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Dislocation Screener - May 2026
One of the screener's I use to find opportunities for my Special Situations book - May 2026 output covered below.
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Something Opportunistic (Issue #1): T1 Energy ($TE) - The Most Mispriced Option in AI Infrastructure Is Hiding Behind a Forensic Mess
I read the Culper short. I read the substack bulls. I read every 10-Q since the rebrand. The market is pricing the mess correctly. It is underweighting…
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On situations, not stocks...
Some notes on how I think about the work.
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Something Special (Issue #3): Playtech (PTEC LN) - The Market's Folding a Winning Hand
How a €2.3 billion corporate restructuring created a 75% mispricing that Mr Market doesn't care to notice.
Something Special (Issue #2): 3M Company (MMM US) - The Market Only Sees One M
The market is pricing a 50/50 Daubert ruling correctly on a mark-to-market basis, and still leaving $46/share on the table for anyone who can hold…
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Something Special (Issue #1): Papa John's International (PZZA US) - Half the Price, All the Toppings
A Qatari-backed consortium just bid $47 for a pizza chain the market values at $35. The spread is 34% — wide enough to fund a year of pizza deliveries.
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Nobody's Buying This (Issue #1): IONOS Group SE (IOS GY) - Cloudy with a Chance of Upside
A 9.8% free cash flow yield, sub-1% churn, and margins expanding into the high 30s. The stock is down 44%. Something's off.
Something's Off
Something's Off
Something's always off. A security trading at the wrong price, a catalyst the market hasn't priced, a narrative that doesn't hold up to scrutiny. I write about finding it.
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