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The attached report outlines our short thesis on Casey's General Stores, Inc. (CASY) and Murphy USA, Inc. (MUSA). As part of our research, we conducted a proprietary analysis of underground storage tank (UST) and point of interest (POI) data to...
READ MORE >“Yes. So I would say in the current year guidance that we provided, Flex is not a big impact. We -- as Rich mentioned, we're still experimenting in some regions and kind of tweaking the...
READ MORE >We’re not sure about the rest of you, but we are pretty excited about TRUP’s potential share repurchase activity. If you look at the track record of publicly traded companies as it relates to driving shareholder value...
READ MORE >It’s remarkable, sell-side analysts and investors just can’t shake the notion that FRPT remains an open-ended growth story despite all of the signs to the contrary. We will be the...
READ MORE >Our apologies, this quarter's SAF Surveys report should have been published a few days ago. The attached presentation agregates and summarizes feedback from more than 100 dealers across nine different sectors in the industrial/consumer complex. This quarter we asked our dealer...
READ MORE >If we strip away all of the narrative, KPI’s, and managmenet speak in an effort to distill the STRA situtation down to its core, what do we have? From our perspective, STRA offers educational products whose demand is in secular decline (perhaps...
READ MORE >Happy Sunday! We wanted to get our latest Watch List out to you before the start of the week given how extensive the latest report is and how busy the upcoming week will be. As a reminder, the Watch List includes: 20-30 long and short ideas with a high level thesis on each,...
READ MORE >The attached presentation serves as an update to the "Higher Education Crisis" report we published earlier this year. For-profit education companies face a growing list of challenges that suggest that student acquistiion costs could...
READ MORE >“For context, and observing from a broader perspective, soft market conditions have begun to spread beyond property to more casualty lines, particularly E&S, though certain classes of large...
READ MORE >You might not have noticed it, but there’s been a significant regime change in the market over the past 3-6 months. In this particular case, we’re not talking about leadership among semis and data centers, but the...
READ MORE >“The enemy of my enemy is my friend” Kautilya, Arthashastra This exact quote was used by the CEO of a major residential real estate brokerage firm to describe the private/premier...
READ MORE >This morning as we pored over the latest set of financials from FRPT, we couldn’t help but have a little chuckle amongst ourselves. FRPT will go down as one of the biggest “serial...
READ MORE >For those that have been “around the block” with Trupanion management the decision to eliminate internal rate of return (IRR) as a key performance indicator didn’t come as a surprise. For those...
READ MORE >The report below summarizes feedback we received from our proprietary surveys conducted across nine different industries: Decking dealers Powersports equipment Lighting Construction equipment Recreational vehicles Office...
READ MORE >Belieive it or not, we have been publishing the Watch List for a full decade now. Two things we wanted to highlight: 1) The NINE best performing short ideas from the October 2025 Watch List generated average ALPHA over the past 6-months of 49.1%! 2) Over the past...
READ MORE >Finally, we continue to work on technology innovation, including extensive use of AI models to drive automation in our business process, especially underwriting and claim handling and throughout our software development...
READ MORE >t’s never a good sign when the first headlines in a company’s earnings releases relate to a division that makes up less than 10% of total revenues. We probably shouldn’t expect too much from STRA management at this...
READ MORE >The attached report (in two parts) outlines our latest views on the residential real estate services space and housing market. The report is backed by feedback from more than 70 real estate agents arcross the...
READ MORE >The attached report (in two parts) outlines our latest views on the residential real estate services space and housing market. The report is backed by feedback from more than 70 real estate agents arcross the...
READ MORE >Are buybacks about to become a favorable factor for the markets? We asked this question a few months ago and the answer remains somewhat uncertain. Thus far this year, the S&P 500 Buyback Index is down a modest (3.5%) compared to a (-5.0%) decline for the S&P 500....
READ MORE >The attached report outlines our short thesis on Casey's General Stores, Inc. (CASY) and Murphy USA, Inc. (MUSA). As part of our research, we conducted a proprietary analysis of underground storage tank (UST) and point of interest (POI) data to...
READ MORE >“Yes. So I would say in the current year guidance that we provided, Flex is not a big impact. We -- as Rich mentioned, we're still experimenting in some regions and kind of tweaking the...
READ MORE >We’re not sure about the rest of you, but we are pretty excited about TRUP’s potential share repurchase activity. If you look at the track record of publicly traded companies as it relates to driving shareholder value...
READ MORE >SELL/SHORT
$294
SELL/SHORT
$440
SHORT
$60
SELL/SHORT
$3.50
SELL/SHORT
$106
LONG
$126
LONG
$25
SHORT
$52
LONG
$110
SELL/SHORT
$230
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
PAIR TRADE
$10
PAIR TRADE
$30
SELL/SHORT
$10
SHORT
$101
SHORT
$0
SHORT
$22
