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 $439BTSLA $1.5T
The Impact of Autonomous Vehicles on Copart, A Timeline-Based Assessment - ($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…
ZTS · long Zoetis INC
Zoetis, the animal prescription-medicines company, is presented as a long investment despite concerns around its 2026 and 2027 outlook.
Matan on Stitch Fix
Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…
Meta On the Offense!
Meta’s Muse Spark 1.1 targets agentic enterprise work, backed by employee workflow data and 3,000 engineers building reinforcement-learning…
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…
$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
Fox’s $22 billion Roku deal cut FOXA 25%, but Simeon McMillan argues Roku’s streaming-TV reach, advertising upside and synergies make the…
The Biggest Bull Signal On Entravision
Entravision’s lost Meta relationship reset its business model, setting up a bullish case for the company’s recovery.
Char Technologies ($YES.V) FINS Review
Char Technologies’ Q2 brought $700,000 revenue and a $1.36 million net loss, while weak liquidity, related-party loans and dilution raise…
Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
On the Horizon
A tiny defense supplier trades at roughly 6.5x estimated normalized EBIT as military-program volumes rise and a strategic review considers…
Apollo and what even is private credit?
Apollo’s Marc Rowan argues private-credit risk depends on underwriting, seniority, leverage and diversification, not whether a bank or fund…
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Mike Zaccardi, CFA, CMT
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Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
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Evan Tindell
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Fierce_beast
Fred Liu
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Lee Roach
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Mike
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SG
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ToffCap
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Undiscovered Compounders
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Yaron Naymark
Investor letters we follow
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- FPA Crescent Fund
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- Forager Funds Management
- Frank Capital Partners
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- Gabelli Funds
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- Vltava Fund
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- Wedgewood Partners
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- White Falcon Capital Management
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