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.
Friday, September 4, 2026
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From X
Nat Stewart on X
For those who like micro-caps, a great writeup on $RAVE (Pizza Inn) moving from a multi-year turnaround to growth https://t.co/bvr1F6GyVg
Psyop Capital on X
$UTGN looked promising as an illiquid deep value sit with buybacks at way below IV, but this relatively recent option grant struck below NAV seems like a thesis killer. Anybody know the name well?
PAA Research on X
$MTN is the $FICO of consumer discretionary.
Broken Moats on X
forgot the ticker - de jour fraud is $INHD
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 $2.6BSUSRF $262M
- Lindsell Train Limited July RMVEY $3.5B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.6B
- Forager Funds Management July 2026 4733 $4B
- Asset Value Investors Ltd July 2026 4549 $498M8011 $231M
- PenderFund Capital Management Ltd. July 2026 KXS $3.4B
Tectonic Therapeutic: Competitor Data Strengthens The TX45 Bull Case
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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…
IEH Corporation: Research Note
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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 $1.14…
Six Flags And United Parks: Two Different Answers To The Same Demand Problem
Six Flags’ attendance rose 4% while comparable crowd intensity was nearly flat, and both it and United Parks grew deferred revenue about 2%…
Sanjay Swamy 1 click
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Emerge Commerce ($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
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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
TOYO · short Toyo CO LTD
TOYO CO LTD is the target of a short thesis.
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.
AMPX 2026-08-28 Amprius: A Better Entry Point After A 50%+ Decline (Rating Upgrade)
Amprius Technologies, after a 50% decline, reported 125.7% revenue growth and raised 2026 guidance to at least $140 million as…
Kurt Christensen 1 click
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.
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 
No Paywall: CDTi Advanced Materials: Two Supermajors and Twelve Months of Cash
CDTi Advanced Materials has $804,000 of cash, roughly 12 months of runway, and unproven maritime methane technology despite ExxonMobil and…
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