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[Morning Watchlist]

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COPYING THE LEGENDS: 3 STOCKS NOTABLE MANAGERS HAVE OWNED RECENTLY

Copying the investment strategies of well-known billionaire money
managers can be a useful way to generate ideas—especially when you
treat it as a starting point, not a substitute for your own work.

Public disclosures such as SEC Form 13F give investors a legal window
into many institutional equity holdings, but there are important
limitations. Filings are quarterly and typically arrive with a delay,
meaning you’re seeing a snapshot that may already be weeks old. They
also don’t fully reflect a manager’s overall book—short
positions, many derivatives, and intra-quarter trading activity often
won’t show up in the same way (or at all).

Even with those caveats, “tracking the filings” can still help you
surface themes, consensus positioning, and overlooked companies that
have attracted serious analytical attention. Some academic work has
found that certain “cloned” or “best-ideas” approaches can
outperform benchmarks in specific periods—though results vary and
discipline matters.

With that framework in mind, here are three stocks that have shown up
in notable institutional portfolios recently, along with a practical
way to think about each one.

-------------------------

COMPANY: MGE ENERGY (SYM: MGEE)
A STEADY UTILITY WITH “QUALITY” APPEAL

RECENT PRICE: about $78.05

MGE Energy is a regulated utility holding company—typically not the
kind of business that makes headlines. But that “boring” profile
is exactly why certain long-term managers pay attention: regulated
utilities can offer relatively predictable cash flows, a clearer
earnings bridge, and a defensive ballast when markets get choppy.

WHY “LEGEND-STYLE” INVESTORS MIGHT CARE

Utilities often attract investors who prioritize resilience and steady
compounding over hype. In MGE’s case, institutional activity has
been notable. For example, Gotham Asset Management (associated with
Joel Greenblatt) has listed MGEE among its reported holdings. Also,
recent institutional-ownership coverage has highlighted buying
activity among professional managers, reinforcing the idea that MGEE
is on the radar for “quality and stability” allocators.

THE CORE THESIS TO WATCH

*
DEFENSIVE EARNINGS PROFILE: In uncertain macro regimes, investors
often rotate toward businesses with steadier demand characteristics.

*
RATE-BASE AND INFRASTRUCTURE CADENCE: Many utilities have multi-year
capital programs that can support earnings visibility if execution
stays on track.

*
POTENTIAL “RE-RATING” SETUP: If interest-rate expectations shift
and the market begins to reward stability again, utilities can see
valuation support.

KEY RISKS

*
RATE SENSITIVITY: Utilities can trade like “bond proxies.” If long
rates rise, the group can face valuation pressure.

*
REGULATORY OUTCOMES: Allowed returns and rate cases matter. One
unfavorable decision can change the narrative quickly.

*
OPPORTUNITY COST: In risk-on markets, slower growers can lag sharply.

PRACTICAL TAKEAWAY: MGEE is best framed as a _portfolio stabilizer
with upside optionality_—not a momentum rocket. If you’re using
filings for idea generation, this is the type of name that can quietly
compound while flashier trades whipsaw.

-------------------------

BREAKING: 4,400 STARLINK SATELLITES REPOSITIONED - WHY NOW?
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SpaceX just announced it was urgently moving 4,400 Starlink satellites
to a low earth orbit.

The mainstream media is parroting the official line: it's to "avoid
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This maneuver comes just days after the Chinese military officially
labeled Starlink a "national security threat."

By dropping these satellites into a lower orbit, Musk is effectively
"hardening" the network against anti-satellite missiles and jamming
attacks.

This isn't a safety update. It looks like a battle formation.

The "silent war" between the US and China has just gone hot in orbit.
It looks like the U.S. is sending China a message not to invade
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Most investors will ignore this signal until the first shot is fired
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-------------------------

COMPANY: INMODE (SYM: INMD)
A HIGH-MARGIN AESTHETIC-MED-TECH NAME WITH DEEP-VALUE CHARACTERISTICS

RECENT PRICE: about $14.26

InMode designs and sells minimally invasive aesthetic medical
products. The category sits at the intersection of consumer spending,
provider economics, and product-cycle execution—so it’s not
risk-free. But when valuations compress, profitable med-tech can
become attractive to quant managers and value-oriented investors
alike.

EVIDENCE OF NOTABLE MANAGER INVOLVEMENT

Renaissance Technologies has reported a sizable position in INMD
across multiple quarters, with stockzoa’s 13F-based history showing
continued ownership as of 2025-09-30.

Separately, Cathie Wood’s ARK Investment has also been listed among
the institutional holders of INMD in third-party tracking coverage.

THE CORE THESIS TO WATCH

*
VALUATION VS. PROFITABILITY: When a profitable company trades at a
depressed multiple, the stock can become asymmetric if fundamentals
stabilize.

*
PRODUCT MOMENTUM + DISTRIBUTION: Aesthetic platforms often hinge on
adoption rates, physician demand, and compelling ROI for providers.

*
MEAN REVERSION POTENTIAL: Names that have de-rated significantly can
rebound sharply on merely “less bad” results.

WHAT WOULD CHANGE THE STORY QUICKLY

*
Clear evidence of DEMAND STABILIZATION (procedure volumes, reorder
trends, and pipeline execution).

*
Signs that the company can DEFEND MARGINS while reigniting growth.

*
A credible narrative around CAPITAL ALLOCATION (buybacks, M&A
discipline, balance-sheet conservatism).

KEY RISKS

*
CYCLICAL SENSITIVITY: Aesthetics can soften in downturns.

*
COMPETITIVE PRESSURE: If comparable platforms improve or price
competition increases, margins can compress.

*
EXECUTION RISK: Product cycles and channel health matter—missteps
get punished.

PRACTICAL TAKEAWAY: INMD is a classic “show-me” value setup—high
payoff if the business stabilizes, but it requires risk management and
a willingness to be early (or patient).

-------------------------

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-------------------------

COMPANY: ZIFF DAVIS (SYM: ZD)
A DIGITAL MEDIA AND INTERNET ASSET AGGREGATOR WITH CASH-FLOW FOCUS

RECENT PRICE: about $35.00

Ziff Davis is a broad digital media and internet company with a
portfolio of brands and properties across tech, shopping/deals,
gaming, connectivity insights, and health content. In the market’s
eyes, digital media can be a “guilty until proven innocent”
category. But that pessimism can create opportunity when a company has
durable properties and cash-flow characteristics that don’t match
the headline narrative.

NOTABLE PORTFOLIO PRESENCE

Bridgewater Associates (associated with Ray Dalio) has listed ZD among
its reported holdings in public portfolio tracking. Gotham Asset
Management has also shown ZD among reported holdings.

THE CORE THESIS TO WATCH

*
CASH-FLOW DURABILITY: If the company’s assets generate reliable free
cash flow, the stock can re-rate when sentiment improves.

*
PORTFOLIO LEVERAGE: Businesses with multiple properties can optimize
monetization, cross-sell, and rationalize costs—especially in
ad-market recoveries.

*
EVENT-DRIVEN OPTIONALITY: Strategic reviews, asset sales, or
disciplined buybacks can change the market’s perception.

KEY RISKS

*
AD-CYCLE EXPOSURE: Digital advertising remains cyclical and
competitive.

*
TRAFFIC/PLATFORM DEPENDENCY: Changes in search/social algorithms can
impact reach.

*
INTEGRATION/COMPLEXITY: “Roll-up” style portfolios require strong
execution to avoid value leakage.

PRACTICAL TAKEAWAY: ZD can be viewed as a _misunderstood cash-flow
story_—but investors should track operating performance closely and
avoid assuming “cheap” automatically becomes “cheaper-proof.”

-------------------------

_Trading Tips_

WHY INSTITUTIONS ARE QUIETLY BUYING THESE 3 AI STOCKS
[[link removed]]

Bank of America increased its position 197%. Swiss National Bank
disclosed a new stake. What do they know?

They're buying AI infrastructure companies:

-Connectivity chips (64% gross margins)
-Voice AI technology (217% revenue growth)
-Data engineering services (margins up from 9% to 23%)

DISCOVER WHICH 3 STOCKS THEY'RE BUYING →
[[link removed]]

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