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
Back to today
From X
mavix on X
August 2026 portfolio lists Evolution, Toyokumo, Parigroup, Leatt, BioRem, Secunet, Shelly, Enogia, Lindbergh, ErreDue and Circle Group.
SG on X
$FIRY update from Israeli court https://t.co/yI5CThILVQ
SG on X
Shitco Yarrow Bioscience $YARW has finally cracked. https://t.co/qk6gptxPhj
⚽️📡 on X
$NTSK + $CRWD News out today. $NTSK is currently one of my top holdings in cyber along with sail and silc https://t.co/KlY5gNBw5V
Clark Square Capital on X
Having Sony Music Entertainment makes it a lot less likely Gungho will attempt a take-under of $GRVY, IMO https://t.co/xvjalTHgN7
Nat Stewart on X
Vistance Networks' $5 distribution leaves year-end 2026 cash and receivables near 60% of market value, while the core trades at 2.75x EV/EBITDA.
Lee Roach on X
Rayonier’s $1.86B debt costs 2.29% after swaps and Farm Credit patronage refunds, giving its four million timber acres a cheap fixed-rate funding edge through 2028-29.
JabroniCoin.USD on X
$ACMR https://t.co/gzKlQTn1pF
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $143M082920 $946M
- Protean Funds July 2026 DVYSR $91MSTOR-B $1.7B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $1.9BMMS $3B
- 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
Tectonic Therapeutic: Competitor Data Strengthens The TX45 Bull Case
Tectonic Therapeutic's TX45 CpcPH-HFpEF program gains support from Merck's CADENCE data; Phase 1b hemodynamics and cash through Q1 2029 set…
Equity Eagle 2 clicks
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 $1.14…
Cleveland-Cliffs: 2027 Could Be A Very Big Year
Cleveland-Cliffs' 2027 upside depends on contract resets and Stelco earnings, while management directs free cash flow to deleveraging…
The Bullionaire 1 click
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Emerge Commerce ($ECOM.V) FINS Review
Emerge Commerce's $44 million COVID-era acquisitions produced losses and impairments, while modestly improved Q2 liquidity leaves its…
FTRE 2026-08-30 Fortrea Holdings: The Turnaround Is Showing Up In Earnings Before Revenue
Fortrea’s adjusted EBITDA rose 24% in H1 as cost cuts outpaced a 3.4% revenue decline, while new business awards increased 19%.
Manimala Misra 2 clicks
NTG Clarity Networks ($NCI.V) FINS Review
NTG Clarity’s $18.6M of Q2 service revenue sat in contract assets, while $4.6M cash burn cut cash to $2.85M and raises liquidity concerns.
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…
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…
Six Flags And United Parks: Two Different Answers To The Same Demand Problem
Six Flags’ attendance rose 4% while comparable crowd intensity was nearly flat, and both it and United Parks grew deferred revenue about 2%…
Sanjay Swamy 1 click
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 $93.4 million unexplained long-term payable equals 57% of liabilities, overshadowing sharply higher self-mining and hosting…
Dorine Cherop 
Atlas Engineered Products ($AEP.V) FINS Review
Atlas Engineered Products reported Q2 revenue up 19% to $16.2 million, but ended cashless on its credit line as inventory rose 47% and…
The Junk (Mail) Merger Arb
Star Equity’s $5 per-share Harte-Hanks acquisition offers $2.50 cash plus 0.25 STRRP per share after proration, against a $2 break price.
$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…
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Seeking Alpha 29 of 157
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Every account on this site, hand-picked.
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A Capital
AltayCap
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BDC
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Broken Moats
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catechwilliams
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Clark Square Capital
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Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
Maius
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Multiples Capital
Myles
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Negligible Capital
Odd Lot Arbitrageur
PAA Research
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RiverRoadPartners
Rusholme Capital
Sahil Khetpal
SG
Tim Eriksen
Timyan Bank Alert
Todd Wenning
ToffCap
Trevor Scott
Voss Capital
Yaron Naymark
Investor letters we follow
- 1851 Capital
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
- Alpinum Investment Management AG
- Ariel Investments
- Artisan Partners
- Askeladden Capital
- Asset Value Investors Ltd
- Baron Funds
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- Cedar Creek Partners
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- Lindsell Train Limited
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- Markel Group
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- O'Keefe Stevens Advisory
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- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Polaris Capital Management
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- Polen Capital U.S. Opportunistic High Yield
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- Sequoia Fund
- Southeastern Asset Management
- Third Avenue Management
- Tweedy, Browne
- Upslope Capital Management
- Vulcan Value Partners
- Wedgewood Partners
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- White Falcon Capital Management
Sectors
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