JB Global Capital STNE
Bull thesis on StoneCo Ltd from JB Global Capital
Polen Capital – U.S. Small Company Growth – FGTI
Neutral thesis on Figure Technology from Polen Capital – U.S. Small Company Growth
Vulcan Value Partners – Large Cap PRG
Bull thesis on PROG Holdings Inc. from Vulcan Value Partners – Large Cap
White Falcon Capital Management NU
Bull thesis on Nu Holdings from White Falcon Capital Management
JDP Capital – MELI
Bull thesis on Mercado Libre from JDP Capital
Oakmark Fixed Income PODD
Bull thesis on Insulet Corporation from Oakmark Fixed Income
Vulcan Value Partners – Focus Plus ARES
Bull thesis on Ares Management Corp. from Vulcan Value Partners – Focus Plus
Kernow Asset Management STB.L
Bull thesis on Secure Trust Bank PLC from Kernow Asset Management
Templeton & Phillips Capital Management HDB
Bull thesis on HDFC Bank Limited from Templeton & Phillips Capital Management
FMI All Cap Equity OMF
Bull thesis on OneMain Holdings Inc. from FMI All Cap Equity
LMN Capital AAREAL.DE
Bull thesis on Aareal Bank AG from LMN Capital
Ithaka US Growth Strategy BX
Bull thesis on Blackstone Inc. from Ithaka US Growth Strategy
CrossingBridge Advisors MGNI
Bull thesis on Magnite Inc. from CrossingBridge Advisors
SVN Capital Fund KKR
Bull thesis on KKR & Co. Inc. from SVN Capital Fund
PM Capital Global Companies Fund 2025 Q4 (APO)
Pitch Summary: The decision to add to Apollo was driven by a pronounced valuation disconnect as the stock experienced a peak-to-trough drawdown of approximately 30% from its 2025 highs. Apollo retains a core position anchored by its unique credit origination engine and strength of its Athene retirement services platform. BSD Analysis: Apollo is positioning itself […]
WestEnd Capital 2024 Q1 (AXP)
Pitch Summary: American Express is a company we’ve liked for a long time, and we think could benefit from stronger-than-expected economic growth in 2024. Q4-2023 U.S. GDP was 3.4%, attributed largely to strong consumer spending and business investment. The jobs market remains stable, with March payrolls showing a 303,000 increase and the unemployment rate ticking […]
FPA Queens Road Small Cap Value Fund 2025 Q4 (SFBS)
Pitch Summary: ServisFirst Bancshares (SFBS) is a conservatively run lending franchise helmed by Tom Broughton. Tom hires local bankers but doesn’t build branches – this allows for best-in-class efficiency metrics while maintaining a strong and conservative lending culture. Return on equity (ROE) and average earnings per share growth were near 20% for the 10 years […]
FPA Queens Road Small Cap Value Fund 2025 Q4 (UPBD)
Pitch Summary: Upbound Group (UPBD) is a sub-prime lender that employs a rent-to-own model. The company has two primary segments: Rent-a-Center, which focuses on furniture and appliances through physical stores; and Acima, which offers last look financing through associated retailers including electronics and tire shops. Sub-prime consumers have struggled this year and Upbound’s operating results […]
AGT Partners 2025 Q4 (APO)
Pitch Summary: In 2025, both stocks were down for the year — APO -11.1%. After a strong run in 2023-2024, where share prices ran up much faster than earnings, the company started the year at what we believe were high valuations — APO at 19x PE. Even as earnings continued to grow in 2025, valuations […]
MercadoLibre, Inc. (MELI) – CapexAndChill
Pitch Summary: @CapexAndChill presents MercadoLibre as a structurally advantaged ecosystem where logistics, advertising, and fintech reinforce each other rather than operate as standalone businesses. The author argues that MELI’s decision to compress commerce margins via lower free-shipping thresholds was a deliberate density play, not a defensive reaction, enabling lower unit costs and higher network efficiency. […]
