The Bear Cave #346
Welcome to The Bear Cave! The last premium articles for paid readers were: “ Problems at Jackson Financial (JXN) ” and “ More Problems at Ethos (LIFE) .” Our next special investigation is scheduled for Thursday, October 15. Subscribe now New Activist Reports Hunterbrook Media published on Lennar (NYSE: LEN — $19.2 billion) and Millrose Properties (NYSE: MRP — $4.09 billion), the land bank Lennar spun off last year. “It’s a round trip that would make Jensen Huang blush,” Hunterbrook wrote, revealing that the nation’s second-largest homebuilder is now selling its inventory to its own spinoff. In total, Millrose has bought an estimated $200 million of Lennar homes in about a month, according to Hunterbrook, and is now renting these properties out at what appears to be a loss. Is it built to last? Vulture Capital Research published on JF SmartInvest Holdings (HKG: 9636 — $1.69 billion), a Chinese investment-advisory platform. The report alleges that misleading livestreams, promises of high returns, and employees without the required registration underpin its stock-recommendation business. It cites repeated regulatory action, including a February order suspending new-customer acquisition, alongside customer complaints and employee accounts. J Capital Research published on Insperity (NYSE: NSP — $1.78 billion), which provides outsourced payroll and benefits services. J Capital argues that its projected profit recovery partly relies on capitalizing previously expensed costs as it launches HRScale with a small number of beta clients. The report also says operating cash flow has not covered capital expenditures and dividends cumulatively since the end of 2023, while borrowing accounted for much of its recent increase in adjusted cash. Fugazi Research published on Greenland Energy Company (NASDAQ: GLND — $163 million), an oil explorer promoting a prospective resource estimate of up to 13 billion barrels despite having no proved reserves or production. The report highlights a £500,000 payment to extend its first contractual drilling deadline by two years. Greenland Energy responded that its estimates were clearly identified as prospective resources and the extension preserves its rights while permitting proceeds. Canary Data ’s latest roundup highlighted Value Investors Club short theses on Wix.com (NASDAQ: WIX — $3.04 billion) and Archer Aviation (NYSE: ACHR — $3.77 billion). The Wix case focuses on an increasingly competitive market for building websites with AI and a cash cushion depleted by share repurchases. The company now carries $689 million in net debt, versus $531 million in net cash previously. The Archer author points to repeated missed targets since the 2021 SPAC and doubts the company can meet its aircraft-development timetable. Alongside The Bear Cave, Hunterbrook Media also published on Ethos Technologies (NASDAQ: LIFE — $2.18 billion). Ethos sells itself as an algorithmic life insurance platform, but Hunterbrook’s count of agent microsites on Ethos’s own domain places nearly 70% of roughly 178,000 agents inside three multilevel marketing agencies. Notable Departures President and Chief Executive Officer of CoreCivic (NYSE: CXW — $3.31 billion) stepped down September 24 for “health reasons,” just under nine months after the job took effect on January 1, 2026. The private-prison operator moved its chief strategy officer into the role the same day and signed the departing chief to a two-year special adviser arrangement. President and Chief Executive Officer of MongoDB (NASDAQ: MDB — $28.8 billion) resigned effective September 28 to join Meta , roughly ten months after taking over in November 2025. It also happened to be announced roughly 24 hours before the company’s investor day. MongoDB brought back the predecessor who had run the company for eleven years as interim chief executive. President and Chief Operating Officer of Kimberly-Clark (NASDAQ: KMB — $31.4 billion) gave notice that he will depart November 2 citing other opportunities, 18 months after being elevated to the role on May 1, 2025. The filing names no successor. Chief Commercial Officer of Viking Therapeutics (NASDAQ: VKTX — $3.81 billion) no longer appears on the company’s website, according to Canary Data , which flagged the change nine months after his appointment. His LinkedIn profile remains unchanged, and the company has not announced a departure. Canary previously identified similar website changes for the clinical-operations vice president and chief operating officer. Chief Strategy Officer of Rivian Automotive (NASDAQ: RIVN — $20.7 billion) no longer appears on its leadership page, eight months after his appointment, Canary Data reported. The company has not announced his departure. Separately, Rivian’s controller said on LinkedIn that he had finished his time at the company; the CFO had moved to GE Vernova a month earlier. The Head of Sensors for Optimus Robotics left Tesla (NASDAQ: TSLA — $1.46 trillion) after ten years in an undisclosed departure, per Canary; his LinkedIn describes a seat on the “core leadership team for Tesla Optimus” and building the robot-sensing team from zero. Within days, The Information reported that Tesla is struggling to scale Optimus manufacturing. The Senior Director of AI Hardware Design for Dojo and Autopilot left in August, and the Head of Quality for the Texas Gigafactory and the Head of Cybercab NPI left in June — none disclosed. ( Canary ) Undisclosed departures surfaced through Canary Data . News of the Week Reuters reported that Broadcom agreed to lend Anthropic up to $42 billion to finance infrastructure spending, as the AI lab prepares to become its largest chip-design customer next year. The Financial Times revealed that Amazon is exploring moving $8 billion of Nvidia chips into an outside financing vehicle and leasing them back. The FT also reported that Nvidia is talking to insurers about covering lenders’ losses if smaller cloud providers default and the chips pledged as collateral cannot be resold for enough to repay the loans. The discussions remain preliminary and may not produce deals. In Japan, electric-motor maker Nidec disclosed roughly $7 billion in writedowns and accounting charges, with PwC still withholding its signoff on delayed results. Barron’s investigated how investors in Broadstreet, whose executives face SEC allegations of running a $1.2 billion Ponzi-like scheme, wound up holding plunging shares in Nasdaq-listed cryptocurrency miner Z Squared. Broadstreet and its executives deny the charges. And in Washington, the SEC proposed expanding retail access to private markets on the same day it charged Meyer Global Management and its CEO with defrauding investors seeking exposure to SpaceX and other pre-IPO securities. Among the allegations: misappropriating client money for personal expenses, inflating account statements, and failing to meet capital calls that cost a fund its nearly $3 million SpaceX investment. Tweets of the Week @hntrbrkmedia .","username":"SammyKoppelman","name":"Sam Koppelman","profile_image_url":"https://pbs.substack.com/profile_images/2011936774420148224/tOnIGuSq_normal.jpg","date":"2026-10-02T15:12:38.000Z","photos":[],"quoted_tweet":{"full_text":"Lennar is struggling to sell houses. So it found a buyer it knows well: Millrose, the REIT it spun off last year.\n\nWe identified 700+ homes, roughly $200 million, sold to Millrose in about a month. $LEN $MRP","username":"hntrbrkmedia","name":"Hunterbrook","profile_image_url":"https://pbs.substack.com/profile_images/1973484274704580608/uPBoQjUj_normal.jpg"},"reply_count":4,"retweet_count":19,"like_count":470,"impression_count":118522,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> @pulte has drawn increased investor attention to $STC $FAF $ORI $FNF and their title insurance pricing policies. We have had a short call on $STC and $FAF for some time. There's no doubt there are several technology options…","username":"ActAccordingly","name":"PAA Research","profile_image_url":"https://pbs.substack.com/profile_images/1909850784/Twitter_logo_normal.JPG","date":"2026-09-30T19:38:44.000Z","photos":[],"quoted_tweet":{"full_text":"Amazing how many companies just feed off of inefficiencies and transaction costs in the system and therefore fight to preserve them.","username":"pulte","name":"Pulte","profile_image_url":"https://pbs.substack.com/profile_images/1919907518609866752/QLOm875s_normal.jpg"},"reply_count":2,"retweet_count":0,"like_count":19,"impression_count":8437,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> ft.com/content/97d8d3… ","username":"edzitron","name":"Ed Zitron","profile_image_url":"https://pbs.substack.com/profile_images/2070326703281553408/ILxQjQF7_normal.jpg","date":"2026-10-02T05:03:26.000Z","photos":[{"img_url":"https://pbs.substack.com/media/HTmcek3a0AA0bhy.jpg","link_url":"https://t.co/wWEjDqmQ5u"}],"quoted_tweet":{"full_text":"FT: Amazon seeks to offload $8 billion worth of Nvidia chips to investors through a new vehicle to strengthen its balance sheet. \n\n$AMZN $NVDA","username":"pequityresearch","name":"P Equity Research 📰","profile_image_url":"https://pbs.substack.com/profile_images/2050765694447607808/RkMJQMhn_normal.jpg"},"reply_count":96,"retweet_count":496,"like_count":2362,"impression_count":175924,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> @JackFarley96 on Monetary Matters.\n\n youtu.be/Y2lNNw1Cja0?si… \n\n$AMD $NVDA","username":"benitoz","name":"Ben Pouladian","profile_image_url":"https://pbs.substack.com/profile_images/2103234707081330688/1Gch2YOa_normal.jpg","date":"2026-10-01T15:19:50.000Z","photos":[],"quoted_tweet":{},"reply_count":12,"retweet_count":2,"like_count":37,"impression_count":8973,"expanded_url":{"url":"https://youtu.be/Y2lNNw1Cja0?si=O2LNdglDZyCOeUQn","title":"Why AMD Is the Most Overhyped Chip Stock | Ben Pouladian on Meta’s Muse, Anthropic IPO, & Semis","description":"Ben Pouladian of BEP Research returns to Monetary Matters to break ...","domain":"youtu.be","image":"https://pbs.substack.com/news_img/2105338682571935745/mCfSojGe?format=jpg&name=orig"},"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> seattletimes.com/seattle-news/l… via @seattletimes ","username":"PharmakoiBoy","name":"Todd Fernandez","profile_image_url":"https://pbs.substack.com/profile_images/3121838557/34f80316d3fc5aeb213cc131bc338fca_normal.jpeg","date":"2026-09-26T21:44:47.000Z","photos":[],"quoted_tweet":{},"reply_count":0,"retweet_count":0,"like_count":4,"impression_count":664,"expanded_url":{"url":"https://www.seattletimes.com/seattle-news/law-justice/ceo-embezzled-30m-from-wa-healthcare-company/?utm_source=twitter&utm_medium=social&utm_campaign=article_inset_1.1","title":"CEO embezzled $30M from WA healthcare company for 'bearish' trading schemes","description":"The former CEO of a Wenatchee company that managed healthcare payment contracts siphoned money to fuel a series of trading schemes. It didn't go the way he intended.","domain":"seattletimes.com","image":"https://pbs.substack.com/news_img/2103964024824360960/vi7kGxdD?format=png&name=orig"},"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> Until next week, The Bear Cave New? Sign Up Here Got Feedback? Just Hit Reply The Bear Cave is Not Investment Advice. See Full Disclosures Here . Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $LIFE, short $LEN and short $MRP at the time of this publication. Positions may change at any time. Twitter: @BearCaveEmail