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- White Falcon Capital Management Q2 2026 EPAM $5.8BTOI $5.4B
- O'Keefe Stevens Advisory Q2 2026 SHC $5.3BCALY $2.6B
- Polaris Capital Management SECOND QUARTER 2026 CYTK $9.4BLNTH $6.5B
- Palm Harbour Capital second quarter ALHG $2B111770 $2.3B
- Third Avenue Management three months ended June 30, 2026 6951 $2.3BESYJY $5.1B
- Patient Capital Management second quarter of 2026 PGEN $2.8BSDRL $3B
- Polen Capital 5Perspectives Growth Opportunities 2Q 2026 FSLY $4.1B
- Laughing Water Capital Q2 of 2026 LQDA $6.1BLRN $3.4B
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…
Floor & Decor 2Q'26: Tentative Green Shoots
Floor & Decor held 2026 guidance after a 2Q beat, with comps improving through June; tariff refunds lifted margins and may fund pricing…
$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,…
$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…
Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA
MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…
Under The Hood, Wingstop Inc. ($WING)
Wingstop generates most of its $697 million revenue from franchise royalties across a 3,153-restaurant, 98%-franchised system while…
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…
BCO · long Brinks CO
Brink’s $6.6 billion cash-and-stock acquisition of NCR Atleos underpins the long case, citing strategic and financial rationale.
Haw Par Corporation Limited
Haw Par combines Tiger Balm’s stable cash flows with property, leisure and healthcare operations plus stakes in UOB and UOL.
National Beverage Update
National Beverage’s rare share repurchase is framed as a buy signal, with 50% upside projected.
Tis The (Earnings) Season
Argentine banks, tariff-exposed stocks and Customer’s Bancorp anchor an earnings-season watchlist after Milei’s election victory,…
When extend and pretend is a virtue
Upstart says longer repayment terms lifted Q1 debt-settlement acceptances 50%, but does not disclose delinquency changes or the number of…
Sarepta Risk and the FDA
Sarepta’s Exondys 51 approval despite a 12-patient trial frames FDA regulatory risk and a call to remove Commissioner Robert Califf.
We can get some extra votes. Pity they are worthless and scumbags are in charge of governance.
Campari’s five-year loyalty plan grants five votes per share, letting its controlling shareholder sell stock while retaining control and…
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