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 $178M082920 $961M
- Protean Funds July 2026 DVYSR $89MEVGGF $15B
- Royce Investment Partners first half of 2026
- White Falcon Capital Management Q2 2026 AMD $1.1TEPAM $5.6B
- Merion Road Capital Q2 2026 HONA $48B
- Distillate Capital 2026 Q2 ACN $118BAMZN $2.7T
- O'Keefe Stevens Advisory Q2 2026 SHC $5.1BCALY $2.5B
- CrossingBridge Advisors Q2 2026 ORCL $429BTSLA $1.5T
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($CPRT)
Copart faces a near-term lift from pricier AV repairs and total losses, but shrinking accident volumes could eventually force its…
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 $125-135 million operating-income…
Alphabet Inc. ($GOOGL) - Deep Dive
Alphabet's Google Cloud swung from a $3.1 billion operating loss in 2021 to $13.9 billion profit in 2025 as Search revenue grew 13.2%.
[V, MA] The more things change, the more they stay the same
Visa and Mastercard have absorbed digital wallets and BNPL into their networks, using global merchant acceptance to turn supposed…
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…
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…
VISL · long Vislink Technologies INC
Vislink Technologies trades near cash after turning EBITDA-positive through a defense communications pivot under DoD Trusted Investor…
Under The Hood, HCA Healthcare - $HCA
HCA Healthcare generated $75.6 billion of 2025 revenue and an 18.9% ROIC, pairing hospital-market scale with expanding margins and lower…
An Open Letter to the TPL Board
Texas Pacific Land shareholders urge two board additions, data-center expertise, and capital spending beyond mineral royalties toward…
Under The Hood, Pool Corporation - $POOL
Pool Corporation controls roughly 40% of US pool-product distribution, with maintenance representing 64% of sales as new-pool construction…
Forgive me Father, I have Sabled.
Sable Offshore restarted Santa Ynez oil flows under a Defense Production Act order, targeting 50,000 barrels daily and a path to 60,000…
First Takes on GFL's Acquisition of Secure
GFL Environmental is buying Secure Waste at 11x 2026E EBITDA before synergies, adding high-margin produced-water and waste assets with $25…
Under The Hood, Novo Nordisk A/S ($NVO)
Novo Nordisk’s GLP-1 franchise transformed obesity treatment, while its valuation framework prices in 17 years of discounted cash flows.
AXT’s Tongmei Problem: Great Asset, Fragile Economics
AXT’s 85.5%-owned Tongmei depends on offshore pricing, export approvals and transfer-pricing economics despite AI-optics demand.
Water and Power: The Dual Engines Driving LandBridge’s Explosive Growth
LandBridge outlined $300 million in pore-space free cash flow within five years; its Permian data-center project remains proof of concept.
NFE Bond Update
New Fortress Energy’s restructuring cancels its 12% 2029 notes for 94.3% of BrazilCo, $974 million of New NFE preferred and 25.8% of New…
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