Getty Images Comstock Inc. ( LODE ) reported 4Q25 results recently. The update did not provide much additional detail on operating performance (the company does not have many "operations"), but it did provide a lot of detail on financing and on the company's intended capital allocation for 2026. The main takeaway is that LODE raised enough equity in early 2026 to keep advancing its recycling plans...
Getty Images Comstock Inc. ( LODE ) reported 4Q25 results recently. The update did not provide much additional detail on operating performance (the company does not have many "operations"), but it did provide a lot of detail on financing and on the company's intended capital allocation for 2026. The main takeaway is that LODE raised enough equity in early 2026 to keep advancing its recycling plans, thereby meaningfully reducing near-term liquidity risk. At the same time, the company is still operating from a very small revenue base, with very high corporate costs, while continuing to talk about monetizations and valuations for non-core assets that have not yet been realized. I still do not think the underlying business quality or execution profile justifies much enthusiasm. Comstock posted a $38 million operating loss in 2025. This is still a business with little revenue and no demonstrated profitability, now trying to scale an industrial recycling operation in a field where it has no long track record. For that reason, despite the financing improvement, I maintain a Hold rating. Equity financing The most important news from the quarterly release and call is the company's new round of equity financing. It had already been announced in early February 2026 . In 2025, Comstock issued equity for net proceeds of about $35 million. Most of that came via an equity offering in August , plus over-allotments, plus ATM. Then, in early 2026, the company issued equity again. The 10-K for FY25 says Comstock raised another $46 million net on the base deal, plus $7 million in over-allotment, that is, a net $53 million in new capital. LODE had no outstanding debt at year-end 2025, had $17 million of cash on the balance sheet, and then added another roughly $53 million net shortly afterward. It did pay other obligations discussed in the early February call, but it still had $56 million in cash by late March 2026 (according to the release). According to management in the 4Q25 call, th...
Singapore Prime Minister Lawrence Wong has met Hong Kong political heavyweights and business leaders – including former Chief Justice Andrew Li Kwok-nang and Richard Li Tzar-kai, the son of tycoon Li Ka-shing – in what he described as a “short but meaningful visit” to the city. Wrapping up his first official visit to the city since he became prime minister in 2024, Wong said in a Facebook post on ...
Singapore Prime Minister Lawrence Wong has met Hong Kong political heavyweights and business leaders – including former Chief Justice Andrew Li Kwok-nang and Richard Li Tzar-kai, the son of tycoon Li Ka-shing – in what he described as a “short but meaningful visit” to the city. Wrapping up his first official visit to the city since he became prime minister in 2024, Wong said in a Facebook post on Saturday that closer cooperation between the two Asian financial centres would contribute to the...
Homebuyers continued to signal confidence in Hong Kong’s residential market on Saturday, brushing off global economic risks tied to the Middle East conflict and expectations of slower interest rate cuts, as a new project by Henderson Land Development sold out within hours. All 123 units at Chester, the fifth phase of the Midtown South redevelopment in Hung Hom, were snapped up, according to proper...
Homebuyers continued to signal confidence in Hong Kong’s residential market on Saturday, brushing off global economic risks tied to the Middle East conflict and expectations of slower interest rate cuts, as a new project by Henderson Land Development sold out within hours. All 123 units at Chester, the fifth phase of the Midtown South redevelopment in Hung Hom, were snapped up, according to property agents. “About 60 per cent of buyers are end users while about 40 per cent are investors and...
ZIIINVN/iStock via Getty Images DouYu ( DOYU ), a live streaming platform in China for games and e-sports, is off to a horrible 2026 with the stock having lost 31.5% YTD, and that is with a bounce after the release of the Q4 FY2025 report on March 25. However, DOYU has a shot at adding to the recent bounce for a number of reasons, especially if DOYU can maintain what it showed in the latest report...
ZIIINVN/iStock via Getty Images DouYu ( DOYU ), a live streaming platform in China for games and e-sports, is off to a horrible 2026 with the stock having lost 31.5% YTD, and that is with a bounce after the release of the Q4 FY2025 report on March 25. However, DOYU has a shot at adding to the recent bounce for a number of reasons, especially if DOYU can maintain what it showed in the latest report. DOYU has sold off, but a bullish signal may herald better times A previous article from November 2025 written by myself mentioned a number of issues that needed to be addressed by DOYU, which included declining revenue and a decrease in monthly active users, or MAUs, both direct consequences of a downturn in the market for live streaming in China. On the other hand, DOYU was working on addressing its faults and making some progress in certain areas, which gave reason for optimism that DOYU could fix whatever that needed to be addressed. Accordingly, I chose to rate DOYU a buy in the article. Source: Thinkorswim app For a while it looked like DOYU had managed to stop the large decline in the stock that started in July 2025, as it headed into the new year having gone sideways for several months, but 2026 saw a resumption of the decline in the stock. The chart above shows how the stock fell in the first couple of months to hit a 2026 low of $4.28 per ADS on February 24, although it closed the day significantly higher at $4.48. However, what follows next could be viewed as a bullish signal for longs. Note how in the chart above, the bounce following the February 24 low was succeeded by another move downwards that resulted in DOYU almost matching the February 24 low on March 24. The stock hit an intraday low of $4.50 per ADS on March 24, but closed the day somewhat higher at $4.53. All this is significant for multiple reasons. First, the lows are exactly one month apart. On a closing basis, the February 24 low of $4.48 and the March 24 low of $4.53, are just $0.05 apart, or ro...
As the war in Iran reaches the one-month mark, a Iranian strike on a U.S. airbase in Saudi Arabia wounded several U.S. service members. (Image credit: Majid Saeedi)
As the war in Iran reaches the one-month mark, a Iranian strike on a U.S. airbase in Saudi Arabia wounded several U.S. service members. (Image credit: Majid Saeedi)
Counter/DigitalVision via Getty Images Some say Buddha spent 42 whole days meditating under the Bodhi tree. Well, my coverage of Buda Juice ( BUDA ) is a little over that. About three months. Seeking Alpha But, to tell the truth, my 'Sell' call here hasn't reached enlightenment yet. It delivered ~4% while the S&P fell just over 7%. Funny that I followed the post-earnings reaction. It wasn't good a...
Counter/DigitalVision via Getty Images Some say Buddha spent 42 whole days meditating under the Bodhi tree. Well, my coverage of Buda Juice ( BUDA ) is a little over that. About three months. Seeking Alpha But, to tell the truth, my 'Sell' call here hasn't reached enlightenment yet. It delivered ~4% while the S&P fell just over 7%. Funny that I followed the post-earnings reaction. It wasn't good at all. I don't know if IPO investors expected faster post-IPO growth or something like that. The stock started to slip in the high single digits, but recovered in the middle of the session and went flat. The pre-market view isn't very pretty. Right now it's down ~5%. You know how things are. In a stock with such low float, that means practically nothing. Just as a reminder, the Buda Juice thesis is really about the scale Country Fresh (Brian Herr's company and Buda's second-largest shareholder) could bring. It gains access to proprietary UltraFresh tech, while Buda taps into nationwide distribution. Earnings Presentation It's very good for Herr, but I have my doubts about whether it's really good for the minority shareholder at these multiples. You would be paying ~8x sales for the acceleration of the distribution curve (Country Fresh will accelerate this) and, consequently, the risk of executing the expansion. But, looking at the other side, you would also be paying for an optionality that isn't yours. Who will guarantee that there won't be value leakage for the minority shareholder? Buda Juice's CEO sold some shares in the IPO, and if Herr becomes the majority shareholder, he could (and it would even be the most understandable thing to do) prioritize Country Fresh. There are many 'whys' on the table. And, to keep things realistic, I'll give a peek at the quarter. Nothing New Under The Sun To start off, if I'm basing this on the material management provided to us at the IPO, Buda has a 38,000 sq ft production plant. And that was expected. The proceeds from the IPO (~$20 mi...
FabrikaCr/iStock via Getty Images This week, Trump's flip-flopping triggered three major market reversals in five days as gold, equities, and crypto fell in unison with no safe haven in sight. Multiple scenarios are taking shape depending on how long the Hormuz closure lasts and where the conflict heads. On-chain commodity perpetuals are booming as tradfi migrates to 24/7 venues, while institution...
FabrikaCr/iStock via Getty Images This week, Trump's flip-flopping triggered three major market reversals in five days as gold, equities, and crypto fell in unison with no safe haven in sight. Multiple scenarios are taking shape depending on how long the Hormuz closure lasts and where the conflict heads. On-chain commodity perpetuals are booming as tradfi migrates to 24/7 venues, while institutional ETF flows are fading on both BTC ( BTC-USD ) and ETH ( ETH-USD ). Three Scenarios for a Macro-Driven, Volatile Market Trump's Flip-Flopping Is the Largest Source of Market Volatility This week, Trump's media posts triggered three major directional reversals across global markets in under five days, producing over $1 billion in crypto liquidations alone. Mar 22 (Sat): Trump demands Iran reopen the Strait of Hormuz within 48 hours or face destruction of its power plants. BTC drops over the weekend. $400M+ in crypto futures liquidated, 85% longs. Mar 23 (Sun): Iran rejects the ultimatum, threatens to destroy Gulf energy infrastructure. Oil futures gap higher; Brent briefly touches $119. Mar 24 (Mon): Trump TACOs. Announces a 5-day pause on strikes, citing "productive conversations" with Tehran. Markets explode in the opposite direction. Oil crashes 14% and S&P futures swing from -1% to +3%. This time it is the shorts getting wiped: $383M in crypto shorts liquidated in one hour. Mar 26 (Thu): Conflict re-escalates. Oil surges (Brent +5.7%), and the S&P drops 1.74%, its worst single day of 2026. After market close, Trump extends the deadline again to April 6. Second reversal in five days. BTC was whipsawed between $67K and $71K, a $4,000 range driven entirely by geopolitical headlines. The violent wicks in both directions produced over $1 billion in total cryptocurrency liquidations across the week. Hormuz Scenarios: What Happens If This Drags On The real substance behind all the market volatility is this: roughly 20% of global oil and gas transits through the Strait of Hormu...