3:10 Value

Friends, my recent article on produced water players $wbi and $ses.to is in the link below. Also covers, $lb, $wcn, and $gfl.

🚨 Two very important things: - My $LB LandBridge article for tomorrow is almost finished. It's my favorite article on LB so far, which is why it will be FREE on Main Street Alpha. - Tomorrow, we'll also make a major announcement on Main Street Alpha, as we're making huge changes (which tremendously benefit subscribers).

$CSAI overview TLDR: Strategic Pivot: Cloudastructure is transitioning from a traditional video surveillance hardware reseller to a high-margin "Unified Risk Intelligence" SaaS platform. Innovative Security Tech: Through a partnership with Flex Security, CSAI launched the Alpha Mobile Surveillance Trailer a solar-powered, off-grid unit featuring edge-AI and integrated autonomous drones to secure large perimeters like construction sites and solar farms. Massive Organic Growth Pipeline: The company utilizes a highly successful "land and expand" strategy, having secured agreements with 8 of the top 15 property management firms in the U.S. Upgrading these existing clients from single-site pilots to portfolio-wide deployments represents a potential $500M+ revenue opportunity. Improving Margins: A shift toward high-margin recurring software subscriptions specifically their "Remote Guarding" service where AI alerts trigger live human intervention is accelerating the company's path to profitability and a targeted 25%+ Adjusted EBITDA margin. Financial Health & Valuation: Currently trading at a discount compared to AI-security peers (~3.0x 2027E EV/Revenue), the micro-cap company carries zero debt, has a clean although short cash runway, and holds $90 million in standby capital (stock dilution remains a risk for investors). Recent Momentum: Updates from early 2026 validate this growth, showing rapid geographic expansion into 28 states, new deployments at critical infrastructure sites, and larger contract sizes from institutional clients. whitewillowresearch.de/359-2/

Yes, good energy. Good presentation. Last question I think summed it up well. Lots of value in the business without data centers. Though, the data center business exciting and will provide a new leg up once it moves past proof of concept. Power Bridge CEO was really impressive.

@UnHedgedChatter No, I was not. @310Value were you?

$LB LandBridge is going to be a monster.

@CarlosMoralesG_ These two characters are Jewish.

Las gafas oversized como seña de identidad entre los mafiosos italoamericanos. Cristales gradient o color ámbar, con una montura exageradamente grande. Dan una estética imponente. De Niro en Casino (más allá de lo locos que son sus outfits en la película) las luce genial.

@WaterworldCapi1 @friedoystercult

I FINALLY FEEL LIKE IM IN WUHAN

@HighyieldHarry Are Mississippi lawyers also listed?

Reading funeral home service provider SEC filings...thanks for flagging "the continuing upward trend in life expectancy" and more cremations as Risks Factors. Vomit worthy stuff.

@JamesKings73134 @Citrini7 Both are interesting, but $lb has more growth, higher-quality revenue streams, and trades a 20 turn discount on EBITDA to $tpl.

@Citrini7 Thoughts on $LB or $TPL for rapid growth? The balance sheet for $TPL is especially enticing.

@blondesnmoney What's their fund's name - BlackSmoke?

Happy 20th anniversary to the greatest St. Patrick’s Day video on the Internet.

While this may sound counterintuitive to many of you $APO stands to benefit the most from a dislocation in private credit and a widening of credit spreads $APO generated $3.4B in SRE (spread-related earnings) from Athene in FY 2025 vs. $2.5B in FRE for its AM unit Athene's annuities/products produce net inflows to the tune of $84B a year or ~28% of its net invested assets and the ability to earn a spread on those incremental assets is the NUMBER ONE driver of the $APO market cap - not retail demand for BDCs, not even LP demand for its core funds within its Asset Management umbrella You will say what about the impact on Athene's existing book? It is 99.7% unlevered (unlike BDCs, private credit fund structures) and sits predominantly in asset-backed (low LTV residential mortgage) and IG (government + corporate). And private IG DOES NOT mean Mickey Mouse loans to mid-scale SAAS companies - these are private placements with Intel, ABInBev, Sony, Microsoft. In fact Athene is subject to regulatory disclosures well in excess of any Bank/BDC/PC fund and every quarter they file a 5,000 page statutory report detailing every single position and transaction. The autistics among you can check it out here: d1io3yog0oux5.cloudfront.net/_fd9b9a684a3b0…

Got Permian land? $TPL $LB

Guy Spier quite literally saved my career. I graduated from Columbia Business School into the worst financial crisis since the Great Depression, unable to find a job and unsure if I’d ever break into the world of value investing. By sheer luck, I recognized Guy at a conference from a photograph in an article I had just read in Time Magazine about his famous lunch with Warren Buffett. I walked up to him and handed over a folder with my resume, a generic cover letter, and three stock pitches. That folder led to an internship, guidance as I eventually landed my dream job and began my career, countless introductions, and—most importantly—an extraordinary friendship. In the linked article, Guy mentions the Hebrew word Hineni—“Here I am.” I’m reminded of another Jewish idea, articulated by Rabbi Eliyahu Dessler in his collected letters and essays, published posthumously in Hebrew as "Michtav me’Eliyahu" and in English as "Strive for Truth." Rabbi Dessler explains that there are fundamentally two kinds of people: Givers and Takers, and that every human act ultimately comes from a choice either to give or to take. Giving means offering our attention, resources, feelings or time without expectation of anything in return; it springs from a desire to connect and uplift. Taking, by contrast, is rooted in self-interest, focusing on what can be gained from any interaction. I have never met anyone who embodies the ideal of a Giver more fully than Guy, especially in the world of business and investing. He has positively impacted the lives of an astonishing number of people, particularly aspiring investors, without expectation (and I only know of those I have met). At the end of the article, Guy connects Hineni—“Here I am”—to the challenge he now faces. I would argue that since I've known him, Guy has and continues to live a life of Hineni: consistently showing up for others, always ready to give, give and give some more, while never expecting anything in return. I pray that Guy is granted the strength and time to continue serving as that kind of role model for far longer than anyone expects. If anyone can do that, he can. In a world that is desperately in need of more true Givers, we are profoundly fortunate to have Guy. After a Grim Diagnosis, a Value Manager Reflects on Life’s Lessons barrons.com/articles/guy-s… via @BarronsOnline

@JoshLipnik Valley National Bank sign behind it.

Old motel signs of Casa Grande, AZ

@CollegeFBonX @TwoStarScoob youtu.be/EJItkCJ6SOk?si…

I stand corrected. As pointed out by many this one was better @TwoStarScoob

Learned today that one of my daughter’s cabin mates at summer camp passed away from an illness. She was only 12. Say a prayer for her and treasure your loved ones.

@SpaceWalk0 I’m making a sweater for next year.

At French ski resorts do Europeans walk around in sweaters that say “After”.

@ng_TO1 Probably at some point, but not yet. Too cheap.

@310Value Wait, what? Is there a takeout coming?

Seeing WCM Investment Management initiate a position in $ses.to.

@VeeEyeEll Yeah, source water will be tough to use given politics, so the only long-term option is cleaned produced water.

@310Value Desalination plants??

$lb, $wbi

What's the best book you've read in 2026 so far?