TFPM 2026-08-22 Triple Flag Precious Metals: Ravenswood Turns Optionality Into Duration
Capital Connoisseur Saturday, August 22, 2026
TFPM 2026-08-22 Capital Connoisseur Aug 22 UUUU $3.7B Energy Fuels: The Largest Combined Uranium And Rare Earth Company In North America
Joseph L. Shaefer Aug 22 LLY $1.2T Eli Lilly: Shaking Off Competition From The Dethroned Novo Nordisk
JR Research From X
catechwilliams on X
@Mike10947310 $CVGW Sources >90% of its avocados from Michoacan, MX. $CMG purchases ~10% of tot US avocados. Its latest ESG report noted “diversifying away from Mexican suppliers.” This latest drama down there will almost certainly accelerate sourcing away from $CVGW, etc.
catechwilliams on X
$CVGW Bloomberg: USDA halting avocado shipments from Michoacan, Mexico following threats to inspection officers. $CVGW Sources >90% of its avocado from Michoacan. Potentially related to FCPA investigation given agencies involved. https://t.co/j15wm3bbIa
catechwilliams on X
Calavo Growers' promised sale of RFG missed another deadline after CEO Lee Cole said it would close within a month, then by May.
catechwilliams on X
Meanwhile disintermediation by OEMs going direct is accelerating. See recent commentary from partners $CSCO, $PANW $DELL, etc. $PLUS has zero discernable benefit from $NVDA and AI.
catechwilliams on X
Answer: aggressive revenue booking, financing sales, selling products at/ below cost to boost revenue and hoping to “then try to build it back up over time” per CEO. Contrast $PLUS performance w competitor and industry leader $CDW.
catechwilliams on X
$PLUS Numbers don’t add up. 50% sales $CSCO product (sales -13% MRQ, guided -11%). MRQ $PLUS sales +13% (reported yesterday). Earnings call question: “OEM Cisco have talked about bottlenecks, weak orders. You’ve been unscathed…how are you outperforming the market significantly?”
catechwilliams on X
$EXLS Highly innovative founder-CEO rapidly taking share w AI-based services. High-teens topline growth w expanding margins, higher value-add mix to attractive end-markets. 17x P/E yet to reflect business transformation. 100% FCF to buybacks. Winning customers from $ACN $DXC $WIT
catechwilliams on X
$OII Niche leader in subsea robotics at 12x P/E. Offshore rig count accelerating (70% share), A&D growing DD, new autonomous tech a major growth driver in other end markets (lifts, etc). Investor day next week will showcase products and new LT targets. >50% NTM upside, IMO.
Investor Letters
All letters- Palm Harbour Capital second quarter
- Intrepid Capital 2Q 2026 +6.6%
- First Eagle Investments 3Q 2025 +9.2%
- Palm Harbour Capital third quarter
- Bireme Capital 2Q22 -1.4%
- Bireme Capital first five months of 2023 +8.0%
- Polaris Capital Management FIRST QUARTER 2026 +5.1%
- Polaris Capital Management SECOND QUARTER 2026 +12.3%
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