| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 4 2026 | 2025 Q4 | - | Artificial Intelligence, Market Liquidity, private credit, Small Cap Value, Software Valuations | - | The strategy letter argues that markets are experiencing speculative excess tied to AI narratives and capital concentration, echoing historical bubbles where capital chased fashionable themes… |
| Nov 5 2025 | 2025 Q3 | - | AI, industrials, private credit, small caps, Value Investing | - | The commentary highlights growing systemic risk in private credit and leveraged finance amid excess liquidity and deteriorating underwriting standards. The manager warns of a late-cycle… |
| Sep 3 2025 | 2025 Q2 | FUN, VSAT | Credit markets, liquidity, Speculation, valuation, value |
FUN VSAT |
The letter discusses late-cycle speculative behavior across equities, crypto, and credit markets driven by liquidity and policy expectations. Management contrasts this environment with disciplined value… |
| Jun 16 2025 | 2025 Q1 | - | - | - | - |
| Mar 2 2025 | 2024 Q4 | DLHC, TH | - | - | - |
| Sep 30 2024 | 2024 Q3 | CLMB, CMP, OUT, RDVT, SSP, VSAT | - | - | - |
| Jun 30 2024 | 2024 Q2 | AAP, CLVT, CMP, KBR, LFCR, LGF/B, NEU, NVDA, RDVT, SIX, SSP, SXI, VSAT | - | - | - |
| Apr 15 2024 | 2024 Q1 | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, PKE, RDVT, SSP, TBRG, TRU, VSAT, WMT | - | - | - |
| Aug 1 2024 | 2023 Q4 | 0UR4 LN, AVD, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT | - | - | - |
| Oct 10 2023 | 2023 Q3 | AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT | - | - | - |
| Dec 7 2023 | 2023 Q2 | ALC, ANGI, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, SCWX, SNEX, SSP, VSAT | - | - | - |
| Mar 31 2023 | 2023 Q1 | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | - | - |
| Jan 13 2023 | 2022 Q4 | AVID, CLMB, HRG, IAC, IEHC, LFCR, LTRPA, SKX, UFPT, VMD | - | - | - |
| Sep 30 2022 | 2022 Q3 | AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG | - | - | - |
| Jun 30 2022 | 2022 Q2 | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | - | - |
| Apr 30 2022 | 2022 Q1 | AZZ, CFX, ECVT, SCWX | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
ValueThe portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption. |
Discount Multiples Undervalued Overlooked Opportunity |
| 2025 Q3 |
Biotech |
|
| 2025 Q2 |
SpeculationThere has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. |
Options Margin Retail Trading Meme Stocks Risk Taking |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 3, 2025 | Fund Letters | Jeffrey Bronchick | VSAT | Viasat, Inc. | Information Technology | Alternative Carriers | Bear | NASDAQ | broadband, Capitalintensity, Execution, leverage, Satellite | Login |
| Sep 3, 2025 | Fund Letters | Jeffrey Bronchick | FUN | Six Flags Entertainment Corporation | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Attendance, cashflow, Integration, Themeparks, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
