ASB Partners

$SILC This keeps aging well...remember if a small cap mgmt teams travels half way around the world to present at a conference they've never attended, it probably means they have something to talk about

This aged well

$SILC...reading the tea leaves has some value in small caps...first time Silicom is attending this conference...why in the middle of a war are they schlepping to CA to pitch to growth investors...Trades at .6x Rev and Q126 guidance is for 18% top line growth...

It just sounds like this stock is ready to revisit its ATHs assuming the October print goes back to trend

Recap of Stride Inc. $LRN Q326 earnings 1/x

Interesting read through for $LRN from troubles at a PA cyber school (not a Stride customer, but they do buy curriculum)...the Achilles heel of this industry is marketing so while anyone (private or a district) can start a school, it's a full time job to market and fill up enrollment, way beyond the pay grade of most public school districts

ASB Partners Q126 Letter and Discussion of Japan Exchange Group $JPX #TokyoStockExchange @JPX_official_EN (JPX:8697) open.substack.com/pub/adambuckst…

Amid the chaos of the war, some good news for $ELAL and it's frequent flyer program which is moving to Isracard $ISCD...this is very high margin revenue

@robinhanson @grok what are non obvious beneficiaries of war?

"A war of average intensity is associated with an output drop of close to 10% in the war-site economy, while consumer prices rise by approximately 20%." aeaweb.org/articles?id=10…

Another strong read through from Pearson for $LRN...virtual schools rev. up 18% in 2H on 13% enrollment growth

$LRN positive development to move past this w/ an undisclosed settlement amount....Gallup schools votes to settle suit with virtual provider after state blames district for budget gap

Latest on Stride Inc. $LRN situation in NM which has created some volatility...TL;DR there was a bill proposed last week in NM that was less favorable for $LRN and the latest iteration approved yesterday is more favorable...we are talking about ~3-4k students/250k...it's worth it to point out again that even in the worse case, each of $LRN's schools is independent and there is very limited contagion risks across the different programs...IMO the most important takeaway is on the demand side...400 people came out to show their support...the more parents/students/teachers that enter the ecosystem, the less the political risks, etc.

$LRN Phew Strider the Fox is back starting Feb 12th... hopefully plenty of time to work through all these issues before enrollment begins for the 26/27 year