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NAVI: Left for Dead and Under-covered. But Things Have Changed NAVI

August 18, 2026Written from published researchFull text opens September 17, 2026

A value trap no more hiding a growth engine with an accounting shift that helps the timing of earnings.

Disclosure: I own NAVI at 3.7% of NAV. I may buy more.

This is a borrowed idea, but not a borrowed thesis.

Borrowed idea because it sounds like a friend of a friend, Gator Capital’s Derek Pilecki, posted it as a long. I have a huge amount of respect for Derek, not just for the performance he’s posted, but for what I believe to be his mental frameworks and attitude towards investing. From what I’ve heard/read it looks like he is a good human having fun, we need more people like that.

Opens September 17, 2026

The NAVI research is open in the Terminal.

The full NAVI work-up is in the Terminal now, with the durability test and the verdict. This essay itself publishes to everyone on September 17, 2026 — a scheduled release, not a sign-in wall.

NAVI research

The full NAVI research, with the durability test and the verdict, lives in the Terminal: NAVI research. 107+ companies and counting.

The NAVI research is open in the Terminal.

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