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
Negligible Capital on X
The GTA 6 trailer is insane. Could genuinely cause a boom in strip clubs, guns, drugs and alcohol GTA IV Basket: $RICK likely gets slammed $SWBI $RGR $MSOS $TAP $DEO Etc.
Myles on X
@ArgonathCapital Yeah the problem is crowd strike has a really narrative behind it. $ASAN is my largest single stock short atm.
John_Hempton on X
@AMCOracle I get it. Apes think I am stupid. Buy more $AMC. It is good to trade against stupid people.
Myles on X
$IGV up 7% today. My short book (which as of the last couple weeks has become reasonably software heavy) is in painnnn. Hate that these things all just trade as a basket now.
Trevor Scott on X
$IGV +7% $CSU.to $TOI.v $LMN.V +1% TSX operates on a delay
Negligible Capital on X
Not only are $IGV and $SOXX both green today, but $IGV just flipped positive YTD, led higher by $CRM up 20%, and cybersecurity names ripping after $CRWD and $OKTA Software and Semis are friends again https://t.co/pYgkP9Rtsw
JabroniCoin.USD on X
How many times will Peltz rug $WEN with totally not-fake bids? https://t.co/7YmTsnbaZy
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.4B
- Palm Harbour Capital July 2026 082920 $946MVVVNF $1.8B
- Protean Funds July 2026 STOR-B $1.7BTRUE-B $615M
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $1.9BMMS $3B
- Alluvial Capital Management Second Quarter 2026 DGXX $415MDIG $477M
- 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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