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
marginofdanger on X
Really interesting how $GO had truly massive insider buying and the stock barely reacted, allowing the investor to accumulate a sizable position. This one has worked quite nicely. https://t.co/iXfU4SCmt5
Timyan Bank Alert on X
BancFirst $BANF Corporation Announces Acquisition of SpiritBank https://t.co/8jm5DCej1L
Charles Frischer on X
@k790diskin $NN I just posted my thoughts on the hearing.
Charles Frischer on X
@scottwilsonUSD $NN I think the July and August meetings are live meetings for an NPRM. While not critical months, these are live and have a reasonable possibility of happening. The process should also accelerate the final rule and order timeline, as the work is being done right now in that area
Charles Frischer on X
$NN It is possible that Carr will be able to help the Part 15 user base and approve the 900 MHz modernization plan put forward by NN. The country needs an actionable alternative plan for GPS. The NN plan is important for our country. The time is now for action.
Charles Frischer on X
$NN The attached clips show that the hearing accomplished important work on public policy. Let the FCC do their job. The facts and the testing should/will demonstrate no unreasonable interference will occur from the upgrades to the band.
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.4B
- Palm Harbour Capital July 2026 082920 $946MVVVNF $1.7B
- Protean Funds July 2026 STOR-B $1.7BTRUE-B $615M
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $1.9BMMS $2.9B
- Alluvial Capital Management Second Quarter 2026 DGXX $415MDIG $493M
- Greenhaven Road Capital second quarter ANAB $1.6BBUR $873M
- RGA Investment Advisors Q2 2026 MIPS $1B
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Ultragenyx ($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…
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
Miami International Holdings (MIAX)
Miami International Holdings, the No. 4 options exchange with 17% share, trades at 12x forward EBITDA despite 35% revenue growth, 54%…
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.
TPC 2026-08-27 Tutor Perini: Q2 2026 Made My Strong Buy Case Stronger
Tutor Perini’s Q2 revenue rose 19% to $1.64 billion as higher-margin megaprojects lifted construction income 54%, prompting higher 2026 EPS…
The Curious Analyst 
US-Canada Tariffs: Finding Investment Opportunities
US-Canada tariffs impose 50% duties on $20 billion of Canadian goods, lifting US steel makers while pressuring Canadian exporters and…
NRIX 2026-08-24 Nurix Therapeutics: Roche Has Changed The Economics Of The Bull Case
Nurix Therapeutics gained $700 million upfront from Roche, a 50% U.S. profit share and Roche-funded global bexobrutideg development,…
Equity Eagle 3 clicks
CDNL · short Cardinal Infrastru Group INC
Cardinal Infrastructure Group faces an IPO lockup expiration amid stretched valuation and reported metrics, with an Up-C structure…
Fastly: Record Q2 Confirms The Platform Inflection
Fastly's Q2 revenue rose 23%, while Security and Compute reached a $200 million run rate and drove record profitability.
Miletus Research 
Planet Fitness: The $10 Gym That Grew Into a Franchise Machine
Planet Fitness runs 2,930 clubs and 21.5 million memberships through an asset-light franchise model funded by $15 monthly dues, royalties…
SEZL 2026-08-23 Sezzle: The Numbers Don't Support The Selloff
Sezzle fell 20% after Q2 despite a revenue and EPS beat and higher guidance, as marketing spending and seasonality drove a sequential…
Daniel James 3 clicks
$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 
Going against the grain on GO Residential
GO Residential’s H&R REIT deal could trigger index purchases of 32 million units and re-rate its Lantower portfolio, despite related-party…
ContextLogic
ContextLogic’s US Salt holds about 23% of the US and Canadian pharmaceutical-grade salt market, one of only two suppliers, supporting…
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