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.
Thursday, September 3, 2026
Back to today
From X
SG on X
That's a pretty big sale in $VAL. I still own/like. https://t.co/DoHOmmsAtD
Bank Reg Blog on X
Interesting follow up on this today: The SEC settled an enforcement action against $TBBK's now-retired CFO, fining him $30,000 for directing the company's 10-K to be filed when he knew the auditors hadn't yet signed off. https://t.co/9N28UhEMlw https://t.co/8yBRR6MC7Q https://t.co/1lPgtgKyWD
Myles on X
For basically the first time in my history I have positive beta to $BTC while it's rallying and it feels nice.
Myles on X
$ASAN down 12% on weak guidance. This earnings season has sucked so gotta enjoy my wins. https://t.co/wHULS7a1xW
PAA Research on X
$OXM getting "LULUed" after hours following a huge guide lower. Apparently people are tired of the floral prints at Lily Pulitzer. Less bright colors they said. Tepid demand for $150 quarter zips at #southerntide isn't helping matters either. The market seems to think that $0.70 quarterly dividend is at HUGE risk. No position.
Ian Bezek on X
@LatamData Medellín will keep taking relative share from Bogota. Underappreciated driver for $asr
BDC on X
@AltaFoxCapital @DeepSailCapital $SNAP
Ian Bezek on X
@burningbushcap $CIB is a quarter of the Colombia ETF, $AVAL is 4%. Need folks to go stock-picking in individual names, right now, people are mostly buying the index.
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.4BSUSRF $251M
- 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
- 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
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…
MDA Space: Houston, We Have a New Position
MDA Space is added to the Aurelion Index after hiring engineers, signing large contracts and expanding facilities; the thesis cites…
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 $44 million COVID-era acquisitions produced losses and impairments, while modestly improved Q2 liquidity leaves its…
Ultragenyx ($RARE): A Catalyst-Driven Thesis With Asymmetric Upside
Ultragenyx targets $730-760 million of 2026 revenue after GENGLYCOS approval, with UX111’s FDA decision and GTX-102 Phase 3 data due in…
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
OKLO · short Oklo INC
Oklo is framed as a portfolio basket short and a concept company that could become a compounding short.
40 Stock Pitches (3rd-9th August)
Navient trades near 40% of tangible book as Gator Financial Partners argues private student-loan growth and restructuring can reverse its…
Genius Sports: Update Post Earnings
Genius Sports reported $195.5 million revenue, up 65%, and signed Kalshi for soccer data, expanding sports-data sales to prediction markets…
Weight Watchers: Update Post Earnings
WeightWatchers reaffirmed 2026 guidance after Q2 beats, while clinical revenue rose 30% and debt fell $42 million through discounted…
Noah Holdings ($NOAH): A Chinese Wealth Manager Trading at Its Cash Pile
Noah Holdings trades near the value of its RMB 5.1 billion cash and short-term investments, while earning recurring fees on roughly RMB 140…
$HIMS: Paul Cerro wouldn't trust the CEO to walk his dog. He's still long. Why? | Cedar Grove
Hims & Hers investor Paul Cerro is long again on lab and patient data driving retention and LTV, despite management concerns, GLP-1…
These Power Stocks (Not Semis) Are The Real AI Beneficiaries, Say Investing Brother Duo Up 1,300%
Pernas Research names Capstone Energy and Stabilis Solutions as AI data-center power beneficiaries, alongside Tenable, Upwork, Wise and…
My Pitch Deck Slide Show from the MS Microcaps Summer Virtual Conference
Butler National Corporation is the subject of a stock pitch presented at the MS Microcaps Summer Virtual Conference.
CareCloud (CCLD): The Boring Billing Company That Quietly Became an AI-and-M&A Compounder
CareCloud runs provider billing without taking receivables risk, then cross-sells cloud software and stratusAI across 45,000-plus providers…
DEC-laration of independence
Diversified Energy cut $233 million of debt in 1H26, repurchased $93 million of stock and sold $273 million of land and assets while…
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