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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.

NAND memory has been in a downturn for a few years now. Its already rationalized capacity and cut capital spend significantly. But yes, if the economy goes into a tailspin, SNDK will not be immune but no different than all the of the industries...

Still great long term if you can stomach the massive coming volatility both economically and stockwise especially for a relatively thinly traded security. However, if Trump does not make deals wrt tariffs soon, demand is falling across the board for all goods generally, and specifically, for SNDK, electronics sales will plummet due to the 100% china tariffs and general global uncertainty.... a negative for NAND flash. Multiple SMEs are hemorrhaging cash from surprise tariffs on imports/exports and are deer-in-headlights wrt factory planning/production. Massive stress is building in treasury markets and could lead to a potentially disastrous liquidity crisis.... There is 0 confidence in any revenue forecasting by any company. Cash is your friend in this mkt.

be like warren. cash

be like warren. cash

SNDK

This is the first time we’ve had an administration pretty much say with a straight face that the objectives are going to cause short term pain. To me this is as transparent as you can you get.

I think you are looking at this with the wrong lens. The U.S. national debt is currently $37 trillion (122% of GDP), and it’s growing at a rate of $1 trillion every 100 days. This translates to $3.65 trillion/yr of additional debt and soon it will be balloon to such a huge number that its unfixable outside of bankruptcy/dollar devaluation.... So what is needed to fix the problem? 1. Need interest rates to come down (Trump focus is the 10 yr), so the US can roll the 7TR+ of Treasury bills at 4.4% into long term bonds at much lower interest rates... This can save at least 100-200B/yr on interest payments by do so. Possibly bring down our run away 1.2TR+ and growing of interest payments/yr to a flat 800-900B/yr.... Easiest way to do this is to bring the US into a slowdown/recession short term. 2 Cut government spending/waste. Musk's goal is 1 TR of budget cuts. Current Government spending is 7 TR and a 2 TR deficit/yr which is tacked on to the US debt load. If Trump wants to balance the budget, assuming Musk is successful, he needs to cut 1 TR out of the budget ex Medicaid/SS/Defense by privatization/shutting departments/etc... Doable? Unclear... 3. Tariffs. Yes its short term inflationary but a 1x bump. Some have calculated that 32% of US spending is from goods vs 68% services, and of that 20% is imported which implies 6.4% of total US spend. Supposedly, the long term goal is tariff revenue of 2.5 Tr after 10 years which implies 8-10% tariff on every import. If successful, he can cut the IRS revenue (5TR/yr currently) by 50%, eg tax rates go down 50% across the board! I think this is the long term goal... 4. Long term budget fix needs to be a reform of 4 TR of the yearly budget from Medicaid/Care, SS, defense... But I'd think that's for the next administration... Clearly, Trump has no choice but to tackle this problem now or the US is doomed... The US debt clock shows the severity of this problem. U.S. National Debt Clock : Real Time

New spin-off SNDK. 0.6X BOOK. Significant discount versus other memory players and its JV partner Kioxia. Just raised prices of its offerings into a flash memory recovery...

20% PAYO 20% LSXMK 15% EXPE 15% ACLS 10% META 10% NSIT 10% BRK.B

$SPHR and $PAYO