Arbutus, Burford Capital, And Cadiz With Chris DeMuth Jr.

Group 1: Arbutus Biopharma Corporation - Arbutus Biopharma Corporation is a small biotech company with a market cap of approximately $600 million, involved in litigation related to intellectual property (IP) claims against Pfizer and Moderna regarding COVID vaccine technology [8][11][13] - The company has significant potential litigation value, as it may receive royalties from Pfizer and Moderna's revenues if it wins or settles its cases [11][12][19] - Management appears to be aligning more closely with shareholder interests, which is seen as a positive development for the company's future [15][16] Group 2: Burford Capital Limited - Burford Capital is a specialized finance company focused on litigation funding, providing capital for lawsuits and managing the litigation process [23][24] - The company has a notable case against Argentina related to the nationalization of YPF, which could yield significant returns if successful [26][32] - The current political climate in Argentina, under President Milei, is viewed positively, with expectations of improved economic conditions and potential for debt repayment [31][34][36] Group 3: Mergers and Acquisitions - The anticipated merger between Capital One and Discover Financial is expected to proceed smoothly under the new regulatory environment, with a projected return of approximately 13% based on the arbitrage spread [47][48][54] - The regulatory landscape is shifting towards a more pro-M&A stance, which could lead to a significant increase in merger activity in the coming years [46][49] - Capital One's management is highly regarded, and the merger is expected to enhance the stability and performance of both companies [55][56] Group 4: Cadiz Inc. - Cadiz is a water company focused on addressing California's water supply issues through infrastructure development [59][64] - The company has access to underground water resources and aims to build the necessary infrastructure to deliver water to areas in need [66][71] - There is optimism that regulatory and litigation barriers will be overcome, allowing Cadiz to capitalize on the demand for water solutions in California [62][72]