The First PitchGreen Thumb Industries – GTBIF
Pitch Summary: Green Thumb Industries is well-positioned to capitalize on the growth opportunities in Minnesota’s emerging adult-use cannabis market. The state is expected to require significant additional cultivation capacity, which presents a substantial opportunity for companies like Green Thumb that are ready to supply this demand. The company’s strategic positioning in a market with limited […]
The First PitchPlanet 13 – PLNH
Pitch Summary: Planet 13 is currently facing significant structural challenges that are not addressed by potential tax relief from cannabis rescheduling. The company is experiencing steep revenue declines and weak gross margins, which are not likely to be resolved by changes in tax policy alone. The cannabis market is undergoing price compression, and companies with […]
Full portfolio reveal – Nov 2025PayPal Holdings, Inc. – PYPL
Pitch Summary: PayPal has become the largest position in the portfolio, reflecting strong confidence in its growth prospects. Recent earnings results were positive, and the company has formed a promising partnership with OpenAI, which could enhance its technological capabilities and market reach. Despite its significant portfolio weight, the investor is not planning to sell, indicating […]
Deep dive into Snap 2.0Snap Inc. – SNAP
Pitch Summary: Snap Inc. has introduced a new revenue stream through ‘Memories Storage Plans’, charging users a monthly fee for storage exceeding 5GB. This initiative could generate significant high-margin recurring revenue, potentially adding $1.2 billion annually if 5% of users subscribe to the cheapest plan. The company’s current revenue is primarily ad-based, totaling $5.8 billion […]
[Update] Ferrari (RACE)Ferrari N.V. – RACE
Pitch Summary: Ferrari’s stock has been experiencing a decline as the market adjusts its expectations following the company’s Capital Markets Day and 2030 plan announcement. Despite lower long-term growth expectations and a conservative approach to electric vehicles, Ferrari remains a strong business with a unique edge in controlling production and maintaining high demand. The company’s […]
QXO: Consolidating Distribution QXO – QXO
Pitch Summary: QXO, led by serial consolidator Brad Jacobs, is positioned to capitalize on the fragmented U.S. building products distribution market, which is valued at approximately $800 billion. Jacobs has a proven track record of consolidating fragmented industries and improving operational efficiencies, as demonstrated by his success with United Waste Systems, United Rentals, and XPO […]
[Update] Shift4 (FOUR)Shift4 Payments, Inc. – FOUR
Pitch Summary: Shift4 Payments, Inc. is currently undervalued at $66 per share, trading at less than 6x 2027 free cash flow based on management’s $1 billion FCF target. Despite leadership transition noise and skepticism around the Global Blue acquisition, the company is executing well, with gross profit growing by 62% last quarter and margins expanding […]
Alibaba Cloud: What’s It Actually Worth?Alibaba Group Holding Limited – BABA
Pitch Summary: Alibaba Cloud is a dominant player in China’s rapidly growing cloud computing market, holding a 34% market share in cloud infrastructure services as of the first half of 2025. The Chinese cloud market is expanding faster than the global average, with projections suggesting it could triple in size by 2027. Alibaba’s strong position […]
10 Stocks I’m Watching in 2026Alibaba Group – BABA
Pitch Summary: Alibaba Group presents a strong investment case as a leading e-commerce and cloud computing company in China. The company offers a comprehensive ecosystem, including the dominant e-commerce platform, a rapidly growing cloud division, logistics through Cainiao, and a payments platform via Ant Group. Despite geopolitical risks and economic challenges in China, Alibaba’s valuation […]
10 Stocks I’m Watching in 2026Shift4 Payments – FOUR
Pitch Summary: Shift4 Payments is a compelling investment opportunity due to its strong position in the payments processing industry, particularly in high-volume sectors like hospitality and entertainment. The company has demonstrated impressive growth, compounding at over 25% annually, and is expanding its international presence through strategic acquisitions like Global Blue. Despite recent stock price declines […]
Illumin Update: Amazing Set-UpIllumin Holdings Inc. – ILLM.TO
Pitch Summary: Illumin Holdings Inc. presents a compelling investment opportunity due to its strong financial position with high net cash and no debt, limiting downside risk. The company has returned to year-over-year growth in recent quarters, driven by a strategic shift under new leadership that emphasizes customer-centric approaches and diversified growth across business lines. Despite […]
Trades and IdeasIllumin – ILLM.TO
Pitch Summary: Illumin, formerly AcuityAds, is showing signs of recovery after a challenging period in the adtech industry. The company has returned to topline growth and operating leverage, with insiders actively buying shares. Illumin’s focus on journey advertising differentiates it from competitors by offering brands transparency and control over consumer decision flows. Despite past execution […]
Is 2CRSi really becoming an AI infrastructure play?2CRSi – AL2SI
Pitch Summary: 2CRSi is undergoing a significant transformation from a struggling server manufacturer to a key player in the AI infrastructure market. The company has successfully restructured by divesting non-core assets and focusing on its core competency of building powerful, energy-efficient computing infrastructure. This strategic pivot aligns with the global surge in demand for AI-capable […]
Q1 2022 Letter to PartnersWilliams Sonoma – WSM
Pitch Summary: Williams Sonoma (WSM) is positioned as a high-quality retailer with a strong e-Commerce presence, deriving over 66% of its revenue online. Despite being perceived as a traditional brick-and-mortar retailer, WSM has consistently achieved positive same-store sales and maintained free cash flow positivity since 2007. The company boasts a high return on invested capital […]
Stock Comp in SoftwareDatadog, Inc. – DDOG
Pitch Summary: Datadog stands out positively in the software sector, trading at 18x NTM sales with 46% projected sales growth and a headline 19% EBITDA margin. The company’s stock-based compensation is 17% of sales, resulting in a Modified Rule of 40 score of over 44%. This suggests that Datadog maintains strong underlying profitability despite its […]
Stock Comp in SoftwareZscaler, Inc. – ZS
Pitch Summary: Zscaler trades at approximately 15x sales with 38% growth and 15% headline EBITDA margins. However, the company has 39% of its sales in stock-based compensation and 8% on capital expenditures, resulting in a modified Rule of 40 score of only 7%. This indicates that the company’s valuation may be overstated given its true […]
Stock Comp in SoftwareBill.com Holdings, Inc. – BILL
Pitch Summary: Bill.com is currently trading at 14x next twelve months (NTM) sales with a traditional Rule of 40 score of 44%. However, the company’s stock-based compensation is 34% of sales, and capital expenditures account for 3%, resulting in a True Rule of 40 score of only 7%. This significant discrepancy suggests that the company’s […]
Extreme Visibility Extreme Networks – EXTR
Pitch Summary: Extreme Networks (EXTR) is positioned as a leader in networking equipment, with a significant backlog and a growing software platform. The company’s backlog is 25 times higher than pre-COVID levels, and its SaaS revenue is growing at 40% annually. With a market cap of $1.8 billion and an enterprise value of $1.9 billion, […]
Paving the Road to AlphaCRH plc – CRH
Pitch Summary: CRH has been identified as a top investment due to its strong position in the construction materials industry, particularly in North America. The company recently relisted on the NYSE, which is expected to catalyze a re-rating towards US peer valuations. CRH’s vertical integration and extensive mineral reserves provide a competitive edge, while its […]
Valuing the RGLS and VIGL CVRsRegulus Therapeutics Inc. – RGLS
Pitch Summary: Regulus Therapeutics Inc. is positioned for potential accelerated approval of its drug targeting ADPKD, with a clear milestone condition likely to be met by 2029. The company’s drug shows promise in reducing TKV, a key indicator for approval, compared to existing treatments like Tolvaptan. The market currently undervalues the stock due to perceived […]
