Nextnav: Swings Can Be Frustrating But The FCC Is Now On Our Side
Summarize this article with:
Laughing Water Capital1.49K FollowersFollow5ShareSavePlay(5min)CommentsSummaryThe investment has been largely de-risked as the FCC submitted a draft Notice of Proposed Rule Making to the White House Office of Information and Regulatory Affairs.From my perspective, it seems unlikely that FCC Chair Brendan Carr would submit a proposal to OIRA without first running it by DOT and DOD.Lutnick in the past has said that the government has too much spectrum, and it should be freed up for better use cases.Recent transactions suggest something north of $50 (vs. month end price of ~$15) is well within range. Vadym Stepanchuk/iStock via Getty Images The following segment was excerpted from the Laughing Water Capital Q1 2026 Letter. I have written about Nextnav (NN), our wireless spectrum / 5G terrestrial backup to GPS investment, several times in the past. This investment remainsThis article was written byLaughing Water Capital1.49K FollowersFollowLaughing Water Capital is a concentrated, long biased investment partnership open to accredited investors. We focus on owning pieces of businesses that are suffering from temporary problems or that are misunderstood by the market due to the vagaries of GAAP accounting or some sort of structural impediment. We consider our portfolio companies to be our partners, and we look for our management teams to have significant equity ownership in our companies. Properly incentivized, we expect our management teams to guide the company past their problems, at which point we will benefit from operational improvement and multiple expansion. Patience is essential.