Lululemon: The 15-Minute Thesis
Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed valuation in question.
Saturday, September 12, 2026
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From X
Trevor Scott on X
my mistake $ADBE has a Nov year end. so it's 12x nov 2027, 14x nov 2026.
Myles on X
I feel $GEO is a pretty decent short here. It's not cheap, and I might be politically biased, but I think it's hard to see Republicans getting many wins in the midterms, which the market will likely extrapolate to 2028.
Trevor Scott on X
I'll never understand going long $ADBE at 14x '27 when you can buy $CSU.TO at 15x '27. Maybe because it's Canadian listed.
Negligible Capital on X
I simply refuse to believe that $ADBE has over 1 billion monthly active users https://t.co/U7tgBRDhM2
Trevor Scott on X
The VMS thesis: "AI is actually a tailwind" "I think most people -this is not a fact in dispute that AI is TAM expanding for software. The debate is who's going to be the claim that TAM expansion. We have a strong thesis that incumbents have a high, high, high right to win." $ROP
Trevor Scott on X
"I've never been more excited than I have in my career about the opportunity in front of us with AI. We are literally delivering a button when you press it magic happens. And I've always been in like the boring part of software and all of a sudden, software is not boring." $ROP https://t.co/AIQZYxhy8R
Investor Letters
All letters- Pendelhaven Asset Management B.V. Q3 2026 ALM $4.2BJXN $8.8B
- Akre Capital Management, LLC Q3 2026 AMT $82B
- Protean Funds August 2026 BVNKF $2.4B
- Janus Henderson Investors July 2026 NXT $12B
- 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
- Forager Funds Management July 2026 4733 $4BSGE $12B
TSOH Weekly Roundup (09/11/2026)
TSOH weekly roundup covers Meta’s child-safety settlement, Markel’s leadership transition, Peloton’s gym strategy and an upcoming Alarm.com…
Joby Aviation (NYSE: JOBY) Stock Rating: Accumulate - Initiating Coverage
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The Williams Companies: A Tough Competitor Tackles The Northeast
Williams Companies faces a revoked Northeast pipeline permit while pursuing growth through Momentum Midstream, Gulf export access and…
Long Player 
TransDigm is still in it for the money
TransDigm’s sole-source aerospace parts generate roughly 70% aftermarket margins, with 90% of revenue tied to owned IP and 80% from…
Gaming And Leisure Properties: Guilty By Association With VICI
Gaming and Leisure Properties raised AFFO guidance and dividends after Q2, trading at 10.2 times forward AFFO with an 80% payout ratio and…
Quick Value #330 - Deckers Outdoor (DECK)
Deckers Outdoor has fallen about 60% from its late-2024 peak and trades at 11x earnings as HOKA growth slows.
[scuttleslops] UNP-NSC merger, HEI, NVDA, AVGO, DG, DLTR
Union Pacific’s $85 billion Norfolk Southern merger pitch centers on a coast-to-coast rail network that cuts interchange delays and wins…
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…
P&C Stocks Worth Owning: The AI Hedge with Ryan Tunis | The Real Eisman Playbook Episode 74
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Pinterest: Underlying Growth Remains Stronger Than The Market Thinks
Pinterest’s Q2 showed reaccelerating North American growth, while weaker international trends, AI-related engagement risks and elevated…
Richard Durant 2 clicks
YOU · short Clear Secure INC
Clear Secure's Clear Plus subscription business is nearing maturity despite recent bookings strength, supporting a short thesis on YOU.
Quick Value #321 - Mobility Global (MBGL)
Mobility Global, S&P Global’s automotive-data spin-off, trades at about 10x 2026 EBITDA and 12x EPS after technical selling.
Blackstone's Subs - Inside the Jersey Mike's IPO.
Jersey Mike’s IPO filing shows 47% adjusted EBITDA margin after Blackstone cut founder spending, ad subsidies and Area Director fees, while…
Stretch Marks
Strategy owns 847,363 Bitcoin and funded $13.7 billion of purchases this year with Stretch preferred stock, a variable-dividend security…
Adding a beer stock in size
Molson Coors, a 7% portfolio position, is the world’s fourth-largest brewer with leading beer shares in Canada and the US through Coors and…
Single Stock Spotlight #11: Pitney Bowes (PBI)
Pitney Bowes has returned 60% in 2026 after divestitures, cost cuts, debt repayment and buybacks; its strategic review includes selling…
$VEON: a busted EM telecom hiding a 4x? | Samit Umatiya, UIG Funds
VEON’s 84% Kyivstar stake and JazzCash underpin a sum-of-the-parts case for 4x upside, despite its sanctioned shareholder, capital…
Pershing Square Challenge 2026 finalists on MSA Safety: a hidden quality compounder? $MSA
MSA Safety’s Pershing Square Challenge finalists pitch gas-detection subscriptions, mandated SCBA replacement cycles and a 2023 liability…
Regal Rexnord: Data Centers. Robotics. AI. Oh My!
Regal Rexnord transformed from an HVAC-heavy cyclical business through two major acquisitions, building industrial power-transmission and…
Quick Value #320 - Somnigroup (SGI)
Somnigroup’s $2.5 billion all-stock Leggett & Platt acquisition adds vertical integration as the bedding leader targets mid-single-digit…
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Seeking Alpha 29 of 157
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Mike Zaccardi, CFA, CMT
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X accounts we follow
Every account on this site, hand-picked.
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A Capital
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Clark Square Capital
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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
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PAA Research
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Sahil Khetpal
SG
Tim Eriksen
Timyan Bank Alert
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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
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- Cedar Creek Partners
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- Dodge & Cox Stock Fund
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- FPA Crescent Fund
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- Janus Henderson Investors
- Kaydan Wealth Management
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- LVS Advisory
- Laughing Water Capital
- Lindsell Train Limited
- Macro Ops
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- Markel Group
- Massif Capital
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- Merion Road Capital
- Myrmikan Capital, LLC
- O'Keefe Stevens Advisory
- Oakmark Funds
- Palm Harbour Capital
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- PenderFund Capital Management Ltd.
- Pershing Square Holdings
- Polaris Capital Management
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- 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.
