Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
JDP Capital Jeremy Deal | “In late March we exited Caesars Entertainment (CZR) after reports that the company is in talks to sell itself to Tilman Fertitta or Carl Icahn for a fire-sale price. Over our fund's history we have ha” | BEAR | Q1 2026 Apr 13, 2026 | View Pitch |
JDP Capital Jeremy Deal | “Caesars has significantly underperformed in 2025, with shares down over 30%, despite the online gaming segment approaching approximately $500 million in annualized EBITDA exiting Q4 2025. At current prices, the company trades at roughly 1x equity/EBITDA and 4x EV/EBITDA, far below intrinsic value absent a severe economic downturn. Investor sentiment has been weighed down by consumer weakness and macro concerns rather than deteriorating fundamentals. Management continues to highlight the standalone value of the digital business, which alone could justify a substantial portion of the enterprise value. The fund views the current valuation as pricing in an overly pessimistic scenario. BSD Analysis: Caesars is a leveraged bet on U.S. consumer resilience, with optionality tied to digital gaming that has yet to fully materialize. The physical casino portfolio throws off meaningful cash flow, but leverage limits strategic flexibility. Sports betting has proven to be more of a marketing arms race than a profit pool, forcing recalibration. Management's focus on debt reduction is rational but caps near-term equity upside. The business is cyclical, capital-intensive, and sentiment-driven. Bulls see normalization and de-leveraging; bears see a structurally lower-return industry post-gold rush. Caesars works best when macro cooperates—and punishes quickly when it doesn't.” | BEAR | Q3 2025 Sep 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
