Shopify 2Q'26: Sustained Miraculous Growth
Shopify sustained 30% FX-neutral GMV growth in 2Q’26, reaching roughly 44% of Amazon’s retail GMV as international, POS and B2B volumes expanded.
Saturday, August 8, 2026
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Investor Letters
All letters- Upslope Capital Management Q2 2026 MICC $11B
- Vulcan Value Partners Q2 2026 AMZN $2.7TBMI $3.6B
- RGA Investment Advisors Q1 2026 AMZN $2.7T
- Heartland Advisors 1Q26 ALGT $2.1BIIIV $390M
- Palm Valley Capital First Quarter 2026 CHRD $7.5BDOX $6.1B
- Biglari Holdings 2025 RACE $68B
- Massif Capital fourth quarter of 2025 EQNR $102BEQX $13B
- Pershing Square Holdings 2025 HHH $4.3BAMZN $2.7T
Airbnb 2Q'26: Widening the Gap with Booking
Airbnb added 14 million booked nights and seats, up 10%, and guided low-double-digit third-quarter growth as North America and EMEA…
[scuttleslops] BKNG, ABNB, SHOP, LPX, TREX, XYZ
Booking Holdings beat Q2 guidance as room nights grew 5%; connected trips, merchant payments and Genius loyalty strengthened direct…
DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
DEC-laration of independence
Diversified Energy cut $233 million of debt in 1H26, repurchased $93 million of stock and sold $273 million of land and assets while…
Coupang: 2Q26 Business Recap
Coupang’s product-commerce revenue rose 8% in constant currency as data-leak churn lingered, while promotions and underused logistics…
Perimeter Solutions: 2Q26 Business Recap
Perimeter Solutions’ 2Q26 revenue rose 31%, while operating income fell 11% as USDA pricing and DLA delivery timing hurt Fire Safety; it…
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…
[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…
[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…
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…
Danaher 2Q'26: Yet Another "Meh" Quarter
Danaher posted 3.0% core revenue growth in 2Q’26, with LTM adjusted EBITA flat at $7.1 billion since 2Q’24 despite a mid-20s earnings…
TSMC 2Q'26: Stratospheric Margins Amidst the AI Super Cycle
TSMC’s 2Q 2026 operating margin exceeded 60% as AI-driven demand for advanced chips pushed profitability beyond the prior cycle’s…
ASML 2Q'26: Time to Flex Pricing Power
ASML’s 2Q’26 commentary signals a shift from measured pricing toward flexing its chip-equipment pricing power.
The Arithmetic: How a $9 Spanish-Language Broadcaster Becomes a $100 AdTech Stock
Entravision’s path from a $9 Spanish-language broadcaster to a $100 adtech stock rests on an adtech-driven valuation model.
AnaptysBio (ANAB)
AnaptysBio’s Jemperli royalty receipts rise after a Sagard financing obligation ends in 2027.
Under The Hood - Rollins ($ROL)
Rollins ($ROL) pairs automatically renewing pest-control contracts with route density and family-business acquisitions, producing 24…
A Hardware Multiple on a Software Powerhouse
A software powerhouse posts a record quarter while trading at a 52-week low, raising a valuation disconnect between its business model and…
ADF Group Inc. ($DRX.TO) FINS Review
ADF Group’s Q1 FY2026 revenue rose 78% to $99.3 million and net income 37%, aided by the LAR acquisition despite steel and aluminum tariff…
[VRSK] Verisk has standards
Verisk’s exit from healthcare, financial-services and energy data restored a pure-play insurance analytics model, but D.E.
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Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
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Fred Liu
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Laughing Water Capital
Lee Roach
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Mike
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Negligible Capital
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SG
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Timyan Bank Alert
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ToffCap
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Undiscovered Compounders
Voss Capital
Yaron Naymark
Investor letters we follow
- 1 Main Capital
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- Aegis Value Fund
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
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- Broadleaf Partners
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- Diranko Capital
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- Dodge & Cox Stock Fund
- DoubleLine
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- Easterly Asset Management
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- FPA Crescent Fund
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- Fiduciary Management
- Fiera Capital
- Financial Synergies Wealth Advisors
- First Eagle Investments
- Forager Funds Management
- Frank Capital Partners
- Fred Alger Management, LLC
- Gabelli Funds
- Giverny Capital
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- Grandeur Peak Global Advisors
- GreenWood Investors
- Greenhaven Road Capital
- GreensKeeper Asset Management
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- Pershing Square Holdings
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- Wedgewood Partners
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Sectors
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