Updates from the final day of the latest matches Sign up for the Spin | Mail Tanya or comment BTL To see Kent cross the line for the first time this season. Maybe. “I think all three results are possible (but) I think we’re in the driving seat,” said yesterday’s centurion Chris Benjamin. “So if we can bowl the way we did this evening, we’ve got a great chance.” Continue reading...
Updates from the final day of the latest matches Sign up for the Spin | Mail Tanya or comment BTL To see Kent cross the line for the first time this season. Maybe. “I think all three results are possible (but) I think we’re in the driving seat,” said yesterday’s centurion Chris Benjamin. “So if we can bowl the way we did this evening, we’ve got a great chance.” Continue reading...
Manoj Madusanka/iStock via Getty Images The following segment was excerpted from the Arquitos Capital Q1 2026 Investor Letter. Liquidia ( LQDA ) shares increased from $34.49 at the end of 2025 to $37.74 at the end of the first quarter. I have written extensively about our investment in Liquidia. The launch of their Yutrepia product has been nothing short of outstanding. We will be receiving a comp...
Manoj Madusanka/iStock via Getty Images The following segment was excerpted from the Arquitos Capital Q1 2026 Investor Letter. Liquidia ( LQDA ) shares increased from $34.49 at the end of 2025 to $37.74 at the end of the first quarter. I have written extensively about our investment in Liquidia. The launch of their Yutrepia product has been nothing short of outstanding. We will be receiving a company update in the next few weeks and expectations continue to be high. The current short term market moving event is the judicial decision in Liquidia's patent infringement case with United Therapeutics ( UTHR ) involving PH-ILD. We should receive the decision at any moment. The math checks out as follows: If Liquidia wins outright with no infringement found, Liquidia should be able to produce $1.2 billion in revenue in 2027 with net margins of at least 60%. If we apply the current market multiple of their competitor, United Therapeutics, then Liquidia shares are worth at least $140 per share fully diluted. If Liquidia is found to have infringed on the United Therapeutics patent, the likely outcome is for the court to impose a royalty on Yutrepia sales involving PH-ILD with a royalty range between 3% and 10%. Assuming PH-ILD-related Yutrepia sales are 70% of overall 2027 sales of $1.2 billion, and assuming the worst-case scenario of a 10% royalty, Liquidia shares are worth approximately $123 per share fully diluted. In the worst-case scenario, the judge could find that Liquidia infringed on the United Therapeutics patent and issue a permanent injunction on the sale of Yutrepia to PH-ILD patients. I believe this potential outcome has less than a 5% chance of happening. However, if it does happen and there are no sales to PH-ILD patients in 2027, Liquidia shares would still be worth $70 per share in 2027 on sales to PAH patients alone. To be clear, if the patent infringement decision goes against Liquidia, I would expect shares to decline in the short term, perhaps sharply. B...
No one knew in May 2025 how world events would impact Chevron (NYSE: CVX) . The war with Iran has caused oil prices to skyrocket. As a result, the giant oil stock has soared more than 40% over the last 12 months. But where will Chevron stock be in one year? No one knows what the future holds now, just as they didn't last year. However, it's fair to say that Chevron's fortunes will hinge largely on...
No one knew in May 2025 how world events would impact Chevron (NYSE: CVX) . The war with Iran has caused oil prices to skyrocket. As a result, the giant oil stock has soared more than 40% over the last 12 months. But where will Chevron stock be in one year? No one knows what the future holds now, just as they didn't last year. However, it's fair to say that Chevron's fortunes will hinge largely on oil prices and the company's production growth. Image source: Getty Images. Continue reading