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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
@bobspaysubstack revisits his valuation framework for Toast and concludes the stock is unattractive at current prices. He argues that...
— Substack
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Other investors who've written on Toast Inc.
The founders of Toast recognized in 2012 that restaurants were operating on deeply outdated technology.
Toast was added to the portfolio during a selloff driven by generic AI disruption fears ("vibe-coding"). The manager argues...