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Arbor Terminal

Arbor Letter

My personal Substack

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Issues42Founded6 months agoLast Issue7 days ago
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Latest Issues

Why I’m Starting a Small Position in Alibaba

I keep seeing Alibaba described as deep value. I understand the argument. The valuation looks low, the company owns important businesses, and there is a credible case that today’s profits understate what it could earn after its current inve...

7 days ago
7
1

Tuya Has Almost Its Entire Market Value in Cash and Several Ways to Grow

I started looking at Tuya because of its balance sheet. I kept looking because there may be a much better business underneath it than the share price suggests.

At approximately $1.66 per share on October 29, Tuya’s equity was valued at rou...

8 days ago
6

What DoorDash Could Build With Instacart

The proposed combination could connect the weekly grocery shop, tonight’s dinner, and the software behind the store. The opportunity is substantial. Who captures the value is a separate question.

It is 5:30 on a Tuesday. The kids are hungr...

11 days ago
10
3

Michael Burry Is Shorting AI. So Why Is He Doubling Down on MercadoLibre?

Michael Burry has become one of the loudest bears on the AI boom.

He is short semiconductors, Palantir, Nebius and other parts of the AI ecosystem. His argument goes well beyond saying valuations are high. He thinks the industry has create...

a month ago
35
5

$2.5 Billion to $10 Billion in 33 Days

Instinct raised $250 million at a $2.5 billion valuation. Thirty-three days later, it raised another $1 billion at a $10 billion valuation.

🤯🤯🤯

Only one of those valuations is right, and possibly neither of them is.

Especially in the...

a month ago
25
4

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  • Arbor Letter

    Sausage King of Chicago. Abe Froman. Now Family fund. When not building the sausage empire, hunting for overlooked companies. 40%+ annual returns in recent years. Concentrated in MELI, Japan & Korea small caps. Building Arbor.

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