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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catechwilliams on X
$HERE: pop toy fad crashing like Beanie Babies. #1 selling product prices plunging 90% during critical holiday period. $HERE revenue and margins will be impacted severely. https://t.co/czXxPRZTZy
Connor Haley on X
@AndrewTakes @taobanker @CGSCapital @Compounding_K @AKWilk 1: NATL ATMs predicted to be more stable/improving than declining. We address this extensively in our report. 2: absolutely when business is growing rapidly on a per share basis. Look at $DBD which trades at a big premium despite growing slower.
Laughing Water Capital on X
In case you had any doubts on the case for terrestrial GPS. $NN https://t.co/js8mXHYTA6
Laughing Water Capital on X
@JonoJohnson8 @cfrischer1 Carr also references Cruz who first sponsored legislation calling for a terrestrial backup to GPS in 2017. As head of the Senate Commerce Committee, Cruz is effectively Carr’s boss. All tea leaves, but hard to think they’re not bullish $NN
Laughing Water Capital on X
@JonoJohnson8 @cfrischer1 Interesting to note that Carr 1st comments on increasing accuracy, and then calls GPS a “related issue”. He clearly makes a distinction between the 2 ideas. Maybe splitting hairs, but there is only 1 company that addresses both points: $NN.
Multiples Capital on X
1 oz of Silver > 1 barrel of Oil $SLV $SIL
Laughing Water Capital on X
@UnHedgedChatter @InvestSpecial @Wexboy_Value $AS, owner of Arc'teryx & 9 other brands trades at more than 3x sales. $CLAR, which would fit perfectly into AS's portfolio trades at less than 0.5x sales and is exploring strategic alts. 🤷♂️
catechwilliams on X
@TonyTony9999991 There is a massive shortage of capacity industrywide. AI DC vacancy rates running 2-3%. Tenants are scrambling for access to computing power. The customer loss was referenced as it would strongly signal that $WYFI won't get a new one (ie. likely performance issues at NC-1).
Investor Letters
All letters- Pendelhaven Asset Management B.V. Q3 2026 DR0 $454MALM $4B
- Akre Capital Management, LLC Q3 2026 AMT $78B
- Protean Funds August 2026 BVNKF $2.6BSUSRF $262M
- Janus Henderson Investors July 2026 NXT $12B
- Asset Value Investors Ltd July 2026 4549 $501M8011 $231M
- PenderFund Capital Management Ltd. July 2026 NEO $1.1BVNP $1.9B
- Lindsell Train Limited July RMVEY $3.3B
- Kernow Asset Management July 2026 CKNHF $2.1BCMCX $2.5B
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…
Independence Realty Buying Centerspace: Opportunity And Implications
Independence Realty Trust is buying Centerspace in stock to create an $8.1 billion apartment REIT, targeting 5% 2027 Core FFO per-share…
NET Power (NPWR):
NET Power’s $1.80 shares are paired with January $2 covered calls for 40 cents as the company pivots from carbon capture to Permian…
Joby Aviation (NYSE: JOBY) Stock Rating: Accumulate - Initiating Coverage
Joby Aviation is initiated at Accumulate after booking $116m of trailing revenue, forming a Toyota manufacturing venture and agreeing to…
NewtekOne: Pivot Towards Holding Guaranteed Loans A Good Strategy
NewtekOne’s bank conversion and retention of SBA-guaranteed loans target recurring income, while a 6% yield and book-value valuation…
Stephen Nemo 
Sofwave Medical: Lifting Skin While the Beauty Sector Sags
Sofwave Medical grew Q2 revenue 43% as recurring usage fees reached 46% of sales for its non-invasive ultrasound skin-tightening devices.
Zack Buckley on $PRTH's take private
Priority Technology’s chairman offered $6.00 to $6.15 a share to take PRTH private, while Zack Buckley argues Treasury Solutions and…
Amplitude Q2 26 - Examining The Moat - Rating, Hold.
Amplitude reported Q2 revenue of $100.9 million, up 21%, as agentic AI and LLM vendors challenge the moat of its product analytics software.
Single Stock Spotlight #14: Kosmos Energy (KOS)
Kosmos Energy (KOS) is pitched as an oil stock poised to outperform if oil stays above $70-$80, supported by a claimed 2 billion-barrel…
BridgeBio Pharma: Attruby Peak Sales Set To Rise
BridgeBio Pharma raised Attruby peak-sales guidance as kidney-benefit data, fewer hospital days and competitor setbacks strengthen its…
Atticus Analysis 
UHS · long Universal Health Svcs INC
Universal Health Services is a profitable hospital operator whose $146 share price over-discounts an earnings-collapse scenario.
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…
Dyne Therapeutics Remains A Buy Even As Novartis Trial Failure Hits DM1 Class
Dyne Therapeutics fell 16% after Novartis’ HARBOR failure raised doubts that RNA-targeting biomarker gains translate into functional…
Petri Dish Reports 1 click
ContextLogic Acquires gChem (LOGC): Update and Valuation
ContextLogic will acquire specialty-solvent maker gChem for $850 million, funded by a $650 million rights offering and $250 million of…
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
Ryan Tunis discusses P&C insurers, favoring Travelers over Chubb in a soft commercial market and calling AIG a near-book-value self-help…
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…
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