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Lots to Cover
We have a lot to cover this week. A tragic update on a former pick, a fresh opportunity in the electric aviation space backed by one of the biggest names in tech, a preview of our upcoming 13F screening list, and — for paid subscribers — a full deep dive on what we believe is one of the most compelling risk/reward setups in global e-commerce right now. A company operating across 18 countries, generating billions in free cash flow, and trading at a meaningful discount to its highs. We think it has 50%+ upside from here.
Vizsla Silver — A Difficult Update
We need to address Vizsla Silver (VZLA) directly.
As many of you have likely seen, employees of the company were recently kidnapped from the Panuco mining project headquarters in the Mexican state of Sinaloa. Mexican authorities subsequently found bodies and human remains during the ongoing search for ten Vizsla employees who were taken. This is a horrifying, senseless tragedy, and our hearts go out to the families and colleagues of those affected. There are no words adequate for something like this.
From a research standpoint, we are formally rescinding our coverage and price target on VZLA. The situation on the ground is murky, the operational outlook is now deeply uncertain, and we don’t think it’s appropriate to maintain a thesis on a company navigating this kind of crisis. We hope for the best for those connected to the company, and we’ll revisit this if and when the picture becomes clearer.
On a more positive note, we want to highlight that the broader precious metals thesis we laid out in our November 23rd article has continued to work. Since that publication, CDE, TGB, SLSR and ODV have all moved meaningfully higher. The macro setup for precious metals hasn’t changed — real rates remain a tailwind, central banks continue accumulating, and the supply side is constrained. If you’ve been riding these names, congrats. We think there’s more room to run.
BETA Technologies — Electric Aviation Gets a Major Endorsement
We want to flag BETA Technologies (BETA) as a name we find very interesting in the electric vertical takeoff and landing (eVTOL) space.
BETA is a Vermont-based aerospace company that designs and manufactures all-electric aircraft, propulsion systems, and charging infrastructure. The company IPO’d in November 2025 at $34 per share, raising over $1 billion, and currently trades well below its offering price — which is where it gets interesting.
The big catalyst here is Amazon. The company has been an investor in BETA since 2021, originally through its Climate Pledge Fund. But as of today, Amazon has formally disclosed a 5.3% stake in BETA — roughly 11.75 million shares worth over $330 million — through a Schedule 13G filing with the SEC. This is Amazon’s second-largest disclosed equity position, and it is a significant signal of conviction from one of the world’s most sophisticated logistics operators.
Think about what Amazon cares about: last-mile delivery, speed, cost reduction, and decarbonization. Electric aircraft check every one of those boxes. BETA’s aircraft are already conducting military missions, and the company expects full FAA commercial certification within the next couple of years. GE Aerospace also holds a 6.3% stake after a $300 million investment, and the company has a backlog north of $3.5 billion with nearly 900 aircraft on order.
The eVTOL space is early, speculative, and competitive. Joby and Archer get more attention. But BETA has something neither of them has — the backing of the largest e-commerce logistics company on the planet, now formalized through a public SEC filing. We think this stock sees a meaningful move as the market digests the Amazon disclosure, and we believe the longer-term setup here is multibagger potential if BETA executes on its certification timeline and commercial rollout.
This is a higher-risk, higher-reward name. Size accordingly. But we like it.
Coming Soon: The 13F Screening List
Paid Subscribers Only
Over the next few weeks, hedge funds will be filing their quarterly 13F disclosures with the SEC. As always, the financial media will turn these filings into clickbait without doing the real work of separating signal from noise.
That’s where we come in.
We’re building a curated screening list exclusively for paid subscribers. We’ll be filtering through the 13F data to identify positions where the smart money is accumulating, cross-referencing those with recent insider buying activity, and layering on our own fundamental and technical analysis to surface names where the thesis is still intact and the risk/reward is asymmetric.
This won’t be a list of 200 names for you to sift through. It’ll be a focused, high-conviction set of opportunities with real signal behind them. If you’re a paid subscriber, keep your eyes open — this is going to be one of the most valuable things we’ve put out.
If you’re not a paid subscriber yet, now might be a good time to fix that. What’s below the paywall this week alone is worth the price of admission.