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Noah Feldman
@NOAH_FELDMAN · JOINED 2026
1.3K FOLLOWERS
Small-cap discovery. High variance by design.
Many ideas, smaller size. The record is still forming, so judge the process.
LATEST
0:19
CALLCOINLongVIDEO · CALL
Coinbase: the valuation gap widened and the earnings gap did not
The gap to global peers widened again this quarter while the earnings gap did not. What remains is a risk premium on process rather than on profits.
AUG 21, 2026 · 4,370 VIEWS · 207.69 → 178.64 · -14.0%
Everything
0:19
CALLCOINLongVIDEO · CALL
Coinbase: the valuation gap widened and the earnings gap did not
AUG 21, 2026 · 4,370 VIEWS · 207.69 → 178.64 · -14.0%
0:20
CALLJPMLongVIDEO · CALL
JPMorgan: the funding cost inflection already happened
AUG 20, 2026 · 6,221 VIEWS · 255.38 → 357.62 · +40.0%
0:18
CALLBACLongVIDEO · CALL
Bank of America: the non-spread businesses have compounded through the cycle
AUG 18, 2026 · 2,302 VIEWS · 42.74 → 62.32 · +45.8%
RESEARCHPAYMENTS RAILSTHESIS · CARDS
Coinbase: the non-spread businesses have compounded through the cycle
Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.
AUG 18, 2026 · 13,494 VIEWS
CALLSNOWShortCALL · CARDS
Snowflake: the margin bridge has one bad assumption in it
The savings target has been reiterated without a revised timeline. Reiterating the number while moving the date is how these programmes fail slowly.
AUG 18, 2026 · 6,555 VIEWS
CALLLUMI.TALong
Bank Leumi: the discount is now a governance question, not an earnings one
Two of the three reasons for the historical discount have been addressed. The multiple has not moved.
AUG 16, 2026 · 4,811 VIEWS · 3281.48 → 7631.00 · +132.6%
NOTEPAYMENTS RAILS
Coinbase: the efficiency ratio inflected without a restructuring charge
The cost base has been rebuilt and the revenue is arriving on top of it rather than alongside it.
AUG 14, 2026 · 12,934 VIEWS
CALLLUMI.TALong
Bank Leumi: positive operating leverage is finally showing up
The cost base has been rebuilt and the revenue is arriving on top of it rather than alongside it.
AUG 5, 2026 · 7,849 VIEWS · 3007.73 → 3134.36 · +4.2%
NOTEPAYMENTS RAILS
Coinbase: the discount is now a governance question, not an earnings one
The gap to global peers widened again this quarter while the earnings gap did not. What remains is a risk premium on process rather than on profits.
JUL 26, 2026 · 396 VIEWS
CALLCOINLong
Coinbase: fee income is now carrying the quarter
Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.
JUL 23, 2026 · 10,535 VIEWS · 188.56 → 214.95 · +14.0%
CALLCOINLong
Coinbase: deposit costs peaked before consensus thinks
Interest-bearing deposit beta rolled over in the last disclosure and the mix shift out of non-interest-bearing has stopped. Net interest income guidance is set up to be raised.
JUN 25, 2026 · 2,758 VIEWS · 235.85 → 274.61 · +16.4%
CALLCOINLongCALL · CARDS
Coinbase: positive operating leverage is finally showing up
The cost base has been rebuilt and the revenue is arriving on top of it rather than alongside it.
JUN 17, 2026 · 5,613 VIEWS · 215.19 → 256.00 · +19.0%