Are Department Stores Finally Shortable?
Macy’s and Kohl’s face renewed short cases as their recent reratings ignore fading store-refresh gains, credit-card earnings exposure and transport-cost pressure.
Thursday, August 13, 2026
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Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $143M082920 $946M
- Protean Funds July 2026 DVYSR $91MEVGGF $17B
- White Falcon Capital Management Q2 2026 EPAM $5.8BNU $67B
- Merion Road Capital Q2 2026 HONA $53B
- O'Keefe Stevens Advisory Q2 2026 SHC $5.2BCALY $2.6B
- CrossingBridge Advisors Q2 2026 WBD $77B
- GreensKeeper Asset Management Q2 ELV $87BICE $87B
- Cedar Creek Partners Q2 ‘26 ENDI $132MEXCE $1.3B
Permian Basin Q2 Update – Power, Water, Solid Waste, and Data Centers
GFL’s proposed acquisition of Secure follows 19% revenue growth at Secure and 14.8% EBITDA growth at GFL, with Permian produced-water and…
Entravision Q2 Notes
Entravision’s ATS revenue rose 230% to $182.8 million in Q2, but shares fell from above $14 to about $8 after management forecast…
$UWMC lost $600m hedging a deal they'd already lost
UWMC booked a roughly $600 million Q2 hedging loss tied to TWO months after the deal collapsed, contributing to an expensive capital raise.
Private Credit's Clock is Ticking w/ Glenn Schorr & Ken Worthington | The Real Eisman Playbook Ep 72
Glenn Schorr and Ken Worthington discuss risks in private-credit software loans, agentic AI at retail brokers, crypto use cases and bank…
Figma 2Q'26: Near-Term Re-acceleration vs. Long-Term Durability
Figma raised its 2026 revenue growth guide to 39%, but a roughly 1% sequential 3Q outlook and unchanged $125-135 million operating-income…
40 Stock Pitches (3rd-9th August)
Navient trades near 40% of tangible book as Gator Financial Partners argues private student-loan growth and restructuring can reverse its…
$HIMS: Paul Cerro wouldn't trust the CEO to walk his dog. He's still long. Why? | Cedar Grove
Hims & Hers investor Paul Cerro is long again on lab and patient data driving retention and LTV, despite management concerns, GLP-1…
These Power Stocks (Not Semis) Are The Real AI Beneficiaries, Say Investing Brother Duo Up 1,300%
Pernas Research names Capstone Energy and Stabilis Solutions as AI data-center power beneficiaries, alongside Tenable, Upwork, Wise and…
Airbnb 2Q'26: Widening the Gap with Booking
Airbnb added 14 million booked nights and seats, up 10%, and guided low-double-digit third-quarter growth as North America and EMEA…
My Pitch Deck Slide Show from the MS Microcaps Summer Virtual Conference
Butler National Corporation is the subject of a stock pitch presented at the MS Microcaps Summer Virtual Conference.
MPTI · long M-tron
M-Tron Industries is pitched as a long on its sole-source role across more than 40 missile, radar and aerospace programs.
Hidden in Plane Sight
An aerospace company’s profitable core is obscured by a long-running FAA development program; approval, abandonment, or shrinking losses…
Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
Gatekeeper Systems ($GSI.V) FINS Review
Gatekeeper Systems’ revenue rebound is overshadowed by $19.3 million in nine-month operating cash burn, swelling inventory and overdue…
RI(N)sing higher
RIN prices near all-time highs reflect tighter renewable-fuel mandates, a shrinking credit bank, and biodiesel production shortfalls.
$PRKS: SeaWorld, an 8% cash yield, and a possible 80% short squeeze | Hawkins Entrekin
United Parks trades at 8x EBITDA with an 8%+ unlevered cash yield, aggressive buybacks and roughly 80% effective short interest, while…
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…
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Investor letters we follow
- 1851 Capital
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- Ariel Investments
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- Sequoia Fund
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- Third Avenue Management
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