rates." | 36:23 · 01:43:58 |
| FRO | Frontline | QT · SA · STK · FA | Neutral | Named with STNG as the tanker that could retire its debt on one more year like this one. On the war tape: "some other names in the space… that are interesting are like DHT, Nordic American, Frontline, which is FRO, Ardmore Shipping." In Q&A: "like Frontline and STNG, if they were to generate as much cash as they're generating this year, next year, not only would they be able to pay off all their debt, they would be able to pay 20, 30% one-time dividends" — held as a war-duration hedge rather than chased: "it really just depends on the war and I wouldn't add them now as an outright long." | 36:23 · 01:43:58 |
| CIEN | Ciena | QT · SA · STK · FA | Neutral | Used as the valuation comp rather than a pick — the pure-play optical multiple applied to Nokia's segment. "Ciena, which is a publicly traded comp you can look at, has a ticker of CIEN. This is a direct comp to Nokia's optical segment. Ciena trades at a 50 billion market cap and has only done about 1 billion of EBITDA this year. It doubled from last year… 50 times trailing… about 1.4 billion of EBITDA next year… a 36 times forward multiple." | 33:51 |
| NVDA | NVIDIA | QT · SA · STK · FA | Neutral | Passing mention — the week's recap items, not a stance. Sold with the semis on Monday's "long software, short semis" rotation after the pacing debate; "Truist initiated Nvidia at a buy with a 355 target… it's seeing higher pricing"; and "Nvidia announced another 20% price increase on… the H100, H200, B200, and B300… effective on October 1st. That actually led the stock to go a little bit higher." Context he adds: global semiconductor revenue a record $425bn in Q2 (+31%) — "despite all this discussion about a slowdown, semiconductor earnings have been the highest ever recorded." | 01:25:58 |
| IREN | IREN | QT · SA · STK · FA | Neutral | Referenced only — a sell-side upgrade he agrees with but doesn't own. "JPMorgan upgraded Iren to overweight and raises its price… to 65 from 46, saying the company is emerging as a top-tier neo-cloud provider. And we think that Iren is one of the better ones versus Mara… while we don't own Iren, we own one of its competitors in the alerts." | 01:25:58 |
| GIS | General Mills | QT · SA · STK · FA | Neutral | Referenced only — the earnings call he will read as a food-inflation gauge. "I'm going to be listening to General Mills' earnings call or at least reading the transcript to see how much they're raising food prices on packaged goods. There are two reasons why packaged good food companies are raising prices. Number one, because volumes are down due to GLP-1s, they have to make up for it and then two, energy price pass through." | 06:26 |
| COST | Costco Wholesale | QT · SA · STK · FA | Neutral | Referenced only — the one after-close print he will watch, as a read on the richer consumer. "The only company I'm going to be looking at is Costco… specifically because of its membership model… the average Costco consumer is richer… than your Walmart or Dollar General consumer. But if Costco talks about any signs of slowdown, that would be a red flag. I doubt they will." | 06:26 |
| UNH | UnitedHealth Group (Optum) | QT · SA · STK · FA | Neutral | Named only as a potential acquirer — the most likely Waystar buyer. "Optum in UnitedHealth Group that wants to diversify into software. Optum is the most obvious strategic acquirer in terms of scale. Following anti-trust scrutiny around Change Healthcare, Optum has an appetite for high-margin RCM software, though any transaction would face stringent FTC, DOJ regulatory reviews." | 11:16 |
| CVS | CVS Health | QT · SA · STK · FA | Neutral | Named only as a potential acquirer of Waystar. "Another interesting acquirer could be CVS Health, Elevance Health, or Signify Health. Diversified managed healthcare players seeking to own clearinghouses and payment workflow rails between providers and health plans to diversify… from their PBM and other businesses… So CVS and UnitedHealth could be acquirers." | 11:16 |
| Anthropic | Anthropic (private) | — | Neutral | The centre of the pacing debate, now read through its IPO. "The AI debate took a sharper turn this weekend with Dario pushing for a slower pace of frontier model development," followed by Anthropic/OpenAI/Google talks on an industry standards body. The capex link: "that pace might slow down if OpenAI and Anthropic both delay their IPOs because they need to raise money to spend on all this capex." He prints Burry's rebuttal — "IPOs need hype and puffery… it could be a cover for a real uncontrollable slowing as these IPOs look to be pushed out further… into the end of '26 and '27" — and Trump's ("Dario… who is now pretending to be a perfect little angel"), with his own middle view: "the AI companies are self-serving, but I do think there needs to be… at least cybersecurity oversight and someone looking at safety." Also: Palantir, Nvidia and Booz Allen "reportedly restricting Anthropic's Fable model for sensitive work" over data retention. | 01:06:04 · 01:07:25 · 01:09:34 |
| META | Meta Platforms | QT · SA · STK · FA | Negative | Passing mention — a one-line verdict on the capex after a BofA savings estimate. "Bank of America estimates that Meta could save roughly 8.5 billion in 2027 by deploying its own AI infrastructure chips… MTIA 450… MTIA 500… developed with Broadcom… 5 to 6 gigawatts of its own AI capacity in '27 at a cost of roughly 200 billion… Meta still seems like it's spending way too much on AI." (Zuckerberg, the same week: the industry does not need a coordinated pause.) | 01:25:58 |
"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 other Waystar suitors — Oracle (ORCL) via Cerner ("a low probability"), Epic Systems (private), Veradigm, NextGen Healthcare, Elevance (ELV), Signify Health, Fiserv (FI), FIS, Global Payments (GPN), Experian (EXPN), and sponsors Thoma Bravo, Veritas Capital, Blackstone, KKR, Clearlake; Waystar's holders EQT, CPPIB, Bain Capital; R1 RCM (a past SSR win) and Iodine Software (a Waystar acquisition); Eaton's Boyd Thermal purchase; Paramount Skydance (PSKY) as WBD's acquirer (the report's "PARA" is the retired ticker) and US Steel as the in-and-out arb precedent; the other tankers — DHT, Nordic American (NAT), Ardmore (ASC), and the questioner's "Eco, TRMD" (plausibly Okeanis Eco Tankers and TORM); the earnings calendar — AutoZone (AZO), KB Home (KBH), Cracker Barrel (CBRL), Cintas (CTAS), Paychex (PAYX), H.B. Fuller (FUL), BlackBerry (BB), Darden (DRI), with Walmart and Dollar General as Costco's contrast; the food-price names — Campbell's (CPB), whose CFO said prices must rise, and Conagra (CAG) / Kraft Heinz (KHC) on Evercore's cut list; Wingstop (WING) at multi-year lows as a breadth example; the daily recap — ServiceNow, Adobe, Intuit (up) and CoreWeave (CRWV), Intel, Sandisk, Marvell (down) on the Monday rotation, Palantir, Booz Allen, OpenAI (Glass Imaging; the Astra misalignment disclosure), Grab–Atome, Generac–Amazon, Chipotle–Palantir, Apple (iOS 27 Siri; a server return), CoreWeave's BlockFusion lease and $40M/MW contracts, AMD's 10% price hike on TSMC wafer costs, Microsoft (Nadella's pacing statement; the Nokia deal), Broadcom, Coinbase and Robinhood on the SEC's tokenized-venue exemption, SpaceX (Starship; Starlink data purchases), MARA as IREN's weaker peer, and Google (the standards body; a Gemini hacking report); and the source materials — JP Morgan's inventory chart, Fidelity's weekly heat map (Jurrien Timmer), Goldman Sachs PB flows and its capex-expensing EPS estimate, the BofA fund manager survey, and Michael Burry's AI post. Unresolved: the Redwood baby-bond symbols beyond RWTQ ("RWTS" at the sign-off), kept inside the RWT row.
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.)
Expand Energy is the company formerly known as Chesapeake Energy, now one of the largest natural gas producers in the world, with wells in the Marcellus and Utica shales of Appalachia and the Haynesville shale near the Gulf Coast export terminals. Ten years ago it was drowning in debt; today it owes about $3 billion net, against a stock market value of about $20 billion.
US natural gas is cheap right now and the shares are at their lowest of the year, partly because people fear a warm winter. Singh looks past that. He expects demand to keep rising for two reasons: the US ships more gas abroad as liquefied natural gas every year (10-15% growth), and Europe has lost both Russian pipeline gas and, with the Gulf blockade, Qatari cargoes; and data centres for artificial intelligence need gas-fired power.
The core of the case is cash. The company is expected to generate about $3 billion of free cash — money left after running and maintaining the business — which is about 15% of its market value each year. His team's model says the shares are worth about $129 in two years (47% more than today), $152 if gas prices are firmer, and about $80 if they stay weak — roughly seven dollars of possible gain for each dollar of possible loss. He bought a starter position and plans to keep buying through March, using the cheap-gas season to build it.
Waystar runs software that gets doctors and hospitals paid. American medical billing is a maze of insurance rules and thousands of billing codes; Waystar checks a patient's coverage before treatment, cleans up claims before they are sent, fights rejected claims afterwards, and handles the patient's share of the bill. Hospitals cannot function without getting paid, the software is wired into their core record systems, and switching providers is risky — so customers rarely leave, and they tend to spend more each year.
Reuters reported that Waystar has hired investment banks to explore selling itself. The shares jumped 12%, then faded; Singh bought after the fade, at around $25-26. His arithmetic: the business earns about $540 million a year before interest, tax and depreciation, at a very high 42% margin, and trades at roughly 10-11 times that. Private-equity buyers typically pay about 14 times for software like this — about $31 a share — because the steady cash lets them borrow heavily and pay the debt down. A healthcare company that could cut duplicate costs might pay around $37-42.
His base case is somewhere in the low-to-mid $30s. The most likely buyers, in his view, are UnitedHealth's Optum, CVS Health, or buyout firms Veritas and Thoma Bravo. The risk is simple: sale talks are early and could end with no deal, in which case the rumour premium would fade.
Nokia no longer makes phones. It sells the equipment that telecom networks run on — mobile base stations, and also fibre-optic and internet-routing gear that connects data centres. The optical business competes directly with Ciena, and it is growing fast because AI data centres need enormous amounts of fast connections between them.
Singh's method is a "sum of the parts": value each piece of a company separately and add them up. Ciena is valued at about 36 times next year's earnings before interest, tax and depreciation. If you give Nokia's optical unit a similar multiple, that unit alone justifies about $13 a share — more than the whole company's price of about $10.68, which still carries the slow-growing mobile business as well.
He is honest that it is not his most exciting idea: roughly 20% upside. What he likes is the combination of that hidden value with lower risk — the older business is stable, so the stock should not crash 20-30% in an AI sell-off — plus a steady run of new contracts, including this week's expanded partnership with Microsoft.
A closed-end fund is an investment fund whose shares trade on the stock exchange like a company's. Because the number of shares is fixed, the share price can drift above or below the value of the bonds the fund actually owns (its "net asset value"). PDO, run by the bond manager PIMCO, holds a mix of credit — corporate bonds, mortgage securities and loans — and pays out a large monthly distribution.
Singh has been buying it because rising rates have pushed its shares to about a 5% discount to the value of what it owns — it had traded at a premium for months — while it pays roughly 13% a year. Buying at a discount means you get a dollar of bonds for about 95 cents. The trade-offs: the fund borrows to boost its income, which makes it riskier than owning bonds directly, and it is less safe than municipal bonds. He presents it as a way for stock-heavy investors to earn a high income without taking stock-market risk.
PDI is a sister fund to PDO, also run by PIMCO and also traded on the exchange. It invests in a broad mix of higher-yielding bonds and mortgage securities, uses some borrowing to increase income, and pays a monthly distribution of roughly 13% a year. Like its siblings it has slipped from trading above the value of its holdings to trading below it. Singh lists it with PDO and PAX as part of an income sleeve he is building while interest rates are high.
PAX is another PIMCO closed-end bond fund, one of the two Singh says he has personally been adding. It trades at about a 5% discount to the value of its bonds and pays roughly 13% a year in monthly distributions. His broader argument: with long-term interest rates near 5% for the first time in years, bonds now offer long-run returns that rival stocks, so investors who became over-weighted in stocks during the 2020s can rebalance into funds like this and collect a high income while they wait.
Redwood Trust is a mortgage company structured as a real estate investment trust, and it also has small exchange-traded bonds ("baby bonds") that trade like shares. Last week Singh bought both after the shares were knocked down by hedge funds hedging a new convertible bond. This week he confirms he is still adding to the shares and the baby bond RWTQ, which pay double-digit yields.
His view is that the fall was caused by market mechanics rather than any real deterioration in the company, whose borrowers have strong credit. The risk he keeps naming is interest rates — higher rates reduce the value of mortgage assets — which is why he keeps the position modest and adds gradually.
Sea Limited is a Singapore-based company that owns Garena (video games), Shopee (the leading online shopping platform in Southeast Asia) and a digital-payments arm. Its shares have fallen about 30%, from $130 to $100, after a quarter in which sales came in slightly below expectations and some executives sold stock.
Singh has been buying this year and still would at $100 or below. At that price the company is valued at about 11 times next year's expected operating earnings, and it produces around $4.4 billion of free cash a year — about 7% of its stock market value — while growing 30-40% a year. That is an unusually low price for that much growth. He keeps the position small because the shares are volatile and investors will want to see growth pick up again in the next quarterly report before the price recovers above $120.
Uber runs ride-hailing and food delivery. Singh has called it cheap at $60-70 a share for some time. In the first two weeks of September its chief executive, Dara Khosrowshahi, and its president, Andrew Macdonald, bought about $15 million of shares with their own money on the open market, with the stock near its lows of the year.
He is careful not to over-read it: insider buying "doesn't necessarily mean that it's a buy." But executives deliberately adding personal money at today's price is a meaningful signal from the people who know the business best, and he says that if they keep buying, he may add more himself.
Imperial Petroleum is a small Greek-run company that owns oil and fuel tankers and rents them out. With Houthi forces blockading the southern Red Sea and the Strait of Hormuz largely shut, many tankers must sail all the way around Africa, which ties up ships for much longer. The price to hire a large tanker on the spot market has gone from about $50,000 a day to around $1 million.
Singh still owns the shares and thinks they could double, because a small shipowner earning rates like these piles up cash very quickly relative to its size. His one complaint is management, which he finds "not the most transparent." As with all the tanker names, he now treats it as insurance against a longer war rather than a pure bet on the company.
Eaton makes the electrical equipment that moves power from the grid to the computer chip — switchgear, transformers, power distribution and, since buying Boyd Thermal, cooling. Its pitch is that AI is limited less by chips than by electricity: a company can order graphics processors in months, but connecting a data centre to the grid and installing the equipment takes years.
The numbers behind that are large. Announced data-centre projects worldwide add up to about 342 gigawatts, almost seven times all the data-centre capacity ever built, and most of that will not turn into Eaton revenue until 2028 or later — which gives the company years of visibility. Each megawatt of an AI data centre also contains more than twice as much Eaton equipment as a traditional one ($3.4 million versus $1.5 million). Its order backlog has doubled in a year, and it is spinning off its car-parts business to become a purer electrical and aerospace company.
Singh calls it "a very, very good company to own" — but too expensive today. He is waiting to buy on a pullback below $400 a share, which makes it a watch-list name rather than a current position.
Corteva is one of the world's big agricultural companies: it breeds and sells crop seeds (including the century-old Pioneer brand) and makes crop-protection chemicals. Seeds are the better business. Farmers buy the seeds that give them the best yield, so they rarely switch; over 100 other seed companies license Corteva's genetics; and the company has just become a net receiver of licensing royalties rather than a payer. It has raised seed prices even while crop prices have fallen.
Corteva plans to split into two companies on October 1. The seed business (to be called Vialores, per the call) could be valued like a premium business, at 16-17 times its operating earnings, while the remaining chemicals business might be valued at only about 8 times. Part of the reason for the split is to keep the seed business clear of potential legal liabilities from PFAS "forever chemicals." California and 19 other states have asked a court to block the split, arguing the remaining company would not have enough money to cover those liabilities.
Singh no longer owns the shares but calls Corteva "a gem of a business." He expects the seed company to attract buyers after the split and the leftover company to sell off — a pattern he watches in spin-offs — and has promised a fuller review next week.
Paramount has agreed to buy Warner Bros. Discovery for cash. Until the deal closes, Warner's shares trade below the offer price; the gap (the "spread") is the reward for waiting and for the risk the deal fails. This week the US communications regulator approved the foreign money helping finance Paramount's bid — another hurdle cleared.
Singh treats this spread as something to trade repeatedly. He bought when the gap was about 20%, sold as it shrank to about 7%, and has done the round trip about three times. It has now widened back to 10%, and he says he may buy some again if it widens further.
Scorpio Tankers owns a large fleet of tankers that carry refined fuels. Its shares are at their highest of the year, around $87, but measured against its cash it still looks very cheap: it is on track to generate about $1.5 billion of free cash this year, roughly a third of its stock market value, while paying only a 2% dividend. Singh expects it to raise the dividend and buy back shares.
The market prices the shares as if today's record shipping rates last only about a year. If the war and the rerouting around Africa continue into 2027, companies like this could pay off all their debt and still pay one-off dividends worth 20-30% of the share price — and as old, cheaper contracts expire and are renewed at today's rates, profits rise even if rates stop climbing. That is why Singh does not recommend buying tankers now as a simple bet, but as a hedge: one of the few investments that do better the longer the war lasts.
Anthropic is a private AI company preparing to list its shares on the stock market. After its chief executive called for the industry to slow the development of the most powerful AI models, Anthropic, OpenAI and Google began talks on an industry body to test and audit AI, and Microsoft's chief executive welcomed "deliberate pacing."
Singh lays out the competing readings. The investor Michael Burry calls it self-serving: companies about to go public need hype, warning that your product is dangerous is a form of hype, and talk of slowing down could be cover for a real slowdown as their share listings slip into late 2026 or 2027. President Trump dismissed the whole idea as a hoax. Singh's own position is in between: the companies are self-interested, but some safety and cybersecurity oversight is still needed. The market angle he keeps returning to is money — if Anthropic and OpenAI delay their listings, they have less to spend on computing, and AI spending growth could slow.
Captured from the premium Special Situations Report weekly call (2026-09-20); transcript and report PDFs in this folder — readable notes in transcript.md. The weekly deck and the full EXE model referenced on the call are not in this folder. Stances are the house's framing in this call, not price ratings. Not investment advice. © Special Situations Report for source material.