MEQ Q3 2026: NOI +8%, FFO +9%, vacancy down to 4.6% from 5.7% last quarter. We paused acquisitions through the headwinds. With $868M in liquidity and fundamentals improving across Western Canada, we're taking the foot off the brake. mailchi.mp/mainst.biz/mainst…

Here's my $MELI owners FCF bridge. It shows how much cash the business is producing before investments in growing the credit portfolio and growth capex. ~$7.45B in TTM owner's cash flow.

$PLTR has been getting punched in the face lately because the market has convinced itself that OpenAI and Anthropic are coming for Palantir. I think that is moronic. Saying LLMs are eating Palantir is like saying paint brush manufacturers are putting painters out of business… OpenAI and Anthropic are building the brains. Palantir is building the nervous system that actually connects the brain to the body. Big difference. The model can tell you what it thinks. Palantir helps a company decide whether that answer is using the right data, whether it fits the right workflow, whether the right human signed off, and whether the action actually gets pushed into the real system where money, logistics, defense, fraud, supply chains, hospitals, or governments operate. That is the part people keep missing. LLMs are insanely valuable, but as the major models keep improving, they are also starting to look more similar. GPT, Claude, Gemini, Grok, all of them are getting better. The gap between them is no longer the whole story. For enterprises, the real question is not just, “Which model gives me the smartest answer?” The real question is: Can I trust this answer? Can I trace where it came from? Can I control who approves it? Can I plug it into my existing systems? Can I use it without blowing up compliance, security, privacy, or operations? That is where Palantir lives. OpenAI and Anthropic are trying to build intelligence. Palantir is trying to turn intelligence into operational outcomes. Those are not the same business. One is the engine. The other is the factory floor, the dashboard, the permission layer, the audit trail, the operator, and the process that turns the engine into actual production. So when people say, “What if OpenAI replaces Palantir?” my answer is simple: That is like saying Ferrari replaces roads because Ferrari makes a great engine. Good luck driving that thing through a hospital procurement system, a defense agency, or a Fortune 500 compliance department. That is why I have been doubling down on Palantir recently. Not because Palantir has no risk. It absolutely does. Valuation risk is real. Execution risk is real. Expectations are sky high. But the competition fear is misunderstood. The market is treating Palantir like it is competing with the model companies. I think Palantir is the company enterprises call when they want to actually use the models without setting the building on fire.