Continuing my dive into the silicon photonics sector after successfully riding the wave in Applied Optoelectronics ( AAOI ), which nearly doubled since my November coverage , I’m now looking deeper into the supply chain for smaller, earlier-stage players likeHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc ...

Group 1 - MicroStrategy is increasing its Bitcoin holdings by utilizing structured digital credit to enhance the amount of Bitcoin per share [1] - The company's strategy focuses on controlled accumulation of Bitcoin, indicating a strong commitment to cryptocurrency investment [1] Group 2 - The investment approach aims to leverage market inefficiencies and contrarian insights to maximize long-term compounding while protecting against capital impairment [1]

Core Insights - Praetorian Capital's Fund achieved a net return of 0.21% in Q4 2025, resulting in a total return of 12.39% for the year, with an annualized net capital compounding rate of 37.12% since inception on January 1, 2019 [1] - The Fund's performance was impacted by a concentrated portfolio and a focus on asymmetric opportunities, leading to volatility [1] - The core portfolio generated modest returns in 2025, while the Event-Driven book detracted from overall performance [1] Company Focus - Praetorian Capital highlighted The St. Joe Company (NYSE:JOE) as a key investment, which is involved in real estate development and asset management [2] - As of February 13, 2026, The St. Joe Company (NYSE:JOE) stock closed at $70.18, with a one-month return of 7.33% and a 12-month increase of 46.79%, giving it a market capitalization of $4.06 billion [2] - The St. Joe Company owns approximately 167,000 acres in the Florida Panhandle and has been historically undervalued, trading at a fraction of its liquidation value without a catalyst for growth [3]

Core Insights - The selloff of Nebius Group N.V. (NBIS) is attributed to market expectations rather than any underlying issues with the company itself [1] Financial Performance - Nebius Group reported Q4 revenue of $227.7 million, which fell short of market expectations [1]

Google Cloud appears to be emerging as the earnings driver for Alphabet Inc. ( GOOGL , GOOG ) since it surpassed the $70 billion run rate with operating margins at 30%. Operating income growthHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spott ...

Google Cloud appears to be emerging as the earnings driver for Alphabet Inc. ( GOOGL , GOOG ) since it surpassed the $70 billion run rate with operating margins at 30%. Operating income growthHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spott ...

Core Insights - Bitmine Immersion Technologies, Inc. (BMNR) has experienced a significant decline of 43% since the last coverage, attributed to weakness in the broader cryptocurrency market, particularly with Ethereum (ETH) and Bitcoin (BTC) also showing downward trends [1]. Company Performance - The company's stock performance is closely tied to the overall cryptocurrency market dynamics, indicating a high correlation with major cryptocurrencies like Ethereum and Bitcoin [1]. Investment Strategy - The investment approach focuses on identifying high-potential opportunities with an asymmetric risk-reward profile, aiming for a minimum upside potential of 3-5 times the downside risk [1]. - Emphasis is placed on leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1]. - A 2-3 year investment horizon is adopted to endure market volatility, highlighting the importance of patience, discipline, and intelligent capital allocation for achieving superior returns over time [1].

Core Insights - Ondas Holdings (ONDS) is evolving from a drone company to an emerging defense autonomy platform, focusing on mission-critical systems that integrate air, ground, and counter-UAS capabilities [1] Company Overview - The company is transitioning from providing individual autonomous systems to offering comprehensive solutions that encompass various operational domains [1]

Core Viewpoint - CleanSpark (CLSK) should be valued as a transition asset rather than solely as a miner, with a defined execution window for its strategy [1] Group 1: Company Analysis - Mining operations are currently robust but are not the primary driver of value; instead, they serve to fund other initiatives [1] - The company is focusing on identifying high-potential opportunities that can yield significant returns, emphasizing a strategy that seeks to maximize long-term compounding while managing risks [1] Group 2: Investment Strategy - The investment approach involves leveraging market inefficiencies and contrarian insights to identify asymmetric opportunities, aiming for an upside potential of 3-5 times the downside risk [1] - A 2-3 year investment horizon is adopted to endure market volatility, ensuring that patience and disciplined capital allocation lead to superior returns over time [1]

Core Viewpoint - CleanSpark (CLSK) should be valued as a transition asset rather than a traditional miner, with a defined execution window for its operations [1] Group 1: Company Analysis - Mining operations are currently robust but are not the primary driver of value; instead, they serve to fund other initiatives [1] - The company is focusing on identifying high-potential opportunities that can yield significant returns, emphasizing a strategy that seeks to maximize long-term compounding while managing risks [1] Group 2: Investment Strategy - The investment approach involves leveraging market inefficiencies and contrarian insights to identify asymmetric opportunities, aiming for an upside potential of 3-5 times the downside risk [1] - A 2-3 year investment horizon is adopted to endure market volatility, with a focus on patience, discipline, and intelligent capital allocation to achieve outsized returns over time [1]