Portfolio Update September 2026
Portfolio added Otis Worldwide in the mid-$60s, increased Pool, Copart and Floor & Decor, and sold Berkshire Hathaway.
Portfolio added Otis Worldwide in the mid-$60s, increased Pool, Copart and Floor & Decor, and sold Berkshire Hathaway.
$NX Just acquired peer Tyman. >3x leverage, never done a deal before, commodity business, customers all cutting numbers w deteriorating resi remodel activity ($AMWD yesterday, $MBC, $OC, $JELD). Stock is trading at close to 14x EPS. Seen this movie before. Earnings next week.
$PLUS Earnings on 8/5, expectations & stock disconnected from reality. Suppliers ($CSCO – 50% of product sales), competitors & customers all reporting sharp sales declines. Non-event PR today re a service they’ve been offering for 3 yrs is pumping stock; suggests mgmt is grasping
Special thanks to @alexbossert for his great Idea Brunch today including his background, his great experience with $SODI, and his pitch for $CZBS! https://t.co/hx81VazVXd
Here is a link to our Q1 2024 letter. https://t.co/mVYPJrgCr1 $SWI $IMXI $ALTG $GENI $RTO $RCM $SLCA @jonrice80 @taylor_hndrson
@ragingbullcap @PropertyBigE $SEG could get very interesting. It'll be well capitalized and the approval of 250 Water St. definately doesn't hurt. I still need to see the S-1 filing and terms for the offering before making any major decisions but they've piqued my interest.
Meanwhile disintermediation by OEMs going direct is accelerating. See recent commentary from partners $CSCO, $PANW $DELL, etc. $PLUS has zero discernable benefit from $NVDA and AI.
Answer: aggressive revenue booking, financing sales, selling products at/ below cost to boost revenue and hoping to “then try to build it back up over time” per CEO. Contrast $PLUS performance w competitor and industry leader $CDW.
$PLUS Numbers don’t add up. 50% sales $CSCO product (sales -13% MRQ, guided -11%). MRQ $PLUS sales +13% (reported yesterday). Earnings call question: “OEM Cisco have talked about bottlenecks, weak orders. You’ve been unscathed…how are you outperforming the market significantly?”
Old Market Capital, a delisted holding company owning a rural fiber network, trades below comparable network valuations after institutional…
Leslie’s and nine affiliates filed Chapter 11 in Texas on September 30, 2026, after 18 months of deteriorating performance.
Leslie’s, the pool-supplies retailer, filed Chapter 11 after deteriorating operations, pricing and inventory missteps, and a burdensome…
Geely’s ZEEKR nearly doubled first-half 2026 deliveries to 178,000, while Geely bought 30% of NIO’s battery-swapping unit to reduce…
Group 1 paid $1 billion of goodwill for Hennessy’s 10 dealerships, a record $100 million per store, financed largely with $1.25 billion of…
Howard Hughes plans to raise nearly $4 billion by selling real estate assets and condos, accelerating Vantage’s insurance expansion while…
EVI Industries says its ERP and service-platform build is largely complete, testing whether 10.8% revenue growth can finally outpace…
Lennar is selling homes to former spinoff Millrose, whose revenue largely comes from Lennar and whose largest voting shareholder is…
Huckleberry.AI trades near $3.30 against $221 million of cash and $900 million-plus of NOLs after selling its operating business, creating…
Rocket Lab reported Q2 revenue up 62% to $234.1 million and backlog up 137% to $2.36 billion, while operating losses and cash burn…
HRVFF · long
Pyxis Oncology's recent financing extends MICVO's runway to clinical milestones as the oncology candidate works to establish a safe,…
AAR’s $1.8 billion acquisition of a 65% stake in MRO Holdings adds widebody aircraft maintenance and targets a 19% to 20% EBITDA margin by…
The Trade Desk's Q2 revenue grew 3% to $715 million as Q3 guidance called for a year-over-year decline; TTD has fallen over 90% from its…
Belden targets net leverage of 2.9x by 2027 from 3.9x, using RUCKUS's 65%+ gross margins and free cash flow to reduce debt.
Crocs has $2 billion of buyback authorization, more than a third of its market cap, as North American sales stabilize and HeyDude drags on…
Turning Point Brands' FRE and Alp nicotine pouches aim to become a third C-store brand behind ZYN and Velo as PMTA rules limit new entrants.
Ethos Technologies ($LIFE) sells AI-driven life insurance while relying heavily on multilevel marketing agencies using aggressive cold…
Karman Holdings reported 58% Q2 revenue growth, $1.3 billion backlog and margin expansion while replacing leadership and remediating…
Innodata's 45% pullback resets its valuation after two quarters of 50% revenue growth, though two customers still supply 71% of revenue and…
Every publication on this site, hand-picked.
Every account on this site, hand-picked.
Ordered by how often our editor reaches for them.