（株）ｺﾐｶﾙﾊﾞﾝｸ東京支店

Dude just got profiled by the WSJ. Quite a story. Christian Lamarco, 31. Went to a small Christian college in Pennsylvania with no Wall Street recruiting pipeline. Once drove to Carnegie Mellon to compete against Ivy Leaguers in a stock-picking contest. Finished second. Won $100. Cold-emailed his research to hedge funds, landed a job at a Chicago long-short fund, then quit in 2019 with just a few months of savings to start Culper Research. Moved to NYC, working out of a Brooklyn apartment. His team? Just two analysts. They started investigating Nvidia last year, then gave up. They doubted three guys could uncover something Wall Street had missed about the world's most valuable company. Picked it back up in March. Interviewed former Nvidia employees, dug through corporate filings in Singapore and Malaysia, examined scrubbed code, even studied YouTube footage outside a Taiwanese noodle shop. May 13: After a sleepless night, a bagel and a cigarette, he published a 40-page short report flagging Nvidia’s China exposure and Jensen Huang’s relationship with Alice Huang. The next day, Nvidia hit an all-time high. Nobody cared. Six months later, the story blew up…

Former Cisco CEO John Chambers reacts to the latest developments surrounding $NVDA CEO Jensen Huang and tech relations with China: cnbc.com/video/2026/11/11/ch…

Dan Niles started buying Nvidia the same day the Jensen Huang scandal knocked it down 4% - at "12 times PE," he says, "a lot is being discounted" "I'm not here to pass moral judgment one way or the other" He told CNBC on November 10, as Nvidia's board investigated its own CEO: > 12 Times PE (0:33): - "I looked at Nvidia and where it's trading at 12 times PE. It's down this year." At that price it pairs well with names he wants to short, "which I don't think will survive." > The Steve Jobs Precedent (1:14): - Jobs took his final medical leave in January 2011 and died that October. "What did the stock do for Apple that year? It was up 25%." > Not Long Only (2:32): - Asked if the scandal is priced in: "It may not be, Melissa, but again, don't forget, I'm not long only." > Down 36% (2:47): - Since the June 22 peak, the SOX chip index was "down 36%" as of last Friday, and "14 out of the 30 members of the Sox are down over 50%." > Asked To Leave (3:18): - "Could he be asked to leave? Absolutely." But "most of the stuff I've seen, I don't think Jensen knew." Nvidia keeps 66 cents of operating profit on every $1 it sells, and a top investor still calls it cheap I followed one AI dollar through 5 layers of company filings - the richest layer isn't Nvidia ↓

Joe Kernen LAUGHED Democrat Rep. Pete Aguilar off the set on live TV. Aguilar came on Squawk Box this morning and tried to claim it’s Republicans who turned the Justice Department into a political weapon. Kernen was willing to do what most of the press won’t...he CALLED OUT Aguilar to his face called and started rattling off names. He began by naming every Democrat AG who did EXACTLY that...then told Aguilar he was impressed he could even say what he just said with a straight face. It was brilliant to watch. KERNEN: “Congressman, if we lived in a perfect world, I’d be nodding.” “But do I need to mention Merrick Garland? Do I need to mention Eric Holder? Janet Reno? Loretta Lynch, who was on the plane with Bill Clinton?” “I mean, come on.” “I love you, congressman. But you delivered that with a straight face, which is what I liked.” Aguilar had nothing. He called it a conspiracy theory and tried to pivot to costs. AGUILAR: “If you want to talk about 12 year old conspiracy theories about planes, that’s fine. Joe, the American people are getting crushed with costs.” Kernen wasn’t done. KERNEN: “Eric Holder was Obama’s wingman.” Good for Kernen. This needed to be said.

革ジャンだよ？100人いてもおかしくないだろ。

Joe Kernen told Nikki Haley to take a hike on Squawk Box this morning — “Give me a break!” Haley was blaming the GOP’s midterm losses on Republicans in Congress who went along with ICE’s “overreach.” Kernen hit her with a SAVAGE reminder of how they got there in the first place. HALEY: “And when you see the administration doing something wrong, say it…” KERNEN: “I mean, the Republicans were left with 10, 15, 20 million illegals that crossed the border during the Biden administration, when NONE of the Democrats were saying, why do we have an open border down south?” “So, I mean, it goes both ways.” “Give me a break!” “The presidential candidate that they ran was the ‘Czar’ of the border!” “And we had Mayorkas saying the border is secure?!” “The border’s completely secure with 10, 15, 20 million in it!” Kernen is quickly becoming one of the only honest voices left in media. He nuked Haley’s entire narrative.

✍️堀古英司さんコメント要約 （2026/11/12 ストックボイス） 1. エヌビディアのスキャンダルは調査待ち、下値は限定的 　ファン氏をめぐる介入報道は大スキャンダルだが、調査結果は当事者にしかわからず待つしかない。4〜6週間と言われており、年末までには結果が見えるだろう。バリュエーションは来年の予想ベースで異常に低く、追加的な悪材料が出ない限り、これ以上の下値は限定的とみる。 2. コアウェーブ決算と調達方針の転換が安心材料 　それまでマーケットの不安材料だったコアウェーブが、予想外に良い決算を出し、無担保社債の発行を取りやめて有担保社債や銀行融資に切り替えたことが、市場全体に安心感を与えた。テクノロジーの設備投資は銀行がファイナンスをつけにくく、ハイパースケーラーが自己資金や社債（直接金融）に頼らざるを得ない。投資家が求めるリスクプレミアム次第で、社債利回りが上がれば投資家が一気に引き、調達が難しくなる構造だ。 3. 民主党勝利とデータセンター規制への反応は行き過ぎ 　テキサスでデータセンター規制があっても他州はどうかという問題もある。大統領はトランプ氏のままで、州知事が民主党になっても議会には共和党議員が多く、何でもかんでも民主党主導になるというのは行き過ぎ。先週木曜の急落は、民主党が何でもできるかのような過剰反応だった。11月から来年4〜5月にかけての上昇トレンドは不変。 4. 急落時に大切なのは業績とバリュエーション 　政治要因は株価を決める要因のほんの少しに過ぎない。業績を見ずに中間選挙の結果だけで売ったインデックス投資家の逆を張るのが王道。エヌビディアもスキャンダルを横に置いても業績は好調で、バリュエーションは極めて低い。株式の長期的な株価を決めるのは業績であり、増配も自社株買いも成長に向けた設備投資もそこから来る。S&P500の年末予想7900は、いい押し目が入ったことで極めて現実味のある数字になった。調子に乗って目標を引き上げず、冷静であるべきだ。

New Howard Marks memo just dropped oaktreecapital.com/docs/defa…

“実際には、不確実性こそが、長期的な価値を求める買い手にとっての味方なのです

第二に、市場参加者が楽観的な見方で一致しているとき、株式市場では非常に高い価格を支払わなければならないということです。 実際には、不確実性こそが、長期的な価値を求める買い手にとっての味方なのです。 3/