Accrued Interest Weekly Cypher: Aug 16, 2026
Week-in-Review: Reddit Joins S&P, Updates on AppLovin and Duolingo, and my new TMT Multiple Tracker for Subs
Accrued Interest
High-conviction stock research from a media executive with a +3,400% track record (2016-2024). Institutional-grade analysis of US media stocks, value investing, and market trends.
Latest episodes
The TMT Multiple Tracker 8.14.26
Tech and media stock valuations, EPS revisions, and P/E changes. Week of August 14, 2026.
Duolingo Q2-26: Growing Users, Not Money
Most of my bear case played out. Here is why I am upgrading anyway.
AppLovin Q2-26: I Got This One Wrong
5 reasons the market stopped paying up, and why I do not expect a re-rate before 2027.
Reddit Has a Landlord, and His Name Is Google
Reddit crushed Q2 earnings and the stock fell 21%. Here's what the market saw that the bulls didn't.
Accrued Interest Weekly Cypher: August 3, 2026
Week-in-Review: Netflix Is Quietly Out-Growing YouTube, Universal Is the "NOT-Disney" Option, and the Reddit Bulls Get a Reality Check
Will Netflix Buy NBCUniversal? The Numbers Say Yes, But Not Until 2029
Comcast’s Q2-26 numbers say NBCUniversal is a theme park company with a studio attached
3 Ways Google's Q2-26 YouTube Results Show Netflix Is Stronger Than You Think
Alphabet's Q2-26 earnings put YouTube ad revenue at $11.1B growing 12.9%. Netflix grew 13.4%. A side-by-side look at growth, monetization, and scale.
Accrued Interest Weekly Cypher: July 26, 2026
Week-in-Review: Paywall Drops, Paramount Hits Pause, and Everybody Suddenly Hates Google Again
Nintendo Is Not the Apple of Video Games
Attach rates, the installed base ceiling, and the PC gaming migration all say what the stock price doesn't: this hardware company does not deserve a software multiple.
Accrued Interest Weekly Cypher: July 19, 2026
Week-in-Review: $PSKY, $WBD, $NFLX and Wed's surprise stock
The Netflix Engagement Panic Is Wrong: Q2-26 Earnings Review
What the NFLX engagement doomers, the FCF headlines, and the price-target cuts all get wrong.
The Math Behind the Merger: Why the States’ Case Against PSKY + WBD Is Winnable ($PSKY, $WBD)
The states aren’t arguing politics. They’re arguing about math.
Accrued Interest Weekly Cypher: July 12, 2026
Meta's +15% Week and Why Netflix Isn't Panicking
Why Fox and Telemundo Don't Mind That the USA and Mexico Are Out
What pricing Spanish-language soccer ads taught me about the World Cup's real business.
The Pitch-Mas Shorts Went 6-for-6: My H1 2026 Scorecard (Pt.1)
Accrued Interest is the #1 short-selling newsletter for value investors. The S&P 500 rallied +9.51% in the first half of 2026; my six December shorts declined an average of -29.43%.
The Next Era of Accrued Interest Starts Today
For my day ones, founding pricing is locked in the moment you pledge
The Release Valve on the CapEx Bill: What Meta’s Compute Plan Actually Signals
A hedge on the biggest infrastructure bet in the company’s history.
Comcast Says the Quiet Part Out Loud
Comcast is spinning off NBCUniversal and Sky — my first take on the biggest TMT breakup in years.
Fox + Roku Part 3: The 11x FCF Chokepoint
Part Three of an Accrued Interest Deep Dive on Roku’s Valuation