A Busted Businesses or a Cyclical Bottom?
Two U.S. protein-snacking companies lost $6 billion in market value as impairments, inventory growth and margin pressure test whether the category has reached a cyclical bottom.
Wednesday, September 2, 2026
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Nat Stewart on X
@GardinerIsland $BSM has kinda muffled volatility relatively speaking if you don't mind a K-1, have a pretty good plan to grow production on their land next ~5 yrs (they own royalty interests), systematically hedge ~75% of production.
Mike on X
If you’ve been following the $PESI situation, this is important reading. Especially regarding grouting 200E waste. https://t.co/bsf03iTPKg
Mike on X
@DeepSailCapital $RDCM is interesting.
Timyan Bank Alert on X
Merion Road Capital Management and Blue Hill Advisors urge United Bancorporation of Alabama $UBAB to return excess capit... https://t.co/Ej02jreaap
Mike on X
They were! $WULF signed deal with Anthropic today https://t.co/82fVRUxJtN
Nat Stewart on X
@orrdavid I don't own $WEN but I do see a powerful upside potential. Perhaps I am biased as it has been my favorite burger fast food restaurant for 35+ years (the only one my parents let us go to when I was a kid😂).
marginofdanger on X
Is anyone looking at these busted digital treasury companies? A quick glance suggests a bunch of them are trading at 50%+ discounts to NAV with otherwise clean balance sheets. Will they all merge in stock for stock deals? Or convert into ETFs? $BRR $XXI $BMNR
marginofdanger on X
$QUCT ranch for sale for $75 million: https://t.co/dOfoTwB6ly
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $164M082920 $946M
- Protean Funds July 2026 DVYSR $91MSTOR-B $1.7B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $1.9BMMS $2.9B
- Protean Funds June 2026 IDDWF $9.2BTRUE-B $615M
- Alluvial Capital Management Second Quarter 2026 ZEG $5.4BDGXX $415M
- Greenhaven Road Capital second quarter ANAB $1.6BBUR $873M
- First Eagle Investments second quarter 2026 NE $7.1B
- RGA Investment Advisors Q2 2026 GTLB $8.2BMIPS $1B
EVC Update
EVC reported a solid second quarter and outlook.
$LMB: Limbach missed the data center boom. Is that the opportunity? | 1 Main Capital
Limbach's EBITDA fell 30% as organic revenue declined, but 1 Main Capital calls the weakness temporary and views CYMCOR as its first…
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…
[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
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…
BHVN 2026-08-27 Biohaven: Sale Of Opakalim Rights To SK Biopharmaceuticals Makes Sense On Many Levels
Biohaven’s $795 million global opakalim licensing deal with SK Biopharmaceuticals boosts cash, lowers R&D spending and extends its funding…
Edmund Ingham 1 click
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
FUFU 2026-08-27 BitFuFu: A $93 Million Liability No One Can Explain
BitFuFu’s $93.4 million unexplained long-term payable equals 57% of liabilities, overshadowing sharply higher self-mining and hosting…
Dorine Cherop 
YSWY · long Yesway INC
Yesway is pitched as a high-quality convenience-store operator with growth runway, trading near 8.5 times EBITDA and targeting a…
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 1 click
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
Aloe Aloe Aloe what 'ave VERRA then?
Verra Mobility's new seven-year Avis agreement replaces a customer worth over 10% of revenue on materially worse economics, exposing…
SA 2026-08-20 Seabridge Gold: Fairly Valued Now But Big Upside
Seabridge Gold's KSM gold-copper project could re-rate on a joint venture, 2027 feasibility study and infrastructure progress, with gold…
Redfern Research 
NCLH or her grandma Saga?
Norwegian Cruise Line’s $15 billion debt and 2026-27 capex delay deleveraging, despite fuel-efficient new ships and stronger projected 2028…
PGY 2026-08-19 Pagaya Technologies: A Fast-Growing Industry Disruptor Trading At A P/E Of 6.6x
Pagaya Technologies reported Q2 2026 network volume of $3.54 billion, 19% revenue growth and 99% adjusted net-income growth, while trading…
Akim Guerreiro 
Jumia
Jumia’s January 2028 $7/$15 call spread risks $1.15 for up to $6.85 if cost cuts and marketplace growth deliver adjusted EBITDA and…
Why DoorDash’s Autonomous Strategy Beats Uber’s Hodgepodge
DoorDash’s integrated autonomous-delivery strategy contrasts with Uber’s 2026 divestment of Serve Robotics, its former delivery-robot…
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