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.
Sunday, August 9, 2026
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Investor Letters
All letters- Protean Funds July 2026 EVGGF $15BNVO $168B
- Polaris Capital Management SECOND QUARTER 2026 ADBE $90BBABA $276B
- Palm Harbour Capital second quarter 2026 ALHG $1.9B082920 $961M
- Third Avenue Management three months ended June 30, 2026 6951 $2.5BESYJY $5.2B
- Patient Capital Management second quarter of 2026 ADBE $90BADYEN $31B
- Polen Capital 5Perspectives Growth Opportunities 2Q 2026 AMD $1.1TBE $87B
- Laughing Water Capital Q2 of 2026 ANAB $1.4BGSK $95B
- Dodge & Cox Stock Fund second quarter of 2026 TMO $246BV $696B
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…
BBWI · long Bath and Body Works
Bath & Body Works is the remaining Les Wexner retail business after The Limited’s former brands were separated or sold.
The Priority Technology Situation
Priority Technology received an opportunistic buyout proposal, with its business better suited to remaining public absent a much higher…
Tis The (Earnings) Season
Argentine banks, tariff-exposed stocks and Customer’s Bancorp anchor an earnings-season watchlist after Milei’s election victory,…
Drilling Down on Disposal: Parallels Between Produced Water and Municipal Waste Disposal
WaterBridge and Secure trade at 10–11x 2025 EBITDA despite produced-water disposal economics resembling higher-multiple municipal waste…
Fair Isaac Corporation (FICO) – Pricing Power Impaired?
Fair Isaac raised FICO Score royalties from roughly $0.50–$0.60 in 2022 to $4.95 in 2025, drawing regulatory scrutiny over its…
Bristlemoon Capital on Business Breakdowns – MercadoLibre (MELI)
MercadoLibre’s Daniel Wu discusses MELI’s Latin American e-commerce operations, fintech business model, growth opportunities and risks on…
The Announcement That Changes Everything
China Yuchai’s potential MGP IPO could separate its data-center and genset arm, with employee incentives tied to a listing and a proposed…
Meta Platforms (META) 2Q25: SuperMetalligence
Meta’s 22% Q2 revenue growth and AI-driven ad engagement support its core business, while planned 2026 capex of roughly $100 billion…
GCI Liberty: Cheap, Tax Asset, Malone Fatigue?
GCI Liberty trades cheaply, holds tax assets, and faces investor fatigue with John Malone.
Trying to get access to Google's new agentic AI
Google’s A$205-a-month AI Ultra subscription advertised Project Mariner access, but Australians were excluded from the agentic AI trial.
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Deep Sail Capital
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Undiscovered Compounders
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