Rci Hospitality Holdings, INC.

• BC Bireme Capital December 2023 Investor Letter ↗ Bireme Capital sold Netflix and substantially reduced Meta after their discounts to intrinsic value narrowed, while shorting Tesla, Apple, selected consumer-staples stocks, ARM Holdings and C3.ai on valuation concerns. It added British American Tobacco, citing its low valuation, established tobacco brands and expanding reduced-risk nicotine products. The firm argues that concentrated equity indices, persistent inflation and loose fiscal policy leave markets vulnerable. December 2023 BTI $120B0ADF AAPL $4.9T +6
• BC Bireme Capital 3Q22 Quarterly Report ↗ Bireme Capital argued that persistent inflation will force the Federal Reserve to maintain restrictive policy, replacing the market’s buy-the-dip reflex with a sell-the-rally regime. It added to Twitter as confidence grew that Elon Musk would be compelled to close his acquisition, sold Tencent Music after deterioration in its core businesses, and detailed the growth cases for RCI Hospitality and Netflix. 3Q22 NFLX $511BRICK $199MTME $13B
• BC Bireme Capital 3Q21 FV Quarterly Report ↗ Bireme Fundamental Value warned that persistent inflation and a more hawkish Federal Reserve could puncture an everything bubble across equities and bonds. The portfolio added Imperial Brands and Old Republic while maintaining longs in RCI Hospitality and Bollore, and short positions in GameStop, Skillz, FuboTV and GOTU on weak economics or unsustainable valuations. 3Q21 GME $13BBOL $12BFUBO $976M +5
• Greenhaven Road Capital Q1 2021 ↗ Greenhaven Road added to PAR Technology after its Punchh acquisition, arguing that an integrated restaurant-software platform could create pricing power. The portfolio emphasized Elastic, KKR, RCI Hospitality and Digital Turbine, while the manager sold Twitter after rapid appreciation and began building a selective SPAC and warrant-investing effort. first quarter 2021 APPS $1.3BESTC $9.9BKKR $80B +2

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