Is Berkshire Bending the Rules With Bending Spoons?

October 15, 2026

AI Summary

5 min read

Bank of America was hit with a $1.2 billion anti-money laundering penalty this week, but the fine wasn't the only reason the bank missed earnings. Investment banking fees fell 11%, and trading was weak compared to peers. On the consumer side, things looked fine, but the overall quarter was poor enough that the stock was the worst performer among major banks reporting. Matt Frankel clarified that this situation is different from TD Bank's criminal money-laundering case, where employees took bribes. Bank of America's issue was a failure to report suspicious transactions in a timely manner, and it was already under a regulatory order from 2024. An asset cap is unlikely unless the investigation uncovers something criminal.

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What you'll learn

1 (00:09) **Analyst Notebook: Bank of America's Earnings Misstep** - The hosts kick off earnings week by dissecting Bank of America's disappointing quarter and a significant regulatory penalty.
2 (03:43) **Analyst Notebook: Fastenal's Manufacturing Strength** - John Quast highlights a "hidden gem" earnings report that signals a booming U.S. manufacturing sector.
3 (10:14) **Berkshire's New Bet: Understanding Bending Spoons** - The panel introduces Bending Spoons, a Milan-based tech acquirer that just got a major vote of confidence from Berkshire Hathaway.
4 (12:08) **The Cigar Butt Appeal of Bending Spoons** - The discussion explores why the "island of misfit internet properties" is an attractive investment model.
5 (15:55) **Pitch to Bending Spoons: TripAdvisor vs. Yelp** - The hosts act as acquisition consultants, pitching orphaned internet companies they believe Bending Spoons could revitalize.
6 (19:08) **The Neo-Cloud Debt Crisis: CoreWeave's Distress** - The conversation shifts to the broader AI infrastructure market, focusing on CoreWeave's plummeting bond prices.
7 (21:31) **Depreciation Schedules and Capital Risks** - The panel dives into the technical details that separate winners from losers in the neo-cloud space.

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Show Notes

When you think “companies Berkshire Hathaway likes”, often we think of mature, almost iconic businesses that have produced consistent results for years. Bending Spoons, an acquirer of legacy digital assets, doesn’t really fit the mold. Today, though, Matt, Jon, and Tyler take a closer look at why Berkshire is buying this Milan-based business and why it may be closer to the prototypical Berkshire business. Plus, emptying the analyst notebook on earnings and distressed debt is hitting neoclouds

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Tyler Crowe, Jon Quast, and Matt Frankel discuss:

- Bank of America’s earnings and money laundering fine

- Fastenal’s earnings, a true hidden gem

- The business behind Bending Spoons

- Why Berkshire is buying more of this lesser known stock

- Coreweave’s debt falls into junk territory. Who’s next?

Companies discussed: JPM, BAC, TD, WFC, FAST, BSP, BRK.B, TRIP, YELP, CRWV, NBIS, ORCL, APLD, DELL, DOCN,

Host: Tyler Crowe

Guests: Matt Frankel, Jon Quast

Engineer: Dan Boyd

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