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
From X
Laughing Water Capital on X
@thecontracap agree ex-CEO statements are not +. However, statements from the GSK manager responsible for managing the $ANAB collaboration make it clear he thought GSK was in violation of the agreement. Not good for either side. Think sanctity of contract law has to come above all else though
Laughing Water Capital on X
@thecontracap 2/x)on the other hand, if $ANAB's position is upheld, it sucks for GSK, but contract law as a whole in DE continues to successfully govern the land as it has for centuries prior. Not clear to me that AI can consider the gravity of dismantling all of DE contract law...
Laughing Water Capital on X
@thecontracap 1/x)$ANAB also not a lawyer but seems to me that the implications of GSK's position would be catastrophic for contract law in DE if supported by the court. Effectively, any acquiror could disavow the obligations of a purchased subsidiary. Which seems "absurd" in the legal sense.
PAA Research on X
In light of this blow up at $PNR, it's kind of remarkable to me that $HAYW hasn't cracked at any point in the past 3-years. The stock trades in this slowly ascending channel between $12 and $16. Maybe that changes. I recognize it's a business people "want to own", but it's held a healthy multiple for a long time.
Timyan Bank Alert on X
Big banks get second-quarter rocket fuel from SpaceX IPO $JPM $GS $BAC https://t.co/9HCoab65LR
marginofdanger on X
If a company is OTC listed and consistently reducing its share count, it seems like a high percentage of the time, it works out well... $MCEM $WEBC $APTL $FMBL $BWEL(?)
Fierce_beast on X
$MORN? https://t.co/pksTLRmJoS
Tim Eriksen on X
Solitron Devices $SODI reported fiscal Q1 results today. Revenue and earnings higher. Link to PR https://t.co/7dqZ6WwENP
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $133M082920 $999M
- Protean Funds July 2026 DVYSR $106MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $2BMMS $3B
- Palm Valley Capital Q2 2026
- Protean Funds June 2026 CINT $224MIDDWF $9.5B
- Alluvial Capital Management Second Quarter 2026 ZEG $5BDGXX $372M
- Sequoia Fund First Half of 2026
- Hayden Capital Q2 2026 AMZN $2.8TGOOGL $4.2T
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