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.
Saturday, September 5, 2026
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marginofdanger on X
Don't normally focus on sellside notes but in this instance Pablo Zuanic is on point re: $MAPS https://t.co/5ZgejaYBR7
marginofdanger on X
$TIPT filed an 8-K this morning where they said they expected the Fortegra deal to close by Friday 5/29. Pro forma TBV is ~$24/share, stock last 17.17.
Timyan Bank Alert on X
@wamackey88 Management is the only constituent to have benefited from this grift that is $BCOW
Timyan Bank Alert on X
@Stl_MAR @Catahoula_Value I think (from past close experience) that the family calling the $TRCY shots is hopelessly inept. Doesn’t mean they won’t sell it at some point but they have turned away some great alternatives.
Timyan Bank Alert on X
$BCOW Fact check: 100% true https://t.co/AqIAdOnsSa
Timyan Bank Alert on X
@Catahoula_Value It feels like $BCOW management would rather continue stealing from the shareholders. $LRBI is performing well on its own and improving so not needed. Sure does spotlight the values though. $MBBC also in $PSBQ backyard where Nick Z is really improving his bank.
Timyan Bank Alert on X
Home run merger for $PSBQ holders in sale to $BFC https://t.co/wujj6AML12
Investor Letters
All letters- Protean Funds August 2026 SUSRF $254M
- Pendelhaven Asset Management B.V. July 2026 DR0 $443MGRVY $464M
- Asset Value Investors Ltd July 2026 079940 $396M
- Forager Funds Management July 2026 BVS $991M
- PenderFund Capital Management Ltd. July 2026 TSAT $702M
- Palm Harbour Capital July 2026 064850 $167M082920 $938M
- Protean Funds July 2026 DVYSR $86MTRUE-B $584M
- Royce Investment Partners first half of 2026 AIOT $352MPAR $559M
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…
IEH Corporation: Research Note
IEH Corporation won $6.5 million of APKWS orders, lifting backlog above $45 million as defense connector demand drives capacity expansion.
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…
Shattuck Labs: A Receptor-Side Bet On The TL1A Boom
Shattuck Labs pivots to DR3-targeted IBD therapy SL-325, funded through a Phase 2b readout as it competes with anti-TL1A drugs.
Equity Eagle 
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…
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 
TOYO · short Toyo CO LTD
TOYO CO LTD is the target of a short thesis.
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…
RCEL 2026-08-24 AVITA Medical: Favorable Reimbursements For Skin Wound Care
AVITA Medical’s more predictable reimbursement, RECELL GO rollout and PermeaDerm economics support adoption, with cash flow breakeven…
Myriam Alvarez 4 clicks
Portillo’s: Strategic Reset
Portillo’s reset follows weak Texas unit economics, cutting next year’s openings to five from roughly 10 annually and shrinking store…
RCAT 2026-08-23 Here's Why You Should Watch Red Cat In H2 2026
Red Cat targets $150–$180 million in FY2026 revenue after 527% growth, with margin expansion dependent on second-half drone-contract…
Petri Dish Reports 3 clicks
WD #355: AUNA/CAAP Earnings, Brazil, USMCA Trade Situation
CAAP reported decent second-quarter earnings and its first dividend, while Brazil rose on an election poll and USMCA trade developments…
PTLO 2026-08-20 Portillo's: Guidance Cut Confirms It's Cheap For A Reason
Portillo's guidance cut followed a 1.2% same-restaurant-sales decline and 1.9% margin compression, while its $343 million TRA liability…
KC Research 2 clicks
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…
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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