Letters by company
TrueBlue, Inc.
4 letters discussing TBI. Everything written about it on this site is on its ticker page.
- Palm Valley Capital Groundhog Day Palm Valley retained a large Treasury-bill allocation and avoided AI beneficiaries, arguing that speculative valuations, peak margins, and costly AI investment leave little room for normal competition and cyclicality. The fund added Clorox, Molson Coors, and Vontier, sold Heartland Express at its valuation, and maintained positions in discounted businesses including Amdocs, LKQ, Kelly Services, and TrueBlue. Second Quarter 2026 CLX $10BDOX $6.2BHTLD $843M
- Palm Valley Capital First Quarter 2025 Commentary Palm Valley Capital Fund kept more than three quarters of assets in cash equivalents while adding starter positions in Forrester Research, Monro, Reynolds Consumer Products and Flowers Foods, citing a split small-cap market and concern over permanent impairment in low-quality companies. It added staffing and trucking exposure, trimmed securities near valuation, and argues fiscal retrenchment and speculation leave investors vulnerable to a fuller market cycle. First Quarter 2025 CRI $1.2BFLO $1.3BFORR $224M
- Palm Valley Capital Great Expectations Palm Valley Capital Fund added Kelly Services, Seaboard and Heartland Express as wider discounts to estimated value justified raising equity exposure from a cash-heavy posture. The fund sold Crawford & Co. and Helen of Troy, while arguing that speculative asset prices and elevated small-cap valuations warrant discipline despite improving prospects for selected cyclical businesses. Fourth Quarter 2024 CRI $1.2BFPI $460MHTLD $843M
- Palm Valley Capital Beggar Thy Enabler Palm Valley Capital Fund argues that Federal Reserve easing transfers wealth toward asset holders while worsening housing affordability, fiscal burdens, and commercial real-estate risk. The fund kept roughly 81.5% in cash equivalents, bought Helen of Troy, and sold John Wiley & Sons, Nathan’s Famous, and Equity Commonwealth. It maintains positions in staffing businesses despite a prolonged labor-demand slump. Third Quarter 2024 DOX $6.2BHELE $678MLSDAF $1.1B
