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Thursday, October 1, 2026

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@Fierce__beast

Fierce_beast on X

Comedian talking sense about $JMKE. Just like how Wendy's went to shredded lettuce instead of Iceburg, $JMKE sandwich quality started deteriorating 2 years ago according to this guy. Not counting them out, but not looking great. I made this mistake of buying $JOAN after it IPO'd. Amazing growth, amazing margins, 12x P/E! Of course it was being undermaintained and quality quickly deteriorated post-covid. Beware of private equity and short-term oriented management teams.
@blondesnmoney 1 click

Cluseau Investments on X

Disclaimer: I have sold this position and have no view on the valuation or future prospects My craziest OTC adventure this year was discovering a single-asset refinery that sells Jet Fuel to the US Military. It sounds kinda crazy, but it's the exact type of ridiculous setup funny enough to look into. In July, refining crack spreads were blowing out, and nearly every refiner $PBF, $PARR, $VLO, $PSX were steamrolling. I wanted some exposure, but I felt sheepish chasing names that were already tearing it up. I started looking at smaller refiners, but nearly everyone was in the 3x - 5x forward earnings range, not expensive, but for a cyclical, also not really that cheap. It turns out that, aside from the megacap refiners and $PARR, there's only one other US listed microcap refiner, Blue Dolphin Energy $BDCO. The stock is heavily insider owned, and at the time, was trading at just over 4x Q1 earnings ($0.99). Crack spreads are publicly viewable, and other refiners were demolishing estimates - $PARR came in at $11 in Q2, triple Q1, so it didn't take too much math to realize BDCO's Q2 was gonna be strong given jet fuel prices, and that the stock was potentially trading under 1x forward earnings. Of course, it's an OTC name with limited liquidity so you can't realize size it up, but how often do you get a chance to buy someone who supplies jet fuel to the Department of Defense under 1x annualized earnings? It was almost comedic, the story was funny enough to swallow the OTC stigma and just pick up a little bit up. About a week later, Q2 results came in at $1.19 (putting 1H earnings at ($2.18), and the market suddenly realized a stock trading at $4 on $2.18 of two quarter's EPS was just too cheap. The stock hit $18 today - I've been trimming since entry and am finally out. It was a tiny position, but I continue to find it ridiculous that these OTC setups exist. With a small amount of capital and a love for reading filings, you can probably find a slew of OTC names that are actually decently profitable that are simply too small for larger investors to take a stab at. I have no position in BDCO and have no opinion on it, $4 and $18 are totally different prices, but the fact this setup existed and somehow flew under the radar until earnings is pretty entertaining.

Investor Letters

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Research Roundup Vol. LIV

Research Roundup covers AAON's data-center cooling ramp, Knife River's margin recovery, ChronoScale's Microsoft-backed neocloud buildout…

AAON $6.8BKNF $2.9B
Monte Independent Investment Research

Quick Value #332 - Gentherm (THRM)

Gentherm’s Oct. 1 Reverse Morris Trust with Modine adds commercial and off-highway operations, leaving THRM at 7.4x pro forma EBITDA with…

MOD $9.9B
Value Don't Lie 3 clicks

On’s Premium Playbook

On Holdings targets premium growth through 2029, using LightSpray soccer cleats and higher pricing, with ASPs rising from $145 to $170…

ONON $9.8B
TSOH Investment Research 4 clicks
SFM · long

Sprouts Farmers Market

Sprouts Farmers Market benefits from GLP-1 adoption, scrutiny of ultra-processed foods and dietary restrictions driving demand for natural…

SFM $6B
Value Investors Club 1 click

TSOH Weekly Roundup (09/25/2026)

TSOH Weekly Roundup covers Ralph Lauren’s $1 billion distribution pullback, Peloton’s $2,195 foldable treadmill and $800 million…

PTON $2.2B
TSOH Investment Research 5 clicks

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