Librarian Capital
@librariancapital.bsky.social
Investing/stocks. Ex. HF seeking ideas, contacts & capital. I may be long/short names mentioned. @LibrarianCap on Twitter. Also Substack https://librariancapital.substack.com/
Elanco $ELAN up ~8% after 26Q2 results Now up 17%+ since we upgraded it to Buy on 6-Jun
Librarian Capital@librariancapital.bsky.social · last mo."Elanco: Taking Share from Zoetis Blockbusters" (Upgrade to Buy) Low-double-digits EPS growth is expected for 2026-28, and current P/E is still ~24x $ELAN $ZTS
Rightmove $RMV: Barclays has exited nearly all of a 5.73% position (incl. CFDs) in the past week 29-Jul: 5.73% -> 5.53% 31-Jul: 5.53% -> 0.50% (FSA short interest register shows ~8% RMV net short)
"Calls to ban ‘toxic’ pet flea treatments that harm UK wildlife and environment" (Guardian) "The British Veterinary Association, which represents 19,000 UK vets, welcomed the committee’s finding" Credelio and Simparica are prescription-only $ZTS $ELAN
Calls to ban ‘toxic’ pet flea treatments that harm UK wildlife and environment
Over-the-counter treatments for cats and dogs contain chemicals that are banned in pesticides and pollute waterways
theguardian.com
"The Investing Heavyweights That Backed Situational Awareness Before It Blew Up" (WSJ) Includes "Feroz Dewan, the former head of public equities at Tiger Global" The fund "didn’t share performance updates with investors every month, as most HFs"
Exclusive | The Investing Heavyweights That Backed Situational Awareness Before It Blew Up
The hedge fund behind aggressive AI bets tapped into a roster of big-name investors. Some warned the founder that he was taking big risks.
wsj.com
"Coatue’s Hedge Fund Sinks 8% in Worst Drop in More Than a Year" (Bloomberg) "Four biggest US-based long bets as of March 31* sank by double digits in July" "Still up 14.3% year-to-date" * TSMC, GE Vernova, LAM Research, Applied Materials
Coatue’s Hedge Fund Sinks 8% in Worst Drop in More Than a Year
Coatue Management’s hedge fund plunged 8.3% last month, marking the latest technology-focused money manager to be whipsawed after a sharp selloff in artificial intelligence stocks.
bloomberg.com
McDonald's $MCD CEO on 26Q2 US miss: "Business slowed significantly ... We simply didn't execute at the level needed ... Value & affordability ... execution was inconsistent across the system ... Teams were overwhelmed by too many deployments ... Marketing programs didn't deliver"
P&G $PG to acquire Thorne for $3.8bn cash "Sells supplements such as magnesium and omega-3" "On track to reach $650m of revenues this year" Unilever $ULVR reportedly also explored bid Currently PE-owned (LVMH-backed L Catterton)
P&G seals $3.8bn deal for supplements company Thorne
Consumer goods group expands its health business in a sector that has boomed since Covid pandemic
ft.com
$MSFT Microsoft Cloud revenues FY25: "surpassed $168bn in annual revenue, up 23%" FY26: "surpassed $214bn, with nearly 90% from customers outside of frontier model companies" 214 x 90% = 193, implying 15% growth in Microsoft Cloud revenues not from frontier model comapnies
I asked Google Gemini for sci-fi scenes where AI inserts ads into the conversation, and it gave me this from Minority Report (2002) AI: "John Anderton, you can use a Guinness right now" www.youtube.com/watch?v=7bXJ... The barrier to ads in voice-controlled AI may not be form but choice
Minority Report - Personal Advertising in the Future
YouTube video by dscmailtest
youtube.com
Librarian Capital@librariancapital.bsky.social · 2d agoBronte (John Hempton), $GOOG holder: "There is a bleaker future where ... in a voice-controlled AI world there is no space for advertisements — and no place for traditional Google Search" But: "An amazing pivot ... We do not think we have ever seen a better managed company"
The correct answer is 100%+ Microsoft $MSFT Net Cash from Operations grew 109% between FY23 ($87.6bn) and FY26 ($182.9bn)
Librarian Capital@librariancapital.bsky.social · yesterdayMicrosoft $MSFT: Everyone knows how AI CapEx has wrecked every Big Tech company's Free Cash Flow But, without looking, how much do you think MSFT's Net Cash From Operations has grown in 3 years*? A. ≤50% B. 50-75% C. 75-100% D. 100%+ (* comparing FY23 with FY26)
Microsoft $MSFT: Everyone knows how AI CapEx has wrecked every Big Tech company's Free Cash Flow But, without looking, how much do you think MSFT's Net Cash From Operations has grown in 3 years*? A. ≤50% B. 50-75% C. 75-100% D. 100%+ (* comparing FY23 with FY26)
"Inside Google’s $200bn Wall Street finance machine for Anthropic" (FT) $GOOG (reportedly) "had so far backstopped 10 developments with 2.4GW of power for TPUs ... on the hook for as much as $44bn if all the leases go bad"
Inside Google’s $200bn Wall Street finance machine for Anthropic
Private credit, chip leases and data centre guarantees underpin a vast new model for AI spending
ft.com
Shallow moat? $FICO "algorithms are applied to credit data collected and maintained by the 3 US national consumer reporting agencies ... FICO does not collect or store the consumer credit data used in the calculation of scores, and in most cases ... do(es) not sell scores directly" (FY25 10-K)
Turning Point Brands $TPB 26Q2 Moden Oral gross sales up 149% ($87.0m) Total sales +23% ($143m) Gross Profit +22% ($81.5m) ex. non-Q2 tariff refund EBITDA -50% ($15.2m) (investments) Raises 2026 Modern Oral sales outlook: Gross $330-350m (was $280-300m) Net $260-270m ($210-225m)
IDEXX $IDXX 26Q2 Revenue +9% organic, +10% reported (CAG +9%, Water +13%, LPD +9%) EBIT +12%, EPS +15% comparable US industry practice revenue +2.9%, visits -2.6% Narrows 2026 guidance Revenue now +8.5-9.7% organic (was +7.7-9.7%) EPS +13-15% comparable (was +11-15%)
McDonald's $MCD 26Q2 Comp. sales Global +1.3% (PY +3.8%) US +0.8% (guest count down) (PY +2.5%) IOM +1.5% IDLM +1.9% System sales +5% (+4% ex-FX) Revenues +4% (+2% ex-FX) EBIT +3% Net Income +5%, EPS +6% "Opp. to raise the bar in the US" New head "will bring focus & urgency"
"Rightmove $RMV: Weaker Market, Same Strengths, More Buybacks" Shares continuing to rebound despite guidance being cut with H1 results, and are still cheap at ~15x P/E
Rightmove: Weaker Market, Same Strengths, More Buybacks
Shares continuing to rebound despite guidance being cut with H1 results, and are still cheap at ~15x P/E.
open.substack.com
Trump says Jeanine Pirro "choked" and then snaps at a reporter who asks if her job is safe: "Don't ever talk again"
Rightmove $RMV on AI token costs & frontier models "Token costs ... continue to go down ... Some of the open weight (models) ... Moonshot AI, Kimi K3 ... They're literally coming in at 2x-3x cheaper for almost comparative performance to some of the leading frontier LLMs" (26H1)
Rightmove $RMV: Cost of Elliott-funded class action "We incurred £2.3m of third-party advisor and other costs in the first half, directly relating to the proposed legal claim. For the year, we are guiding to a range of between £4m and £7m" (26H1 call)
Rightmove $RMV: "New Build developments coming to market at lowest rate on record" (beginning in 2014) "We do not currently see evidence of a near-term improvement in build rates" (26H1 results)
US per-capita alcohol consumption peaked in the early 1980s But it was mostly Beer, whose capita consumption has kept falling in a way that Spirits and Wine haven't (Obviously the lines have come down since COVID) Source: NIAAA
Visa $V to Acquire BioCatch for $2.4bn "Provider of behavioral-first, multi-signal fraud intelligence" Currently owned by private equity (Permira)
