Welcome to The Bear Cave! The last premium articles for paid readers were: “ Problems at Guggenheim Strategic Opportunities Fund (GOF) ” and “ 5 Education Stocks in AI’s Blast Radius .” Our next special investigation is scheduled for Thursday, September 17. Subscribe now New Activist Reports There were no meaningful activist reports this week, but the Wall Street Journal published an essay that sure read like a short report on Bending Spoons (NASDAQ: BSP — $24.6 billion), the recently listed software roll-up of nostalgic brands like AOL and Vimeo. The lede: “Bending Spoons is a debt-funded serial acquirer that went public in July. Its name is a nod to psychic powers, but the real hocus-pocus is in the company’s numbers.” Spicy stuff from Jonathan Weil! “If ever a company illustrated the pitfalls of ignoring amortization, Bending Spoons is it. Many of its holdings fit the definition of a melting ice cube. Ignoring amortization is akin to pretending the ice cube hasn’t gotten smalle
