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 $5.2BCALY $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
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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…
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…
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Investor letters we follow
- 1851 Capital
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- Third Avenue Management
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