Primary Source Arbitrage
First-year Rotman Commerce | Concentrated equity portfolio Primary source theses: 10-Ks, transcripts, filings Live book. Real capital. Documenting in real time.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 8 | Founded | 3 months ago | Last Issue | 11 days ago |
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darrenleung1.substack.comLatest Issues
Itron. $130 on EV/EBITDA. $326 on EV/ARR. Same 18×
On June 1, 2026, Landis+Gyr CFO Davinder Athwal disclosed annual recurring revenue (ARR) as a formally tracked segment metric for the first time at Nasdaq MarketSite. Verbatim: “I don’t think we’ve ever said that before, but that’s a new me...
Figma's Q1. Adobe's Q2.
Figma reported Q1 2026 revenue of $333 million, up 46% YoY, accelerating for the second consecutive quarter. Net dollar retention reached 139%, the highest level in over two years. The stock was up 14% on the day.
The design software AI di...
$2.33B EBITDA. Guidance Raised $500M. Stock Down 6%.
Cheniere beat on every metric that matters. The stock sold off on an Iran ceasefire headline, not on earnings. A truce reopens Hormuz. It does not rebuild Ras Laffan. That distinction is the thesis.
On April 15, I wrote that three items to...
$414M ARR. 52-Week Low. Same Day.
Itron reported 28% ARR growth and a 73% gross margin software segment in its second disclosed quarter. The stock hit a 52-week low the same day.
ITRI 1D chart, NASDAQ. Intraday range $78.53–$87.58 on April 28, 2026. Source: TradingView.
O...
ADBE — what the CFO said on April 21
Adobe closed $238.98 on April 23, 2026, down 6.63% on the day. Two trading days earlier, on April 21, Adobe’s CFO told a room of financial analysts that consumption pricing is an accelerant to margin structure. The same day, Adobe authorise...
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First-year Rotman Commerce | Concentrated equity portfolio Primary source theses: 10-Ks, transcripts, filings Live book. Real capital. Documenting in real time.
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