Nebius Group

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

• What the business is worth, as a range, and the margin of safety at today’s price
• Prices to start buying, buy, and buy hard
• The three things that would make this a mistake
• Every number footnoted to the filing it came from