Lululemon: Deep Dive Analysis
Lululemon’s Q2 revenue fell 4% and Americas comparable sales 12%, as markdowns, tariffs and activewear rivals pressure its premium apparel model.
Tuesday, September 8, 2026
Back to today 
From X
Trevor Scott on X
wasting money at $COST .ca is so fun https://t.co/38Effra3Xt
BDC on X
Elon commenting on Spiegel’s post - first time that’s ever happened. Maybe it’s something. Probably not anything. But add it to the mosaic. $snap https://t.co/ofuZxr4UK7
Trevor Scott on X
$MCD traded at 15x PE in 2012, when just 81% of stores were franchised. Today 95% are franchised, the balance sheet is twice as levered and they have already raised prices far faster than competitors. Is this a table pounding idea at 19x NTM pe? https://t.co/whFq0xVa5y
PAA Research on X
@TopCornerInvest Thanks. It wasn't based on the quarter. There's more to go here. $MUSA $CASY
Trevor Scott on X
$FICO could have just kept quiet and slowly raised prices. Instead they jacked it up 17x over 5 years and lost their 30 year monopoly. 'Anyone that has a monopoly will pretend that they're in incredible competition.' - Peter Thiel https://t.co/fCCphiaSox
DOMO Capital Management, LLC on X
$GME 👀 https://t.co/o0cx17NM88
Trevor Scott on X
@ValueInvestShow fashion cyclicality has destroyed many value investors! revenue is quickly decelerating and ebit margins are double a decade ago! not a single insider purchase in this 63% drawdown $DECK
Nat Stewart on X
National Beverage $FIZZ fiscal 2026 annual report (out today): "...It is the willingness to confront uncertainty, again and again, that reveals character, creates opportunity and ultimately defines and endures".
Investor Letters
All letters- Pendelhaven Asset Management B.V. Q3 2026 ALM $4.2BJXN $8.8B
- Akre Capital Management, LLC Q3 2026 AMT $82BMA $487B
- Bristlemoon Capital Q3 2026 SNDK $236B
- Protean Funds August 2026 BVNKF $2.4B
- Janus Henderson Investors July 2026 KLAC $243BMCK $104B
- Asset Value Investors Ltd July 2026 9301 $3.3B
- Lindsell Train Limited July RMVEY $3.5B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.6B
lululemon: An 18% Crash Is Not A Buy Signal
Lululemon’s Americas revenue fell 8% and comps dropped 12%, while a $134.5 million tariff refund masked weakening underlying margins after…
On the Pulse 1 click
Celsius: The Pepsi Put
Celsius holds 20% of the U.S. energy-drink market and 40% of sugar-free sales, but its $1.65 billion Alani acquisition complicates…
On Holding $ONON: I Bought the Shoes First, Then the Stock
On Holding $ONON combines a high-margin direct-to-consumer footwear model with replacement-driven demand, after Q2 2026 sales rose 21.6%…
Preview of the Week Ahead: W/C September 7, 2026
U.S. CPI and PPI headline the September 7 week as the S&P 500 holds key averages, Bitcoin faces $82,000 resistance and gold tests its…
AppLovin Deep Dive: Not A No Brainer
AppLovin is down 48% YTD after its first guidance miss, with revenue 1% below expectations and EPS 2.5% short, reviving fears of an adtech…
RBC Bearings Has Fallen Enough To Shift Gears (Rating Upgrade)
RBC Bearings' Q1 2027 revenue rose 19.2% and net income 48.2%, while a $2.3 billion backlog driven by aerospace and defense supports growth…
Daniel Jones 1 click
The Fed Is Going to Lose the Bond Market and I Found the Asset That Gets Paid When It Does
Rayonier’s 4.0 million acres are valued at $393 an acre after other assets, versus $1,200 to $1,800 cutover-land sales, framing the timber…
TSOH Weekly Roundup (09/04/2026)
TSOH Weekly Roundup covers Costco’s $4.99 chicken supply chain, Celsius’s 20% energy-drink share, and California utilities’ wildfire…
The Afterburners Could Kick In Soon On Southwest Airlines Stock - Rating Upgrade
Southwest Airlines is adding ancillary fees, assigned seating and premium products after a 6.7% Q2 adjusted operating margin, targeting up…
Tim Dunn 
[scuttleslops] VEEV, CRM, WDAY, SNPS, NVDA
Veeva targets CRM share gains from Salesforce migration delays while Falcon agentic labor expands its reach into life-sciences safety,…
CC · long the chemours inc.
Chemours (CC) is presented as a long investment in its three-segment specialty chemicals business.
First Takes on GFL's Acquisition of Secure
GFL Environmental is buying Secure Waste at 11x 2026E EBITDA before synergies, adding high-margin produced-water and waste assets with $25…
Under The Hood, Novo Nordisk A/S ($NVO)
Novo Nordisk’s GLP-1 franchise transformed obesity treatment, while its valuation framework prices in 17 years of discounted cash flows.
The Consultant’s Dilemma: What AI Actually Does to Accenture ($ACN)
Accenture’s $5.9 billion in FY2025 genAI bookings supports implementation demand, while AI’s automation of junior work threatens the…
Under The Hood, ResMed ($RMD)
ResMed’s 30 million connected sleep-apnea patients, recurring masks and software support a data-driven healthcare platform; 11.9% annual…
Performance & Portfolio Update: Q1 2026
Portfolio update reports a 20.5% Q1 loss, led by WeightWatchers’ 61% decline, while adding Bumble, Oscar and Shift4.
AXT’s Tongmei Problem: Great Asset, Fragile Economics
AXT’s 85.5%-owned Tongmei depends on offshore pricing, export approvals and transfer-pricing economics despite AI-optics demand.
It Pays to be a Winner: Our ML model and social research layer just went 14-for-16 on Nike’s Q3 call. (Kalshi, Mentions)
First Strike Research’s ML and social-sentiment system correctly called 14 of 16 Nike Q3 Kalshi contracts, reporting 208¢ net P&L.
Alta Fox PBH CN Presentation
Premium Brands Holdings faces margin expansion and free-cash-flow growth as a six-year investment cycle ends, while Alta Fox says its…
Nike Earnings Mentions Contracts: Our Analysis, and Fair Value Pricing Model.
First Strike prices Nike’s Q3 “Express Lane” mention at 20-25¢ versus Kalshi’s 66¢, citing the retired Mark Parker-era supply-chain program…
Publications we follow
Every publication on this site, hand-picked.
Newsletters 91
- 310 Value’s Newsletter
- Absurdly Cheap Stocks
- Altay Capital - Mostly Value Investing
- AmsterdamStocks
- Aurelion Research
- Base Hit Investing
- Bearhold Research
- Bearstone
- Behind the Balance Sheet
- Best Anchor Stocks
- Bilbel's Substack
- Bison Insights
- Brevarthan Research
- Bristlemoon Capital
- Byron Street Research
- Calvin Blissett
- Cannibal Stocks
- Capital Employed
- Capitalist Letters
- Cassandra Unchained
- Citrini Research
- Cluseau Research
- D Invests
- Daniel Romero
- Deep Value Insights
- Doomberg
- Eagle Point Capital
- Easy Value
- Exploring with Alluvial Capital
- Fabricated Knowledge
- First Strike Research
- Flyover Stocks
- Global Outperformers
- Guardian Research
- Hated Moats
- Healthy Stock Picks
- HFI Research
- Hidden Gems Investing
- Hidden Rock Capital's Newsletter
- Ian’s Insider Corner
- Iggy on Investing Newsletter
- Inglenook Growth
- Invariant
- Investing 501
- Irrational Analysis
- John Hempton's Newsletter
- Kairos Research
- Kakashii's Materials
- Key Context by Tae Kim
- Latticework by MOI Global
- Lewistown Capital
- Maius Partners
- MBI Deep Dives
- Mispriced Assets
- Modern Value Investing
- Monte Independent Investment Research
- Multibagger Monitor
- Nat Stewart - Stock Picking Newsletter
- Net Interest
- Nongaap Investing
- Nugget Capital Partner's Substack
- Obscure Stocks
- Open Insights
- PETITION
- Phynvesting
- Raging Bull Investments
- Rebound Capital
- Rod’s Ruminations
- ROE The Boat
- scuttleblurb
- Sector Stories
- Singularity Research
- SixSigmaCapital: Navigating the Financial Markets
- Sleep Well Investments
- smallvalue.
- Speedwell Memos
- Stock Thoughts
- Substack von Philipp
- Sunday's Idea Brunch
- Sylence Capital
- The Curious Compounder
- The Mikro Kap
- The Oak Bloke
- The Value Road
- Treasure Hunting
- Triple S Special Situations Investing
- TSOH Investment Research
- Underlying Value
- Value Don't Lie
- XIX Value
- Yet Another Value Blog
Blogs 12
Seeking Alpha 29 of 159
Andres Veurink
Bay Area Ideas
Capital Connoisseur
Dhierin Bechai
Equity Eagle
Eudaemon Research
High Alpha Professor
Investor Overview
IWA Research
Jaden Mealy
LL Insights
Marc Gerstein
Mike Zaccardi, CFA, CMT
Miletus Research
Myriam Alvarez
Petri Dish Reports
Philip Wang
Prakhar Agarwal, CFA
PV Research
Robert J. Lake
Sam Mancini
Sharon McArd
SiliconBytes Insights
Simple Investment Ideas
Steven Fiorillo
The Bullionaire
The Curious Analyst
The Undercovered Dozen
Value Capital Research
X accounts we follow
Every account on this site, hand-picked.
⚽️📡
💥PETITION💥
A Capital
AltayCap
Bank Reg Blog
Barbarian Capital
BDC
Bill Ackman
Broken Moats
BuccoCapital Bloke
catechwilliams
Charles Frischer
Chris Camillo
Clark Square Capital
Cluseau Investments
Colin King
Connor Haley
Conor Maguire | Value Situations
Convequity
David Orr
Deep Sail Capital
Devin LaSarre
DOMO Capital Management, LLC
Edwin Dorsey
Evan Tindell
Farmer
Fierce_beast
Fred Liu
Gavin Baker
Ian Bezek
Idea Brunch
JabroniCoin.USD
John_Hempton
junkbondinvestor
kab60
KEDM.com
Laughing Water Capital
Lee Roach
Little Owl Research
Maius
Maj Soueidan
marginofdanger
mavix
Mike
Mikro Kap David
Multiples Capital
Myles
Nat Stewart
Negligible Capital
Odd Lot Arbitrageur
PAA Research
Pernas Research
Porter Collins
Prepared Remarks
Psyop Capital
Raging Capital Ventures
Red Dog Capital
RiverRoadPartners
Rusholme Capital
Sahil Khetpal
SG
Tim Eriksen
Timyan Bank Alert
Todd Wenning
ToffCap
Trevor Scott
Voss Capital
Yaron Naymark
Investor letters we follow
- 1851 Capital
- Aikya Investment Management
- Akre Capital Management, LLC
- Alluvial Capital Management
- Alpinum Investment Management AG
- Ariel Investments
- Artisan Partners
- Askeladden Capital
- Asset Value Investors Ltd
- Baron Funds
- Berkshire Hathaway
- Biglari Holdings
- Bireme Capital
- Bristlemoon Capital
- Broyhill Asset Management
- Cantor Fitzgerald Asset Management
- Cedar Creek Partners
- Choice Equities
- Confluence Investment Management
- CrossingBridge Advisors
- Crossroads Capital, LLC
- Distillate Capital
- Dodge & Cox Stock Fund
- Donville Kent Asset Management Inc.
- FPA Crescent Fund
- First Eagle Investments
- Forager Funds Management
- Fred Alger Management, LLC
- Giverny Capital
- Grandeur Peak Global Advisors
- Greenhaven Road Capital
- GreensKeeper Asset Management
- Grey Owl Capital Management
- Halvio Capital
- Hayden Capital
- Heartland Advisors
- Hoisington Investment Management
- Horizon Kinetics
- Intrepid Capital
- Invenomic Capital Management
- Janus Henderson Investors
- Kaydan Wealth Management
- Kernow Asset Management
- LVS Advisory
- Laughing Water Capital
- Lindsell Train Limited
- Macro Ops
- Maran Capital Management
- Markel Group
- Massif Capital
- McIntyre Partnerships
- Merion Road Capital
- Myrmikan Capital, LLC
- O'Keefe Stevens Advisory
- Oakmark Funds
- Palm Harbour Capital
- Palm Valley Capital
- Patient Capital Management
- Pendelhaven Asset Management B.V.
- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Polaris Capital Management
- Polen Capital 5Perspectives Growth Opportunities
- Polen Capital U.S. Opportunistic High Yield
- Praetorian Capital
- Protean Funds
- RGA Investment Advisors
- Rowan Street Capital
- Royce Investment Partners
- Sequoia Fund
- Southeastern Asset Management
- Third Avenue Management
- Tweedy, Browne
- Upslope Capital Management
- Vulcan Value Partners
- Wedgewood Partners
- Weitz Investment Management
- White Falcon Capital Management
Sectors
Ordered by how often our editor reaches for them.
