https://axia-research.com Axia Research is a running record of investment theses, quick reactions to market moves, and portfolio updates — written in public, in real time. https://axia-research.com/theses/paypal-priced-for-a-permanent-decline/ https://axia-research.com/theses/paypal-priced-for-a-permanent-decline/ Sat, 12 Sep 2026 00:00:00 +0000 A deep-value case that PayPal's "left for dead" narrative is overstated, its fastest-growing businesses are hidden inside a single-digit-to-low-double-digit multiple, and a buyback alone can nearly double EPS within a few years — with real external validation from a $53 billion buyout offer the board turned down. https://axia-research.com/quick-takes/cpi-print-first-read/ https://axia-research.com/quick-takes/cpi-print-first-read/ Wed, 09 Sep 2026 00:00:00 +0000 Core CPI services came in softer than expected — a same-day reaction, not a position change. https://axia-research.com/theses/dislocated-sectors-framework/ https://axia-research.com/theses/dislocated-sectors-framework/ Tue, 08 Sep 2026 00:00:00 +0000 A framework for finding margin of safety in sectors the market has temporarily given up on — and a worked example. https://axia-research.com/portfolio-updates/trimming-into-strength/ https://axia-research.com/portfolio-updates/trimming-into-strength/ Sat, 05 Sep 2026 00:00:00 +0000 Putting on a small semiconductor hedge against a fully-positioned book, plus a new mean-reversion position — logged here for the record. https://axia-research.com/theses/intel-intc-legacy-business-call-option/ https://axia-research.com/theses/intel-intc-legacy-business-call-option/ Sat, 17 May 2025 00:00:00 +0000 A sum-of-the-parts case that Intel's legacy CPU business alone is worth roughly double the stock, with a mostly-free call option on the Foundry turnaround and a national-security backstop underneath it.