EVC Update
EVC reported a solid second quarter and outlook.
Tuesday, September 1, 2026
Back to today 
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catechwilliams on X
$CVGW Announced expanded FCPA investigation by DOJ SEC related to Mexico ops (ie. cartel dealings). Likely large fines, potentially criminal charges. Customer losses almost certain, big grocers, restaurant chains want no association. Unclear how it isn’t down >50% on this news. https://t.co/KnTFnsTbcs
catechwilliams on X
$YOU Delta just significantly expanded its Digital ID program. This service is free, more efficient than Clear and now available in Clear's core markets. Other majors will have to follow in order to compete on service. Seems like this could kill $YOU in pretty short order. https://t.co/tgfebZZCWK
catechwilliams on X
$CVGW Trainwreck coming--Delayed filing (again) due to issues w internal controls. Potential restatement? CEO has a history of playing games. Commodity business deteriorating due to competition. Desperately trying to sell-off assets.
catechwilliams on X
$YOU sales growth in light blue, Members in orange vs QTD web traffic. Dotted section is Q4 w consensus sales and member growth. https://t.co/NcihE7pbyD
catechwilliams on X
$YOU Clear supervisor at JFK said they’ve experienced “a surge in new sign-ups from pre-Thanksgiving through the Christmas travel period.” Similarweb web traffic to their site shows a large acceleration in visits as well suggesting a potentially large Q4 earnings beat.
catechwilliams on X
$OXM Very strong holiday selling season based on credit card data & other trackers for core Tommy Bahama and Lilly Pulitzer brands w very minimal promotion or discounts vs modest consensus growth expectations. Stock at 9x EPS, will be providing prelim numbers at ICR in 2 weeks.
catechwilliams on X
$DAKT Just announced a substantial new project win. Estimated to be $25M in revenue to Daktronics. Yankees, Dodgers, Cubs are among those exploring potential upgrades for next season, all of which are exisiting customers. https://t.co/dcn6TcQNr4
catechwilliams on X
$CVGW Just delayed earnings release and 10K filing date 1 month, changed filing status. Note the ongoing dispute w Mexican authorities for tax underpayments. That liability is nearly the size of $CVGW mkt cap. The jig may be up.
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $152M082920 $947M
- Protean Funds July 2026 DVYSR $104MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 AAP $2.7BAGO $3.2B
- Protean Funds June 2026 CINT $224MIDDWF $9.4B
- Alluvial Capital Management Second Quarter 2026 ZEG $4.9BDGXX $406M
- Hayden Capital Q2 2026 AMZN $2.7TGOOGL $4T
- Intrepid Capital 2Q26 GOOGL $4T
- Polaris Capital Management Second Quarter 2026 ENI $84BHDIH
GoPro sold itself at 9:20 AM to get ahead of a meme stock
GoPro rushed out its Starman Optical merger after Markiplier-driven buying sent GPRO up roughly 90% premarket, offering shareholders $1.14…
Cleveland-Cliffs: 2027 Could Be A Very Big Year
Cleveland-Cliffs' 2027 upside depends on contract resets and Stelco earnings, while management directs free cash flow to deleveraging…
The Bullionaire 2 clicks
KRYS · short Krystal Biotech INC
Krystal Biotech is a profitable commercial-stage biotech with an $8.7 billion enterprise value and one FDA-approved topical gene therapy,…
LWAY · long Lifeway Foods INC
Lifeway Foods holds 95% market share in kefir, is growing 20% to 35%, and trades at 12 times projected 2027 earnings as its capex cycle…
YOU · short Clear Secure INC
Clear Secure's Clear Plus subscription business is nearing maturity despite recent bookings strength, supporting a short thesis on YOU.
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Here's Why You Should Buy Genius Sports Despite Rising Leverage
Genius Sports guided for $1.005–$1.025 billion of revenue and $285–$295 million of adjusted EBITDA despite higher leverage from the Legend…
Mayank Marwah 5 clicks
Veeva 2Q’26: “SaaSpocalypse” Cancelled
Veeva beat its $905 million revenue guide with $928 million, up 17.6%, while subscription growth accelerated and GAAP EBIT margin reached…
Microsoft ($MSFT) - Deep Dive
Microsoft’s AI data-center buildout lifted annual CapEx from $5.5 billion in FY2014 to $115.9 billion in FY2026, resetting free-cash-flow…
BE 2026-08-29 Bloom Energy: 5 Links That Cannot Break
Bloom Energy’s 80x forward earnings valuation relies on concentrated megaprojects, sustained AI data-center power demand and continued…
Valuation Rewind 6 clicks
GRLRF · long Greenland Resources INC
Greenland Resources, a Canadian-listed miner valued near US$140 million, is developing the Malmbjerg molybdenum project in eastern…
Aurora Innovation: Built To Win With Less Than 1% Of The Market
Aurora Innovation targets 200 driverless trucks by Q4 2026 and FCF breakeven in 2028; 0.6% of US combination trucks by 2030 supports 20%…
Andras Tory 1 click
COCO · short Vita Coco Company INC
Vita Coco, COCO, is pitched short after a 45% monthly rally, arguing investors are overextrapolating coconut water category growth.
SIRI · long Sirius Xm Holdings INC
SiriusXM, SIRI, combines a 32% EBITDA margin with 3.6x net leverage and a 16% free-cash-flow margin despite elevated capex.
FTRE 2026-08-30 Fortrea Holdings: The Turnaround Is Showing Up In Earnings Before Revenue
Fortrea’s adjusted EBITDA rose 24% in H1 as cost cuts outpaced a 3.4% revenue decline, while new business awards increased 19%.
Manimala Misra 5 clicks
Meta Buys Away its Distraction at Minimal Cost
Meta’s $18 billion teen-addiction settlement makes $5.3 billion contingent on YouTube and TikTok adopting matching restrictions, while…
MU 2026-08-28 SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)
SK Hynix posted record quarterly revenue of 79.32 trillion won and a 76% operating margin, while trading below Micron on forward sales and…
Prakhar Agarwal, CFA 6 clicks
Making sense of Sandisk’s long-term financial model
Sandisk’s FY28-FY30 model relies on long-term NAND agreements holding near-80% gross-margin floors despite pricing 26-28% below current…
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
The Verra Sneerer (NASDAQ:VRRM)
Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…
Publications we follow
Every publication on this site, hand-picked.
Newsletters 53
- 310 Value’s Newsletter
- Altay Capital - Mostly Value Investing
- Aurelion Research
- Base Hit Investing
- Bearhold Research
- Bristlemoon Capital
- Byron Street Research
- Capital Employed
- Capitalist Letters
- Citrini Research
- Cluseau Research
- Deep Value Insights
- Exploring with Alluvial Capital
- First Strike Research
- Guardian Research
- Hated Moats
- Healthy Stock Picks
- Hidden Gems Investing
- Hidden Rock Capital's Newsletter
- Ian’s Insider Corner
- John Hempton's Newsletter
- Kairos Research
- Lewistown Capital
- Maius Partners
- MBI Deep Dives
- Modern Value Investing
- Multibagger Monitor
- Nat Stewart - Stock Picking Newsletter
- Net Interest
- Nugget Capital Partner's Substack
- Open Insights
- Raging Bull Investments
- Rebound Capital
- Rod’s Ruminations
- scuttleblurb
- SixSigmaCapital: Navigating the Financial Markets
- smallvalue.
- Speedwell Memos
- Stock Thoughts
- Substack von Philipp
- Sunday's Idea Brunch
- Sylence Capital
- The Curious Compounder
- The Mikro Kap
- The Oak Bloke
- The Value Road
- Treasure Hunting
- Triple S Special Situations Investing
- TSOH Investment Research
- Underlying Value
- Value Don't Lie
- XIX Value
- Yet Another Value Blog
Blogs 11
X accounts we follow
Every account on this site, hand-picked.
⚽️📡
A Capital
AltayCap
Bank Reg Blog
BDC
Bill Ackman
Broken Moats
BuccoCapital Bloke
catechwilliams
Charles Frischer
Chris Camillo
Clark Square Capital
Cluseau Investments
Connor Haley
David Orr
Deep Sail Capital
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Multiples Capital
Myles
Nat Stewart
Negligible Capital
PAA Research
Pernas Research
Porter Collins
Prepared Remarks
Psyop Capital
Raging Capital Ventures
Rusholme Capital
Sahil Khetpal
SG
Tim Eriksen
Timyan Bank Alert
ToffCap
Trevor Scott
Voss Capital
Yaron Naymark
Sectors
Ordered by how often our editor reaches for them.
