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Warren Buffett Generated Double The Market's Returns—Until Regulation Changed The Game

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Finalized its announced rights offering to fund working capital and deliver its backlog of orders.

Best Ideas AD AMPG SNDK GOOG

Array completes sale of select spectrum assets to AT&T for $1.018 billion Board declares special dividend of $10.25 per share CHICAGO (January 13, 2026) – Array Digital Infrastructure, Inc.SM (NYSE: AD) (ArraySM) today announced the successful closing of the previously announced agreement with AT&T (NYSE: T) to sell a portion of the Company’s retained spectrum licenses for total consideration of $1.018 billion. The transaction furthers the objective announced on May 28, 2024, to opportunistically monetize the spectrum that was not included in the sale to T-Mobile that closed on August 1, 2025. Following the close of the AT&T transaction, the Array Board of Directors has declared a special cash dividend of $10.25 per Common Share and Series A Common Share. The special dividend is payable on February 2, 2026, to shareholders of record on January 23, 2026. “We are pleased with the significant value realized in this sale,” said Anthony Carlson, President and CEO. “And we are continuing to return value to our shareholders in the form of a special dividend.

AD. Special situation undergoing transformational corporate restructure into a pure play to co. Sold wireless ops to TMUS for $4.4B and now disposing of its wireless spectrum, adding tenants to its 4449 cell towers with an average tenancy rate of 1 (vs 2 for pure play comps), significant margin expansion ahead as 40% elevated SG&A removed in 2026 as spectrum sold and strategic review sunsets in 2026. Fixed cost biz implies addition of tenants from 1 to 2 tenants/tower which is industry average will flow almost entirely to profits....

I think there is way too much ink written on the "circular financing" narrative. The only unique point of these relationships is just the sheer size and scale. As an example, there is so much fud around the ORCL CDS which rose to 100 bps. But why is there no detail or press on what the implied default probability is for such a CDS rate beyond the "scare" headline?? Its because this implies a 1.6% probability of default!! Not scary at all.... Now, is it really circular financing? NO. Its not at all like the dot com days... For example, the OAI and NVDA Deal: Cash ultimately originates from external capital (eg venture) and AI customers, which flows to OAI then to NVDA for real revenues in exchange for real equipment, which is needed to support the real customer demand. This is economically different from a fake loop where a company secretly funds a customer purely to book cosmetic revenues w/o business value. This AI doom and gloom is all fud, and the key thing to watch is token demand / revenue generation by the AI cos. As of now, its exponential growth and demand, both from growing usage, agentic AI, increasing intelligence/use cases. Once token demand stops growing exponentially, then there is potentially overbuild worries, which likely will happen someday but not for a few years. The narrative of accelerated depreciation is also pure FUD. This is written and discussed by many others...

Well at this price of $60mm enterprise value, either buying common or participating in the rights offering works fine. The right provides 2 additional call options through next yr. With the company poised to do 50mm in revs vs 25mm in 2025, it translates to +8mm in earnings. Additionally, they guided for 25-30% revenue growth through 2030... Just taking 30% growth for 2027 implies 65mm in revenues and 13mm in earnings which is roughly 60% y/y earnings growth. So what is 8mm in earnings growing 60% worth? Even at a conservative 40PE implies a market cap of 320mm vs 60mm today or 5x. Even including maximum stock dilution from full execution of the offering (8mm units which is 1 common and 2 options each), to 45mm shares from today's 20mm implies a stock price of $7 in 2026, let alone the value accrued from subsequent growth to 2030. 1 .Just common @ 3.10 = $4 profit/share 2. Rights @$4.00 = $3 profit/share from common $5 option = $2 profit/share $6 option = $1 profit/share TOTAL $6/share which is 50% more gain. If you believe management can deliver, the 2 additional rights are well worth it to own prior to revenue ramp....

$AMPG rights offering. Sole US maker of O-Ran 5G radios and ramping production to fulfill backlog of orders.

ORCL, FMCC, ZG, AEHR

CCOI and CLS

You're right. We should all be fully invested in the equity market right now. BTW Gold btw has outperf SPY over the last 5 yrs!

Didnt say be fully invested? In concept I agree you should be buying when things are cheap, but first cheap alone is not sufficient unless you know there is a known catalyst for rerating... And second a stock could look cheap but in actuality could be a value trap due to permanent business impairment from this real-time rearrangement of World order...

I dont think Grok information is current. Factset has the latest information by sector which shows elevated PEs across the significant majority of sectors (ie cant be blamed on MAG7). Additionally, these sector PEs are STILL elevated vs 20 yr averages... So not only is the market not "cheap" versus historicals but also the market has still not priced in a recession. Plus, likely these E's are too high since 90%+ of companies have yet to report which implies the true sector "forward PEs" are significantly higher than listed... Also the SP500 2025 bottoms-up earnings forecasts have been constantly in downward revision since Sept'24! IE even before the Tariff wars started! Current 10 yr ave SP500 19 18.3 Consumer Disc 23.7 24.1 Info Tech 23 21.6 Consumer Staples 21.5 19.8 Industrials 20.6 18.7 Materials 18.2 17.3 Comm Svcs 17.1 16.5 Utilities 17 17.8 Real Est 15.3 na Health Care 15.1 16.4 Financials 16.2 13.5 Energy 12.6 15.3

Sorry I dont agree with this at all. Rule #1 is dont lose money. Why be fully invested when we are clearly entering a recession? SP500 PE multiple is currently at 20X on a most likely Incorrect/Elevated E. A recession multiple is <15x. All boats will go down with the tide.