Letters by company
Wayfair Inc.
9 letters discussing W. Everything written about it on this site is on its ticker page.
- Optimist Fund Q3 2026 Quarterly Letter Optimist Fund exited ThredUp after its guidance cut and redeployed the proceeds into its five largest holdings. The portfolio thesis centers on improving operating momentum at Wayfair, cybersecurity demand and platform expansion at Zscaler, and continued growth opportunities across Carvana, Uber, DoorDash, Latham and Affirm. Q3 2026 ZS $31BAFRM $22BCVNA $107B
- Optimist Fund Q2 2026 Quarterly Letter Optimist Fund made no major holding changes as Iran escalation fears receded, while continuing to add to Carvana and backing Affirm after the prior-quarter correction. The fund argues that ThredUp's direct-listing program, Wayfair's store rollout and Affirm's underwriting model create material long-term growth optionality. Q2 2026 AFRM $22BCVNA $107BFA $3.7B
- Optimist Fund Q2 2026 Quarterly Letter Optimist Fund added materially to Affirm during the first-quarter correction and argues that its underwriting model, merchant economics and founder ownership can sustain BNPL expansion. The fund retained its holdings, added to Carvana, and sees direct listings at ThredUp, physical retail at Wayfair, and operating leverage at First Advantage as key sources of upside. Q2 2026 AFRM $22BCVNA $107BFA $3.7B
- Optimist Fund Q1 2026 Quarterly Letter Optimist Fund added to ThredUp, Wayfair, Carvana and First Advantage amid an AI- and geopolitics-driven selloff, while exiting Monday.com after losing confidence in management’s communication. The fund initiated Toast and Zscaler, exited Teledyne Technologies and Ashtead Group, and increased equity exposure using modest leverage. Q1 2026 TOST $20BCVNA $107BFA $3.7B
- Optimist Fund Q1 2026 Quarterly Letter Optimist Fund added to ThredUp, Wayfair, Carvana and First Advantage after sentiment-driven selling, while exiting Monday.com over reduced confidence in management communication. It initiated Toast and Zscaler, exited Teledyne Technologies and Ashtead Group, and increased equity exposure as it judged growth-company valuations compelling. Q1 2026 TOST $20BCVNA $107BFA $3.7B
- Optimist Fund Q4 2025 Quarterly Letter Optimist Fund added to ThredUp amid strengthening buyer growth and reduced Latham Group after its chief executive announced retirement. The fund exited Monday.com and Fiverr on reduced conviction, initiated Root and Affirm, and raised DiscoverIE to a top-ten holding on its expected cyclical recovery. Q4 2025 CVNA $107BDSCV $1BFVRR $289M
- White Falcon Capital Management Q4 & FY 2025 Partner Update Letter White Falcon added to AMD during April volatility, built a small housing-recovery basket including Huntsman, and trimmed or exited positions whose valuations no longer offered sufficient margin of safety. The firm argues that EPAM, Nu Holdings, NFI and its precious-metals royalties retain favorable long-term setups while markets show increasingly speculative AI pockets. Q4 & FY 2025 HUN $1.7BAMD $876BATZ $10B
- Optimist Fund Q3 2025 Quarterly Letter Medpace anchors the portfolio’s case for underappreciated growth, backed by its founder-led CRO model, biotech niche and disciplined capital allocation. The fund added conviction in Wayfair, ThredUp and Carvana, trimmed Fiverr after weaker visibility, and exited HelloFresh and Revolve to redeploy capital into higher-conviction ideas. Q3 2025 MEDP $18BCVNA $107BFVRR $289M
- Optimist Fund Q2 2025 Quarterly Letter Optimist Fund added to Carvana and Wayfair during the tariff-driven selloff, arguing that market dislocations create opportunities to buy long-duration category leaders. It retained conviction in ThredUp’s fulfillment-capacity scaling, Carvana’s unit and margin targets, Wayfair’s demand recovery, and Revolve’s recovery despite tariff-related pressure. Q2 2025 CVNA $107BRVLV $1.3BTDUP $210M
