LongMRLNMar 2026
Merlin Labs
Merlin Labs, a recent de-SPAC, is an under-followed company that the market has not properly analyzed. Its 'tiny public float, locked-up insiders,' and entry through the SPAC…
Crossroads Capital
5 published ideas
Ideas from Crossroads Capital
LongASTSMar 2026
AST SpaceMobile
AST SpaceMobile is successfully transitioning from an R&D startup to an operational scale-up, with manufacturing progress, growing revenues, and a strong balance sheet. Key risks…
LongNTDOYMar 2026
Nintendo
The market is incorrectly focused on near-term memory pricing trends while ignoring the crumbling of the broader bear case. Key concerns around tariffs and sales momentum have…
LongNBISMar 2026
Nebius Group
Nebius has successfully de-risked its business model over the last year, answering key questions around its viability. It has secured massive, long-term contracts with major…
LongFTAIMar 2026
FTAI Aviation
FTAI is successfully transforming into a capital-light, high-margin MRO franchise for the CFM56 engine. By using proprietary parts and its vertically-integrated platform, it…
Letters covered
- Q4 2025 Investor LetterMarch 31, 2026
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