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Sunday, October 4, 2026

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@calvinblissett 1 click

Calvin Blissett on X

$FSBW: Bought Pacific West Bank in August for 30m. Exp +7.5% EPS growth in 2027 due to this. PWBK has a 92% deposit mix NOT CDs. (attractive b/c lower cost). First Bancorp a bit cyclical due to home lending, consistent double digit ROE, conservative way to play eventual housing rebound. The problem was not that Pacific West had no franchise. It had a recognizable Portland commercial-banking niche, a relatively attractive deposit base, and specialized relationships with SMBs, nonprofits, professional-services businesses and digital partners. The problem was scale. Management acknowledged that Pacific West's size and market position made both organic and strategic growth difficult, while the cost and complexity of running a regulated community bank had risen materially after 2008 and 2020.
@calvinblissett 3 clicks

Calvin Blissett on X

$RENT Unique business model Being investigated for fraud 98% of customers rent a brand never owned, this is valuable marketing to the brands Lot of consumer data for past 18 years New CEO (Sept 14) focusing on core competencies Near 100% retention of brands since 2009 Acquisition target? The concise thesis RENT has spent years proving that women will rent clothes and almost as long proving that customer enthusiasm doesn't automatically produce shareholder cash. The turnaround is now more credible than it has been historically: revenue is growing rapidly, Q2 gross margins expanded 600+ bps, add-ons are booming, inventory sourcing is becoming less capital-intensive, debt was materially restructured, management is eliminating side projects, and AI-driven discovery is producing measurable engagement improvements. Rent The Runway, Inc RENT has never yet produced positive full-year owner earnings on this conservative cash definition. Rent The Runway, Inc So the thesis isn't “this is already a great business.” It is much narrower: If RENT can retain the revenue and customer improvements created by last year's inventory rebuild while reducing annual inventory investment toward ~$54m, shifting more merchandise onto brand-funded/revenue-share structures, and maintaining pricing/add-on gains, the company may finally cross from Adjusted-EBITDA profitability into genuine owner earnings.
@calvinblissett 1 click

Calvin Blissett on X

$ARTNA: microcap water utility at lowest P/E ever, 4% dividend. 9x cashflow. Family run for 115 years. Sussex county development expands regulated customer base. Wastewater growth engine. Its principal subsidiary, Artesian Water, is the oldest and largest regulated water utility on the Delmarva Peninsula. The company generates stable, recurring revenue by distributing and selling water and wastewater services to residential, commercial, industrial, and municipal customers under regulatory frameworks. In addition to its core regulated utility operations, Artesian Resources earns supplementary income from non-regulated activities including contract operations, infrastructure development, and service line protection plans, creating a business model that combines predictable utility income with service-based revenue streams.

Investor Letters

All letters

Not So Fast

Entravision, the portfolio’s largest position, fell more than 40% from its highs as Q3 returns dropped to 37.8% YTD.

EVC $634M
The Mikro Kap 1 click

Zentek Research Note

Zentek shipped its first ZenGUARD air-filter order to a Canadian federal facility as its Albany graphite PEA confirmed a US$3.85 billion…

ZTEKF $58M
Atrium Research - Equity Research 1 click

💥Yield!💥

Beyond Meat’s Q2 2026 revenue fell 8.2% as U.S. retail and foodservice volumes declined, while a flatter, not inverted, Treasury curve…

BYND $132M
PETITION
NPWR · long

NET Power Inc

NET Power (NPWR) is a microcap pursuing behind-the-meter power projects for data centers.

NPWR $110M
Value Investors Club

The Strategic Value of eDreams

EDreams’ Prime travel subscription model makes the €3.6 billion European OTA a potential Uber, Airbnb or Amazon acquisition target.

EDDRF $521M
310 Value’s Newsletter 2 clicks

SCIA- SCI Engineered Materials

SCIA generates $28 million of revenue from thin-film materials, with 78% of sales tied to one customer, while expanding into defense…

SCIA $40M
Sylence Capital

ALTO- ALTO ingredients

ALTO Ingredients trades near half of book value after plant upgrades and lower corn prices set up a recovery in crush margins and cash flow.

ALTO $289M
Sylence Capital 1 click

Notes and Updates

ECIP recipient banks could repurchase Treasury preferred shares at steep discounts, potentially lifting book value, while Hawaiian Electric…

UBAB $186M
Exploring with Alluvial Capital

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