Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics capacity cut margins.
Wednesday, August 5, 2026
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Investor Letters
All letters- Palm Valley Capital First Quarter 2026 CHRD $7.5BDOX $6.1B
- Pershing Square Holdings 2025 HHH $4.3BAMZN $2.7T
- Palm Valley Capital Fourth Quarter 2025 DPUKY $1.2BFLO $1.2B
- Pershing Square Holdings Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7T
- Askeladden Capital Q2 2025 GO $1.2BBELFB $3.7B
- Berkshire Hathaway 2024 ITOCY $95BMARUY $49B
- Markel Group 2024
- Horizon Kinetics 2nd Quarter 2024 LB $6.6BTPL $24B
Floor & Decor: 2Q26 Business Update
Floor & Decor’s same-store sales improved to minus 2%, while $45 million of tariff refunds lifted second-quarter gross profit and operating…
FICO FY 3Q'26: Welcome to "Gaming"
FICO's fiscal third-quarter 2026 revenue rose 26% year over year but missed consensus, and shares fell about 24% after earnings.
Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI…
A Venezuela Lottery Ticket for 41 Cents
Lionheart Holdings’ 41-cent CUBWW warrants hinge on a SPAC merger valuing KEO Energy’s Venezuelan PetroUrdaneta stake at $1 billion, versus…
[scuttleslops] BLDR, RYAN, APG, GFL, FND
Builders FirstSource reported Q2 2026 sales down 9% to $3.9 billion as weak housing demand and aggressive competitor pricing cut EBITDA…
Vistance Networks (NASDAQ: VISN)
Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…
Cematrix Corp ($CEMX.TO) FINS Review
Cematrix posted record Q2 revenue of $18.7 million, up 76%, and $3.5 million of net income, while backlog fell 9% from year-end.
[OTCM] Listings for the rest of us
OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…
This Stock Just Got Cheaper on Better Numbers
A debt-free American manufacturer now trades at roughly 7x annualized Q2 EBITDA, with $7.35 per share in net cash and a tender floor 18.5%…
[scuttleslops] ODFL, AMD, INTC, CDNS, URI, VRSK, KNSL, WSO
Old Dominion Freight Line grew Q2 revenue 10.4% and EPS 32.3% as pricing offset lower tonnage, while excess network capacity sets up…
MIDD · long Middleby CORP
Middleby trades at about 11 times EBITDA, below its history and peers, as a sharper management focus is expected to address the commercial…
Texas Instruments 2Q'26: Not Another Head Fake
Texas Instruments’ 2Q’26 revenue grew 23% year over year and 13% sequentially, supporting management’s view that pricing and demand have…
Tesla and SpaceX's Likely Merger, Portfolio Change
Tesla and SpaceX are increasingly integrated through Terafab, Optimus, Grok and Starlink, strengthening the case for a merger to pool…
Alphabet 2Q'26: Google Cloud is On Cloud Nine
Alphabet’s 2Q’26 revenue rose 24% to $119.8 billion as Google Cloud grew 82% and tripled operating income, while heavy investment drove…
Boston Scientific Has to Keep Buying the Future
Boston Scientific built its interventional-medicine portfolio through acquisitions, but early-2000s growth became heavily dependent on the…
Getting Paid 10% for a Ringside Seat at the Braemar Circus with a potential 2x payout
Braemar’s BHR-PB preferred trades near $13 against a $25 liquidation preference, yielding 10% amid hotel sales, a $480 million Ashford…
Clear the DEC?
Diversified Energy (DEC) has paid $21.84 per share in dividends since June 2017 and trades at $13.35 amid a bullish U.S.
[scuttleslops] CDNS, SNPS, TREX, WISE, Class I Rails, China
Synopsys and Cadence retain EDA pricing power through entrenched design flows, foundry relationships and high switching costs; AI-driven…
$CBZ: stop the buybacks and restart the M&A flywheel? | Reference Equity
CBIZ activist Ryan Bunn urges ending buybacks, issuing equity and resuming bolt-on acquisitions to delever after the $2.3 billion Marcum…
Under The Hood - Sprouts Farmers Market, Inc.
Sprouts Farmers Market’s 483-store fresh-food format combines dedicated distribution, curated assortments and long-built site selection,…
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