Research
A compact file of activist notes, distressed narratives, and high-conviction market observations.
MARCH 2026, XETR:PBB
After definitively exiting the US market, where a concentrated share of NPLs had been weighing on the portfolio, pbb’s balance sheet absorbed substantial losses in 2025. Despite management’s more constructive outlook, pre-tax profit guidance remains very thin, leaving earnings highly vulnerable to even modest adverse shocks.
FEBRUARY 2026, BNB:ETHEUR
Ethereum's December 2025 Fusaka upgrade delivered its promise—L1 gas limit jumped from 45M to 60M units, slashing transaction costs and boosting throughput for DeFi, NFTs, and L2s. Daily transactions rose ~50%, active addresses ~60–78%. But here's the catch: address poisoning attacks tripled post-upgrade, with Etherscan flagging dust sends (USDT/USDC < $0.01) exploding 612% and comprising 10–15% of txns, 25–35% of addresses. Is 'growth' just bots poisoning wallets at scale?